Bitcoin and select altcoins show resilience even as the crypto market sell-off continues
1 min read
A bearish trend formation has been pressuring cryptocurrency prices for the past eight weeks, driving the total market capitalization to its lowest level in more than two months at $1.06 trillion, a 2.4% decline between June 4 and June 11.
This time, the move wasn’t driven by Bitcoin (
Given the balanced demand according to the funding rate and stablecoin markets, bulls should be more than satisfied, given that the recent regulatory FUD was unable to break the cryptocurrency market capitalization below $1 trillion.
It is unclear whether the market will be able to break from the bearish trend. Moreover, there is no apparent rationale for bulls to jump the gun and place bets on a V-shaped recovery, given the uncertainty in the regulatory environment. Ultimately, bears are in a comfortable place despite the resilience in derivatives and stablecoin metrics.
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