-2.43% -2.95%
Bitcoin remains well above the crucial support at $25,250, indicating that market participants have shrugged off the news of the lawsuits by the United States Securities and Exchange Commission (SEC) against Binance and Coinbase (NASDAQ:COIN). When markets do not stay lower for long after negative news, it is a sign that traders are looking to buy the dips rather than panic and dump their holdings.
ARK Invest CEO Cathie Wood has been buying the dip in crypto-related stocks since the SEC unleashed its recent crypto regulatory action. Wood purchased $21 million worth of Coinbase stock on June 6 and followed that up with a purchase of Block Inc. shares worth $19.9 million between June 7 and 8.
Daily cryptocurrency market performance. Source: Coin360BTC/USDT daily chart. Source: TradingViewETH/USDT daily chart. Source: TradingViewBNB/USDT daily chart. Source: TradingViewXRP/USDT daily chart. Source: TradingViewADA/USDT daily chart. Source: TradingViewDOGE/USDT daily chart. Source: TradingViewSOL/USDT daily chart. Source: TradingViewMATIC/USDT daily chart. Source: TradingViewLTC/USDT daily chart. Source: TradingViewDOT/USDT daily chart. Source: TradingView
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