Connect with us


BTC Up 5% As Bitcoin Investors Look Past SEC Lawsuits

Avatar photo



In a strong recovery, Bitcoin (BTC) and the broader cryptocurrency market are up by 4% almost recovering all of the early week losses. As of press time, the Bitcoin (BTC) price is up by 4.59% and is currently trading at $26,920 adding $21 billion to its market cap in the last 24 hours.

On Tuesday, June 6, the broader cryptocurrency market entered a steep correction following the SEC lawsuit on Binance. A day later, the SEC targeted another major crypto trading giant Coinbase in a similar lawsuit accusing the exchange of securities laws violations.

However, it seems for now that investors have chosen to look past the regulatory developments. Wiping the negative impact of SEC’s yesterday’s complaints, BTC and ETH have registered a V-shaped recovery in the market. As of press time, ETH is up by 3.64% and is currently trading at $1,878. The latest report from shows:


“The V-reverse market drove options volume sharply higher, with daily volume up over 400%, while short-term IV rose slightly. Of particular interest was the 290k ETH block calls traded yesterday, accounting for 57% of the day’s volume, with a notional value of $540 million, consisting mainly of nearly 100,000 sets of calendar spreads, with the strike price of this Whale Bid lower compared to last month”.


As per the Giant Whale’s assessment of the current market, notes that it will be difficult to get back above $2,000 and this V-shaped recovery doesn’t change the fact that the bearish sentiments are overwhelming.

Bitcoin Shorters Liquidated, Buy the Dip Sentiment Rising

On-chain data from Binance shows that shorters got liquidated amid the strong recovery in the market. It noted: “Traders had many #liquidated #shorts today after showing some over-eagerness to bet against markets. The largest shorts in 3 months acted as rocket fuel as $BTC jumped back above $27k. We saw a similar price bounce when traders shorted on March 10th”.

Courtesy: Santiment

Santiment also reported that buy-the-dip sentiment in the market picked up as crypto prices plummeted this week earlier.

Mooky Presale


Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.


The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

Source link

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *