US Stablecoin Meeting Raises Crypto Surrender Concerns | Trading Ideas | OKEx Academy

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The prices of BTC and most altcoins are currently testing support ahead of a big meeting of financial regulators in the United States.

Price action in the cryptocurrency market is in a somewhat dangerous state for bullish buyers. Its total market capitalization fell about 1% to $ 1.34 trillion in the last day, according to data from CoinGecko, while prices of BTC and ETH fell 7.5% and 11.3% in the last seven days. Most major coins and tokens are in the red today with some traders expecting a near term sellout.

The cryptocurrency market today is in a sea of ​​red, with only some altcoins recording small gains. Source: Coin360 US to discuss stablecoins today, raising concerns

Perhaps Friday’s news puts more pressure on the cryptocurrency market that U.S. Treasury Secretary Janet Yellen has called a scheduled meeting of federal financial regulators on Monday to discuss stablecoins. “With the rapid growth of digital assets, it’s important that agencies work together to regulate this industry and develop recommendations for new authorities,” Yellen said alongside an official announcement, according to multiple sources.

Today’s meeting will include the Treasury, the President’s Financial Markets Task Force, the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation. Cryptocurrency markets may react to today’s meeting, so traders can prepare for severe volatility. For example, worst-case plans to ban stablecoins could rock crypto markets in unprecedented ways.

The meeting also comes amid a prolonged period of fear in the BTC market. According to alternative.me’s multi-factor market sentiment analysis, market participants remain extremely fearful and have been for months.

The cryptocurrency market is struggling to come out of a place of extreme fear. Source: alternative.me Main winners and losers of altcoin: Large caps refrain from volatility DMG / USDT + 17.50% XPR / USDT + 15.01% OM / USDT + 12.48% REP / USDT -7.98% FLOW / USDT -8.09% LSK / USDT -9.47%

There are no altcoins with large market caps that are among the top performers or the biggest losers on OKEx today, depending on the exchange’s default time settings. Legacy altcoin XEM is today the top winner among major altcoins after adding a modest 3.30%. On the opposite end of the spectrum, ENJ is the worst performing large cap after losing less than 3%.

XEM is the top performing large cap altcoin on OKEx today. Source: OKEx BTC technical analysis: Surrender concerns remain amid second-worst decline

The price of BTC is undeniably in dangerous waters today, having spent an extended period in an historic support zone. Not finding enough buyers in this area to push the price higher can lead to a sell-off which could drop to around 27,000 USDT. In a more extreme scenario, such a move could see the major cryptocurrency retest its previous all-time high of nearly 20,000 USDT.

OKEx 7/19 BTC / USDT 4h chart. Source: OKEx, TradingView

Interestingly, BTC’s decline from its most recent all-time high is the second longest in the history of the largest cryptocurrency.

ETH technical analysis: bearish ETHBTC as co-founder leaves

The price of ETH still fails to surpass the market leader in cryptocurrencies. ETHBTC is trading inside a descending triangle pattern, a typically bearish scenario and struggles to overcome the four hour sliver of exponential moving averages over the four hour period.

If the price of BTC sees a capitular move, ETHBTC could drop as low as 0.05 BTC.

ETH / BTC 4h chart of OKEx 7/19. Source: OKEx, TradingView

In Ethereum-related news, co-founder Anthony Di Iorio announced his intention to leave the cryptocurrency industry amid concerns about his personal safety.

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