Bitcoin, Ethereum, Dogecoin Dip After Robinhood Gets Wells Notice From SEC — Analyst Says ETHs Weak Fundamentals A 'Roadblock' For King Crypto

Major cryptocurrencies witnessed a drop on Monday as another top cryptocurrency company stared at an enforcement action by U.S. regulators.

CryptocurrencyGains +/-Price (Recorded 12:00 a.m. EDT)
Bitcoin BTC/USD-1.01%$63,702
Ethereum ETH/USD-2.46%$3,086
Dogecoin DOGE/USD-4.36%$0.15

What Happened: World's largest digital asset by market cap, Bitcoin BTC/USD, failed to sustain its recent climb to $65,000, falling back to the $63,000 zone. 

The price slump liquidated nearly $215 worth of positions in the last 24 hours, with long liquidations accounting for 68% of the total. Notably, Ethereum ETH/USD led the chart with over $67 million in liquidations, followed by Bitcoin at $54.71 million.

The Open Interest in Bitcoin futures slipped 1.68% in the last 24 hours to $30 billion. 

The negative sentiment was triggered after brokerage firm Robinhood Markets Inc HOOD revealed that its crypto arm received a Wells Notice from the SEC, a precursor to a likely enforcement action by the regulator. 

Top Gainer (24 Hour)

CryptocurrencyGains +/-Price (Recorded 12:00 a.m. EDT)
AIOZ Network (AIOZ)+26.85%$0.7527
Solana (SOL)+13.77%$156.6
Kaspa (KAS)+10.89%$0.1121

The global cryptocurrency market cap now stands at $2.34 trillion, declining by 1.39% in 24 hours.

Stocks traded higher on Monday. The Dow Jones Industrial Average closed at 38,852.27 points, witnessing an uptick of 1.46%. The S&P 500 rose 1.03% to end the trading session at 5,180.74 points. The tech-heavy Nasdaq Composite spiked 1.19% to 16,349.25 points at the closing bell. 

Weaker-than-expected U.S. jobs report from April was catalyzing the market, keeping investors' hopes high for an interest rate cut by the Federal Reserve. 

See More: Best Cryptocurrency Scanners

Analyst Notes: According to 10x Research, Bitcoin and Ethereum have become highly correlated, with Ethereum's lackluster performance weighing heavily on the king coin. 

"Ethereum's weak fundamentals are becoming a roadblock for Bitcoin as they prevent broad fiat inflow into the crypto ecosystem."

Cryptocurrency analyst Michael van de Poppe predicted a bullish pivot for the altcoins in the next few months. 

He said, "Great close for the weekly candle on the altcoin market capitalization. Expecting that this will be testing ATH in the coming 3-5 months."

Read Next: Elon Musk Meets Bitcoin-Supporting President Javier Milei Again: ‘I Recommend Investing In Argentina’

Market News and Data brought to you by Benzinga APIs
Posted In: CryptocurrencyNewsMarketsMoversBitcoindogecoinEthereumRobinhoodRobinhood appSEC
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!