Bitcoin
BTC$20 353.32

-1.42%

Ethereum
ETH$1 151.44

-2.30%

Tether
USDT$0.998798

-0.02%

USD Coin
USDC$1.000111

0.01%

Binance Coin
BNB$229.09

-1.23%

Binance USD
BUSD$1.001320

-0.01%

Bitcoin's continued collapse and furnace of fire for the crypto periphery


15 Jun 2022

#Bitcoin

Bitcoin was down 5.7% on Tuesday, ending the day at around $22K. The decline picked up on Wednesday morning, taking another 3.3% off the price to $21K, declining for the eighth consecutive day and losing 30% in seven days. Ethereum lost 8.1% in 24 hours and 38% in a week. Leading altcoins in the top ten are losing between 2% (Polkadot) and 9.6% (Dogecoin).

Total cryptocurrency market capitalisation, according to CoinMarketCap, sank 6.4% overnight to $898bn. The Cryptocurrency Fear and Greed Index was down 1 point by Wednesday, to 7, which last was in March 2020.

Concerns around a sharp tightening of monetary policy are weighing on financial markets and are trickling down into cryptocurrencies through their influence on large institutional investors. It is not surprising that Bitcoin and Ether are dragging the entire cryptocurrency market down in such an environment.

Bitcoin's continued collapse and furnace of fire for the crypto periphery

According to CoinShares, institutional investors withdrew $102 million from cryptocurrencies last week amid expectations of a tightening of monetary policy by the US Federal Reserve. The US regulator’s two-day meeting results will be announced todays.

BitMEX founder Arthur Hayes fears that the market has not yet hit rock bottom, and we could see a massive sell-off in cryptocurrencies if bitcoin falls below $20,000. Galaxy Digital head Mike Novogratz is convinced that bitcoin is close to the “bottom” and will hold above $20,000.

We believe Bitcoin may be close to its bottom, but it could take months until the next rally. During those months, the entire crypto industry will probably go through a furnace of fire, as we saw with Terra (Luna), and is now happening with Celsius. Stablecoins continue to be tested, and USDD being below parity with USD for the third day tells us that history with USDT (stable tied to Luna) could repeat itself several times.


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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 60% 92 $20 353.32 -1.42% -0.53% $388 337 068 695 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 55.6% 90 $1 151.44 -2.30% 3.97% $139 711 766 983 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 96% 1 $0.998798 -0.02% -0.02% $66 744 611 923 USDT 7 days price change
4 USD Coin (USDC) USDC USD Coin predictions 94% 1 $1.000111 0.01% -0.01% $55 808 782 078 USDC 7 days price change
5 Binance Coin (BNB) BNB Binance Coin predictions 58% 89 $229.09 -1.23% 5.90% $37 404 633 525 BNB 7 days price change
6 Binance USD (BUSD) BUSD Binance USD predictions 92.8% 1 $1.001320 -0.01% 0.19% $17 406 616 075 BUSD 7 days price change
7 XRP (XRP) XRP XRP predictions 63.6% 80 $0.339621 -1.67% 4.92% $16 418 339 027 XRP 7 days price change
8 Cardano (ADA) ADA Cardano predictions 66.8% 75 $0.475803 -0.50% 1.15% $16 059 575 338 ADA 7 days price change
9 Solana (SOL) SOL Solana predictions 69.6% 66 $35.74 -5.16% -0.53% $12 249 479 023 SOL 7 days price change
10 Dogecoin (DOGE) DOGE Dogecoin predictions 64.4% 80 $0.067290 -4.07% 4.85% $8 927 450 724 DOGE 7 days price change
11 Polkadot (DOT) DOT Polkadot predictions 65.2% 78 $7.40 -2.37% -2.27% $7 303 239 049 DOT 7 days price change
12 Dai (DAI) DAI Dai predictions 94.8% 1 $1.000334 0.13% 0.07% $6 716 941 097 DAI 7 days price change
13 TRON (TRX) TRX TRON predictions 58.8% 91 $0.066436 0.34% 2.24% $6 144 991 551 TRX 7 days price change
14 SHIBA INU (SHIB) SHIB SHIBA INU predictions 64.8% 74 $0.000010 -6.10% 2.50% $5 582 275 254 SHIB 7 days price change
15 UNUS SED LEO (LEO) LEO UNUS SED LEO predictions 74% 50 $5.75 -1.64% -0.47% $5 487 883 492 LEO 7 days price change

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