Bitcoin (BTC) faced continued selling pressure before the June 13 Wall Street open as Ether (ETH) revisited multi-year lows.
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD eclipsing its ten-month lows set in mid-May.
The largest cryptocurrency faced bearish triggers on multiple fronts, these coming from both within and beyond the crypto sphere.
FinTech protocol Celsius appeared on the brink of meltdown after operations were halted, turning billions of dollars in collateral into new risk for crypto markets. In an event ironically similar to that which caused the May rout, Bitcoin and altcoins kept falling as fresh uncertainty filled the air.
Macro conditions were hardly better, with Asian markets selling off and Wall Street futures looking set to continue the downtrend which set in last week.
Inflation concerns likewise remained ahead of crucial comments from the United States Federal Reserve due June 15.
"I call it.. the long bear," popular analyst Crypto Chase summarized.
"For real though, we do not know when Fed will change tune, developments of war in Ukraine, US presidential election on horizon, supply chain issues, etc. Markets do NOT like uncertainty. I can be a trader of bounces sure, but investor? Not yet."
Others were more confident, both on longer and shorter timeframes.
Here is your smart money. Since our Wave 3 peak at 65k they have increased $BTC holdings from approx. 11M to over 13M. This is a re-accumulation range, not distribution. Look at the comments below- most say "they must be selling" or "they already sold". Nah, the data doesn't lie. https://t.co/LVLhiNWNxMpic.twitter.com/2QqXEKWmDY
— CrediBULL Crypto (@CredibleCrypto) June 13, 2022
"The expectations are that the FED will hike on next week's meeting," Cointelegraph contributor Michaël van de Poppe added.
"Normal, and highly expected. However, this expectation is overshooting towards extensive hikes (75bps). I don't see that. Probably 50bps and that's it. Markets always overreact."
The overall cryptocurrency market cap meanwhile fell under the $1 trillion mark for the first time since February 2021.
Continuing the bearish theme, altcoins looked even more primed to hemorrhage value on the day.
Related: Lowest weekly close since December 2020 — 5 things to know in Bitcoin this week
Ethereum, fresh from dropping below its realized price over the weekend, now traded below its all-time highs set during Bitcoin's previous halving cycle.
This is the last time $ETH went oversold on the weekly (hasn’t confirmed here yet).
— The Wolf Of All Streets (@scottmelker) June 12, 2022
I had no followers, but macro bottom ticked it.
Note, you can push way lower on weekly rsi, not trying to catch a bottom. https://t.co/kLCynTKTcS
ETH/USD fluctuated near $1,230 at the time of writing, a level last seen in January 2021. The old cycle's peak, set in January 2018, was around $1,530.
"Things getting so bad so fast that the 200W SMA for $BTC & $ETH will both be severely tested," crypto venture capital fund Placeholder founder Chris Burniske concluded.
"$ETH likely breaks it cleanly & heads to bigger psychological test of $1K, $BTC will put up a bigger fight but given the clouds on the horizon hard to see it not toying w/ $20K & below."
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
Gold surpassed $2,500 to reach a new all-time high, but it is still not close to the adjusted price that gold traded at in 1980. The safe-haven market is facing an innovation, and Bitcoin is no longer considered such an asset.
AlexPixelverse is launching the "Black Puma" NFT collection on the TON blockchain, featuring unique bot avatars with special skills and rewards. Early adopters and those completing tasks in the Pixelverse Dashboard and PixelTap have a higher chance of obtaining rare Black Puma bots.
WeatherlyCoinbase, following past outages, has introduced a new machine learning model to predict traffic spikes and scale resources automatically, aiming to prevent crashes during volatile market conditions. Its effectiveness will be tested in future fluctuations.
KikyoSingapore is emerging as a key hub for Bitcoin, driven by favourable regulations, rising digital literacy, and growing awareness of DeFi.
CatherineMeta is scaling back its high-end metaverse projects due to significant financial losses, including scrapping the La Jolla mixed-reality headset. Instead, the company will focus on more affordable VR devices like the Quest 3S and upcoming Orion AR glasses, aiming to make its technology more accessible.
AnaisThe TON Society has called on French authorities to release Telegram CEO Pavel Durov, denouncing his imprisonment as a violation of human rights and free speech. The letter also urges tech companies to resist state censorship, while crypto leaders worry about the broader impact on the digital asset landscape.
CatherineDonald Trump has launched his fourth NFT collection, “Series 4: The America First Collection,” featuring various themed cards priced at $99 each. This move reflects his shift from crypto skepticism to embracing digital assets, leveraging NFTs to generate millions and connect with crypto-friendly voters ahead of the 2024 election.
JoyHenley & Partners and New World Health report a 95% rise in individuals with over $1 million in crypto, fuelled by BTC and ETH ETFs, and increasing crypto values. As institutional adoption grows, wealth generation in crypto is expected to expand further.
KikyoQuidax has made history as the first Nigerian crypto exchange to receive a provisional operating license from the Nigerian SEC, marking a major step toward formal regulatory oversight for the country's digital asset industry. Despite this progress, challenges remain with stringent regulatory requirements and ongoing tensions between the government and the crypto sector.
AnaisTON blockchain experienced over seven hours of inactivity, during which no new blocks were generated. The network has since resumed normal operations. Some speculate that the recent surge in DOGS transaction may have contributed to the disruption.
Catherine