Crypto Update
— Crypto market capitalization: $0.911 trillion (-$26 billion since Friday)
- Dominance: BTC - 42.5%, ETH - 15.3%
- Index of fear and greed: 13 (extreme fear) against 10 the day before.
Dynamics of coins from the top 10 for the last 24 hours:
- Bitcoin (BTC): $20,313 (-2.11%);
- Ethereum (ETH): $1151.50 (-2.82%);
- Binance Coin (BNB): $223.83 (-4.53%);
- Cardano (ADA): $0.4728 (-2.42%);
- Solana (SOL): $35.5 (-6.20%);
- Dogecoin (DOGE): $0.06676 (-5.63%)
Crypto exchange Huobi plans to lay off up to 30% of employees due to a decrease in Chinese users.
Mining companies continue to experience problems amid the collapse of the crypto market. Dynamics Mining has terminated its agreement with mining equipment and services provider Compass Mining due to unpaid invoices.
— Bank for International Settlements (BIS): “Central bank digital currencies are the future of payments.” BIS is the bank that oversees 61 central banks. Created May 17, 1930.
— The head of the SEC, Gary Gensler, confirmed the classification of bitcoin as a commodity. Supporters of the first cryptocurrency reacted positively to the statement of the head of the SEC.
Bitcoin: on Tuesday, June 28, the price fell by 2.22%, to $20281. The fall was caused by the decline in stock indices. The S&P500 index fell 2.01% to 3821.56 p., Nasdaq - by 2.98% to 11181.54 p. In the American session, disappointing statistics came out, which caused concern about stagflation. The expectations index fell to its lowest level since March 2013, and inflation expectations for the year ahead rose to 8.0% from 7.5%.
Bitcoin has been depreciating for three days. The price retreated 8.35% from the high of $21,888. Buyers have lost valuable time. Now, instead of the potential target of $28,000, the level has dropped to $23,500. For a long time, the factors affecting the dynamics of cryptocurrencies have not changed. Bitcoin follows the SP500 like a dog follows its master. Western banks predict a fall in the index by at least another 15% to the area of 3200 points. If investors start to actively sell the remaining shares, the level of 3000 on the SP500 index will not resist. Sellers and hedge funds will have targets below 2000 as their target. For the cryptocurrency market, a stock market crash is like death.
Today, support is the level of 19000. After it, the risks of updating the minimum of 17622 from June 18, 2022 will increase. Today, the focus is on the speech of J. Powell, US GDP for the 1st quarter and the index of personal consumption expenditures. In the American session, high volatility is expected in all markets, including cryptocurrency.