XRP, ADA lead the decline of major crypto assets | CoinDesk JAPAN | Coin Desk Japan

Bitcoin (BTC) breaks below $25,000, XRP (XRP) and Cardano (ADA) widen their 24-hour drop to 7.4%, crypto assets (virtual currencies) June 15 fell sharply on the day. CoinGecko data also shows that the total market capitalization has fallen by 3.8% over the past 24 hours.

Further declines are expected with some traders suggesting Bitcoin could fall to $23,500 based on price chart analysis.

Alex Kuptsikevich, Senior Market Analyst at FxPro, said in an email to CoinDesk that “Bitcoin has retreated to local resistance levels from last August to February this year.” said. “The bulls may try to contain selling around this level, but the current drop is still inside the descending channel that has been going on since April.”

A descending channel refers to a bearish trend in an asset indicated by price lows on a short-term time horizon.

“The more important support for Bitcoin is near the 200-day average, which is currently at $23,600,” added Kapzykevich.

ADA has lost more than 20% in the past week after being named as a security along with 12 other tokens in a US Securities and Exchange Commission (SEC) lawsuit against crypto exchanges Binance and Coinbase. is falling.

XRP has wiped out all the gains it made in its surge earlier this week as the market digested the “Hinman Papers” published on June 13th. Emails from William Hinman, former director of the SEC’s corporate finance division, have been released in connection with the SEC’s lawsuit against Ripple.

Meanwhile, Ethereum (ETH) recorded a 6.4% decline in 24 hours, and futures targeting ETH were liquidating all futures targeting crypto assets, $143 million (about 20.18 billion yen). Of the 57 million dollars (about 8.05 billion yen), it recorded the highest liquidation among major stocks.

A liquidation is the forced closing of a leveraged position by an exchange due to the loss of some or all of the trader’s initial margin. This happens when a trader is unable to meet the margin requirements of a leveraged position, i.e. there is insufficient funds to continue trading. A large liquidation can signal the peak or trough of a sharp price move, allowing traders to take positions accordingly.

The overall bearish sentiment and the sale of an unusual amount of Tether (USDT) on decentralized exchange (DEX) Curve Finance have further exacerbated market sentiment.

Curb’s USDT balance, a swapping pool of stablecoins consisting of USDT, USD Coin (USDC) and Dai (DAI), climbed more than 72% on the 15th, prompting traders to swap tens of millions of USDT to USDC and DAI. suggests that it has been replaced with

｜Translation: coindesk JAPAN
｜Editing: Toshihiko Inoue
｜Image: Shutterstock
｜Original: XRP, ADA Lead Declines in Major Cryptocurrencies as Bitcoin Drops Below $25K