RateCaptain
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates
  • Contact Us
No Result
View All Result
Subscribe
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates
  • Contact Us
No Result
View All Result
RateCaptain
No Result
View All Result
Home Cryptocurrency

Crypto market loses $2 trillion from its peak as Bitcoin struggles to stay above $20K

Rate Captain by Rate Captain
June 20, 2022
in Cryptocurrency, Uncategorized
Reading Time: 2 mins read
A A
0
Bitcoin plunges over 50% from its peak price of $68,990.90 in November 2021
Share on FacebookShare on TwitterShare on WhatsappShare on Telegram

The Bitcoin market has seen significant price volatility, especially after the US central bank issued the largest interest rate hike since 1994.

Despite this, bitcoin has managed to stay above $20K, while many leading altcoins including Ethereum, XRP, Solana, Cardano, and Doge are in the red.

AlsoRead

SEC Files Lawsuit Against Binance and CEO Changpeng Zhao for Alleged Regulatory Violations.

: Crypto Market Sees 32-Month Low in Total Investments as Exchange Volumes Decline.

SEC settles with former Coinbase employee over insider trading charges.

According to digital asset management CoinShares, crypto funds suffered withdrawals of $102 million last week, owing to investors’ expectations of stricter central bank policy. The worldwide crypto market is now worth less than $900 billion, down from a high of $2.97 trillion in November.

After breaking below the $30K support level, the pioneer crypto price has been in free fall for the previous few days. It’s now nearing the vital level of $20K, so it’s critical to observe what the immediate consequences will be.

The market has already entered the probable bottom zone, with the Realized price at $23K and the Delta price at roughly $16K. A bottom formation, however, could take a year or more, given the current global macroeconomic and geopolitical circumstances, as well as previous Bitcoin cycles.

When the market climbs above the Realized price, the bottom accumulation phase ends, and the bull market begins when the price successfully breaks above the 200-day moving average (now at $40K).

Weak Macros

After a major crypto lender, Celsius, suspended withdrawals and transfers between accounts this week, raising worries of a larger impact in digital asset markets already unsettled by the loss of the TerraUSD and Luna tokens last month, digital assets have taken a beating.

  • The crypto industry was jolted last month by the implosion of the Terra ecosystem, which saw its algorithmic stablecoin UST lose its dollar peg, wiping out billions in investor equity.
  • The industry’s crisis is spreading as traders flee the asset class that has long been associated with speculative trading and cheap money. As prices continue to fall, more investors are predicting that losses will worsen.
  • Furthermore, investors are hedging their bets as the Fed’s highly watched GDP tracker indicates that a recession is looming, and economists expect the Fed’s aggressive hiking cycle to stifle already sluggish economic growth.
  • Several major crypto companies, including Coinbase, the largest digital asset exchange in the United States, Gemini and BlockFi, a lending platform, have announced layoffs, adding to the market’s volatility.
Previous Post

Cadbury Nigeria says it faced huge challenges in sourcing US dollars for importation

Next Post

US Federal Reserve says rate hike is not meant to induce recession

Related News

SEC Files Lawsuit Against Binance and CEO Changpeng Zhao for Alleged Regulatory Violations.

SEC Files Lawsuit Against Binance and CEO Changpeng Zhao for Alleged Regulatory Violations.

by Rate Captain
June 6, 2023
0

The U.S. Securities and Exchange Commission (SEC) has filed a federal suit on Monday accusing Binance, the world's largest cryptocurrency...

: Crypto Market Sees 32-Month Low in Total Investments as Exchange Volumes Decline.

: Crypto Market Sees 32-Month Low in Total Investments as Exchange Volumes Decline.

by Rate Captain
June 2, 2023
0

The cryptocurrency market has experienced a significant decline in total investments, reaching its lowest point in 32 months during May....

SEC settles with former Coinbase employee over insider trading charges.

SEC settles with former Coinbase employee over insider trading charges.

by Rate Captain
May 31, 2023
0

Former Coinbase product manager Ishan Wahi and his brother Nikhil Wahi have reached a settlement with the U.S. Securities and...

Bitcoin Faces Monthly Loss Amidst Hawkish Fed and Capital Outflow Challenges.

Bitcoin Faces Monthly Loss Amidst Hawkish Fed and Capital Outflow Challenges.

by Rate Captain
May 30, 2023
0

Bitcoin, the leading cryptocurrency, is on track to experience its first monthly loss since December amid renewed uncertainty in the...

Next Post
US Federal Reserve says rate hike is not meant to induce recession

US Federal Reserve says rate hike is not meant to induce recession

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

DMO Announces Subscription Offering for Federal Government Savings Bonds.

DMO Announces Subscription Offering for Federal Government Savings Bonds.

June 6, 2023
Nigeria Agrees to Cut Crude Production for Global Oil Market Stability.

Nigeria Agrees to Cut Crude Production for Global Oil Market Stability.

June 6, 2023

Popular Story

  • Providus Bank Plc Announces Graduate Management Trainee Program 2023/2024.

    Providus Bank Plc Announces Graduate Management Trainee Program 2023/2024.

    0 shares
    Share 0 Tweet 0
  • Interpol, Kenya Government Probe Three Nigerian Fintech Tycoons over N128 Billion from Nigeria

    0 shares
    Share 0 Tweet 0
  • Nigeria’s Leading Crypto Marketplace Patricia Suffers Severe Security Breach

    0 shares
    Share 0 Tweet 0
  • CBN – FG incurred N930.8bn Fiscal Deficit in January and February 2023.

    0 shares
    Share 0 Tweet 0
  • SEC Files Lawsuit Against Binance and CEO Changpeng Zhao for Alleged Regulatory Violations.

    0 shares
    Share 0 Tweet 0
RateCaptain

RateCaptain

We bring you the most accurate in new and market data. Check our landing page for details.

  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates
  • Contact Us

Copyright © 2022 RateCaptain - All rights reserved by RateCaptain.

No Result
View All Result
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates
  • Contact Us

Copyright © 2022 RateCaptain - All rights reserved by RateCaptain.

RateCaptain
?>