Cryptos Today: Bitcoin is back at $ 20K after hitting a 2017 low; Ethereum is up 13% and altcoins are advancing

Bitcoin (BTC) rose sharply on Monday morning (20), on the day of recovery after losing the US $ 20,000 level over the weekend and reaching its lowest level since December 2017, around of US $ 17,800.

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Ethereum (ETH), the market’s second -largest cryptocurrency, follows a similar price model, dropping a nearly five -year low below $ 1,000 over the weekend before launching of the assembly. As of that morning, the crypto had sold around $ 1,120, up more than 13% from the previous day.

“We marked $ 19,000 to $ 20,000 and $ 16,000 to $ 17,000 as areas of interest, and Bitcoin went up from the end,” Joe DiPasquale, CEO of BitBull cryptocurrency, told CoinDesk. “However, if we don’t keep up with the $ 20K well with high cash and sales, we don’t expect the rally to continue.”

Investors are still worried about high inflation, which hit a 40-year high in May, the slowdown in the economy due to Russia’s invasion of Ukraine and the increased risk of global recession.

Last Wednesday, the Federal Reserve, according to the U.S. central bank, raised interest rates by 75 basis points, the largest increase in more than 25 years, in an effort to curb inflation. inflation. Other central banks have also raised rates recently amid rising energy prices.

Meanwhile, the cryptocurrency market also had to endure a series of disasters that occurred in early May, when the TerraUSD (UST) stablecoin fell.

Last week, cryptocurrency lending platform Celsius announced it would suspend withdrawals and cryptocurrency hedge fund Three Arrows Capital is facing potential insolvency after suffering at least $ 400 million.

Coinbase and other major digital exchanges have also announced job cuts. The Fear and Greed Index has been in the strongest fear zone for several weeks and is now 6, close to its lows of zero to 100.

BitBull’s DiPasquale expects the cryptocurrency price to fluctuate in the coming days due to the expiration of the option, but added that “the macro trend is likely to remain bearish until we see the Federal Reserve change or at least rest on it. at the July FOMC meeting. “

  • See: What happened to Bitcoin and what to expect in terms of Cryptocurrency prices

Check out the big crypto currency performance at 7:05 a.m .:

cryptocurrency Price Changes in the last 24 hours
Bitcoin (BTC) 20 611.44 US dollars +8.33%
Ethereum (ETH) $ 1,122.74 +13.05%
Binance Coin (BNB) $ 211.98 +6.43%
Cardano (ADA) $ 0.4918 +7.85%
XRP (XRP) $ 0.3233 +4.95%

Cryptocurrencies have the biggest gains in the last 24 hours:

cryptocurrency Price Changes in the last 24 hours
Synthetic (SNX) $ 2.81 +75.03%
Creator (MKR) $ 932.76 +23.62%
Stepn (GMT) $ 0.7573 +22.92%
Elrond (EGLD) $ 55.11 +20.64%
AAVE (AAVE) $ 58.53 +20.15%

Cryptocurrencies with the largest price declines in the last 24 hours:

cryptocurrency Price Changes in the last 24 hours
Tron (TRX) $ 0.0607 -0.45%

See how cryptocurrency ETFs closed in the last trading session:

ETF Price Variation
Hashdex NCI (HASH11) BRL 17.60 -2.49%
Hashdex BTCN (BITH11) BRL 24.90 -6.03%
Hashdex Ethereum (ETHE11) BRL 16.41 -11.05%
Hashdex DeFi (DEFI11) BRL 14.61 -8.11%
Hashdex Smart Contract Platform FI (WEB311) BRL 16.17 -4.30%
QR Bitcoin (QBTC11) BRL 6.60 -4.76%
QR Ether (QETH11) BRL 4.03 -8.82%
QR DeFi (QDFI11) BRL 2.87 +5.90%

Check out the news on the major crypto markets this Monday (20):

Terraform Labs and Venture Capital have been sued for fraudulent investors

An Illinois resident, its founder Do Kwon, and several commercial capital companies (VCs) that make up the Luna Foundation Guard (LFG) have sued Terraform Labs over allegations that the defendants violated federal security laws and deceived investors.

Nick Patterson filed a lawsuit Friday in the Northern California District, hoping to recover damages and advance costs or a penalty from a federal court.

Patterson said the defendants were in violation of state and federal law in California.

He said “Terra Tokens” (a general term for UST, LUNA and other environmental tokens) are similar to bonds even though investors don’t know them as such, pointing to how Terraform Labs and the VC behind LFG is the project.

Web3 Specialist from Christie’s Auction House Goes to Yuga Labs

Following the acquisition of Unusable CryptoPunks (NFT) CryptoPunks in March, Yuga Labs is bringing in Noah Davis, a key part of the NFT team at Christie’s store, as leader. the brand.

Davis announced the move in a Twitter post on Sunday, allaying any doubts that the future of the Punks will follow a similar path to that of the Bored Ape Yacht Club.

“If you’re a Punk owner and care about the heritage / future of the brand, I want to talk to you,” Davis said in the post. “I’m going to Punks Brunch during NFT NYC and will start arranging meetings right away. Wherever the Punks go, the community will help guide us. ”

DeFi Solend Protocol welcomes management vote to turn to “Emergency Force”

Solend, a Solana-based lending protocol, welcomed the SLND2 management’s proposal to repeal the controversial “emergency power” proposal announced Sunday. This will give the team time to take less stringent measures in large prison sales.

The anonymous portfolio in the midst of the crisis accounted for 95% of Solend’s total SOL pool and accounts for 88% of USDC loans. But Solend’s biggest user came close to making big calls after the price drop. If the SOL reaches $ 22.30, the protocol will automatically cancel up to 20% of the whale’s collateral (referred to as an investor with substantial assets).

The SLND2 proposal, in addition to repealing the previous proposal, increases the administration’s voting time to one day.

SLND2 received 1,480,264 “yes” and 3,535 “no” votes, making a majority of 99.8%. One pocket paid $ 700,000 for additional voting power, which accounted for 90%of the vote.

Solend’s team will now “work on new proposals for which there is no immediate authority to take into account,” according to the company’s blog.

“We know that the 1-day election period is still short,” said a blog post by co-founder Rooter, “but we need to act quickly to address the legal risks and inability of regular users to get rid of USDC. “

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