the Bitcoin and other major coins were trading lower on Tuesday evening; the global crypto market capitalization had slipped 0.6% to $986 billion at the time of this article’s publication.
|Token||at 24 hours||at 7 days||Price|
|Bitcoin (CRYPTO:BTC)||– 2.6%||– 29.6%||$22,013.60|
|Ethereum (CRYPTO:ETH)||– 0.6%||– 33.8%||$1,205.07|
|Dogecoin (CRYPTO:DOGE)||– 1.7%||– 31.7%||$0.055|
|Token||% change at 24 hours (+/-)||Price|
|Helium (CRYPTO:HNT)||+ 17.2%||$9.55|
|Bitcoin S.V. (CRYPTO:BSV)||+ 13.5%||$53.01|
|Decentraland (CRYPTO:MANA)||+ 13%||$6.67|
Why this matters
BTC and ETH have stabilized around the $22,000 and $1,200 levels, respectively, after crashing earlier this week as nervous investors swept their holdings ahead of the key market meeting. Federal Reserve.
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On Tuesday, Bitcoin traded between $21,046.95 and $23,014.15, while Ether traded between $1,095.02 and $1,250.17.
Stock markets also halted their fall, but the rebound was limited. The S&P 500 ended the day down 0.4%, while the Nasdaq closed up 0.2%; futures on the two indexes rose 0.7% and 0.041% respectively.
Wall Street is expecting a big rate hike today. OANDA’s senior market analyst, Edward Moya noted that wholesale prices continue to rise, their pace being slightly lower than the annual record.
“Aggressive tightening in upcoming meetings is the only course of action for the Fed.”
On Bitcoin, the expert said traders “better buckle up” as a hawkish move could send Treasury and Dollar yields soaring, adding pressure on the crypto-sphere’s centerpiece. .
“If BTC falls below the $20,000 threshold, it may not find support until the $17,000 level. Another crash could drop the token below the high of $14,000, recorded during the summer of 2019,” he wrote in a note seen by Benzinga.
The dollar index (DXY), which tracks the strength of the USD against a basket of six other currencies, hit 105.46 — its highest level since December 2002, reported Reuters.
Fears surrounding the viability of early digital coins, especially in decentralized finance, are also exacerbating the industry, after the crypto lending platform Celsius (CRYPTO:CEL) stopped money withdrawals this Sunday.
GlobalBlock analyst, Marcus Sotiriouhighlighted layoffs at some cryptocurrency trading platforms, including BlockFi and Crypto.com.
“We are still in the initial phase of crypto, 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, announced layoffs citing bleak market conditions. The firm will cut 18% of its workforce in order to “stay healthy during this economic downturn”, according to the CEO Brian Armstrong.
“A recession is likely to lead to another long-lasting crypto winter,” he added in a blog post.
“Over the past crypto winters, revenue from trading (our primary source of income) has dropped significantly. Although it is difficult to predict the evolution 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) remains a hodler, says CEO Michael Saylor. The company will face a margin call on a loan if BTC falls below $21,000.
Saylor tweeted on Tuesday that MicroStrategy “has anticipated volatility and structured its balance sheet so it can remain a [hodler] despite the adversities.
—Michael Saylor (@saylor) June 14, 2022
Bitcoin whales showed interest in the centerpiece of the cryptosphere around the $22,000 mark, as 12,969 trades worth over $100,000 were executed over a 12-hour period , informs the financial information platform Santiment.
#Bitcoin‘s network had a total of 12,969 whale transactions exceeding a value of $100k+ between 2pm UTC yesterday and 2am UTC today. This was the largest amount since May, 2021, indicating whales are acknowledging $22k as a major $BTC level of interest. pic.twitter.com/Eb21t8Ks21
— Santiment (@santimentfeed) June 14, 2022
Apart from whale interest in the token, it could also be altcoins reaching significant highs over the next few days. The cryptocurrency trader Michael van de Poppe tweeted that altcoins were showing more strength than Bitcoin and could surge 20-40% soon.
— Michael van de Poppe (@CryptoMichNL) June 14, 2022
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Bitcoin, Ethereum and Dogecoin in the red ahead of Fed meeting
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