Bitcoin Climbs Above Critical Level After Weekend Slide

Bitcoin Climbs Above Critical Level After Weekend Slide

Summer is officially underway, and investors are hoping the crypto winter is over.

According to CoinGecko, Bitcoin fell nearly 1% to $21,252.05 at the last check on June 21, but the world’s most popular cryptocurrency has gained 6.1% in the last 24 hours.

This contrasts sharply with the weekend when bitcoin slumped as low as $17,592.78 and dropped below $20,000 for the first time since December 2020.

‘The Boulevard of Broken Dreams’

“Congress is falling apart. #Bitcoin Michael Sayor, bitcoin evangelist and billionaire CEO of MicroStrategy, is flourishing. (MSTR) – Get MicroStrategy Incorporated Report, tweeted out on June 21.

Still, bitcoin is down 69% from its all-time $69,044.77 on Nov. Saylor and his company are in danger as they are among the biggest losers in Bitcoin’s downfall.

“Bitcoin hodlers seem to be walking the boulevard of broken dreams for the longest time,” said Edward Moya, senior market analyst for the Americas with Oanda, using a variation of “hodl” which means “wait.” dear Life.”

“The last part of this historic crypto plunge wasn’t just a downside risk to Wall Street as many traders started to have a super bad feeling about the economy,” he added, “but a large part of the crypto markets are seeing stress, including Blockchain. investments.”

Moya said rising borrowing costs, margin calls and over-leveraged speculation have helped accelerate the selling pressure over the past two weeks.

‘Crypto Won’t Go Away’

“The entire cryptocurrency market is seeing some buyers emerging as the selling pressure may have been excessive,” he added. “Crypto isn’t going away and some investors are starting to believe that further downside may be limited.”

The cryptocurrency has been battered by the sudden collapse of sister tokens Terra USD or UST and Luna last month.

Last week, crypto financial services firm Babel Finance said it was temporarily suspending withdrawals and refunds in the final blow to the cryptocurrency industry.

The Hong Kong company later said it had reached an agreement with counterparties on the repayment of some debts to facilitate short-term liquidity, Reuters reported.

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In addition, crypto lender Celsius Network has announced that it will suspend various operations indefinitely, including withdrawal of funds “due to extreme market conditions”.

Asking Questions

State securities regulators from at least five states are investigating Celsius Network’s decision to suspend customer refunds.

According to CryptoWall.com, Cryptocurrency’s price drop was a big item at Google.

Crypto-focused personal finance advisors at the digital currency services company said the question “why is crypto crashing” is the fourth crypto-related question on Google, with an average of 23,000 monthly searches.

CryptoWallet.com said this question could be more current and time sensitive, “people may wonder what’s going on in the crypto market at certain times, and the reasons for a particular cryptocurrency to be crushed can be varied.”

“Overall, the reasons are very similar to why the normal money market might collapse, as social, political and economic factors affect the crypto market and everything else,” the company said in a statement. Said.

“Certain reasons could be inflation and rising interest rates, in addition to the increase in popularity of low-end coins affecting the market as a whole.”

‘What is a cryptocurrency?’

By far the most sought after question was simple and direct: “What is a cryptocurrency?”

This query results in an average of 121,000 monthly searches followed by “what is crypto?” with an average of 31,000 monthly searches, with a total of 152,000 searches each month.

The third most sought-after question is “how to buy cryptocurrency?” it happened. with an average of 24,000 monthly searches.

CreditWallet.com reports, “It’s fascinating to see how many people still don’t know about crypto and how much they are willing to learn about it.” Said.

As the world enters a new era of personal finance and crypto is changing the way people see money and spending, the company said, “people want to be as informed as possible to keep up with the changing times, to invest real time and effort.” or simply out of curiosity about a relatively new and fascinating phenomenon.”

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