Decentral Block Post

Bitcoin (BTC) starts a “massive” week in a precarious position as key support stays out of reach for bulls.

After fresh losses across crypto markets over the weekend, BTC/USD closed the week below $26,000 for the first time in three months.

Both Bitcoin and altcoins continue to struggle thanks to legal battles raging in the United States and their impact on sentiment.

Fragile markets will now encounter a slew of volatility triggers, however, as U.S. macro data releases accompany the next steps in the crypto legal debacle.

In what promises to be five days full of surprises, traders will likely experience none of the lackluster sideways price action which was characteristic of crypto markets before the U.S. upheaval.

Bitcoin (BTC) starts a “massive” week in a precarious position as key support stays out of reach for bulls.

After fresh losses across crypto markets over the weekend, BTC/USD closed the week below $26,000 for the first time in three months.

Both Bitcoin and altcoins continue to struggle thanks to legal battles raging in the United States and their impact on market sentiment.

Fragile markets will now encounter a slew of volatility triggers, however, as U.S. macro data releases accompany the next steps in the crypto legal debacle.

In what promises to be five days full of surprises, traders will likely experience none of the lackluster sideways price action characteristic of crypto markets before the recent upheaval.

Cardano (ADA) bounced modestly after losing nearly 30% of its valuation in the previous week, its worst seven-day performance since May 2021, when the Terra collapse sparked a cryotocurrency market crash.

Nonetheless, ADA looks ready to undergo a sharp recovery in the coming months, based on technical analysis.

ADA price up 30% from six-month lows

On June 12, ADA price rose 2.25% to $0.28, up around 27% from the six-month low of $0.22 seen last week. The rise appeared alongside gains elsewhere in the crypto market, hinting at investors buying the dip.

The reasons behind Cardano's bad week include the U.S. Securities and Exchange Commission (SEC) deeming it an unregistered security in the lawsuits filed against crypto exchanges Binance and Coinbase.

On June 9, U.S.-based investment service Robinhood, which allows users to trade cryptocurrencies, announced it would delist ADA from its platform. This preceded a maximum 30% drop in ADA price on the day.

Cardano (ADA) bounced modestly after nosediving nearly 30% in the last week, its worst seven-day performance since May 2021, when the Terra collapse sparked a cryptocurrency market crash.

Nonetheless, ADA looks ready to undergo a sharp recovery in the coming months, based on technical analysis.

ADA price up 30% from six-month lows

On June 12, ADA price rose 2.25% to $0.28, up around 27% from the six-month low of $0.22 last week. The rise appeared alongside gains elsewhere in the crypto market, hinting at investors buying the dip.

The reasons behind Cardano’s bad week include the United States Securities and Exchange Commission (SEC) labeling it an unregistered security in lawsuits filed against crypto exchanges Binance and Coinbase.

On June 9, U.S.-based investment platform Robinhood, which allows users to trade cryptocurrencies, announced it would delist ADA from its platform. This preceded a 30% drop in ADA’s price on the day.

Venture capital firm Andreessen Horowitz (a16z) is set to open its first office outside of the United States this year, adding to the backdrop of U.S.-based firms seeking greener pastures outside of the country.

Chris Dixon, a16z’s crypto founder and managing partner cited a “predictable business environment” as one of the main factors behind its decision to expand, and comes amid a slew of regulatory actions against crypto firms in the United States in recent months.

Dixon said the decision was finalized after a “productive dialogue” with the U.K. Prime Minister in addition to “months of constructive conversations” with HM Treasury, UK policymakers, and the Financial Conduct Authority.” He added:

“We’re thrilled to open our first international office in a jurisdiction that welcomes blockchain technology and is committed to creating a predictable business environment by pursuing regulations that both embrace web3 and protect consumers.”

However, Dixon said the firm remains “heavily invested” in the U.S., and will continue to work with policymakers and regulators to push for more regulatory clarity for crypto start ups.