Bitcoin and Ethereum traded above key psychological ranges on Monday night after slipping under them over the lengthy vacation weekend. The world cryptocurrency market cap rose 1.1% to $906 billion.
| Coin | 24-hour | 7-day | Price |
|---|---|---|---|
| Bitcoin BTC/USD | 0.65% | -9% | $20,504.76 |
| Ethereum ETH/USD | 0.7% | -7.6% | $1,119.88 |
| Dogecoin DOGE/USD | 0.02% | 9.9% | $0.06 |
| Cryptocurrency | 24-Hour % Change (+/-) | Price |
|---|---|---|
| Synthetix (SNX) | +57.8% | $3.23 |
| 1inch Network (1INCH) | +20.5% | $0.69 |
| Arweave (AR) | +18.2% | $10.13 |
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Why It Matters: Cryptocurrencies had been buoyant on Monday night together with different threat property after Bitcoin and Ethereum dipped under the $20,000 and $1,000 ranges over the weekend.
The two largest cryptocurrencies by market cap touched respective lows of $17,708,62 and $896.11 over the weekend.
The S&P 500 and Nasdaq futures had been each up greater than 1% at press time.
Recession fears have change into entrenched out there. Inflation has gone from being a major concern to the only real one, based on OANDA senior market analyst Craig Erlam.
“The hope now is that any recession will be mild and brief but the situation is evolving so rapidly, that it’s hard to know with any real certainty,” wrote Erlam in a notice.
Erlam famous Bitcoin’s fast dip under the $20,000 mark and mentioned it was a much-touted important stage.
“The HODLer mentality is really being put to the test and those that haven’t bailed yet may be as tempted as they’ve ever been.”
Investors will look out for the U.S. Federal Reserve Jerome Powell’s presentation of the Monetary Policy Report to Congress within the recent and truncated buying and selling week.
Next week, Chair Powell presents the Monetary Policy Report to Congress. The Federal Reserve Chair testifies twice every year on financial developments & financial coverage. (2/2)
Learn extra: https://t.co/pgnEGEOsSt
— Federal Reserve (@federalreserve) June 17, 2022
Glassnode mentioned the Bitcoin market underwent a “massive deleveraging event” this week placing stress on miners, long-term holders, and the combination market.
“The falling dominoes of the current bear market are advancing to a new phase. Alongside miners, Long-Term Holders are now beginning to feel the pressure, forcing many of them to sell at an accelerating rate,” mentioned the on-chain analytics firm in a weekly weblog put up.
Bitcoin, Total Supply Held By Long-Term Holders — Courtesy Glassnode
Glassnode information point out that long-term holder provide fell by 178,000 BTC over the past week, which equals to 1.31% of their total holdings.
Market sentiment continues to stay marred by “Extreme Fear,” based on Alternative.me’s “Crypto & Fear Index.”
Cryptocurrency dealer Justin Bennett mentioned on Twitter that the present “bounce” seems to be weak and may very well be one other “bull trap” earlier than we see the following spherical of promoting.
The analyst mentioned the full cryptocurrency market capitalization might contact $670-$730 billion earlier than a aid rally takes place.
This bounce appears weak thus far. Most seemingly one other bull entice earlier than the following spherical of promoting.
I nonetheless suppose we see $TOTAL attain the $670-$730B space earlier than a aid rally. That’s 17-25% under present ranges.
— Justin Bennett (@JustinBennettFX) June 20, 2022
The decrease quantity put ahead by Bennett would indicate the market cap declines one other 26.05% from present ranges.
Michaël van de Poppe mentioned the apex coin must clear resistance close to $20,500 for a continuation in direction of $23,000.
Good morning!
The markets wanting fairly okay, in the event you’d ask me.#Bitcoin must clear that resistance round $20.5K after which we might be good for continuation in direction of $23K.
— Michaël van de Poppe (@CryptoMichNL) June 20, 2022
The dealer mentioned if Ethereum holds $1,085 ranges, he’s assuming we’ll be seeing $1,250 subsequent.
If $1,085 holds for #Ethereum, then I’m assuming we’ll be seeing $1,250 subsequent. pic.twitter.com/xb6dY2ulvM
— Michaël van de Poppe (@CryptoMichNL) June 20, 2022
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