Ethereum prices fell more than 42%. Securities and Exchange Commission Chairman Gary Gensler said in June that several cryptocurrency exchanges are operating “outside the law” and urged exchanges to work with the SEC as it develops a new regulatory framework for the cryptocurrency market. The decline in cryptocurrency prices will depend on “whether the stock market has bottomed out and if no major cryptocurrency company goes into liquidation,” according to Edward Moya, senior market analyst at Oanda. Bloomberg News reported on June 27 that cryptocurrency exchange FTX was exploring a potential deal to acquire the popular trading app Robinhood (HOOD).
Cryptocurrency prices are rising as investors begin to feel more bullish towards the cryptocurrency market, thanks in part to the recent rally in stock markets in the U.S. UU. If the price of bitcoin stabilizes over the next two weeks, the protracted cryptocurrency bear market, also known as crypto winter, could end as quickly as it started. Canada-based Ledn, who is also a cryptocurrency lender, is offering a competing offer to the underwater crypto firm of a new round of funding in exchange for a sizeable stake in BlockFi.
That's according to Edward Moya, a senior market analyst at brokerage firm Oanda, who says that “Wall Street is enjoying a positive risk mood that is good news for cryptocurrencies. A number of high-profile cryptocurrency companies, notably hedge fund Three Arrows Capital and crypto lender Celsius, have filed for bankruptcy.