Bitcoin
BTC$27 633.20

-0.02%

Ethereum
ETH$1 749.35

-0.49%

Tether
USDT$1.001019

-0.11%

Binance Coin
BNB$323.33

-0.83%

USD Coin
USDC$0.999720

0.07%

XRP
XRP$0.425604

-5.31%

Bitcoin and Ether reached two of three bears' targets


14 Jun 2022

#Ethereum

Bitcoin collapsed 15.1% on Monday, ending the day around $23,200 and slipped another 10% on Tuesday morning on inertia before finding support from buyers after touching $20,800. Ethereum has lost 7.8% in the past 24 hours and more than 30% in the week. The top ten altcoins show buyer optimism, with Solana up 9.5% and Cardano up 7.3%. Among the decline, leaders are Tron with -8% and BNB with -3.5%.

The total capitalisation of the crypto market, according to CoinMarketCap, sank 6% overnight to $0.965 trillion. The Cryptocurrency Fear and Greed Index was down 3 points to 8 by Tuesday and remains in “extreme fear”.

Bitcoin collapsed on Monday in the biggest decline since the March 2020 crisis amid falling stock markets and a rising US dollar. Bitcoin closed the December 2020 gap by touching the area below the 200-week simple moving average. But in our view, Bitcoin needs to touch levels near 19500: the 2017 peak, which is also where the most aggressive growth phase started at the end of 2020, for a definitive return of long-term buyers.

Bitcoin Weekly Chart

A similar three-point checklist for Ether is also incomplete. ETHUSD touched the 200-week average and dived below the peak levels of the previous cycle in 2018. However, the most aggressive rally at the end of 2020 came from $740, which is well below the day’s lows today at $1075. However, the latter target may prove too ambitious for the bears.

Along with BTC, cryptocurrency-focused stocks also collapsed. MicroStrategy shares lost 25.2%, while Coinbase dropped 11.4%. The key trigger for the sell-off in the crypto sphere is the US inflation hike to 8.6% on Friday, followed by speculation that the Fed could raise rates by 75 points at Wednesday’s meeting or at the end of July.

Ethereum Weekly Chart

According to IntoTheBlock, about half of cryptocurrency holders are now incurring losses. According to Crypto.com CEO Chris Marszalek, the market has entered a phase of “cryptozyma” that could drag on, according to Crypto.com CEO Chris Marszalek.

Cryptocurrency lending platform Celsius has suspended withdrawals, exchanges and transactions of digital assets due to “extreme market conditions”. Tether has ruled out the impact of the Celsius incident on USDT reserves.

The US Office of the Comptroller of the Currency has warned of the risks associated with Stablecoin, citing the collapse of the Terra project. The US Treasury Department believes that the country’s authorities should be more proactive in seeking to regulate the crypto industry, given the active digitalisation of the financial sector.


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Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 71.6% 54 $27 633.20 -0.02% 2.44% $534 060 036 937 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 75.6% 39 $1 749.35 -0.49% -0.84% $214 074 957 233 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 92.8% 1 $1.001019 -0.11% -0.16% $78 566 092 119 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 75.6% 51 $323.33 -0.83% -3.57% $51 051 275 960 BNB 7 days price change
5 USD Coin (USDC) USDC USD Coin predictions 92.4% 2 $0.999720 0.07% -0.02% $34 404 469 197 USDC 7 days price change
6 XRP (XRP) XRP XRP predictions 86% 21 $0.425604 -5.31% 12.54% $21 684 894 622 XRP 7 days price change
7 HEX (HEX) HEX HEX predictions 59.2% 82 $0.097262 -21.83% 8.78% $16 866 375 361 HEX 7 days price change
8 Cardano (ADA) ADA Cardano predictions 74.8% 43 $0.360665 -3.32% 4.16% $12 522 887 479 ADA 7 days price change
9 Lido stETH (STETH) STETH Lido stETH predictions 95.6% 1 $2 941.39 -0.40% -3.32% $10 258 752 564 STETH 7 days price change
10 Dogecoin (DOGE) DOGE Dogecoin predictions 70.8% 51 $0.074732 -3.91% -1.34% $9 914 772 100 DOGE 7 days price change
11 Polygon (MATIC) MATIC Polygon predictions 77.6% 48 $1.11 -1.86% -9.15% $9 659 567 617 MATIC 7 days price change
12 Solana (SOL) SOL Solana predictions 75.2% 52 $21.59 -1.00% 4.01% $8 284 331 535 SOL 7 days price change
13 Binance USD (BUSD) BUSD Binance USD predictions 96% 1 $0.993449 -0.65% -0.74% $8 011 194 439 BUSD 7 days price change
14 Polkadot (DOT) DOT Polkadot predictions 73.6% 49 $6.13 -1.26% -6.49% $7 164 137 045 DOT 7 days price change
15 Litecoin (LTC) LTC Litecoin predictions 72% 58 $90.76 -0.41% 6.89% $6 584 394 664 LTC 7 days price change

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