Crypto Market Weakens Again After in the Green Zone
Navigasi - Crypto prices briefly strengthened on Thursday, June 16, 2022 after the Chair of the US Federal Reserve, Jerome Powell announced an increase in the benchmark interest rate by 0.75 percent.
|Crypto Market Weakens Again After in the Green Zone|
The gains returned some investors' gains amid concerns about rising prices, global turmoil and a looming recession.
However, less than one day, the crypto market experienced another correction that made Bitcoin and other top alternative coins (Altcoins) stuck in the red zone. Bitcoin recently traded just above $20,300, down more than 10 percent over the previous 24 hours.
Ethereum, the second largest cryptocurrency by market cap after bitcoin, is testing its resistance at the USD 1,050 level down more than 15 percent in the same period.
FxPro senior analyst Alex Kuptsikevich said investors should be prepared for a temporary and stalled rebound.
"Investors should be prepared because cryptocurrencies and risk assets in financial markets are unlikely to be relied upon to bounce back before there are signs the economy has stopped slowing," Kuptsikevich said as quoted by CoinDesk, Friday (17/6/2022).
For the cryptocurrency industry, celsius watchers continue to monitor the latest impact of the lending platform's decision to stop withdrawals and other news. CoinDesk reports Texas, Alabama and other states are investigating Celsius' decision regarding investor needs.
Shark Tank entrepreneur and host Kevin O'Leary said in an interview with CoinDesk that Celsius's strategy was proven wrong.
“It seems that when it comes to liquidity, they can't provide liquidity. The concept of gate, closing is completely against the concept of decentralized finance. If I had an account there, I would be a very angry cowboy,” said O'Leary.