Dear traders,
Today’s US dollar strength triggered a significant pushback in the market.
Jake
TOP Trader
BTC:
BTC dropped to $29k and is currently trading at $29,400. While pushbacks are generally positive, this could signal a bigger drop in the market. The next supports are at $28,800 and $27,800. It remains to be seen if they will hold.
ETH:
ETH dropped below the $2020 support and is now trading in the $2000 range. It doesn’t look good on the daily chart, and there is a high possibility of a breakdown to the next support.
XRP:
XRP dropped below $0.5, indicating weakness for the next leg up. It is currently trading at $0.5, but with small volume.
LINK:
LINK’s price dropped but held at the $8 support, which is a positive sign for a bullish continuation. It still needs to hold at $8 for this trend to continue.
SOL:
SOL experienced a major dump and cleared all long leverage positions. It is currently trading at $23 and does not look good for bullish continuation.
DXY:
DXY is still struggling with 102 but showing strength if it manages to hold above 101.5.
Crypto/stock daily news:
THE SEC IS SUING BITTREX
The SEC is coming after another crypto exchange.
This time, it’s suing Bittrex for illegally offering securities without registering with the SEC.
Here’s everything you need to know:
The agency specifically alleged Bittrex was illegally running a national securities exchange, clearing agency, & broker
The SEC is suing Bittrex, its global parent company, & co-founder Bill Shihara
Bittrex said it’ll go to court unless the agency offers a nice settlement option
Why this matters:
1/ Bittrex is no rookie – it’s an OG exchange founded in 2014
Bittrex was once the largest U.S exchange and 3rd largest exchange in the world.
Its headaches started back in 2017, when the SEC started investigating. It eventually got fined ~$30M for anti-money laundering/sanctions laws violations. Sound familiar?
Bittrex considered registering with the SEC in late 2022, but decided it couldn’t comply and still turn a profit.
And earlier this year, Bittrex announced it was leaving the U.S. because of all the regulatory confusion.
That didn’t stop the SEC shortly before that though from sending a Wells Notice (heads-up that enforcement was incoming…)
You know the SEC aint playin’ when you say you’re closing down and they still come after you.
2/ The SEC called 6 tokens that Bittrex traded illegally securities
That includes the Algorand Foundation’s native token, ALGO…
Crypto exchanges probably look something like this right now tryna delist them.
Final words:
Big push back are good for market but they can sign weakness also for next drop.
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Author
Jake
TOP Trader
