Crypto Crash: How Bitcoin and Ethereum Prices Changed in June 2022

Cryptocurrencies such as bitcoin BTCUSD,
+3.33%
and ether ETHUSD,
+4.30%
have become extremely popular in recent years and are now traded by both individual investors and large companies such as Tesla TSLA,
-0.02%
and Citibank.

The total market cap of all cryptos has reached nearly $3 trillion in parts of 2021 and companies like Robinhood HOOD,
-0.49%
Coinbase COIN,
+2.79%
and Crypto.com benefited from an increased number of crypto transactions. Since then, a crypto winter has taken shape, with the total global crypto market capitalization falling below $1 trillion by June 2022, according to CoinMarketCap.

As interest in crypto continues to grow, so does interest in crypto prices.

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Here’s how crypto prices changed in June 2022:

Bitcoin

Bitcoin prices fell 34.76% in June, continuing a sultry 2022 for the crypto.

“Thanks to the recovery in US stock markets and declining US yields, Bitcoin appears to have bottomed out at about $18,000 for now,” Jeffrey Halley, an analyst at brokerage Oanda, told Barron’s on June 27. outlook seems likely an increase of more than $22,000, to $24,000.

“In the medium term, Bitcoin remains in the danger zone, only negating any gains above $28,000,” he continued.

See also: Michael Burry of ‘The Big Short’ fame thinks the market sale is ‘halfway through’

A report has indicated that the recent drop in bitcoin prices may force crypto miners to sell some of their digital assets to fund mining activities.

MicroStrategy MSTR,
+0.09%
Bitcoin CEO and bull Michael Saylor said in a June 15 interview that bitcoin’s recent fall in price was “definitely” a buying opportunity.

Bitcoin is down 41.6% in the past 12 months.

Ethereum

Ether prices fell 40.27% in the month of June, continuing the crypto’s downward trend into 2022.

Ethereum’s “Merge,” a major update to its blockchain, will take place this year, said Ethereum co-founder Vitalik Buterin. More details about the “merger” can be found here.

See also: California sends ‘inflation cut’ checks up to $1,050 – here’s who qualifies

META from Meta,
-3.72%
Facebook has started testing Ethereum and Polygon NFTs on its platform, according to Decrypt. Navdeep Singh, Meta Product Manager, describes the news in a tweet.

Ether is down 49.73% in the past 12 months.

Other cryptocurrency news

Crypto lender Celsius was supposed to host an Ask Me Anything session with its chief executive, Alex Mashinsky, in June, but the company abruptly canceled the event minutes before it started. Celsius suspended withdrawals, exchanges and transfers for account holders in June.

Another crypto exchange, CoinFlex, says it will not lift the withdrawal freeze yet, despite “significant progress,” CEO Mark Lamb told MarketWatch.

Binance CEO Changpeng Zhao told a conference in June that the worst of the crypto crash is “probably over”.

FTX is reportedly in the process of closing a deal to acquire cryptocurrency lender BlockFi for $25 million, a roughly 99% discount on BlockFi’s latest private market valuation.

Also see: Sports betting stocks – How companies like DraftKings and Caesars fared in June

Recent crypto market conditions have led not only to a dramatic drop in crypto prices, but also to imminent layoffs at crypto exchanges. Coinbase COIN crypto exchange,
+2.79%
laid off 18% of its employees, BlockFi says it plans to lay off 20% of its employees and Gemini plans to lay off 10% of its employees.

An investor in the same crypto-dogecoin DOGEUSD,
+3.73%
is suing Elon Musk with Tesla Inc. and SpaceX for $258 billion. The investor accuses Musk and the companies of staging a “pyramid scheme” to drive up the cryptocurrency’s price.

“It has no value,” the lawsuit states. “It’s just a scam.”

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