prices Crypto briefly strengthened on Thursday, June 16, 2022 after the Chair of the US Federal Reserve, Jerome Powell announced an increase in the benchmark interest rate by 0.75 percent.
The gains returned some investors' gains amid concerns about rising prices, global turmoil and recession .
However, less than one day, the crypto market experienced another correction that made Bitcoin and other top alternative coins (Altcoins) stuck in the red zone. Bitcoin recently traded just above $20,300, down more than 10 percent over the previous 24 hours.
Ethereum, the second largest cryptocurrency by market cap after bitcoin, is testing its resistance at the USD 1,050 level down more than 15 percent in the same period.
FxPro senior analyst Alex Kuptsikevich said investors should be prepared for a temporary and stalled rebound.
“Investors should be prepared because cryptocurrencies and risk assets in financial markets are unlikely to be relied upon to bounce back before there are signs the economy has stopped slowing,” Kuptsikevich said as quoted by CoinDesk , Friday (17/6/2022).
For the cryptocurrency industry, celsius watchers continue to monitor the latest impact of the lending platform's decision to stop withdrawals and other news. CoinDesk reports Texas, Alabama and other states are investigating Celsius' decision regarding investor needs.
Shark Tank entrepreneur and host Kevin O'Leary said in an interview with CoinDesk that Celsius was proven wrong.
“It seems that when it comes to liquidity, they can't provide liquidity. The concept of gate, closing is completely against the concept of decentralized finance. If I had an account there, I would be a very angry cowboy,” said O'Leary.
Correlate with Stock
O'Leary also sees bitcoin continuing to fall, perhaps 20 percent, but he makes an optimistic note about the future of the crypto. He noted there have been other developments and adoptions in the crypto industry, one of which is WonderFi Technologies becoming the first crypto exchange to be listed on a major institutional stock exchange in Canada, the Toronto Stock Exchange, and similar initiatives in other countries.
"It's about giving birth. It's the start of a nascent industry. Bad ideas have to be removed. You have to remove the bandage. It's all good," said O'Leary.
Cryptocurrency prices, still correlated with stocks in recent months, cryptocurrencies are once again tracking major stock indexes. The Dow Jones Industrial Average, plunged below 30,000 for the first time in 18 months after closing down 2.4 percent for the day.
The S&P 500, which entered bear market territory earlier this week fell 3.3 percent while the tech-laden Nasdaq tumbled 4.1 percent.
Crypto Prices Friday Morning 17 June 2022
Previously, the prices of bitcoin and cryptocurrencies were observed to have uniform price movements on Friday morning, June 17, 2022. The majority of the top cryptocurrencies weakened again after having strengthened yesterday.
Based on data from Coinmarketcap, Friday (17/6/2022) morning, the crypto with the largest market capitalization, Bitcoin (BTC) weakened 7.95 percent in 24 hours and 31.65 percent in a week.
Currently, the bitcoin price is at the level of USD 20,581 per coin or equivalent to Rp. 304.7 million (assuming an exchange rate of Rp. 14,809 per US dollar).
Ethereum (ETH) should be losing ground again today. Over the past 24 hours, ETH fell 11.10 percent and 38.93 percent in the week. With that said, ETH is currently at USD 1,094 per coin.
The next cryptocurrency, Binance coin (BNB) also weakened. In the last 24 hours BNB weakened 6.83 percent and 26.11 percent a week. This makes BNB priced at USD 213.89 per coin.
Other Crypto Prices
Then Cardano (ADA) this morning again corrected. In the last one day ADA fell 8.92 percent and 23.35 percent a week. Thus, ADA is at USD 0.4854 per coin.
Meanwhile, Solana (SOL) also had to weaken again. During the last one day SOL weakened 9.87 percent and 22.39 percent a week. Currently, the price of SOL is at the level of USD 30.94 per coin.
XRP also went down this morning. XRP is down 7.35 percent in the last 24 hours and 21.23 percent in the week. That way, XRP is now priced at USD 0.3158 per coin.
Stablecoin Tether (USDT) and USD coin (USDC), both strengthened 0.01 percent today. This makes USDT at the level of USD 0.9988. While USDC is valued at USD 1.00.
While Binance USD (BUSD) strengthened 0.18 percent in the last 24 hours, making the price still at the level of USD 1.00.
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