Daily highlights of the crypto market – June 18 – Visits to BTC $ 17,600

Key insights:

  • Bitcoin (BTC) and the wider crypto market resumed sales this week, with Bitcoin visiting $ 17,600 before gaining support.

  • The top ten cryptocurrencies Solana (SOL) overcame the trend with modest profits, as investors struggled with the winds of the crypto market.

  • Total market capitalization fell for the fourth time this week, with $ 100 billion coming off the table before a partial recovery.

It was a mixed session for crypto market on saturday. For the wider market, bitcoin (BTC) the decline to a new low for the current year of $ 17,601 highlighted the risks of decline.

At the end of the week, we saw bitcoin split from the NASDAQ, with bitcoin suffering heavier losses. This trend continued over the weekend, with no news to change investor sentiment.

Cryptocurrency market capitalization falls by $ 107 billion to a new low for the current year

After a short break on Thursday and Friday, the total market capitalization of cryptocurrencies fell to a new low for the current year on Saturday.

The drop of $ 107 billion led to a drop in the total market capitalization of cryptocurrencies to a new low for the current year of $ 762.83 billion.

It was also the lowest level since January 2021, the beginning of a bullish series for 2021, and marked the fourth new low for the current year for the week.

Market clashes continued to weigh on bitcoin and the wider crypto market. Investors have not yet switched from the Fed’s monetary policy on Wednesday. Fears of a global recession continue to drive investor sentiment.

Prolonged sale as a result of the collapse of TerraUSD (UST) and Terra MOONit also increases the prospect of material change in the regulatory landscape.

Looking at the first ten, SOL overcame the trend, growing by 4.2%.

at fell 8.5% to below $ 1,000 for the first time since January 2021. BNB decreased by 8.7%.

BTC (-7.1), ADA (-6.6%), DOGE (-7.0%) and XRP (-4.3%) also reported large losses.

From CoinMarketCap top 100, polygon (MATIC) and Aave (AAVE) recorded the largest losses, which decreased by 13.4% and 13.6%, respectively.

In front of the stable coins, USDD movements were market negative, with a withdrawal below $ 0.97, raising additional concerns about algorithmically stable coins.

USDD 7-day chart 190622

USDD 7-day chart 190622

Despite the withdrawal of USDD, TRON (TRX) maintained its position, increasing by 1.6%.

While TRON DAO Reserve confident The fact that the USDD falls below $ 0.97 is not a fix, attracted the attention of regulatory talks on the instability of the stablecoins.

This week the Federal Reserve sent a Monetary Policy Report discussion of the fragility of stable coins. Tightened regulatory control will remain a test of sound coins and the wider crypto market.

General crypto liquidations have been eased following a decision by the Fed

After improving from Tuesday’s $ 1 billion peak, falling back to below $ 200 billion, liquidations rose again.

From $ 210 million on Saturday morning, total liquidations totaled $ 567 million this morning.

Over the past 12 hours, total liquidations totaled $ 325 million and $ 127 million over 4 hours, reflecting market conditions in Saturday afternoon.

However, the 1-hour liquidations reflect the improvement in market conditions, as reflected in the chart of the hourly total market capitalization below.

Total market capitalization 190622 Hourly chart

Total market capitalization 190622 Hourly chart

According to Coingglass1-hour liquidations amount to $ 5.66 million.

Total crypto liquidations 190622

Total crypto liquidations 190622

Although market conditions improved late in Saturday’s session, the risks of a decline are likely to linger for some time. Markets will need a catalyst to displace bearish sentiment, which now puts bitcoin at risk of falling to $ 15,000.

Highlights of Crypto Daily News

  • Ethereum fell to below $ 1,000 for the first time since January 2021.

  • SEC filed objections as XRP investors await a court ruling on documents related to Hinman’s speech.

  • After the rise in interest rates on Wednesday, the US Federal Reserve to raise concerns about the fragility of the stablecoins before Congress.

  • Coinbase it was in the spotlight, with investors submission case for the sale of TerraUSD and Terra LUNA.

This article was originally published on FX Empire

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