The price of Bitcoin has remained around $21,400 for the last 24 hours.
Earlier this month, the value of the world’s most valuable digital asset fell to its lowest level since 2020. While the stock market turmoil contributed to Bitcoin’s decline, it was further worsened by the liquidation of leveraged holdings and the difficulties faced by crypto financial service providers.
For the time being, Bitcoin seems to have sketched out a bottom of roughly $18,000, according to broker Oanda’s Jeffrey Halley, thanks to the recovery in the US stock markets and the decline in US rates. Technically, a climb beyond $22,000 and a further increase to $24,000 appear probable.”
The S&P 500’s fall into a bear market this year has put more pressure on digital assets like Bitcoin, which have shown to be highly associated with other risk-sensitive assets like equities. Even while Bitcoin continues to trade at less than a third of its all-time high, a recent stock market rebound has provided some short-term comfort for crypto traders.
Only a gain over $28,000 will remove Bitcoin’s threat in the short run, Halley added.
The second-largest digital asset, Ether ETHUSD –2.72 percent, dropped 1% to $1,230. As of June 18, the Ethereum network’s underlying currency, the ERC-20, was trading for roughly $900.
Most altcoins (alternative cryptos) were losing money. Cardano ADAUSD –1.58 percent and Solana –0.5 percent both fell by 2.5 percent. A more mixed bag was DogecoinDOGEUSD +1.77 percent, which rose 9 percent, and Shiba InuSHIBUSD –2.24 percent, which fell 2.5 percent.
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