Bitcoin Investors Remain Resilient Despite Shock on Coinbase, Binance: Data

Total market cap fell to $1.07 trillion – a level not seen three months ago – before improving marginally to the press time figure of $1.1 trillion. Bitcoin, for one, fell near two-month lows after weeks of massive trading in recent months. Several top altcoins posted higher losses, fueling concerns about additional market stress.

Nevertheless, on-chain data painted a bullish picture as investors remained resilient in the face of serious regulatory turmoil.

Current dedication smaller than 96%

The cryptocurrency market lost millions in liquidations as two of its biggest players were sued by the US Securities and Exchange Commission (SEC) this week. The agency filed 13 charges against Binance and its boss CZ, and the next day it accused Coinbase, the country’s only publicly listed exchange, of violating securities laws.

but glassnode’s latest Analysis There was an indication of an increased degree of flexibility among market participants.

The crypto analytic company said that the regulatory pressure from the United States on major crypto heavyweights – Binance and Coinbase – crescendo triggered significant volatile moves for the market in “both directions”. Nevertheless, the magnitude of ‘realized losses’ recorded on-chain remains close to $112 million – which is approximately $3.05 billion smaller than the largest capitulation event ever recorded.

bitcoin price rebound

Despite the downward pressure, the spot bitcoin price continues to find strong support at key price levels previously reported. Glassnode said that sustained periods above these key levels would continue to be a constructive sign with respect to the current trend.

Meanwhile, bitcoin rallied around $27k before slipping slightly today. The market’s ability to jiggle early nerves portrayed a confident outlook despite attempts by participants to slow it down which has so far fallen short of clarity.

On the network side of things, bitcoin’s hash rate, as well as the difficulty level, remained “indifferent” to the regulatory uproar and hovered near their respective all-time highs.