Bitcoin price has trended back towards the lower end of the range seen for most of the last two months. Bitcoin, which dropped to $57,000 in late April, entered the bear market after reaching record levels in early March.

Bitcoin dropped 1.65% to $61,215 in the last 24 hours. Bitcoin is also affected by continued outflows, especially from spot Bitcoin exchange-traded funds (ETFs).

Increasing US regulation of the cryptocurrency industry follows cryptocurrency trading platform Robinhood Markets Inc (NASDAQ: HOOD)‘s announcement that it faces regulatory action from the Securities and Exchange Commission (SEC) over some cryptocurrencies traded on its platform. Audit pressure concerns remain.

A potential enforcement action against Robinhood could be added to cases the SEC is already pursuing against exchange Coinbase Global Inc (NASDAQ: COIN) and XRP issuer Ripple. These cases seek to clarify the status of cryptocurrencies under US law.

Ethereum, the world’s number 2 cryptocurrency, is also being investigated by the SEC to determine whether it can be considered a security. The regulator this week delayed a decision on approval of spot Ethereum ETFs and appears unlikely to grant approval until research is complete.

A report published earlier this week claimed that more than 90% of stablecoin transactions may be artificial. This has raised concerns of greater regulatory pressure on the stablecoin sector, a key pillar of the crypto industry.

While cryptocurrencies are in a corrective period, a series of unlocks worth billions of dollars could further delay a significant recovery.

Nearly $2 billion worth of unlocks over the next ten weeks could negatively impact the altcoin market, according to a report published Wednesday by 10x Research.

These unlocks often create a bear market effect as they increase supply by releasing assets previously held in investment contracts to team members, institutions, and early-stage investors (such as venture capital firms).

According to the report, in the next two months, Aptos (APT) $97 million, StarkWare (STRK) $79 million, Arbitrum (ARB) $94 million, Immutable X (IMX) $53 million, Avalanche (AVAX) $330 million, Optimism ( OP) will be offered to the market for 64 million dollars, PRIME for 28 million dollars and Sui (SUI) for approximately 1 billion dollars.

“Venture capital investors may be under pressure to maintain their recent gains. This may limit the upward price movements of cryptocurrencies, especially those that have experienced key openings and gained positive momentum,” the report said.

Additionally, in the coming months, Gemini’s Earn program and the now-defunct Mt. Gox crypto market is expected to distribute over $11 billion in Bitcoin to its creditors.

“The coming months, prepare for the well-known cryptocurrency FUD (fear, doubt and indecision) wave,” Lunde said.

Bitcoin price continues to fall amid growing concerns. High interest rates and increasing regulatory pressure are causing investors to move away from cryptocurrencies. This reduces the likelihood of a significant recovery in the near future.