The cryptocurrency market digest (BTC). Overview for 16.06.2023

The BTC returned to 25,476 USD on Friday. Yesterday the flagship cryptocurrency experienced new stress with the price drop. Weekly losses are 3.9%.

The market is very thin and nervous. It has been this way since the beginning of the week, and there are no grounds for improvements. Sellers have gone less active, while buyer activity is still absent. In such circumstances, chances are that the BTC will drop to the trendline at 24,500 USD, from where chaotic sales towards 21,000 USD might start.

Recall that the cryptocurrency sector was plagued by fear due to multiple claims from the US Securities and Exchange Commission to the Binance exchange and its management. There has been talk of the possibility of freezing the exchange’s assets in the US, which carries the highest risks of complications for the business.

The capitalisation of the cryptocurrency market is estimated at 1.036 trillion USD. BTC’s share has increased to 47.8%, while the share of ETH has dropped to 19.3%.

Tether raises concerns about CoinDesk

Tether believes that the news website CoinDesk has obtained confidential client information via a hacker attack. This is about possible access to reserve reporting documents that Tether provided to the New York Attorney General’s office to reach a settlement in their legal dispute.

CoinEx ceases operations in the State of New York

Hong Kong exchange CoinEx is banned from operating in New York following a ruling by the New York Attorney General. The problem emerged from the inability to register the business there as a broker or dealer, as well as providing false information. At the same time, assets worth 1.7 million USD were seized from the exchange.