The first cryptocurrency failed the $20,000 level. The price drop was sharp and was accompanied by a surge in trading volumes.
Hourly chart BTC/USD. Data: Trading View.
The higher time frame shows that the $20,000 level is the peak of the last bitcoin bull run that ended at the end of 2017.
BTC/USD weekly chart. Data: Trading View.
The fall below the high of the previous market cycle occurred for the first time in the history of the first cryptocurrency.
There's a first time for everything https://t.co/1qLdb67aHR
— cevo (@cryptocevo) June 18, 2022
The price of Ethereum gradually “slids” below the $1000 level:
ETH/USD hourly chart. Data: Trading View.
The total capitalization of the cryptocurrency market has fallen to $885 billion, which is comparable to the values of January 2021. For comparison, in November last year, the figure exceeded $2.9 billion.
Cryptocurrency fear and greed index fell to an all-time low of 6.
Some market participants attribute this to a combination of reasons, including:
- the collapse of Terra;
- problems with Celsius and Three Arrows Capital;
- unfavorable macroeconomic background.
Bitcoin is trading at around $19,380 at the time of writing. The daily price decline was 6.7%, according to CoinGecko.
Earlier, Mike Novogratz, CEO of Galaxy Digital crypto bank, expressed his belief that Bitcoin will hold above $20,000, and Ethereum will not fail the $1,000 level.
Read ForkLog bitcoin news in our Telegram — cryptocurrency news, courses and analytics.