Bitcoin price tumbles below $23,000
Late on June 13, Bitcoin traded near $25,000, Ethereum near $1,300.
At the time of writing, Bitcoin had slipped below $24,700.
Ethereum trades near $1,260.
Bitcoin breached the $24,000 level.
Bitcoin quotes had fallen below $23,000 (−17.1% for the day, according to CoinGecko). The total liquidations in the futures market approached $1 billion.
Ethereum fell by 20.1% over the past 24 hours, to $1,192. Total cryptocurrency market capitalization reached $988.9 billion.
At the time of writing, Bitcoin is around $25,600. In the last 24 hours the cryptocurrency had shed about 6.5%, according to CoinGecko.
Over the same period, Ethereum fell 8.9%. The current price is $1,313. Charts suggest the declines in both assets were accompanied by a surge in trading volume.
Following the leaders, nearly the entire market moved into the red. The biggest declines over the last 24 hours were Solana (-13.4%) and Dogecoin (-11.4%).
Total market capitalization fell by almost 6% to below $1.1 trillion. Bitcoin dominance stood at 45.3%, ETH at 15.1%.
According to Coinglass, liquidations on the futures market totaled more than $500 million.
The Crypto Fear and Greed Index stood at 11 points (‘Extreme Fear’).
Bitcoin Fear and Greed Index is 11. Extreme Fear
Current price: $26,808 pic.twitter.com/jOE6ArjuID— Bitcoin Fear and Greed Index (@BitcoinFear) June 13, 2022
On June 10, Bitcoin fell below $30,000 amid news of accelerating inflation in the United States. On that day, an analyst using the pseudonym PlanC noted that he did not yet see a meaningful trend reversal in the near term.
Thought of The Day 🤔
In the current macro backdrop it doesn’t matter how many charts are showing confluence that we are reaching historically oversold levels. #BTC
As long as #Bitcoin remains correlated to risk on assets I don’t see a significant trend reversal anytime soon.
— Plan©️ (@TheRealPlanC) June 10, 2022
The head of MicroStrategy, Michael Saylor, noted that inflation “has not peaked, and neither has Bitcoin.”
Inflation hasn’t peaked, and neither has #Bitcoin.
— Michael Saylor⚡️ (@saylor) June 10, 2022
Monday opened with declines in traditional markets as well. Hong Kong’s Hang Seng fell 3.19%, Japan’s Nikkei 225 by 3.01%. Nasdaq-100 futures fell 4.44%, and the S&P 500 by 2.91%.
Earlier, Guggenheim Partners’ chief investment officer Scott Minerd warned that Bitcoin could fall to $8,000.
Earlier, Bitcoin critic Peter Schiff said a drop to $10,000 was ‘quite likely’ if the asset decisively breaches the $30,000 level.
Galaxy Digital founder Mike Novogratz said the crypto market could fall further. In his view, the next few quarters would be volatile amid negativity on Wall Street.
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