The cryptocurrency market digest (BTC, BNB). Overview for 08.06.2022

June 8, 2022

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The BTC rate is declining for the second day in a row. Today, it is trading at $30,228 USD, while yesterday it fell to $29,200, its weekly low.

There were some signs of local demand early in the week but not for long – the major cryptocurrency is now stuck between $29,200 and $31,590. The closest strategic resistance is at $29,000 – if bears break it, they may continue pushing the asset down to $28,000 or even deeper. At the same time, stock indices are reaching stability and bears are in no hurry to attack them. The fact that the BTC is losing its correlation with S&P 500 means that emotions are flooding the crypto but not the stock segment.

Meanwhile, we’ll keep an eye on what might happen.

BNB: a war on SEC has been declared

SEC, US Securities and Exchange Commission, started investigating Binance – it wants to know whether crypto exchange Binance Holdings Ltd’s initial coin offering in 2017 broke the agency’s rules. The point is to find out whether the coin was an unregistered security or not. The SEC often pays attention to such aspects and has investigated a lot of crypto projects in the past.

This week was really unlucky for Binance: Reuters reported that “for five years, from 2018 to 2021, the world’s largest cryptocurrency exchange Binance served as a conduit for the laundering of at least $2.35 billion”. The company disagrees with these accusations but doesn’t want to open its books.

At some point, BNB lost 11% – they have been selling it for the third consecutive day. On Wednesday, the token is retreating to $286.74 and there are chances it might reach $260.00.

Australia will replenish its budget with crypto

The mayor of the Gold Coast, one of the Australian towns, suggested that cryptocurrency could be used by residents to pay local taxes. So, now the regulating bodies are working on ways how digital assets may go into the budget and how to work with them in the future. For starters, there might be 95% in usual money and 5% in crypto. If this scheme works, it will help to understand what to do next.

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Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex LP bears no responsibility for trading results based on trading recommendations described in these analytical reviews.