Cryptos Today: Bitcoin Recovers $20,000 After Hit 2017 Low; Ethereum rises 13% and altcoins advance

Oh Bitcoin (BTC) rose sharply on Monday morning (20), a day of recovery after losing the $20,000 level over the weekend and hitting its lowest level since December 2017, around $17,800. .

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O Ethereum (ETH), the second-largest cryptocurrency by market capitalization, is following a similar price trend, falling to a nearly five-year low below $1,000 over the weekend before beginning a rally. This morning, the crypto was trading around $1,120, up over 13% from the previous day.

“We had marked the $19,000-$20,000 and $16,000-$17,000 ranges as areas of interest, and Bitcoin has surged from there,” said manager CEO Joe DiPasquale. of BitBull cryptocurrency funds, to CoinDesk. “However, unless it manages to hold $20,000 with high volumes and trading, we don’t expect the rally to continue.”

Investors remain concerned about high inflation, which hit a 40-year high in May, the continued 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, the biggest increase in more than 25 years, in an attempt to contain rising prices. Other central banks have also recently hiked rates amid continued rising energy prices.

Meanwhile, cryptocurrency markets also had to digest a series of disasters that dragged on until early May, when stablecoin TerraUSD (UST) collapsed.

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

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

BitBull’s DiPasquale expects cryptocurrency price volatility in the coming days due to option expirations, but added that “the macro trend will likely remain bearish until we see the Federal Reserve change. or at least soften its stance at the July FOMC meeting.”

  • Watch: What happened to Bitcoin and what to expect for the cryptocurrency price

Check out the performance of major cryptocurrencies as of 7:05 a.m.:

cryptocurrency Price Change in the last 24 hours
bitcoin (BTC) $20,611.44 +8.33%
Ethereum (ETH) $1,122.74 +13.05%
Binance Coin (BNB) $211.98 +6.43%
Cardoon (ADA) $0.4918 +7.85%
XRP (XRP) $0.3233 +4.95%

Cryptocurrencies with the biggest gains in the last 24 hours:

cryptocurrency Price Change in the last 24 hours
Synthetix (SNX) $2.81 +75.03%
Maker (MKR) US$932.76 +23.62%
Stepn (GMT) $0.7573 +22.92%
Elrond (EGLD) $55.11 +20.64%
Phantom (PHANTOM) US$58.53 +20.15%

Cryptocurrencies with the biggest drops in the last 24 hours:

cryptocurrency Price Change in the last 24 hours
tron (TRX) $0.0607 -0.45%

See how cryptocurrency ETFs closed in the last trading session:

ETFs Price Variation
NCI Hashdex (HASH11) R$17.60 -2.49%
BTCN Hashdex (BITH11) R$24.90 -6.03%
Ethereum hashdex (ETHE11) R$16.41 -11.05%
DeFi Hashdex (CHALLENGE11) R$14.61 -8.11%
Hashdex FI Smart Contract Platform (WEB311) R$16.17 -4.30%
Bitcoin QR (QBTC11) R$6.60 -4.76%
QR Ether (QETH11) R$4.03 -8.82%
QR-DeFi (QDFI11) R$2.87 +5.90%

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

Terraform Labs and venture capitalists sued for deceiving investors

An Illinois resident 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 mislead investors.

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

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

He claims that “Terra Tokens” (an umbrella term for UST, LUNA, and other ecosystem tokens) looked like bonds even though investors couldn’t recognize them as such, highlighting how Terraform Labs and the VCs behind the LFG have sold the project.

Christie’s Auction House Web3 Specialist Switches to Yuga Labs

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

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

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

DeFi protocol Solend approves governance vote to reverse ’emergency powers’

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

The anonymous wallet 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 has come dangerously 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 assets 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” votes and 3,535 “no” votes, with a 99.8% majority. One portfolio paid $700,000 for additional voting power, totaling 90% of the vote.

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

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