Market Wrap: Bitcoin Nudges Up as Regulatory Risks Linger

Cryptocurrencies were slightly higher on Wednesday as traders grappled with the likelihood of more regulation.

“It’s too early to tell if this is ‘the’ bottom or just a temporary floor before more downside.

Delta Exchange CEO Pankaj Balani doesn’t expect bitcoin to break $30,000 support.

From a macro perspective, bitcoin’s sell-off has coincided with a broader move away from risky assets like stocks and cryptocurrencies over the past two months, as shown by the decline in the copper/gold ratio.

Bitcoin’s dominance rate, or the top cryptocurrency’s share of the total crypto market, dropped to under 40% in May, which preceded a near 30% price crash.

The trader likely sold the $2,560 puts during the bull run, expecting a continued rally to last at least until the end of the year and thus a steady drop in the option’s price.

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