Crypto Price Today: Bitcoin barely holds $20,000; Solana, Avalanche plunge up to 13%

Synopsis

The global cryptocurrency market cap was trading at the $893.91 billion mark, dropping 7 per cent in the last 24 hours. However, total cryptocurrency trading volumes plunged about 40 per cent to $75.92 billion.

New Delhi: The crypto markets are suffering the heat of possible recession and inflationary pressure, pushing it into a long winter of underperformance. On Friday, the crypto tokens were in deep red.

Fresh liquidations from the riskier assets hurt investor sentiments, with major crypto assets testing their major support levels. The latest rebounds were short-lived and choked in a jiffy, thanks to bleak sentiments.

Barring the stablecoins, all of the crypto tokens were in trading lower on Friday. Polkadot plunged 13 per cent, whereas Solana, Ethereum and Avalanche tumbled over 10 per cent each. Bitcoin, meanwhile, barely held about $20,000. It was down about 8 per cent.
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The global cryptocurrency market cap was trading at the $893.91 billion mark, dropping 7 per cent in the last 24 hours. However, total cryptocurrency trading volumes plunged about 40 per cent to $75.92 billion.


What’s cooking in India
Top cryptocurrency exchanges including CoinSwitch Kuber, WazirX and CoinDCX have written to the Unified Payments Interface (UPI) manager, the National Payments Corporation of India (NPCI), to restore UPI services for crypto players and discuss the regulator’s concerns regarding UPI usage for trade in cryptocurrencies.

The exchanges wrote to NPCI last month after it issued a statement —following US-based crypto exchange Coinbase’s launch in April — that it was not aware whether UPI – a key digital payments railroad – was being used for crypto transactions.

Expert take
Bitcoin, Ethereum, and most cryptocurrencies, fell tracking losses in the US equity markets. The oldest crypto is down sharply, whereas the volumes have taken a big hit, said Edul Patel, CEO and Co-founder, Mudrex.

“If traders are determined, it may fall below the current level too,” he added. “The second-largest cryptocurrency, Ethereum, also slipped further. The volatility in the market may continue for the next few weeks.”

Global updates
– An investor in dogecoin, originally created as a joke but whose value increased and fell as it was promoted by Elon Musk, filed a $258 billion lawsuit Thursday against the billionaire and his companies Tesla and SpaceX.

– Ethereum-based decentralized finance (DeFi) tool Inverse Finance was exploited for more than $1.2 million worth of cryptocurrency on Thursday morning, on-chain data appears to show.

– Crypto lender BlockFi confirmed Thursday it recently liquidated a ‘large client’ amid reports that troubled crypto hedge fund Three Arrows Capital failed to meet margin calls.

– Several US states including Texas and Alabama are investigating Celsius Network’s decision to halt customer withdrawals. Rumors of the company’s insolvency spread quickly across social media, sparking panic and sell-offs in the markets.

– Russia’s Gazpromneft and US-sanctioned bitcoin mining hosting firm BitRiver plan to develop crypto mining facilities at oil fields, according to a memorandum signed at the St. Petersburg International Economic Forum on Thursday.

Tech view by BuyUcoin cryptocurrency exchange
TRON (TRX) rally was cut short by the Fed hike. TRON DAO’s latest announcement to infuse $220 million for token purchase created buying pressure among traders and gave a much-needed boost to the TRON price.

Chart-TRX
The surge in the prices was cut short by the interest rate hike announced by Fed. The latest development to infuse $220 million came as USDD, the stablecoin of the TRON network, lost its peg and there was an immediate need to restore the value.

TRON DAO’s commitment to defend USDD to protect the larger crypto ecosystem may result in an upward trend in TRON prices in the days to come. TRON is currently down by over 3.5% which is a result of the larger downward trend in the crypto market.

(Views and recommendations given in this section are the analysts’ own and do not represent those of ETMarkets.com. Please consult your financial adviser before taking any position in the asset/s mentioned.)
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Updated: 06/17/2022 — 18:00