The cryptocurrency market digest (BTC, DOGE, CEL). Overview for 22.06.2022

22.06.2022

The BTC just can’t break through sales. On Wednesday, the major cryptocurrency is falling towards $20,137 – the asset doesn’t look inspiring at all. Yesterday, while the US indices were rising, the BTC price was trying to reach $21,723. It is a common fact that there is a correlation between S&P 500/NASDAQ and the BTC. However, the cryptocurrency couldn’t keep the momentum and got under pressure again.

Probably, it happened after one of the US Fed policymakers mentioned a high probability of recession in the American economy. This is the key topic of the previous week and investors started selling every time recession was mentioned.

Later in the evening, one is recommended to follow the Fed’s rhetoric – Chairman Jerome Powell is scheduled to speak. Tough comments on inflation and economic prospects might spoil market players’ sentiment and force another wave of sales. In the case of the negative scenario, the target will remain the same – bears will continue pushing the asset down to $20,000 and break it. After that, $17,500 will be the next target.

Top 10: DOGE is better than the others

In the last 24 hours, the Top 10 coins were mostly falling. The ADA demonstrated the worst decline, which lost about 4.4%. BNB and COL dropped 0.8% each. On the other hand, the DOGE gained 5.35%, which is the best result among the most liquid tokens.

Celsius: resist the market

The CEL improved pretty much in the last several days, although it shouldn’t have. On 13 June, the Celsius Network paused all withdrawals, swaps, and transfers between accounts due to market conditions. As a result, there were a lot of twits hashtagged #CELShortsqueeze on Twitter – this is how the community pushed back against investors who bet on the token decline.

Bitfarms adjusted its BTC holding strategy

One of the biggest crypto mining firms, Bitfarms, adjusted its long-term BTC holding strategy. As a result, the company sold 3,000 BTC in the last week, which equals $62 million. Some of this money was spent to pay off the debt to Digital LCC, and the other part – on buying new equipment.

Attention!

Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.