“Crypto spent much of the weekend in the reds, following Friday’s CPI report that showed inflation rising. Crypto investors were largely expecting the U.S. central bank to boost rates a half percentage point later this week in a bid to quell inflation, leading to a major “risk-off” sentiment in the markets.”
Bitcoin on Monday plunged to its lowest level since December 2020 and traded at the $25,000 mark after 18 long months on June 13th Monday amid global selloff that put pressure on both stock and cryptocurrency markets. Bitcoin price stands at $25,350.31 at the time of writing this article.
“On the daily time-frame, the BTC trend has broken below the long-formed triangle pattern. Immediate and key support is expected at $24,000. The RSI dropped below 30 as Bitcoin entered the oversold zone,” said the WazirX trade desk.
“Ethereum corrected by over 28.46% over the past week meanwhile, Ethereum against Bitcoin dropped by more than 11% in the same period as Bitcoin’s Dominance broke above the 48% for the first time in nearly a year,” added the WazirX trade desk. Ether price today are standing at $1,337.31, falling by 7.61 per cent over the past 24 hours. This was the lowest since March 2021.
The global cryptocurrency market was standing at $1.03 trillion, down by 5.18 percent over the past 24 hours, data showed, as the situation remained on the negative side throughout the weekend and trickled into this week. “Crypto spent much of the weekend in the reds, following Friday’s CPI report that showed inflation rising. Crypto investors were largely expecting the U.S. central bank to boost rates a half percentage point later this week in a bid to quell inflation, leading to a major “risk-off” sentiment in the markets,” said the CoinDCX research team.
“The recent inflation numbers (consumer price index) seen in the US has had a negative effect on most markets. Most investors will be keenly looking at the U.S. Federal Open Market Committee meeting slated for June 14 and 15th. An interest hike by the Fed is already priced in; however most investors worry that unless inflation numbers start dropping soon, the Fed will likely have to tighten reigns at a faster pace than anticipated,” said Darshan Bathija, CEO and co-founder of Vauld.
“Going into 2023, we expect major central banks to continue their trajectory of quantitative tightening and policy rate hikes — effectively limiting any significant upside unless we see more convincing trends in economic recovery,” added the CoinDCX research team.
Prices of Different coins-:
Solana (SOL): Solana price has fallen by around 10 percent to $28.38 in the last 24 hours. In the last 7 days, SOL price has decreased by 32 percent. It is currently ranked as 9th biggest crypto asset in terms of market capitalization.
Cardano (ADA): Cardano token’s price decreased by 6 percent to $0.4645 in the last 24 hours. In the last 7 days, ADA price has decreased by 24 percent. It is currently ranked as 8th biggest crypto asset in terms of market capitalization.
Price of Polkadot (DOT) decreased by 8 percent to $7 while Avalanche (AVAX) price was down by 11 percent to $16.29. Both DOT and AVAX are currently ranked 13th and 16th respectively on CoinMarketCap. Polygon (Matic) price fell by 9 percent to $0.4652 in the last 24 hours. It is currently ranked 18th on CoinMarketCap.
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