Bitcoin
BTC$26 957.64

2.27%

Ethereum
ETH$1 651.20

2.85%

Tether
USDT$1.000031

0.08%

Binance Coin
BNB$214.84

1.39%

XRP
XRP$0.510041

2.38%

USD Coin
USDC$1.000175

0.02%

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 95.6% 2 $26 957.64 2.27% 1.25% $525 640 389 351 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 90.8% 5 $1 651.20 2.85% 3.57% $198 533 811 997 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 93.6% 1 $1.000031 0.08% 0.01% $83 279 163 207 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 92% 4 $214.84 1.39% 1.43% $33 052 667 934 BNB 7 days price change
5 XRP (XRP) XRP XRP predictions 88.4% 9 $0.510041 2.38% -0.38% $27 191 480 431 XRP 7 days price change
6 USD Coin (USDC) USDC USD Coin predictions 93.2% 1 $1.000175 0.02% 0.01% $25 593 952 177 USDC 7 days price change
7 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
8 Wrapped TRON (WTRX) WTRX Wrapped TRON predictions 84.4% 24 $0.088795 4.50% 6.75% $9 028 313 978 WTRX 7 days price change
9 Cardano (ADA) ADA Cardano predictions 92.4% 6 $0.250543 2.68% 1.79% $8 801 173 691 ADA 7 days price change
10 Dogecoin (DOGE) DOGE Dogecoin predictions 93.6% 5 $0.061482 1.67% -0.22% $8 681 310 550 DOGE 7 days price change
11 Solana (SOL) SOL Solana predictions 87.2% 20 $20.19 5.11% 2.68% $8 334 534 611 SOL 7 days price change
12 TRON (TRX) TRX TRON predictions 87.2% 22 $0.087706 2.85% 5.13% $7 813 140 472 TRX 7 days price change
13 Toncoin (TON) TON Toncoin predictions 59.2% 84 $2.21 2.18% -4.32% $7 589 175 931 TON 7 days price change
14 Dai (DAI) DAI Dai predictions 93.2% 1 $0.999902 0.03% -0.03% $5 347 363 215 DAI 7 days price change
15 Polkadot (DOT) DOT Polkadot predictions 88.4% 7 $4.07 1.98% 1.29% $5 005 321 925 DOT 7 days price change

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