Bitcoin remains downward, standing around $21,219 at this publication. Large-cap digital assets trade waters, exhibiting losses in daily and weekly timeframes.
The overall crypto market remained beneath $1 trillion on 15 June as bears appear committed to dragging price lower. Sell-offs in the global financial space and expectations of interest rate surges by the U.S Fed have deteriorated investor risk appetite. The crypto market felt the hit, with leading assets such as BTC and Ethereum losing values to explore yearly lows. While publishing this blog, the cumulative value of all cryptos stood at $935 billion, dropping 3.68% within the past day.
Atato Chief Marketing Officer Charles Tan said the crypto market started the week with a rough leg, with leading assets witnessing losses. The overall cryptocurrency volume hovered near $151 billion within the past day, with the global crypto market capitalization remaining beneath $1 trillion. Tan believes the leading cryptocurrency lending network induced panic in the market after halting vital services like withdrawals.
Most markets remained red before the rate hike by the U.S Federal Reserve. For now, market players anticipate a 75 basis point rate increase for Fed’s upcoming meeting. Moreover, Glassnode data shows surged exchange inflow within the previous two days, indicating fear sentiment within the marketplace as investors sell to exit the crypto world. That is according to Vauld CEO Darshan Bathija.
Bitcoin has slumped again to explore price regions last seen in December 2020, hovering around the $21K mark. While writing this post, the bellwether crypto traded at $21,219, dropping 6.92% within the past day. Also, Ethereum dropped 7.97% to trade at $1,127.
The past days had BTC losing over 20% while the Dollar Index rose to 106. BTC’s daily trends have printed a descending pattern after breaching an essential foothold. The crypto has another dependable foothold at $19K. Surprisingly, BTC has reached crucial support near the 200-week moving average. That has occurred 3-times only, and the markets launched upswings following the event, with consolidations for some weeks.
Let us wait for what upcoming sessions have for the crypto space. Stay tuned.
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