News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
More View more
Bitcoin & Ether Post Double Digits Losses - Crypto Market Cap Tumbles

Bitcoin & Ether Post Double Digits Losses - Crypto Market Cap Tumbles

Tammy Da Costa, Analyst

Bitcoin, Ethereum, Crypto Talking Points:

  • Bitcoin tests an 18-month low as speculative assets tumble
  • Ethereum runs out of options after falling below $1000
  • Sentiment steps back, is this week make or break?

Since peaking in November last year, Bitcoin has remained under pressure amid an extremely volatile and unprecedented geopolitical backdrop.

Although low interest rates and an influx of stimulus initially contributed to the surge in digital assets throughout last year, Central Banks are committed to achieve their goal of driving inflation back towards the 2% target in a more aggressive manner than was initially expected.

For Bitcoin, the Daily chart below illustrates the manner in which price action reacted to the sell-off that took place after the four-decade high inflation print and subsequent decline in sentiment flooded markets on Friday (10 June 2022).

Bitcoin Daily Chart

Bitcoin Weekly Chart

Chart prepared by Tammy Da Costa using TradingView

With regards to crypto assets as a whole, the collapse of Celsius (a major cryptocurrency lender) has resulted in a broader market sell-off which has thus far, caused the total market capitalization of the industry to fall below the $1 Trillion Dollar mark. With both the Fed and Bank of England (BOE) preparing for their meetings this week, the economic calendar may provide an additional catalyst for price action, at least for now.

Economic Calendar

However, at the time of writing, Coinmarketcap.com suggests that the below assets have outperformed others over the past 24 hours:

Bitcoin & Ether Post Double Digits Losses - Crypto Market Cap Tumbles

--- Written by Tammy Da Costa, Analyst for DailyFX.com

Contact and follow Tammy on Twitter: @Tams707

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES