Crypto today: Bitcoin recovers $ 20K after reaching 2017 lows; Ethereum rose 13% and altcoins advanced

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 of around US $ 17,800 since December 2017.

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Ethereum (ETH), the second-largest cryptocurrency by market cap, follows a similar pricing pattern, dropping to a near five-year low of $ 1,000 over the weekend before the rally began. As of this morning, the crypto was trading at around 1 1,120, up 13% from the previous day.

“We had marked क्षेत्र 19,000 to $ 20,000 and $ 16,000 to $ 17,000 as interest areas, and Bitcoin hit the skyline in later times,” said Joe Dipasquale, CEO of Cryptocurrency Fund Manager. Bitbull to CoinDes. “However, we do not expect the rally to continue until it successfully maintains खंड 20K with high volume and trades.”

Investors are worried about high inflation, which reached a 40-year high in May, the continuing economic impact of Russia’s invasion of Ukraine and the growing prospect of a global recession.

Last Wednesday, the Federal Reserve, known as the central bank of the United States, raised interest rates by 75 basis points, the biggest increase in more than 25 years, in a bid to stem inflation. Other central banks have also recently raised rates amid rising energy prices.

Meanwhile, the cryptocurrency market had to endure a series of crises in early May when the TerraUSD (UST) stablecoin collapsed.

Last week, cryptocurrency lending platform Celsius announced that it was stopping withdrawals and that cryptocurrency hedge fund Three Arrows Capital is facing potential bankruptcy after suffering at least $ 400 million in liquidation.

Coinbase and several other major digital asset exchanges have also announced sharp job cuts. The Fear and Greed Index has been in a state of extreme fear for weeks and is now at its all-time low of 6 on a scale of zero to 100.

BitBull’s DiPasquale expects cryptocurrency prices to fluctuate in the coming days as options expire, but added that “the macro trend is likely to remain bearish until the Federal Reserve changes or at least relaxes its role at the July FOMC meeting.”

  • See: What happened to Bitcoin and what to expect for the price of cryptocurrency

Watch the performance of the main cryptocurrency at 7:05 am:

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

Cryptocurrency with the biggest gains in the last 24 hours:

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

Cryptocurrency with biggest drop in last 24 hours:

Cryptocurrency Price Changes in the last 24 hours
Tron (TRX) US 0.0607 -0.45%

See how the Cryptocurrency ETF closed in the last trading session:

ETF Price The difference
Hashdex NCI (HASH11) BRL 17.60 -2.49%
Hashdex BTCN (BITH11) BRL 24.90 -6.03%
Hashdex Etherium (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 main crypto market news for this Monday (20):

Investors sued at Terraform Lab and Venture Capital for misleading investors

Defendants have filed a lawsuit against Terraform Lab, its founder Do Quan, and several venture capital (VC) companies that make Luna Foundation Guard (LFG), alleging violations of federal securities laws and misleading investors.

Nick Patterson filed a lawsuit in California’s Northern District on Friday seeking class action status, hoping to recover damages and no preliminary or penal charges from the jury trial.

Patterson accused defendants of violating California state and federal law.

He claims that “terra tokens” (a generic term for other tokens in the UST, LUNA and ecosystem) look like bonds even though investors may not recognize them, but the VC behind Terraform Lab and LFG pointed out how the project sold.

Web 3 Specialist from Auction House Christie’s Goes to Yuga Lab

After acquiring the prestigious Non-Fungible Token Project (NFT) CryptoPunks in March, Yuga Labs is bringing Noah Davis, a key part of the NFT team in Christie’s auction house, to head the brand.

Davis announced the move in a Twitter post on Sunday, and allayed any concerns that Punks’ future board app would follow the same path as the Yacht Club.

“If you own Punk and you’re concerned about the brand’s legacy / future, I want to talk to you,” Davis said in the post. “I will be at the Punks Brunch during NFT NYC and will start meeting schedule immediately. Wherever punk goes, the community will help guide us.

DeFi Solend Protocol Approves Governance Vote to Reverse “Emergency Powers”

Soland, a Solana-based debt protocol, has approved a SLND2 governance proposal that invalidates the controversial “emergency force” proposal announced Sunday. This will give the team time to take less drastic action on large prison sales.

The anonymous portfolio at the center of the crisis accumulated 95% of Soland’s entire SOL pool and accounted for 88% of USDC debt. But Soland’s largest consumer came close to a large margin call after the price fell. Reaching SOL $ 22.30, the protocol will automatically liquidate up to 20% of Whale’s collateral (as investors with large assets are called).

The SLND2 proposal, in addition to invalidating the previous proposal, also extends the governing voting time by one day.

SLND2 received 1,480,264 “yes” and 3,535 “no” votes, with a 99.8% majority. One wallet paid $ 700,000 for additional voting power, 90% of the total votes.

According to the company’s blog, Soland’s team will now “work on a new proposal that does not include emergency rights to take possession of the account.”

“We recognize that the 1-day voting time is still short,” the co-founder said in a router’s blog post, “but we need to act quickly to address the systemic risks and the fact that ordinary users cannot remove USDC.”

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