Get the weekly summary of crypto market analysis, news, and forecasts!
This Week’s Summary
- The Crypto Market ends the week at a total market capitalization of $865 billion.
- Bitcoin has dropped below $20,000 following a new 18-month low.
- Ethereum lost almost 28% of its value over the past seven days.
- XRP dropped by nearly 10% this past week.
- Almost all altcoins are trading in the red, with very few exceptions.
- The DeFi sector lost over $8 billion from the total value protocols (TVL), now standing at nearly $37.71 billion.
Crypto Trends 13th – 19th of June, 2022: Market Analysis and Performance
The crypto market is facing one of its worst periods since the 2020 pandemic-induced crash. Following a steady decrease, the market capitalization has dropped below the $1 trillion mark, and most assets are heavily bleeding. These dire times see FUD ruling the market, deterring new investors, and forcing expert traders into hibernation.
Bitcoin is confirming the most pessimistic forecasts by dropping below the $20,000 level. The king crypto has struggled to remain above it and even attacked the $30k level two weeks ago. Unfortunately, that wasn’t enough to help it withstand an avalanche of bad news, rumors, and increased talk of restricting regulations. Currently, BTC is trading at around $19,600, following a nearly 30% loss this week.
Ethereum is losing ground by the hour, and it might close below the $1,000 level this week. The second crypto in command is desperately trying to stay afloat after a 28% drop and trading at $1,050. This unexpected fall from grace has even reduced Vitalik Buterin’s optimism. The Ethereum co-founder now doubts crypto will take over the world.
Altcoins & DeFi
This week’s biggest news in the altcoin sector came from Celsius, one of the largest crypto earning and borrowing platforms. The network unexpectedly halted withdrawals, swaps, and transfers at the beginning of the week, citing the market’s extreme conditions. So far, the platform has not resumed activity, leaving many investors with blocked funds and a tremendous scare. Moreover, rumors of the Celsius Network’s liquidation are not doing the platform or the market any good.
Elsewhere, most altcoins are trading in the red. For example, Solana dropped by over 1%, Cardano was down by 9%, and Dogecoin lost 13% of its value. Moreover, Avalanche is down by 17%, XRP lost 10%, and Aave dropped by no less than 29%.
The Metaverse sector is not faring any better either. For instance, ApeCoin is down by 10%, and Axie Infinity lost 13% of its value. Only Decentraland is up by nearly 2% and Theta Network by 3%.
The DeFi sector lost over $8 billion from the total value protocols (TVL), now standing at nearly $37.71 billion.
Crypto Market Analysis – What’s in the News?
- Three Arrows Capital (3AC) is considering asset sales and bailout options, according to its co-founders Su Zhu and Kyle Davies.
- Panama President vetoes crypto bill citing money laundering risks.
- Elon Musk and SpaceX face a $258 billion lawsuit for promoting Dogecoin.
Next Week’s Crypto Market Forecast
The crypto market is facing one of its most challenging battles yet. Some financial analysts are comparing its crumbling state with the economic crisis of 2008. Still, the digital asset market only mirrors the world’s current economic condition. Other financial markets, including the stock, bond, and commodities markets, are not doing any better. After all, an ongoing war, gas and oil shortages, and an unprecedented energy crisis couldn’t have gone without leaving a mark. Lastly, we can only hope that everything gets a turn for the better, and pessimistic views of a financial catastrophe remain at the rumor level.