Crypto Markets Continue To Struggle As Bearish Sentiments Remain Unchanged

The struggle in the crypto markets continue as it was unable to hold major support levels. Bitcoin is still hovering below the crucial $20,000 level as it continues to trade around the $19000 level while Ethereum trades below $1,300. The immediate sentiment for the cryptocurrency market remains negative for the week as global markets continue to struggle this October.

Another possible element contributing to the extreme selling pressure in the cryptocurrency markets is the U.S. Securities and Exchange Commission's probe into Yuga labs. According to media reports, the Bored Ape Creator Yuga Labs is being probed by the SEC for a potential violation of securities laws. The Commission wants to know whether some of Yuga's non-fungible tokens and cryptocurrency ApeCoin are similar to stocks and should follow the same disclosure regulations.

On the other hand, the current bearish market is being taken as an opportunity by policymakers and lawmakers. They are using this scenario to understand more about Web3 and the possibility of taking an active role in regulating the various sectors of the industry.

As a piece of positive news for the crypto markets, Google Cloud announced it would start accepting payments in Bitcoin, Ethereum, and Dogecoin via Coinbase. Only a limited number of customers will be able to use the feature of payments using cryptocurrency.

Google Cloud supremo Thomas Kurian said "Today, we’re announcing a new partnership with Coinbase, who has selected Google Cloud to build an advanced exchange and data services,"

He added, "We will also enable select customers to pay for cloud services via select cryptocurrencies by using Coinbase Commerce."

Such a partnership with Coinbase could be considered the first step in Google’s integration of crypto payments for its services.

As Bitcoin and Ethereum prices continue to struggle this Wednesday, October 12, both cryptocurrencies are having a significant decrease in their trading volume. BTCUSD saw its trading volume go down by 9% while that of ETHUSD went down by 14%.

Analysts are viewing such a fall in price and volume as a positive sign for price reversal and are hoping that the market would bottom out later this week.