Bitcoin for the first time in 18 months lost the threshold of $ 20,000, Ethereum returned to the “top 3”

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2022-06-20 22:41:40

The cryptocurrency market on the afternoon of June 18 recorded a new unexpected crash, pushing BTC and ETH prices to 18-month lows.

Price movements of top cryptocurrencies on the market at 02:25 PM on June 18, 2022. Source: Coin360

Bitcoin price in the past hour has sold off to $ 19,066, the lowest value level since December 2020.

15m graph of BTC/USDT pair on Binance exchange at 02:25 PM on June 18, 2022

Similarly, Ethereum also dropped to the round mark of $988, the lowest since January 2021.

15m chart of ETH/USDT pair on Binance exchange at 02:25 PM on 06/18/2022

The volume of liquidations in the past 1 hour reached 95 million USD, concentrated mainly in Bitcoin, with the rate of long orders being burned up to 74%.

The value of cryptocurrencies liquidated in the last 24 hours, data taken from Coinglass at 02:25 PM on 06/18/2022

The total crypto market capitalization is now just $855 billion, down nearly $500 billion from 1.3 trillion at the beginning of June and “evaporated” by 2.1 trillion from the record 2.9 billion market cap. trillion USD by November 2021.

The crypto market has shown signs of going down since last Friday (June 10), the time the US announced inflation data May increased beyond expectations, making stocks “red on fire” and leading to major cryptocurrencies. The Fed then announced raise interest rates by 0.75% to 1.75% and is forecast to continue to raise interest rates to 3.4% in the remaining 4 adjustments of 2022.

Upgrade information The Merge of Ethereum the possibility of being delayed because the “difficulty bomb” is rescheduled, causing more pent-up negativity.

The strong BTC dump price also makes the value of Bitcoin investments of large companies such as MicroStrategy, Tesla or the country of El Salvador plummeted. MicroStrategy is even losing up to 1 billion USD from its BTC investment.

After that, many “big hands” fell into a difficult situation because of liquidity problems. Lending Platform Celsius This is where it all started, when the price of stETH was out of phase with ETH causing them to lose their ability to meet the withdrawal needs of their customers and was forced to block deposits/withdrawals on June 13.

Three Arrows Capital Since the beginning of the week until now, there have been continuous rumors of “defaulting”, losing the ability to meet liquidity for mortgage loans, leading to mass liquidation. The fund is also accused of misusing investors’ money to “save” borrowed positions, and then keep quiet when questioned by investors. In the latest update, 3AC admitted that it was considering selling off assets or inviting other organizations to buy it back to resolve the situation.

Many major organizations in the crypto industry that are believed to be connected to 3AC such as Avalanche, Trader Joe, dYdX, etc. have denied being affected by the fund’s situation. Exchanges including FTX, Deribit, BitMEX and the BlockFi lending platform confirmed to have liquidated the collateral of Three Arrows Capital.

The crisis also spread to Finblox and Babel Finance, lending units, and investment fund DeFiance Capital because it is believed to be linked to 3AC.

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