Bitcoin has surpassed the $23.8K mark as the crypto current valuation falls below $1 trillion in May, it reaches a new low
The bitcoin sell-off is well underway, and Wall Street has still yet to begin.
Before the June 13 Wall Street start, Bitcoin (BTC) was under continuous price pressure as Ether (ETH) hit multi-year depressions.
Bitcoin is in a fight for $24,000
BTC/USD surpassed its ten-month low points set in mid-May, according to data from Cointelegraph Commodities Pro and TradingView.
Bearish causes arose both from within and outside the cryptosphere, putting pressure on the nation’s biggest crypto.
Protocol for FinTech After activities were stopped, Celsius seemed to be on the verge of collapsing, putting billions of dollars in assets at risk for cryptocurrency market. Bitcoin and cryptocurrencies continued to plummet as new anxiety flooded the air, strangely identical to the incident that precipitated the May crash.
Crypto Chase, a well-known analyst, defined the situation as “the long bear.”
“In reality, we have no idea when the Fed will alter its tune, given the ongoing conflict in Ukraine, the next presidential race in the United States, distribution network concerns, and so on. Volatility does not sit well with the markets. Yes, I can be a rebound trader, but an investor? No, not yet.”
“The FED is expected to raise rates at its conference next week,” Cointelegraph writer Michal van de Poppe remarked.
“This is both natural and to be anticipated. Yet, this anticipation is going too far in the direction of long hikes (75bps). That does not appear to be the case. All’s most likely 50bps, and that’s it. Markets are notorious for overreacting.”
Ethereum is aiming for a $1,000 price
Keeping with the bearish tendency, altcoins appeared to be even more poised to make a loss on the day.
Ethereum is now trading under its all-time peaks recorded throughout Bitcoin’s last halving phase after falling below its actual value over the weekend.
At the time of this writing, ETH/USD was trading near $1,230, a value last seen in January 2021. The last cycle’s high point was about $1,530 in January 2018.
“Things are becoming so terrible so quickly that the 200W SMA for $BTC & $ETH will both be seriously challenged,” said Chris Burniske, director of cryptocurrency investment company Placeholder.
“$ETH will most probably break it easily and head to a bigger psychometric examination of $1K; $BTC will put up a stronger fight, but with the clouds in the sky, it’s difficult to imagine it not flirting with $20K and well below.”
