BTC Has Lost The 20000 USD Mark

The cryptocurrency market on the afternoon of June 18 recorded a new unexpected crash, pushing BTC and ETH prices to 18-month lows.

BTC officially lost 20000 USD

Crypto winter is forecasted by CZ to last until 2026.

BTC price in the past hour has sold off to $ 19,066, the lowest value level since December 2021.

The volume of liquidations in the past 1 hour reached 95 million USD, concentrated mainly in Bitcoin, with the rate of long orders being burned up to 74%.

The total crypto market capitalization is now just $855 billion, down nearly $500 billion from 1.3 trillion at the beginning of June and “evaporated” by 2.1 trillion from the record 2.9 billion market cap. trillion USD by November 2021.

The crypto market has shown signs of going down since last Friday (June 10), the time when the US announced May inflation data increased beyond expectations, causing stocks to be “red on fire” and followed by major cryptocurrencies. The Fed then announced to raise interest rates by 0.75% to 1.75% and forecasted to continue raising interest rates to 3.4% in the remaining 4 adjustments of 2022.

The strong BTC price dump also caused the value of Bitcoin investments of large companies such as MicroStrategy, Tesla or the country of El Salvador to plummet. MicroStrategy is even losing up to 1 billion USD from its BTC investment.

After that, many “big hands” fell into a difficult situation because of liquidity problems. The Celsius lending platform is where it all started, when the price of stETH was out of phase with ETH, causing them to lose their ability to meet the withdrawal needs of customers and was forced to block deposits / withdrawals on June 13.

Three Arrows Capital since the beginning of the week has continuously been involved in rumors of “defaulting”, losing its ability to meet liquidity for mortgage loans, leading to mass liquidation. The fund is also accused of misusing investors’ money to “save” borrowed positions, and then keep quiet when questioned by investors. In the latest update, 3AC admitted that it was considering selling off assets or inviting other organizations to buy it back to resolve the situation.

Many major organizations in the crypto industry that are believed to be connected to 3AC such as Avalanche, Trader Joe, dYdX, etc. have denied being affected by the fund’s situation. Exchanges including FTX, Deribit, BitMEX and the BlockFi lending platform confirmed to have liquidated the collateral of Three Arrows Capital.

The crisis also spread to Finblox and Babel Finance, lending units, and investment fund DeFiance Capital because it is believed to be linked to 3AC.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

Follow CoinCu Youtube Channel | Follow CoinCu Facebook page

Foxy

Coincu News