Bitcoin crash latest news: BTC back above $21K mark, crypto market up over $900B

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What are cryptocurrencies? | Decomplicated

After briefly inching towards the $20,000 mark, bitcoin is back above $21,000, with the overall crypto market value crossing the $900 bn mark.

While many analysts speculated that Wednesdays low may be the bottom of the cycle, others have warned that more volatility may be on the way.

BTC remains over 70 per cent down from its all-time high in November 2021.

The overall crypto market is valued at about $909 bn as leading cryptocurrencies, including Ethereum (ETH), Cardano (ADA) and Solana (SOL) have sunk in price by over 20 to 30 per cent over the last week.

Major platforms including Celsius and Binance have experienced operational issues this week, which they blamed on an influx of investors liquidating their assets.

Crypto exchange Coinbase has also announced that it is culling over 1,000 employees after previously rescinding job offers, however Binance has announced it is hiring 2,000 more staff.

Key pointsShow latest update 1655461279What the $19,511 mark means for Bitcoin

While many are monitoring if bitcoin would slip below the $20,000 mark, experts say a more noteworthy milestone would be $19,511.

This is the high the worlds leading cryptocurrency hit in its last bull cycle in 2017.

Bitcoins value has never fallen below its prior cycle peaks in its entire 12 years of trading, Vetle Lunde and Jaran Mellerud at Arcane Research, pointed out.

A potential visit below this level could lead to a lot of hodlers capitulating and a wind-down of leverage, making this a very important support level to pay attention to onwards, they said, according to Bloomberg.

Vishwam Sankaran17 June 2022 11:21

1655457862Panamas president vetoes countrys crypto bill

Panamas president Laurentino Cortizo has struck down the countrys crypto law.

Mr Cortizo said the law requires adaptation to the norms that regulate our financial system, according to local press, La Prensa.

The decision sends the crypto bill back to the tax haven countrys National Assembly to be discussed again.

Vishwam Sankaran17 June 2022 10:24

1655453727Global crypto market cap rises back above $900B

After sinking briefly below the $900 bn on Thursday, the global crypto market cap has risen above this mark.

Bitcoin is back above $21,000 again, after slipping towards $20,000.

The worlds leading cryptocurrency has grown by above a per cent in the last hours, but is still down by about 30 per cent compared to its value last week.

The global crypto market is down by about 2.5 per cent in the last day and is valued at about $907 bn.

Vishwam Sankaran17 June 2022 09:15

1655447424Musk sued over alleged Dogecoin pyramid scheme

Elon Musk and his companies Tesla and SpaceX have been sued by an investor for $258bn who claims he was defrauded by a Dogecoin pyramid scheme.

The investor Kieth Johnson is demanding $86bn in damages as well as tripled damages of $172bn for losses incurred from trading the cryptocurrency since 2019.

You can read more about the lawsuit here.

Vishwam Sankaran17 June 2022 07:30

1655445055Over 70 of top 100 coins have sunk 90% from all time highs

A staggering 72 of the top 100 cryptocurrencies have dropped in value by over 90 per cent from their all-time highs, according to data from CoinGecko assessed by CoinGoLive.

Bitcoin is down by 70 per cent from its November 2021 high value of $69,000 and ethereum is down 78 per cent from its high of around $4,900.

Binance coin, cardano, solana, and polkadot are down between 68 and 88 per cent, while ripple is down by about 91 per cent from its all-time high.

Vishwam Sankaran17 June 2022 06:50

1655441335Musk sees logic in integrating crypto payments into Twitter

Tesla chief Elon Musk says it makes sense to integrate digital payments into Twitter.

The multibillionaire, who has an agreement to purchase Twitter for $44 bn, said that it would make sense to integrate payments into Twitter so its easy to send money back and forth.

Money is fundamentally digital at this point and has been for a while, he reportedly said during Twitters all-hands meeting.

Vishwam Sankaran17 June 2022 05:48

1655438455Crypto volatility throwing more stablecoins off peg

Volatility in the crypto market is affecting more stablecoins with their market capitalization sinking to $156.8 bn on Thursday, compared to about $181 billion at the start of May.

Tether, the worlds largest stablecoin, saw another round of redemptions with investors pulling out about $1.6 bn in 48 hours from USDT.

The stablecoin also dropped to $0.993 on Wednesday but quickly regained its peg with the US dollar.

Stablecoin market cap goes hand in hand with sentiment and liquidity in crypto markets, and its slightly worrying that USDT appears to see another round of liquidations, crypto digital asset manager IDEG wrote in a note, according to Reuters.

Vishwam Sankaran17 June 2022 05:00

1655433421Bitcoin sinks towards $20K mark

Bitcoin has dropped by over 7 per cent in the last 24 hours, and has sunk below the $21,000 mark.

The leading cryptocurrency is down by over 30 per cent in the last week, and is currently priced at close to $20,700.

Ethereum has also dropped in value by over 10 per cent in the last day, and is below the $1,100 mark.

Among altcoins, cardano and dogecoin are down by about 7 per cent in the last day, while solana and polkadot have sunk by over 10 per cent during this period.

The overall crypto market has dropped in value by nearly 7 per cent in the last 24 hours, and is valued at just under $900 bn.

Vishwam Sankaran17 June 2022 03:37

1655402458New crypto launched amid market chaos

In the middle of all the market chaos, payments firm Circle has launched a new stablecoin that will be pegged to the euro.

The aptly-named Euro Coin (EUROC) follows Circles other stablecoin success USD Coin (USDC), which is currently the worlds fourth most valuable cryptocurrency by market cap.

Circle has set industry-leading standards for moving financial value across the internet with USDC, said Jeremy Allaire, co-founder and CEO of Circle.

There is clear market demand for a digital currency denominated in euros, the worlds second most traded currency after the US dollar. With USDC and Euro Coin, Circle is helping to unlock a new era of fast, inexpensive, secure and interoperable value exchange worldwide.

Euro Coin will be available from 30 June.

Anthony Cuthbertson16 June 2022 19:00

1655398420Bitcoin whales accumulate during price crash

CoinMarketCap has released its latest analysis into the bitcoin price crash, which saw it plunge to yearly lows on Wednesday.

The leading price index, which is owned by the crypto exchange Binance, looks at metrics like trading volume, momentum, and the cryptocurrency correlation to traditional stock markets like Nasdaq 100.

One interesting trend is that large-scale holders, known as whales, appear to have been accumulating bitcoin throughout this downturn.

There is a positive netflow of 71.95k BTC which signals accumulation from large players, the analysis notes.

These are the group of holders that usually represent the true believers in the technology and the ones that will be willing to hold the ups and downs of the token. Since they are in it for the vision of the project, they will take greater risks.

Anthony Cuthbertson16 June 2022 17:53

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