Bitcoin: Crypto week at a glance: Bitcoin continues to wobble

Synopsis

After a downside correction, the price of Bitcoin settled above $20,000 level again. However, BTC is still facing several obstacles on the upside, starting with $20,500. The first significant resistance is near $21,000.On the downside, initial support is near the $20,000 level. The next major support is towards the $19,500 zone, below which the price could gain bearish momentum.

Crypto week at a glance: Bitcoin continues to wobble

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Explore NowFor the first time since December 2020, Bitcoin (BTC) fell below $20,000 on June 18. It has lost 62 per cent of its value so far in 2022. The crypto market has decreased to around $900 billion, down from a record $3 trillion in November 2021.

After a downside correction, the price of Bitcoin settled above $20,000 level again. However, BTC is still facing several obstacles on the upside, starting with $20,500. The first significant resistance is near $21,000.

On the downside, initial support is near the $20,000 level. The next major support is towards the $19,500 zone, below which the price could gain bearish momentum.
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The price of Ethereum (ETH) followed a similar pattern. It is currently consolidating above the $1,050 level. The price of Ethereum is facing resistance near the $1,120 level. The next possible resistance is near $1,150. ETH is down nearly 2 per cent in a day and 13 per cent in a week.

During the week, PayPal announced that it supports the transfer of cryptocurrencies between PayPal and other exchanges and wallets. This new functionality lets PayPal customers transfer supported coins into PayPal.

It allows users to move crypto from PayPal to external crypto addresses, including exchanges and hardware wallets. Users can also send crypto to friends and family on PayPal in seconds. They will incur no fees or network charges to send or receive cryptocurrencies.

PayPal was also granted a full Bitlicense by the New York Department of Financial Services (NYDFS). This resulted in Paypal becoming the first organization to convert a conditional Bitlicense into a full Bitlicense.

Citadel Securities, founded by billionaire hedge fund manager Ken Griffin, is creating a cryptocurrency trading platform with high-frequency trading firm Virtu Financial. Citadel Securities also works with crypto venture capital firms Paradigm and Sequoia Capital.

Earlier in 2022, Sequoia and Paradigm participated in the $1.15 billion Citadel Securities funding round. The new cryptocurrency trading ecosystem is designed to create highly effective and efficient access to crypto asset liquidity for potential institutional traders.

Tether set to launch on Tezos

Tether has recently announced that it will launch USDT on Tezos to power applications across Decentralized Finance (Defi) and payments. This will make it the thirteenth chain on its network.

With a market capitalization of $80 billion, USDT will provide liquidity to other Defi protocols on the platform, unlike other tokens.

Top gainers this week (as of 10.20 AM, June 26, 2022)

Compound (COMP): 90% up

Synthetix (SNX): 86% up

Storj (STORJ): 84% up

Stepn (GMT): 80% up

Polygon (MATIC): 76% up

Top loser this week (as of 10.20 AM, June 26, 2022)

XDC Network (XDC): 2% down

(Note: Analysis includes top 100 cryptocurrencies only. Source: Coinmarketcap)

(The author, Pratik Gauri is Co-founder and CEO, 5ire.)

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)

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Bought onCurrent Value Buy (Disclaimer: The opinions expressed in this column are that of the writer. The facts and opinions expressed here do not reflect the views of www.economictimes.com.)Print Edition

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Updated: 06/26/2022 — 10:00