Monat: Juni 2022

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Bitcoin defends its support level above $22k as the bearish trend thickens

The cryptocurrency market shed billions of dollars over the weekend as the top coins and tokens underperform.

The bearish sentiment in the cryptocurrency thickened over the weekend as Bitcoin and other major coins recorded huge losses.

Over the past 24 hours, the total cryptocurrency market cap has dropped by more than 12% and currently stands above $970 billion. This means that the cryptocurrency market has lost more than 60% of its value since reaching an all-time high of $3 trillion in November 2022.

Bitcoin remains the industry leader but has been negatively affected in recent months. At press time, Bitcoin is trading above $24k per coin, down by more than 12% over the past 24 hours.

The bearish performance comes after Celsius, one of the leading cryptocurrency lending platforms in the world, paused withdrawals, citing extreme market conditions. 

Celsius has more than $12 billion in assets under management, making its move a substantial one in the cryptocurrency market. The company said;

“Due to extreme market conditions, today we are announcing that Celsius is pausing all withdrawals, swaps, and transfers between accounts.”

Key levels to watch

The BTC/USD 4-hour chart is extremely bearish as Bitcoin has underperformed over the past 24 hours. The technical indicators show that BTC is currently bearish.

The MACD is below the neutral zone, showing that BTC is currently underperforming. The 14-day RSI of 17 shows that Bitcoin is currently in the oversold region.

At press time, Bitcoin is trading at $24,053 per coin. If the bearish trend continues, BTC could drop below the $22k support level before the end of the day. In the event of an extended negative performance, BTC could test the $20k support level for the first time this year. 

The post Bitcoin defends its support level above $22k as the bearish trend thickens appeared first on CoinJournal.

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Highlights June 13: Dreadful day for crypto, Convex Finance drops 50% in a week

Cryptocurrencies have been hit very hard by US inflation data, the war in Ukraine and the ensuing supply crisis, and other adverse events. 

However, June 13 has been beyond painful. To paraphrase CZ: 

Remember how you felt during the ATHs? This is what the other half of the time feels like. Your actions now (not investment advice) define your experience at the next ATHs.  

Top cryptos

Bitcoin was trading below $25,000 at the time of writing, down more than 10% in the last 24 hours. Ethereum dropped by more than 12%. Solana is the biggest loser in the top 10, having shed almost 17% of its value. 

It was much the same for cryptos outside the top 10, the biggest loser being Avalanche with -17%. 

Top movers

Outside the top 20, the tendency was similar, with most coins suffering double digit losses.

Notable standouts include Maker and THORChain with 17%, Fantom with 22%, Curve DAO Token with 20%, and Kava with 18%. Nexo lost a quarter of its value today.  

The biggest losers over the past 7 days are Convex Finance, which shed half of its value, and ApeCoin, down 43%.  

No coins are in the green today. As for the past 7 days, the only coin with gains is UNUS SED LEO at #15. It has added 4% to its value since last Monday.  

Trending

The biggest winner today is United Bitcoin (UBTC), which can be generated through mining. United Bitcoin is up 466% over the last 24 hours. 

The post Highlights June 13: Dreadful day for crypto, Convex Finance drops 50% in a week appeared first on CoinJournal.