Why Is The Crypto Market Down In June 2023?

2023 has started on a fresh and positive note for most of the cryptocurrencies. After bearing the brunt in the last year, most of the tokens have taken the road to recovery. However, the prices are still very much low as compared to their all time highs, which was witnessed in the 2021 bull run. So how the other half of 2023 looks like, will it be a year of slow growth or will the cryptocurrency market be able to touch new highs and recover all the losses faced in 2022.

What’s Happening in Crypto Market?

The entire crypto market is swinging from side to side, comfortable in smooth curves and in limited range. After the FTX fallout in 2022, the trust on such currencies has been crushed and the market turned totally in the downside range with no signs of cooling down. However, 2023 gave a fresh opening to major digital currencies including Bitcoin and Ethereum and the crypto market has gradually started turning green due to the relaxed macroeconomic situation and cooling inflation.

Now, the latest development between Binance and the SEC saga has shaken the crypto market once again resulting in a bloodbath across cryptocurrencies.

If we see the current volume in the digital market, then it has dropped to null.09 trillion, at the time of writing. However, if we talk about the world’s two largest currencies, BTC and ETH which were clearly topping the charts till last month have now turned into red. Bitcoin has fallen 5% and is trading at $25,700 levels and Ethereum plunged nearly 4% and is trading around null,800, at the time of writing. Binance’s native token, BNB, also fell more than 7% in the last 24 hours, following the news of the lawsuit and changes filed by the SEC.

The SEC alleged that the Binance has misused and commingled customer’s funds and diverted as per their whims. The SEC also alleged that Binance evaded the U.S. securities law, in a bid to keep the big U.S. investors using their platform.

Crypto experts believe that the current situation is difficult and the road to recovery is very long. As most of the currencies still lag very much behind their all-time highs. Such as Bitcoin is still 50% down from it’s all-time high level which touched in November 2021 at $69,000, similarly Ethereum which is now trading at the levels of null,900, touched the all-time high levels of $4,000, way back in 2021.

That said, till now crypto market has undoubtedly responded positively to the collapse of SVB and hoping for a pause in interest rate hiking cycle in the U.S. amid tightening credit conditions and lending standards, but since crypto cannot sail alone in this boat, all the other financial assets have to follow the same sentiment for a balanced atmosphere.

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