Bitcoin
BTC$56 623.70

11.18%

Ethereum
ETH$3 257.69

7.23%

Tether
USDT$1.000464

0.05%

Binance Coin
BNB$399.17

3.71%

Solana
SOL$111.24

9.60%

XRP
XRP$0.563142

5.66%

Bitcoin’s decline is oversold, but it’s too early to talk about a new rally


21 Jun 2022

#Bitcoin

Bitcoin has rebounded 5% in the past 24 hours, trading at $20,800. Ethereum has recovered 6.4% to $1130 in the same time frame. Leading altcoins in the top 10 are adding from a modest 3.5% (XRP) to an impressive 15% (Solana). Total cryptocurrency market capitalisation, according to CoinMarketCap, rose 5% to $914bn. Tuesday, the cryptocurrency fear and greed index was unchanged at 9 points (“extreme fear”).

Bitcoin managed to hold above the $20,000 round level on Monday amid weak trading activity due to the US holidays and attracting enough speculative demand after dipping below the meaningful round level. This recovery removes some of the extreme oversold nature of the cryptocurrency.

Still, it will be too early to talk about a long-term reversal: all negative fundamentals remain. In our view, until sharp monetary policy tightening becomes the norm, financial market pressures can quickly negate bounces in cryptocurrencies. Even if we have seen a bottom, it could still be months before the next sustained rally.

Bitcoin’s decline is oversold, but it’s too early to talk about a new rally

Bitcoin’s return above $20,000 does not mean it has hit “the bottom”, warned renowned cryptocurrency critic and gold supporter Peter Schiff. Kraken exchange marketing director Dan Held said bitcoin had chosen the most pessimistic scenario possible amid rising inflation and an impending recession.

According to him, “those who survive will get HODLer status”. El Salvador President Nayib Bukele urged the cryptocurrency community not to panic as the market falls. According to him, the decline is relatively standard, and market participants must be patient. JPMorgan Bank said that the rising share of stable coins in the total market capitalisation of the crypto market indicates its growth potential. Changpeng Zhao, chief executive of cryptocurrency exchange Binance, denied media reports that the platform bought more than 100,000 BTC on a falling market.

 


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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 62% 79 $56 623.70 11.18% 9.37% $1 112 031 470 857 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 59.2% 81 $3 257.69 7.23% 12.32% $391 423 713 721 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 92% 1 $1.000464 0.05% 0.07% $98 109 058 390 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 64.4% 69 $399.17 3.71% 12.77% $59 693 248 192 BNB 7 days price change
5 Solana (SOL) SOL Solana predictions 74.8% 44 $111.24 9.60% 2.08% $49 202 632 633 SOL 7 days price change
6 XRP (XRP) XRP XRP predictions 82.8% 22 $0.563142 5.66% 0.22% $30 744 319 017 XRP 7 days price change
7 USD Coin (USDC) USDC USD Coin predictions 94.4% 1 $0.999959 0% 0% $28 534 731 855 USDC 7 days price change
8 Cardano (ADA) ADA Cardano predictions 66.8% 67 $0.623028 8.17% 0.36% $22 099 890 311 ADA 7 days price change
9 Avalanche (AVAX) AVAX Avalanche predictions 73.2% 51 $39.46 8.54% 2.64% $14 884 006 901 AVAX 7 days price change
10 Dogecoin (DOGE) DOGE Dogecoin predictions 84% 18 $0.096125 13.99% 11.60% $13 769 217 373 DOGE 7 days price change
11 TRON (TRX) TRX TRON predictions 67.6% 61 $0.141372 2.82% 3.28% $12 440 780 834 TRX 7 days price change
12 Wrapped TRON (WTRX) WTRX Wrapped TRON predictions 68.8% 61 $0.140896 2.34% 2.98% $12 398 895 467 WTRX 7 days price change
13 Chainlink (LINK) LINK Chainlink predictions 74% 46 $19.25 5.91% -0.58% $11 304 080 878 LINK 7 days price change
14 Polkadot (DOT) DOT Polkadot predictions 75.2% 52 $8.14 6.70% 5.77% $10 444 466 378 DOT 7 days price change
15 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

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