More crypto flows towards exchanges as negative market sentiment continues
Today's Cryptocurrenices analysis on behalf of Samer Hasn Market Analyst and part of the Research Team at XS.com
September 12, 2023 (Investorideas.com Newswire) Yesterday witnessed some declines in the cryptocurrency markets, led by Bitcoin, which abandoned the $25,000 level in yesterday's maximum declines, while today we saw a return to gains with the recovery of the 25,700 level. Likewise, Ethereum, which fell to the $1,530 level yesterday while still trying to regain the 1,600 level in the morning. today.
The declines in cryptocurrencies came as negative sentiment continued to flow into the markets, in light of the state of anticipation of what might happen on the regulatory side of this market in the United States. Yesterday was the last day for Binance to submit sealed documents requested by the Securities and Exchange Commission (SEC), as part of a series of accusations against the largest digital currency exchange in the world regarding the manipulation of currency assets and their transfer to subsidiaries. While Binance said that the authority's request to disclose these documents is "unduly burdensome" and that the authority has no evidence that the company tampered with customers' funds and assets.
Not far from crypto exchanges, yesterday we witnessed notable movements by asset managers by transferring the equivalent of several million dollars from Bitcoin and Ethereum to cryptocurrency exchanges. While huge transfers to cryptocurrency exchanges are usually translated as a negative sign, since these transfers are due to the intention to sell or swap cryptocurrencies. However, when these transfers come from asset managers and trading companies, they may be for the purpose of managing and providing liquidity and nothing more, according to CoinDesk.
These huge transfers come as part of another series of transfers, in addition to those towards digital wallets, which we witnessed last August and which enhanced the state of anticipation and caution among participants as these transfers may reflect the expectations and caution of major investors.
As for the non-fungible tokens (NFTs) market, we witnessed more negative signs for this market, with Binance intending to delist Polygon Network from its NFT Marketplace, and this pushed the price of the network's token (MATIC) to its lowest level this year at 0.4922 in The peak of yesterday's declines.
The delist of Polygon from Binance NFT Marketplace adds to the series of negative news swirling in this already turbulent market, in which traders are still living in a state of anticipation about what the regulatory and legal environment might be like, with the first-of-its-kind interventions from supervisory bodies and law enforcement authorities in This market and the decentralized finance (DeFi) market.
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