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Why is the crypto market down today?

Published 06/10/2023, 08:19 AM
Updated 06/12/2023, 10:40 AM
© Reuters
BTC/USD
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USDT/USD
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BTC/USD
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ETH/USD
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ADA/USD
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MATIC/USD
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COIN
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SOL/USD
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The cryptocurrency market fell 7% below $1 trillion on June 10, continuing its decline in the week that saw the industry's biggest exchanges, Binance and Coinbase (NASDAQ:COIN), facing regulatory actions by the U.S. Securities and Exchange Commission (SEC).

Bitcoin (BTC), the leading cryptocurrency by market capitalization, dropped 3.75% to around $25,500. Second-largest cryptocurrency Ether (ETH) fell 6.9% to around $1,700, its worst level in two months.

BTC/USD and ETH/USD daily price chart. Source: TradingView
MATIC/USD, ADA/USD, and SOL/USD daily price chart. Source: TradingView
Liquidations by crypto asset as of June 10. Source: Coinglass
Stablecoin aggregate supplies. Source: Glassnode
Tether supply distribution among whales and sharks. Source: Santiment
Crypto market cap weekly performance. Source: TradingView

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