Bitcoin (BTC<\/a>) challenged three-month lows into June 10 as altcoins in particular felt the heat from United States regulatory pressure.<\/p>\n Data from Cointelegraph Markets Pro<\/a> and TradingView<\/a> showed BTC\/USD hitting $25,483 on the day, down over $1,200 from the previous day\u2019s high.<\/p>\n While showing weakness, Bitcoin was spared the fate of major altcoins, which reacted strongly to delisting that accompanied U.S. legal action against major exchanges.<\/p>\n Trading app Robinhood announced<\/a> that it would remove support for several cryptocurrencies named in the lawsuit against Binance and Coinbase by the U.S. Securities and Exchange Commission (SEC).<\/p>\n These subsequently hemorrhaged value, with both Cardano (ADA<\/a>) and Solana (SOL<\/a>) down nearly 25% in 24 hours at the time of writing.<\/p>\n \u201cWe regularly review the crypto we offer on Robinhood,\u201d the firm stated<\/a> on its website. <\/p>\n \u201cBased on our latest review, we\u2019ve decided to end support for Cardano (ADA), Polygon (MATIC), and Solana (SOL) on June 27th, 2023 at 6:59 PM ET.\u201d<\/p><\/blockquote>\n \u201cAs expected, following this week\u2019s action on the regulatory front, we saw some delistings causing market selloff,\u201d Kris Marszalek, CEO of Crypto.com, responded<\/a>. <\/p>\n \u201cI guess we are in the \u2018then they fight you\u2019 stage on the crypto adoption curve. Make no mistake: crypto industry will go through this and emerge stronger than ever.\u201d<\/p><\/blockquote>\n Crypto.com confirmed that it would halt its U.S. institutional trading service<\/a> beginning June 21.<\/p>\n The events had a major impact on the overall cryptocurrency market cap, with Micha\u00ebl van de Poppe, founder and CEO of trading firm Eight, warning that worse may be to come.<\/p>\n Related:\u00a0Bitcoin, Ethereum to shake off \u2018toothless adversary\u2019 SEC as FOMC looms<\/a><\/em><\/strong><\/p>\n As with BTC\/USD, should the total crypto cap tally lose its 200-week moving average (MA), this would constitute a clear bear signal. Bitcoin\u2019s moving average trend line currently stands at near $26,400<\/a>.<\/p>\n \u201cThis is not the weekly candle you’d want to see on the total market capitalization for Crypto,\u201d he told<\/a> Twitter followers alongside a chart.<\/p>\n \u201cLosing the 200-Week MA shouts for downwards continuation on the trend.\u201d<\/p><\/blockquote>\n Van de Poppe, like some other popular traders, nonetheless revealed interest<\/a> in altcoin buys at lower prices.<\/p>\n Accompanying him was Crypto Tony, who predicted \u201cincredible entries\u201d on the table for 2023.<\/p>\n These #Altcoin<\/a> drops get me way too excited in Crypto as they really do not come by that often <\/p>\n Got some incredible entries lined up later this year. I will share a few later today with you all and they are super realistic .. WHO IS READY<\/p>\n \u2014 Crypto Tony (@CryptoTony__) June 10, 2023<\/a><\/p><\/blockquote>\n For existing traders, however, the damage was done \u2014 long liquidations totaled $320 million for June 10, according to data from CoinGlass<\/a>, with the day not yet over.<\/p>\n Another $70 million in short positions also evaporated.<\/p>\n![](\"https:\/\/s3.cointelegraph.com\/uploads\/2023-06\/0791beb5-ea14-420e-9489-7cc869b591d0.png\")
Altcoin bloodbath as exchanges reshape landscape<\/h2>\n
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BTC price 200-week trend line support fails<\/h2>\n
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