Bitcoin exceeds $ 23.8K in May as the market value of cryptocurrencies drops below $ 1 trillion

Bitcoin exceeds $ 23.8K in May as the market value of cryptocurrencies drops below $ 1 trillion – Mail Bonus

Bitcoin (BTC) faced continued selling pressure before Wall Street opened on June 13 as Ether (ETH) revised its lowest limit for many years.

BTC / USD 1 hour candlestick (bit stamp). Source: TradingView

Bitcoin battle for $ 24,000

Data from Cointelegraph Markets Pro and TradingView showed that BTC / USD obscured the ten-month low set in mid-May.

The largest cryptocurrency faced bearish triggers on many fronts, occurring both inside and outside the cryptocurrency area.

Celsius’s FinTech protocol appeared to be on the verge of melting down after being shut down, turning billions of dollars into collateral into a new risk for the cryptocurrency market. In an event ironically similar to the one that caused the robbery in May, Bitcoin and altcoins continued to fall as new uncertainty filled the air.

The economic situation was hardly better, as Asian markets sold and futures on Wall Street continued to continue the downward trend that began last week.

Inflation concerns were also ahead of important comments from the US Federal Reserve on 15 June.

“I call it .. the long bear,” popular expert Crypto Chase added together.

“Seriously, we do not know when the central bank will change its course, the development of the war in Ukraine, the US presidential election on the horizon, supply chain problems, etc .. Markets are NOT fond of uncertainty. I can certainly be a trader with a bounce, but an investor? Not yet? . “

Others were more comfortable, both in the long and short term.

“There are expectations that the Fed will raise at a meeting next week,” said Michaël van de Poppe, a contributor to the Cointelegraph. added.

“Natural and very expected. However, these expectations are exceeding large increases (75 points). I do not see it. Probably 50 points and that is it. Markets always react too much.”

The total market value of cryptocurrencies fell below the $ 1 trillion mark for the first time since February 2021.

Crypto market value 1 week candlestick. Source: TradingView

Ethereum faces a $ 1,000 price target

Following a bearish theme, altcoins seemed even more prepared for bleeding values ​​during the day.

Related: Lowest weekend since December 2020 – 5 things to know about Bitcoin this week

Ethereum, fresh after falling below real prices over the weekend, now traded below its all-time high in Bitcoin’s first halving process.

At the time of writing, the ETH / USD is hovering near $ 1,230, a point last seen in January 2021. The peak of the old cycle, set in January 2018, was around $ 1,530.

ETH / USD 1-week candlestick (bit stamp). Source: TradingView

“Things are getting so bad that 200W SMA for $ BTC and $ ETH will both be severely tested,” said Chris Burniske, founder of the venture capital fund. onion.

“$ ETH will probably break it clean and aim for a bigger psychological test of $ 1K, $ BTC will fight more but considering the clouds on the horizon it’s hard to see it not playing with $ 20K and lower.”

The views and opinions expressed herein are those of the authors only and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading business involves risk, you should conduct your own research when making a decision.