Bears of June

After the peak in the coin market cap in May at $469 Billion, the market has seen a continuous decline since then. The biggest drop came in after a week long’s sideways trading between $330 billion and $345 billion and the market cap touched $291 Billion with bitcoin sliding to $6700. The lowest after the dip in the first week of April.
Unlike the popular opinion, the Conrail hack is not the sole reason for this drop and there are many more reasons for this spillage. A couple of stories came out this which can be attributed to this dip.
First, according to cointelegraph.com, U.S. Commodity Futures Trading Commission (CFTC) demanded extensive trading data from multiple cryptocurrency exchanges considering price manipulation in the market. Bitstamp, Coinbase, itBit and Kraken were the 4 exchanges which were subpoenaed for full day trading data. In response, these exchanges agreed to submit selective data of a limited number of participants for limited durations of a few hours’ worth.
Second, Wells Fargo joins the growing list of banks barring customers to buy bitcoin and other cryptocurrencies. After the peak in January’18, many banks barred customers from buying cryptocurrencies from credit cards and that and subsequent bearish effects on the market.

Third, low liquidity is one of the major and consistent problem that the crypto community faces. After a series of regulatory news and crackdowns, the new investors are coming in with a slow pace and whales can manipulate the price on either side, red or green.
Fourth, Apple has revised the rules for apps present in the app store.
"Apps should not rapidly drain battery, generate excessive heat, or put unnecessary strain on device resources. Apps, including any third party advertisements displayed within them, may not run unrelated background processes, such as cryptocurrency mining," Apple said. However, Apps related to cryptocurrencies such as trading apps and crypto wallets haven’t been banned and continue to function normally. But, with market in the decline, any such news can be taken into a pessimistic account.
A series of negative news lead to panic selling, especially among retail investors and amateurs in the market, furthermore adding to the drop. Continuous regulation and hacks have stopped the market to fully recover to its peak of Jamuary’18.
Slight recovery on 12th June saw the market cap to gain up to $300 Billion the market seems to dip again and is testing $280 billion mark on 13th June with BTC testing levels of $6550. Further bearish sentiment can lead to Bitcoin testing $6200 levels.
It’s only a matter of speculation, whether the market cap touches the lows of April or the market reverses anywhere in the window of $248-$280 billion market cap.