$BTC 24 Hour High $20,683.82
$BTC 24 Hour Low $18,067.15
$ETH 24 Hour High $1,142.34
$ETH 24 Hour Low $943.12
Happy Monday from HKbitEX! Hope you had a great holiday! Highlights from the week:
- The cryptocurrency market has seen turmoil amid wider turbulence in financial markets
- $BTC dumped below the coveted 20K line while $ETH slumped below $1K
- One of the largest airline companies in Spain Vueling will partner with BitPay to accept cryptocurrencies as a payment method
The $BTC and $ETH market
The cryptocurrency market has seen turmoil amid wider turbulence in financial markets- $BTC dumped below the coveted $20K line. As the Feb raised the interest rates by 75 basis points, $BTC spiked to $23K before it started to lose ground once again. In only few hours, $BTC dropped to below the $20K level, resulting in nearly $400 billion being wiped off. Behind the crash in cryptocurrency prices, there are some triggers that have contributed to the rout. The current evolving concern is the announcement of Celsius Network, one of the cryptocurrency industry’s biggest lenders, that it has halted withdrawals, swaps, and transfers. Rumors of liquidations started running rampant, and this cause serious panic within the entire market. Three Arrows Capital, one of the industry’s largest hedge funds, was also facing multi-million-dollar positions getting liquidated. FTX, Deribit, and BitMEX liquidated their positions after the firm failed to meet margin calls. Another crypto lender Babel Finance has also announced it facing unusual liquidity pressure. $BTC is now down almost 40% in June and more than 70% from its all-time high reached in November 2021. Its market cap has taken another hit and is down to $350 billion now. Even its dominance over the altcoins has been reduced a lot in the past week to under 43%. At the time of writing, $BTC is trading at $20,056.14 with $21K as its next major resistance level and $18K as its next key support level.
$ETH wise, the second-largest cryptocurrency was also slumping below $1K for the first time in over a year. $ETH lost the most over the past seven days, dropping 40% and trading just above the $1K level. ETH’s downturn is believed propelled by forced liquidations from the news of Celsius and 3AC. At the time of writing, $ETH is trading at $1,078 with $1,100 as its next major resistance level and $900 as its next key support level.
Vueling, owned by International Consolidated Airlines Group S.A. (LON: IAG), announced last Thursday (16/6) that it would partner with BitPay to enable clients to pay for tickets in cryptocurrencies starting from January 2023. "With this agreement, Vueling once again reaffirms its position as a digital airline. We are very pleased to have found in BitPay the best partner to offer our customers the possibility of making transactions with cryptocurrencies with the greatest security and reliability”, said Jesús Monzó, Manager of Distribution Strategy and Alliances at Vueling. “ Vueling recognizes the potential of cryptocurrencies to transform the airline industry, making payments faster, more secure and less expensive on a global scale. Our goal at BitPay is to make the acceptance of cryptocurrencies a seamless process and increase its adoption, as we believe that cryptocurrencies are the future of payments”, said Merrick Theobald, Vice President of Marketing at BitPay.
Alts & DeFi
Alts and DeFi wise, Defi TVL (Ethereum network) decreases to $38.76B at the time of writing. For some well-known tokens, over the week, Yearn Finance ($YFI) recorded 8.80% decline, Aave ($AAVE) is -7.08%, Compound ($COMP) is -12.97%, Uniswap ($UNI) is +11.67%, Polkadot ($DOT) is +10.55%, Chainlink ($LINK) is +14.56%, Cardano ($ADA) is +3.61%, Polygon ($MATIC) is -13.83%, Solana ($SOL) is +20.03% and Avalanche ($AVAX) is 2.01%.