Bitcoin and some altcoins remain strong despite ongoing crypto market sell-off.

This HTML article discusses cryptocurrency prices and market trends. The market capitalization has decreased by 2.4% between June 4 and June 11, resulting in the lowest level in two months at $1.06 trillion due to a bearish trend formation. The decline was not driven by Bitcoin, which gained 0.8%, but by altcoins such as BNB, ADA, SOL, MATIC, and DOT, which plunged over 15%. The downtrend initiated in mid-April has tested the support level multiple times, indicating that an eventual break to the upside would require extra effort from the bulls. The article also mentions that the United States Securities and Exchange Commission has tagged multiple altcoins as securities in separate lawsuits filed last week against crypto exchanges Binance and Coinbase. Despite the worsening crypto regulatory environment, two derivatives metrics indicate that bulls are not yet throwing in the towel but will likely have a hard time breaking the bearish price formation to the upside. The article also discusses the severe constraints placed on crypto exchanges in the U.S. and the balanced leverage demand in derivatives markets. Finally, the article mentions that Tether demand in Asia shows modest resilience.

At the moment, the premium for Tether on OKX is at 99.8%, which shows that there is a balanced demand from retail investors. This indicates resilience, even though the cryptocurrency markets have dropped by 17.7% over the last eight weeks from $1.29 trillion to $1.06 trillion.

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Considering the balanced demand in the stablecoin markets and funding rate, bulls should be satisfied that the recent regulatory FUD (fear, uncertainty and doubt) wasn’t able to bring the cryptocurrency market capitalization below $1 trillion.

• Binance.US market depth fell by 76% in June after SEC lawsuit.
• Robinhood’s May crypto trading volume dropped by 68% to $2.1B.
• VC firm Andreessen Horowitz expands to the UK with First Mover Americas.

It’s uncertain whether the market will break from the bearish trend. Additionally, there isn’t a clear reason for bulls to make bets on a V-shaped recovery, given the uncertainty in the regulatory environment. Despite the resilience in derivatives and stablecoin metrics, bears are in a comfortable position.

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