June 14 (Cointime) - According to data from Santiment, the supply of Bitcoin on crypto exchanges has reached its lowest point since February 2018. The recent drop is attributed to the accusations made by the SEC against major exchanges Binance and Coinbase for offering unregistered securities to US customers. The data also shows a steady decline in supply since 2020, indicating that traders and investors are opting for self-custody.

According to Cointime news on June 14th, Michael Saylor said, the recent SEC enforcement actions on cryptocurrency firms could result in a Bitcoin-focused industry and push its price to over $250,000. Saylor believes that the exclusion of Bitcoin from being classified as a security gives it an advantage, while regulators are not supportive of stablecoins, crypto-tokens, and crypto-based derivatives.

Bitcoin and Ethereum saw positive movement in the crypto market after the release of the Consumer Price Index (CPI) data in the US, with BTC briefly surpassing $26,430. The CPI data is an important economic indicator that measures the average change in prices of goods and services over time. The recent CPI report showed a softening in the annual inflation rate to 4.9% in April, which boosted investor sentiment and encouraged investment in riskier assets like Bitcoin.

The writer's opinion is presented and it is not financial, investment, trading, or other types of advice. A resistance level of $0.3035 may offer significant resistance upon a retest. Bearish sentiment is revealed through declining OI and a negative funding rate. Cardano [ADA] has suffered a 38% price drop between June 5th and June 10th due to regulatory issues surrounding major crypto tokens. While Bitcoin [BTC] has climbed to $26k, ADA's long-term price movement suggests more bearish activity. The bearish sentiment may drag ADA down to $0.2000 or $0.1750, but a bullish BTC could rally buyers.

Bitcoin has been consolidating around $26,000, but recent SEC lawsuits against Binance and Coinbase have led to outflows from exchanges. On-chain data provider Santiment reports that Bitcoin's exchange supply has dropped to a 5-year low as users choose self-custody amid regulatory uncertainty.

Bitcoin remained below the resistance line of US$26,000 in Asian trading on Wednesday, with Ether also experiencing losses. The BNB token of Binance saw the biggest gains among the top 10 cryptocurrencies after a US court rejected the financial regulator's request to freeze the assets of Binance.US. Bitcoin has been struggling to break through the US$26,000 resistance line due to fear in the crypto market, despite optimism in equities, according to Alex Kuptsikevich, senior market analyst at FxPro. Other top 10 cryptocurrencies were mixed, with Binance's BNB token leading the winners.

Casey Rodarmor created Ordinals, a system for inscribing data onto individual satoshis on Bitcoin's blockchain earlier this year. These inscriptions gained rarity traits and became collectibles, listed for trading on secondary markets. While NFTs are more commonly associated with Ethereum or purpose-built NFT blockchains like Polygon, Bitcoin has seen a surge in sales over the last 30 days due to PFP inscriptions.

Bitcoin, Ether and stablecoins have increased their dominance in the cryptocurrency market to its highest level since February 2021, as investors have fled from smaller tokens following last week's regulatory crackdown. Altcoins have suffered a dramatic sell-off after the US Securities and Exchange Commission (SEC) deemed multiple tokens securities in lawsuits against crypto exchanges Binance, Binance.US and Coinbase.

Bitcoin briefly responded positively to the news of lower inflation reflected in the May Consumer Price Index, but has since remained stagnant below $26,000 as investors await the Federal Reserve's interest rate decision. The SEC lawsuits against Binance and Coinbase have provided some certainty to the market and may lead to fresh investment in crypto assets.

Changpeng Zhao, the CEO of Binance, has denied rumors on social media that the crypto exchange has been selling bitcoin. He stated on Twitter that Binance has not sold BTC or BNB and still holds a bag of FTT.