The Bitcoin The other major currencies were trading lower on Tuesday night. The global cryptocurrency market cap is down 0.6% to $986 billion at the time of this article.
|Code||24 hours||in 7 days||price|
|Bitcoin (CRYPTO: BTC)||– 2.6%||– 29.6%||USD 22,013.60|
|Ethereum (CRYPTO: ETH)||– 0.6%||– 33.8%||1,205.07 USD|
|Dogecoin (CRYPTO: DOGE)||– 1.7%||– 31.7%||0.055 dollars|
|Code||Percentage change in 24 hours (+/-)||price|
|helium (CRYPTO: HNT)||+ 17.2%||$9.55|
|Bitcoin SV (CRYPTO: BSV)||+ 13.5%||53.01 USD|
|decentralization (CRYPTO: MANA)||+ 13%||6.67 US dollars|
Why is this important
BTC and ETH settled around the $22,000 and $1,200 levels, respectively, after the crash earlier this week as anxious investors swept their holdings ahead of the major market meeting. Federal Reserve.
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On Tuesday, Bitcoin traded between $21,046.95 and $23,014.15, while Ether was trading between $1,095.02 and $1,250.17.
Stock markets also halted their slide, but the recovery was limited. The S&P 500 ended the day 0.4% lower, while the Nasdaq closed 0.2% higher; Both index futures gained 0.7% and 0.041%, respectively.
Wall Street is anticipating a significant rate hike today. Senior Market Analyst at OANDA, Edward Moya indicated that wholesale prices continue to rise, as their pace is slightly below the annual record level.
“Aggressive tightening at upcoming meetings is the Fed’s only course of action.”
Regarding bitcoin, the expert said that traders are “better in control” as a hawkish move could drive up Treasury and dollar yields, adding pressure to the pivot of the crypto space.
“If BTC drops below the $20,000 threshold, it may not find support until the $17,000 level. Another crash could bring the coin below the $14,000 high, recorded during the summer of 2019,” he wrote in a briefing note. It has benzinga.
The Dollar Index (DXY), which measures the dollar’s strength against a basket of six other currencies, reached 105.46 – its highest level since December 2002, Reuters reported.
Concerns surrounding the viability of early cryptocurrencies, particularly in decentralized finance, are also exacerbating the industry, after the crypto lending platform Celsius (CRYPTO: CEL) Fund withdrawals suspended this Sunday.
GlobalBlock Analyzer, Marcos SoteroLayoffs at some cryptocurrency exchanges, including BlockFi and Crypto.com.
“We are still in the early stage of encryption, where many DeFi products are being tested and selectivity will lead to many failures along the way.”
Tuesday, Coinbase Global Inc. (NASDAQ:COIN), the second largest crypto exchange by spot trading volume, has announced layoffs due to bleak market conditions. The company will cut 18% of its workforce in order to “stay healthy during this economic downturn,” according to the CEO. Brian Armstrong.
“The recession will likely lead to a prolonged crypto winter,” he added in a blog post.
“Over the past winters, trading returns (our primary source of income) have fallen dramatically. Although it is difficult to predict the development of the economy or the markets, we always take the worst in order to stay afloat in any environment.”
Despite this slowdown, MicroStrategy Corporation (NYSE: MSTR) Still a fraud, CEO says Michael Saylor. The company will face a margin call on the loan if BTC drops below $21,000.
Saylor tweeted on Tuesday that MicroStrategy “anticipated the volatility and structure of its balance sheet so it remains [hodler] despite adversity.
—Michael Saylor June 14, 2022
Bitcoin whales showed interest in the central part of the crypto shell around the $22,000 mark, with 12,969 transactions worth more than $100,000 executed over a 12-hour period, according to financial information platform Santiment.
# bitcoinThe network had a total of 12,969 whale transactions worth over $100,000 between 2 PM UTC yesterday and 2 AM UTC today. This was the largest amount since May 2021, indicating that the whales are recognizing $22,000 as a flagship BTC dollars The level of interest. https://t.co/yX4NY6u8yZ pic.twitter.com/Eb21t8Ks21
– Santimentfeed June 14, 2022
Aside from whales’ interest in the token, altcoins could also be hitting significant heights over the next few days. Cryptocurrency trader Michael van de Poppe He tweeted that altcoins were showing more strength than Bitcoin and could rise by 20-40% soon.
– Michael van de Poppe (@CryptoMichNL) June 14, 2022