Bitcoin
BTC$78 888.98

3.07%

Ethereum
ETH$3 174.85

4.49%

Tether
USDT$1.000438

0%

Solana
SOL$205.66

2.25%

Binance Coin
BNB$629.86

-0.22%

USD Coin
USDC$0.999835

0.02%

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 84.4% 31 $78 888.98 3.07% 15.05% $1 560 439 735 130 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 82.8% 35 $3 174.85 4.49% 29.26% $382 325 445 993 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 91.2% 1 $1.000438 0% 0.07% $123 254 971 795 USDT 7 days price change
4 Solana (SOL) SOL Solana predictions 72% 58 $205.66 2.25% 26.07% $97 001 731 187 SOL 7 days price change
5 Binance Coin (BNB) BNB Binance Coin predictions 88.4% 10 $629.86 -0.22% 11.65% $90 762 739 696 BNB 7 days price change
6 USD Coin (USDC) USDC USD Coin predictions 93.2% 1 $0.999835 0.02% -0.03% $37 038 783 650 USDC 7 days price change
7 Dogecoin (DOGE) DOGE Dogecoin predictions 63.6% 78 $0.226285 10.92% 49.03% $33 202 654 240 DOGE 7 days price change
8 XRP (XRP) XRP XRP predictions 87.2% 14 $0.579891 4.99% 14.75% $32 977 615 150 XRP 7 days price change
9 Cardano (ADA) ADA Cardano predictions 82.4% 34 $0.575886 32.01% 68.14% $20 157 721 879 ADA 7 days price change
10 TRON (TRX) TRX TRON predictions 91.2% 1 $0.164147 2.49% -0.07% $14 185 395 659 TRX 7 days price change
11 Toncoin (TON) TON Toncoin predictions 86.8% 19 $5.41 6.47% 12.30% $13 767 039 986 TON 7 days price change
12 SHIBA INU (SHIB) SHIB SHIBA INU predictions 58.4% 94 $0.000022 16.88% 29.22% $13 061 329 653 SHIB 7 days price change
13 Avalanche (AVAX) AVAX Avalanche predictions 74.4% 46 $31.43 6.81% 32.63% $12 799 962 057 AVAX 7 days price change
14 Lido stETH (STETH) STETH Lido stETH predictions 93.2% 1 $2 941.39 -0.40% -3.32% $10 258 752 564 STETH 7 days price change
15 Wrapped TRON (WTRX) WTRX Wrapped TRON predictions 92.8% 1 $0.116354 -0.46% 0.23% $10 171 995 609 WTRX 7 days price change

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