In a strong recovery, Bitcoin (BTC) and the broader cryptocurrency market are up by 4% almost recovering all of the early week losses. As of press time, the Bitcoin (BTC) price is up by 4.59% and is currently trading at $26,920 adding $21 billion to its market cap in the last 24 hours.
On Tuesday, June 6, the broader cryptocurrency market entered a steep correction following the SEC lawsuit on Binance. A day later, the SEC targeted another major crypto trading giant Coinbase in a similar lawsuit accusing the exchange of securities laws violations.
However, it seems for now that investors have chosen to look past the regulatory developments. Wiping the negative impact of SEC’s yesterday’s complaints, BTC and ETH have registered a V-shaped recovery in the market.
As per the Giant Whale’s assessment of the current market, Greeks. live notes that it will be difficult to get back above $2,000 and this V-shaped recovery doesn’t change the fact that the bearish sentiments are overwhelming.
On-chain data from Binance shows that shorters got liquidated amid the strong recovery in the market.
Traders had many #liquidated #shorts today after showing some over-eagerness to bet against markets. The largest shorts in 3 months acted as rocket fuel as $BTC jumped back above $27k. We saw a similar price bounce when traders shorted on March 10th”.