Cryptos Today: Bitcoin Recovers $20K After Hitting 2017 Low; Ethereum rises 13% and altcoins advance

Bitcoin (BTC) rises strongly on Monday morning (20), on a day of recovery after losing the level of US$ 20,000 over the weekend and reaching its lowest level since December 2017, around of US$ 17,800.

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Ethereum (ETH), the second-largest cryptocurrency by market cap, follows a similar price pattern, falling to a nearly five-year low below $1,000 over the weekend before starting a rally. As of this morning, the crypto was trading around $1,120, up more than 13% from the previous day.

“We had marked the $19,000 to $20,000 and $16,000 to $17,000 ranges as areas of interest, and Bitcoin skyrocketed from the latter,” said Joe DiPasquale, CEO of the cryptocurrency fund manager. BitBull, to CoinDesk. “However, unless it successfully maintains the $20K with high volumes and trades, we do not expect the rally to continue.”

Investors remain concerned about high inflation, which hit a 40-year high in May, the continuing economic fallout from Russia’s invasion of Ukraine and the growing likelihood of a global recession.

Last Wednesday, the Federal Reserve, as the central bank of the United States is known, raised interest rates by 75 basis points, in the biggest increase in more than 25 years, to try to contain the rise in prices. Other central banks have also recently raised rates amid continued increases in energy prices.

Meanwhile, cryptocurrency markets also had to digest a series of disasters that stretched into early May, when the TerraUSD (UST) stablecoin collapsed.

Last week, cryptocurrency lending platform Celsius announced that it was halting withdrawals and cryptocurrency hedge fund Three Arrows Capital is facing possible insolvency after suffering from at least $400 million in liquidations.

Coinbase and several other major digital asset exchanges have also announced sharp job cuts. The Fear and Greed Index has been in extreme fear territory for weeks and is now at 6, near its all-time low on a scale of zero to 100.

BitBull’s DiPasquale expects volatility in cryptocurrency prices in the coming days because of options expiration, but added that “the macro trend will likely remain bearish until we see the Federal Reserve changing or at least relaxing its stance at the July FOMC meeting.” .

  • Watch: What Happened to Bitcoin and What to Expect for Cryptocurrency Price

Check out the performance of the main cryptocurrencies at 7:05 am:

cryptocurrencyPriceChange in the last 24 hours
Bitcoin (BTC)US$ 20,611.44+8.33%
Ethereum (ETH)US$ 1,122.74+13.05%
Binance Coin (BNB)US$ 211.98+6.43%
Cardano (ADA)US$ 0.4918+7.85%
XRP (XRP)US$ 0.3233+4.95%

Cryptocurrencies with the biggest gains in the last 24 hours:

cryptocurrencyPriceChange in the last 24 hours
Synthetic (SNX)$2.81+75.03%
Maker (MKR)US$ 932.76+23.62%
Stepn (GMT)US$ 0.7573+22.92%
Elrond (EGLD)$55.11+20.64%
AAVE (AAVE)US$ 58.53+20.15%

Cryptocurrencies with the biggest drops in the last 24 hours:

cryptocurrencyPriceChange in the last 24 hours
Tron (TRX)US$ 0.0607-0.45%

Check out how cryptocurrency ETFs closed in the last trading session:

Hashdex NCI (HASH11)BRL 17.60-2.49%
Hashdex BTCN (BITH11)BRL 24.90-6.03%
Hashdex Ethereum (ETHE11)BRL 16.41-11.05%
Hashdex DeFi (DEFI11)BRL 14.61-8.11%
Hashdex Smart Contract Platform FI (WEB311)BRL 16.17-4.30%
QR Bitcoin (QBTC11)BRL 6.60-4.76%
QR Ether (QETH11)BRL 4.03-8.82%
QR DeFi (QDFI11)BRL 2.87+5.90%

See the main crypto market news for this Monday (20):

Terraform Labs and Venture Capital Firms Sued for Misleading Investors

An Illinois resident has sued Terraform Labs, its founder Do Kwon and several venture capital (VC) firms that make up the Luna Foundation Guard (LFG) over allegations that the defendants violated federal securities laws. and misled investors.

Nick Patterson filed a lawsuit seeking class action status on Friday in the Northern District of California, hoping to recover losses and any preliminary or punitive fees from a jury trial.

Patterson alleged violations of California state and federal law against the defendants.

He claims that “Terra Tokens” (a generic term for UST, LUNA and other tokens in the ecosystem) resembled bonds even though investors could not recognize them as such, pointing to how Terraform Labs and the VCs behind from the LFG sold the project.

Web3 Specialist from Auction House Christie’s Goes to Yuga Labs

After acquiring the coveted non-fungible token project (NFT) CryptoPunks in March, Yuga Labs is bringing in Noah Davis, a key part of the NFT team at Christie’s auction house, to be the brand’s lead.

Davis announced the move in a Twitter post on Sunday, allaying any concerns that the Punks’ future would follow a similar path to that of the Bored Ape Yacht Club.

“If you’re a Punk owner and you care about the brand’s legacy/future, I want to talk to you,” Davis said in the post. “I will be at Punks Brunch during NFT NYC and will start scheduling meetings right away. Wherever the Punks go, the community will help guide us.”

DeFi Solend Protocol Approves Governance Vote to Reverse “Emergency Powers”

Solend, a Solana-based lending protocol, has approved the SLND2 governance proposal that invalidates a controversial “emergency power” proposal announced on Sunday. This will give the team time to take less drastic action in a major jail sale.

The anonymous portfolio at the center of the crisis deposited 95% of Solend’s entire SOL pool and accounted for 88% of USDC lending. But Solend’s biggest user came perilously close to a massive margin call following the price drop. If SOL reached $22.30, the protocol would automatically liquidate up to 20% of the whale’s collateral (as investors with large amounts of an asset are called).

The SLND2 proposal, in addition to invalidating the previous proposal, also increases the governance voting time to one day.

SLND2 received 1,480,264 “yes” and 3,535 “no” votes, with a majority of 99.8%. One wallet paid $700,000 for additional voting power, totaling 90% of the votes.

Solend’s team will now “work on a new proposal that does not involve emergency powers to take over an account,” according to the company’s blog.

“We recognize that the 1-day voting time is still short,” said a blog post by co-founder Rooter, “but we need to act quickly to address systemic risk and the fact that normal users cannot withdraw USDC.”

How far will cryptocurrencies go? What’s the best way to buy them? We have prepared a free class with step by step. Click here to watch and receive InfoMoney’s cryptocurrency newsletter

About Abhishek Pratap

Food maven. Unapologetic travel fanatic. MCU's fan. Infuriatingly humble creator. Award-winning pop culture ninja.

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