Regulatory concerns are continuing to impact the entire crypto market, and this week’s BTC options expiry could play a decisive role in pushing Bitcoin price under $26,000. The SEC is trying to circumvent formal rulemaking processes and deny public engagement, which has caused criticism from investors. The potential overreach of the SEC has caused ripples multiple times, including the U.S. legislative.
– Bitcoin price lost steam after a failed retest of the $27,400 resistance on June 6, signaling that investors became less confident after the recent regulatory actions by the U.S Securities and Exchange Commission against Binance and Coinbase.
– The median trading volume across the top three decentralized exchanges jumped 444% between June 5 and June 7. As DEX volumes surged, net outflows on Binance reached $778 million, the difference between the value of assets entering and exiting the exchange.
– Bitcoin has been trying to claim back the $27,000 support, but that might be harder than expected given the upcoming $670 million weekly option expiry on June 9.