Crypto Market Update: Prices Bottoming Out And Adoption Trending Up

As a whole, conditions in the crypto market have been improving over the last few days. The market correction that started in mid-March took another leg lower in June. However, we’re now seeing signs that the selling is slowing.

Still, there have been some mixed signals from regulators and interesting stories of crypto adoption. Watch my video here to get the full story, or read on for a brief update.

Bitcoin Update

Bitcoin (BTC) was on the verge of entering bearish territory just over a week ago. However, as June ended, BTC was able to find some support and pick itself up a bit.

We had been closely watching the May 1 low of $58,000 to see if Bitcoin would break lower. However, BTC found support at $60,000 and is now trading at about $62,000.

Should BTC hold these levels over the next few days and even potentially climb higher, we can write off the odds of a further selloff.

Ethereum Update

Taking a look at Ethereum (ETH), we can see that things never got quite as bearish.

Ethereum’s chart looks neutral at worst, and the door is still open for a move to new yearly highs in the short term. ETH never got close to breaking its May lows and has been outperforming BTC for a little while now.

That outperformance has us wondering Ethereum will make a run for new highs while Bitcoin chops it up in the low to mid $60,000s.

Should that happen, the altcoin market may come alive. We have yet to see a true “altseason” yet in this bull market. However, we’re starting to see signs that we may be just a few weeks away from one.

Other News and Stories

The Securities and Exchange Commission (SEC) has charged Consensys Software with engaging in unregistered sales of securities over MetaMask staking. This is very similar to previous cases against crypto exchanges in regards to crypto staking — all of which the SEC has lost.

The regulatory outlook for crypto has improved over the last few months. However, the SEC continuously lines up on the wrong side of history. SEC chairman Gary Gensler’s losing record against the crypto industry is testimony to that.

This week, the U.S. Marshals Service announced a partnership with Coinbase (NSDQ: COIN) in order to help custody and trade its cryptocurrency holdings. The U.S. Marshals Service has accumulated a significant holding of Bitcoin and other cryptocurrencies via seizures from scammers.

This is yet another case of U.S. government agencies using Coinbase for their crypto needs while the SEC sues the company. The SEC is misaligned here.

Lastly, we recently learned that Sony (NYSE: SONY) will be launching a crypto exchange for Japan. Sony acquired a Japanese unit from Amber Group in 2023. This is yet another example of crypto adoption trending in the right direction, with a big name putting its reputation on the line.

Closing Thoughts

The crypto market is showing early signs that the recent leg of the correction is ending. We’ve seen strength from Ethereum lately, and the selling pressure among major altcoins has virtually faded away. We could be weeks away from an altseason, and Ethereum exchange-traded funds (ETFs) could be the catalyst we’ve been waiting for.

Crypto adoption is still trending in the right direction despite mixed signals from the US government and regulators. However, sentiment in the crypto market appears to be at a low point despite improving conditions.

When the majority opinion forms a directional consensus despite improving fundamental conditions, there tend to be ample trading opportunities. Stay on the lookout for trades forming in the coming weeks.

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