The total crypto market cap erased $80 billion from its valuation for the period since Monday and now stands at $903 billion. The top ten coins were all in green for the last 24 hours with Solana (SOL) leading the pack with 12.2 percent of gains. At the time of writing bitcoin (BTC) is trading at $21,270. Ether (ETH) is at $1,122.
Bitcoin closed the trading day on Sunday, June 12 at $26,554 on its sixth consecutive day in red after the failed attempt from bulls to surpass the upper boundary of the trading range. The coin lost 6.6 percent for the day and 11.1 percent for the seven-day period.
The new week started with fresh new lows as BTC reached the sub-$25,000 area for the first time since December 2020. To be more precise, bears pushed the price down to $22,350, which resulted in a 16 percent correction.
The digital assets market was in freefall just like traditional markets as the United States inflation and CPI data continued to disappoint and investors were offloading their risk assets from their portfolios in a search of a way to protect their funds.
On Tuesday, June 14, the BTC/USDT pair hit $20,909 during intraday, but somehow managed to avoid another double-digit losing session and closed the daily candle at $22,150.
The mid-week trading on Wednesday was again marked by extreme volatility across all risk asset markets. The biggest cryptocurrency, in particular, hit the lower line of the long-term monthly uptrend channel near $20,135 bouncing back up to $22,620 in the evening.
What we are seeing on Thursday is a continuation of the downtrend. Bitcoin is trading at $21,200.
As mentioned last week, the Ethereum project token ETH found itself in a Bearish Pennant formation on the daily timeframe chart, which resulted in a catastrophic reversal to the downside after a period of trading in a range.
The major altcoin closed the trading session on Sunday, June 12 at $1,440 well below the extremely stable horizontal support around $1,700. It erased 20 percent from its market cap in the last seven days only.
The Monday session saw the ETH/USDT pair trading below $1,200 for the first time since January 2021 losing 16 percent of its value. The coin briefly touched the $1,169 mark as many were wondering if we are not going to see a triple-digit ETH in the coming days.
The selloff continued on Tuesday as bulls were in full capitulation mode. The DeFi giant Celsius and Three Arrows Capital – one of the largest crypto hedge funds were both on the brink of a collapse due to the severe market conditions and the non-stop pressure against their liquidation levels. The ether remained flat after a super volatile session.
On Wednesday, the United States FED announced a fresh new 0.75 basis points rates hike, which was more or less in line with the expectations. The market reacted positively and the ether closed in green, at $1,236
The coin is currently trading at $1,118.