Double-Digits Losses Are The Order Of The Day As Bitcoin Declines To $20,000
June 15 2022 - 7:00PM
NEWSBTC
The crypto market crash has sent Bitcoin spiraling to $20,000. The
pioneer cryptocurrency has in turn taken the market down with it,
triggering massive losses. All digital assets in the market have
not been left out of the onslaught. Regardless of their market cap,
cryptocurrencies have all recorded massive losses that have
translated to double-digit losses across all indexes. Not A
Respecter Of Market Caps All of the indexes have been hit hard by
the crypto market crash. Even the bitcoin index that had been
putting up the most fight has succumbed to it. The market-wide
collapse has seen the total market cap drop below $1 trillion for
the first time in less than a year. Almost all cryptocurrencies
have been following the same downtrend, one that is created by the
market leader, Bitcoin. Nevertheless, bitcoin has continued to put
up a good fight. This has seen the digital asset return once more
as the best performer, with a -29% loss so far in the month of
June. But this ‘safe haven’ that investors have been running to for
cover is barely holding above the losses posted by the other
indexes. Related Reading | Shiba Inu (SHIB) Profitability
Plunges To Hell As Bloodbath Continues True to form, the Large Cap
Index has mostly followed the performance of Bitcoin. Through bear
markets, they have been better performers compared to their smaller
counterparts and this holds true as the Large Cap Index has seen a
-32% loss. The Mid Cap Index followed the Large Cap Index very
closely, with losses matching up at -32%. Once again, the Small Cap
Index leads the pack in terms of losses with -33% in losses so far
in the first half of the month. Indexes suffer massive losses |
Source: Arcane Research Crypto Market Struggles The struggles of
the crypto market are not just beginning. It started back towards
the end of 2021 when the momentum from the bull rallies had
eventually peaked. However, there have been other events that have
triggered more decline in the market. Related Reading | More
Than 253,000 Traders Liquidated As Crypto Bloodbath Continues The
Terra collapse had kickstarted the bear run in full bloom. This was
further propelled by the Celsius insolvency rumors after the
lending platform had frozen withdrawals. Since the December 4th
crash, more than $2 trillion has been wiped off the crypto market
cap. BTC trending at $21,000 | Source: BTCUSD on TradingView.com
All of the losses that are being incurred by the digital assets,
whose correlations with bitcoin continue to rise, are supposedly
being eaten up by the stablecoins as their market caps have grown.
Their market share has since increased by more than 5% since the
crash began. Investor sentiment is now sitting at its lowest in the
last three years. With the Fear & Greed Index reading in
extreme fear with a score of 7, it suggests that investors are not
looking to put any money into the market. Featured image from
Euronews, charts from Arcane Research and TradingView.com Follow
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