Saturday, July 20, 2024

Market Watch June 28: Bitcoin holds onto $20k, broader market sees blood bathe.

Crypto investors remain optimistic as Bitcoin holds onto the $20,000 mark after the June 18 drop to $17,600. The popular crypto fell again but remained comfortably above the crucial $20,000 level.

At the time of writing this article, BTC was trading at $20,717, having lost 2.08% in the last 24 hours. Ethereum, down by 3.15% as per data from CoinMarketCap, was trading at $1,180. In the past seven days, Ether has seen more gains, that is 4.83% compared to Bitcoin’s 0.70%. Bitcoin has once again taken a bearish stance. It faced resistance to continue higher after a short push above the $21,500 previous major resistance. A fall to the $20,000 mark indicates substantial volatility. However, trading volume has increased by 16.45%.

The broader crypto market is seeing a blood bath. The three popular altcoins – XRP, Cardano, and Solana have lost 5.19%, 3.26%, and 6% of their value, respectively in the past 24 hours. The meme coins are also rolling in the red. Dogecoin is down by 6.44% and Shib Inu by 6.28%.

Hany Rashwan, a crypto analyst at 21Shares, says people are still using the next several months to determine where this is going, and where it will bottom out. The broader market looks optimistic despite the implosion of the TerraUSD stablecoin UST collapse and Three Arrows Capital (3AC) liquidity problems. Analysts have been highlighting previous similar crashes and DeFi projects have noted to weather storms.

Jeff Dorman, Arca Research’s Chief Investment Officer, said the 20% – 30% spike in some cases last week for digital assets was led by the most beaten-down sectors DeFi and NFTs gaming. He shared that the cynic in him would dismiss the gains as a bear market rally but the bull case is that DeFi protocols and applications did their job. But the centralized exchange and lending platforms (CeFi) did not. This prompted a bounce in DeFi which had a similar effect on the rest of the market.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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