The cryptocurrency market digest (BTC). Overview for 07.06.2023

The BTC restored to 26,836 USD on Wednesday after a major decline the day before. Since yesterday, the leading crypto has been showing the consequences of a rebound.

However, the market did not renew the new support at 25,500 USF though in the afternoon it seemed possible. The decline was provoked by the news about the interaction between the US Securities and Exchange Commission (SEC) and Binance. The commission accused of misconduct the company itself and its owner. The SEC had long been trying to get its hands on the massive crypto business and seems to have found a leverage this time.

The SEC might make it more difficult for crypto companies to work in the US. It might make regulations tougher. The commission is likely to do anything to decrease liquidity in digital assets markets, making their work complicated and expensive. This may not happen at once but looks rather probable, and investors can see this probability.

In the nearest future, the BTC will try to rise above 27,300 USD. We will see what happens next.

The capitalisation of the crypto market has dropped to 1.123 trillion USD. The BTC has returned to 46.4%, and the ETH has risen to 20.1%.

Gresham thinks crypto business must leave the US

Gresham lawyers think that the US are creating unfavourable legal conditions for the crypto business, which might make companies leave. The law firm suggests that crypto companies should consider bringing their businesses out of the US jurisdiction.

Crypto insurance started working in Bermuda

Insurance Bitcoin has organised two rounds of financing, raising 19 million USD total. The company is getting ready to be licensed by the Monetary Authority of Bermuda. The first objective will become full life insurance nominated in the BTC.