Crypto Crash: How Bitcoin and Ethereum Prices Changed in June 2022

Cryptocurrencies such as bitcoin BTCUSD,
+3.33%
and ether ETHUSD,
+4.30%
has exploded in popularity in recent years and is now traded by both individual investors and large companies such as Tesla TSLA,
-0.02%
and Citibank.

The total market value of all cryptocurrencies has nearly reached $ 3 trillion in parts of 2021, and companies like Robinhood HOOD,
-0.49%,
Coinbase COIN,
+2.79%
and Crypto.com leveraged a larger amount of crypto transactions. Since then, a crypto winter has taken shape, and total global crypto market value fell below $ 1 trillion in June 2022, according to CoinMarketCap.

Of course, as interest in crypto continues to grow, so does interest in cryptocurrencies.

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Here’s how crypto prices changed in June 2022:

Bitcoin

Bitcoin prices fell 34.76% in June, continuing a mild 2022 for the crypto.

“Thanks to the recovery in US stock markets and falling US interest rates, Bitcoin appears to have hit a low of around $ 18,000 by now,” Jeffrey Halley, an analyst at brokerage firm Oanda, told Barron’s on June 27. outlook, an increase over $ 22,000 seems to be possible, extending up to $ 24,000.

“In the medium term, Bitcoin remains in the danger zone, and only a rise above $ 28,000 cancels out,” he continued.

See also: Michael Burry from ‘The Big Short’ fame believes market sales may be ‘halfway’

A report has indicated that the recent fall in bitcoin prices may force cryptocurrencies workers to sell some of their digital assets to fund mining.

MicroStrategy MSTR,
+0.09%
Bitcoin CEO and bull Michael Saylor said in an interview on June 15 that the recent bitcoin price drop was “definitely” a buying opportunity.

Bitcoin has fallen by 41.6% in the last 12 months.

Ethereum

Ether prices fell by 40.27% during the month of June, continuing a downward trend for the crypto in 2022.

Ethereum’s “Merge”, a major update to its blockchain, will take place this year, Ethereum co-founder Vitalik Buterin said. More details about the “merger” can be found here.

See also: California sends ‘inflation cut’ checks up to $ 1,050 – here’s who qualifies

META from Meta,
-3.72%
Facebook has begun testing Ethereum and Polygon NFTs on its platform, according to Decrypt. Navdeep Singh, Meta Product Manager, detailed the news in a tweet.

Ether has fallen 49.73% in the last 12 months.

Other news about cryptocurrency

Crypto lender Celsius was supposed to host an Ask Me Anything session with its CEO, Alex Mashinsky, in June, but the company suddenly canceled the event minutes before it started. Celsius suspended withdrawals, exchanges and transfers for account holders in June.

Another cryptocurrency exchange, CoinFlex, says it will not lift its withdrawal stop yet, despite “significant progress,” CEO Mark Lamb told MarketWatch.

Changpeng Zhao, CEO of Binance, told a conference in June that the worst of the cryptocurrency “probably is over.”

FTX is reportedly in the process of concluding an agreement to acquire cryptocurrency lender BlockFi for $ 25 million, a discount of around 99% compared to BlockFi’s latest private market valuation.

Also see: Sports betting stocks – This is how it went for companies like DraftKings, Caesars did in June

Recent developments in the crypto market have not only led to a dramatic drop in crypto prices, but also impending redundancies in crypto exchanges. Coinbase COIN crypto exchange,
+2.79%
fired 18% of its employees, BlockFi says it plans to fire 20% of its employees, and Gemini plans to fire 10% of its employees.

An investor in the same crypto dogecoin DOGEUSD,
+3.73%
sues Elon Musk with Tesla Inc. and SpaceX for $ 258 billion. The investor accuses Musk and the companies of organizing a “pyramid scheme” to screw up the price of cryptocurrency.

“It has no value,” the lawsuit states. “It’s just a scam.”

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