- Date : 14/07/2022
- Read: 3 mins
Good gains on cryptos yesterday!
Cryptocurrencies gave good returns to the investors yesterday, as the value increased across all the virtual currencies. Yesterday the cryptocurrency was up 4% and trading at $20300. Bitcoin is over the $20000 mark. After the fall from $69000, the crypto asset has been under severe selling pressure. The asset has lost more than 60% in value because of the increase in interest rates by the US Federal Reserve and the subsequent volatility across all the asset classes.
Bitcoin has bounced from its support at $18391. If the asset sustains above the support, further gains can be anticipated. Bitcoin needs some more strength to confirm a bottom is in place, but the short-term trend looks interesting for a bounce.
Related: Cryptocurrency investment lessons for beginners
Global Crypto market
The global cryptocurrency market is under pressure and continues to be below the $1 trillion market cap. The market cap is $939 billion as per CoinGecko. Apart from bitcoin, ether gained 6% yesterday and traded at $1115. Dogecoin was up 2% and trading at 6 cents. Shiba Inu jumped 4% as well and was trading at $0.00001.
Some cryptos like the BNB, XRP, Litecoin, Apecoin, Stellar, Chainlink, Polkadot, Avalanche, etc., were up in trade yesterday. Polygon was the outstanding currency and was up 18% in trade. Other cryptocurrencies increased in value as well.
Apart from these gains, troubles are still visible in the cryptocurrency market. Celsius Network, a crypto lender, filed for bankruptcy yesterday. It froze the customer accounts last month and filed for Chapter 11 bankruptcy. The increase of interest rates by the Federal Reserve is pushing all asset classes down, and cryptocurrencies, a high beta asset, are showing high amounts of volatility in prices.
Crypto broker Voyager Digital Ltd. filed for bankruptcy last month. Crypto hedge fund Three Arrows Capital is also bankrupt, and the liquidators have been called in to liquidate the firm. The short-term gains in the crypto assets mean nothing now, but if these values sustain, it could mean a bottoming of the assets, and the investors can return in that case. Till then, it is safe to stay away from crypto assets.
Cryptocurrencies have been under pressure this year, and many crypto assets have crashed. Assets like Luna have gone to zero, whereas top-notch assets like bitcoin have lost more than 60%. Yesterday the cryptos were up, and some crypto assets were up as much as 18%. But the short-term gains mean nothing if these values do not sustain. A long sustaining move above the support levels is required to ensure a bottom in place. Till then, the crypto assets continue to be volatile. Follow these Crypto experts if you are curious to learn more about cryptocurrencies
