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Bitcoin Plummets to $26,300 Amid Market Panic: Will BTC Price Sink to $20,000 or Rebound to $30,000? Report

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The world’s largest cryptocurrency Bitcoin (BTC) continues to show volatility and has once again come under strong selling pressure. In the early trading hours of the Asian market on Thursday, June 8, the Bitcoin (BTC) price tanked nearly 2 percent and is currently trading at $26,436 with a market cap of $512 billion.

The price volatility in Bitcoin and the broader cryptocurrency market comes following the SEC lawsuits filed on crypto exchanges Binance and Coinbase. On Tuesday evening, the BTC price made a sharp V-shaped recovery soaring all the way to $27,000. However, it remained short-lived.

Amid the SEC lawsuits and the strong regulatory action, experts believe that the volatility in the crypto space will continue for days and even weeks together. On the other hand, the FOMC meeting scheduled next week on June 14 will determine the next course of action for the crypto market. Speaking to CoinDesk, Ruslan Lienkha, chief of markets at Web3 crypto and fiat service provider YouHodler said:

In general, the market seems in better shape and better prepared for possible outcomes. Undoubtedly, crypto market participants are doing a better job at managing risks than they did two to three years ago.

Altcoins continue to take a heavy beating. Binance’s native BNB coin has corrected by 15 percent on the weekly charts. Other top 10 altcoins – Cardano’s ADA, Polygon’s MATIC, and Solana’s SOL – names in the SEC lawsuit have also registered double-digit losses over the last week.

Stablecoin Balances and Crypto Trading Volumes
Although the macro conditions, SEC lawsuits, and other things have been impacting Bitcoin and the broader crypto market, however, the stablecoin balances on the exchanges will give a better idea of where’s the market moving next.

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