7 months ago
Date: 12 Jul 2022 - 08:45

The adverse price developments continued in the past 24 hours and bitcoin slipped to its lowest position in a week below 20000. The altcoins are in no better shape with ETH dumping by 7 and UNI by 8 following the recent phishing attack.Bitcoin Sees Weekly LowIt was just several days ago when the primary cryptocurrency was riding high and painted a multiweek peak of 22400 on Bitstamp. As the community was preparing for another leg up though the situation changed and BTC started to lose value gradually.It calmed over the weekend and spent most of it trading sideways around 21500. However as Sunday was approaching its end it started dumping again and fell towards 20000 yesterday.The bulls defended that coveted level at first but it gave in hours ago. As such bitcoin slumped below it and dropped all the way down to 19500 which became its lowest price point since July 5.As of now the asset stands a few hundred dollars above that level but its market cap is down to 375 billion.BTCUSD. Source TradingViewNotable Bitcoin NewsThe latest price slump comes as the majority of Wall Street investors predicted a further drop to 10000 before an eventual spike towards 30000.CoinShares CSO said the crypto winter is nowhere near close to its end as therere no signs of trend reversal yet.Altcoins Deep in Red AgainThe altcoins have followed BTC on its way south and Ethereum leads the adverse trend. The secondlargest crypto is down by more than 7 in the past 24 hours and is close to 1050. Similar to bitcoin ETH was also at a multiweek high above 1250 days ago.More notable price drops come from Cardano Solana Dogecoin Polkadot and Shiba Inu from the largercap alts. While more modest BNB Ripple Tron and LEO are also in the red on a daily scale.Uniswap is among the worst performers following the recent phishing attack against its protocol. UNI is down by 8 and trades just over 5.5.The crypto market cap has declined by another 40 billion in a day and is well below 900 billion.Cryptocurrency Market Overview. Source Quantify CryptoIndustry NewsThe CEO of KuCoin denied the recent rumors that his company has to lay off staff members similar to Coinbase CryptoCom Bybit and other exchanges.Voyager Digital warned clients that not all of them can receive all of the crypto they have on its platform.A recent court filing asserted that Su Zhu and Kyle Davis are not cooperating during the 3ACs liquidation process.The recent crypto market crash prompted the Financial Stability Board to propose a global regulatory framework.

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USDT Market Price Change (24H) Market Cap Last 7 Days
39997.79 $ 0 % 760.32 Billion $
3001.33 $ 0 % 360.05 Billion $
1.001 $ 0 % 82.65 Billion $
398.86 $ 0 % 59.29 Billion $
1.004 $ 0 % 50.96 Billion $
101.49 $ 0 % 33.28 Billion $
0.122 $ 0 % 31.52 Billion $
0.7024 $ 0 % 30.96 Billion $
82.96 $ 0 % 29.44 Billion $
0.9455 $ 0 % 29.42 Billion $

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The U.S. Federal Reserve is expected to raise the federal funds rate during its next meeting on Wednesday and JPMorgan economist Michael Feroli believes that rising inflation will push the Fed to increase the rate by 75 basis points bps. Last week CME Group data indicated the market priced in a 95 chance that the U.S. will see a 50 bps rate hike this month. Although while some expect a hawkish Fed

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