A bullish start reversed
Major cryptocurrencies, due to the stark drop on the weekend, were not able to recover and persist to be in the red on 21st June, 2021, giving a bearish start to the week.
Price change in the last 24 hours, data as of 11.08 hours IST on June 21, 2021 (source: coinmarketcap.com)
• Bitcoin: $34,164.70 down 4.59%
• Ethereum: $2115.67 down 4.31%
• Binance Coin: $327.55 down 2.98%
• Cardano: $1.38 down 2.61%
• Dogecoin: $0.2657 down 7.03%
• XRP: $0.7298 down 4.03%
• Polkadot: $19.52 down 4.45%
• Uniswap: $19.39 down 4.21%
If we compare the above data with June 14, Monday’s data, we see that the start to last week was in fact bullish. As of 9.30 hours IST last week, Bitcoin was up 11.51% to $38,996.77, whereas Ethereum was trading at $2,478.09 up 5.82%. Even other cryptos like Binance Coin, Cardano, XRP, Polkadot and Uniswap were up more than 5%. Tether, which is now up 0.05% to $1 was down 0.05% a week back.
Bitcoin overall has been falling significantly since the last Monday, where it was trading at $39,311.26 on June 14 and is now trading at $34,164.70. It has declined by a staggering 12.74% in the last 7 days. As of Ethereum, it plummeted even more than Bitcoin, i.e., 14.72% in the last 7 days. There has been hope for Tether and USD Coin, both going up 0.09% and 0.13% respectively.
Even on Wednesday, June 16 2021, Bitcoin saw its peak at $40,671.44 until it hit reverse. As for Ethereum, its peak was on Tuesday, June 15 2021 at $2,617.57.
This was a challenging week for cryptocurrencies, with mixed responses as the charts went up giving hope, by plummeting by the weekend.
The hashrate in China is declining remarkably at the moment that there is shutting down of Bitcoin mines, Jonathan Cheesman, head of the US licensed crypto exchange FTX put in writing in an email on Saturday.
“Longer term most see hashrate moving out of China as positive but in the near term may have/has already resulted in inventory sales,”
– Jonathan Cheesman
Cheesman also alluded to the death cross, which as obvious due to the name, isn’t a good thing, This happens when the 50-day average declines under the 200-day. However, he observed that “backtesting isn’t statistically significant” when on the cue for Bitcoin. When Bitcoin endured a death cross three months back in March 2020, for example, it happened at the beginning of an undying rally.
Cryptocurrencies lately have been undergoing a lull. Bitcoin is trading at completely around half of its popular high of approximately $65,000 reached by it in mid-April. As reported by CoinGecko, all cryptocurrencies hold a market value of over $1.45 trillion, as compared to a high of nearly $2.6 trillion the previous month.
What’s next? We are expecting more volatility in the coming week. We won’t be surprised if we see another 10-12 percent drop from today’s price.
