Bitcoin
BTC$19 083.51

-1.06%

Ethereum
ETH$1 281.89

-2.22%

Tether
USDT$1.000050

0%

USD Coin
USDC$1.000020

0.01%

Binance Coin
BNB$285.57

1.14%

XRP
XRP$0.453299

-4.55%

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 88% 21 $19 083.51 -1.06% 1.40% $365 781 815 743 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 60.8% 83 $1 281.89 -2.22% -1.23% $157 194 265 600 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 95.2% 1 $1.000050 0% 0% $67 952 795 097 USDT 7 days price change
4 USD Coin (USDC) USDC USD Coin predictions 96% 1 $1.000020 0.01% 0% $47 326 491 868 USDC 7 days price change
5 Binance Coin (BNB) BNB Binance Coin predictions 90.8% 14 $285.57 1.14% 4.15% $46 073 556 698 BNB 7 days price change
6 XRP (XRP) XRP XRP predictions 57.2% 86 $0.453299 -4.55% -8.26% $22 619 945 926 XRP 7 days price change
7 Binance USD (BUSD) BUSD Binance USD predictions 92.8% 1 $1.000118 0.11% 0.06% $21 044 705 794 BUSD 7 days price change
8 Cardano (ADA) ADA Cardano predictions 78% 41 $0.422139 -2.00% -5.32% $14 459 594 259 ADA 7 days price change
9 Solana (SOL) SOL Solana predictions 80.4% 27 $32.15 -1.56% -0.56% $11 427 909 285 SOL 7 days price change
10 Lido stETH (STETH) STETH Lido stETH predictions 90.8% 1 $2 941.39 -0.40% -3.32% $10 258 752 564 STETH 7 days price change
11 Dogecoin (DOGE) DOGE Dogecoin predictions 90.4% 14 $0.059515 -1.94% -2.79% $7 895 849 620 DOGE 7 days price change
12 Polkadot (DOT) DOT Polkadot predictions 63.2% 71 $6.19 -1.35% -0.33% $6 947 808 682 DOT 7 days price change
13 Dai (DAI) DAI Dai predictions 92.4% 1 $0.999786 0.03% 0.03% $6 830 875 509 DAI 7 days price change
14 Polygon (MATIC) MATIC Polygon predictions 70.8% 64 $0.767118 -0.22% 4.02% $6 700 252 529 MATIC 7 days price change
15 Wrapped TRON (WTRX) WTRX Wrapped TRON predictions 92% 5 $0.060883 0.66% 2.30% $6 190 317 836 WTRX 7 days price change

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