Cryptos today: Bitcoin sustains $22K, Cardano up 8% and altcoins try to recover after panic

After falling to its lowest level since December 2020, Bitcoin (BTC) managed to stay above $22,000 on Tuesday (14), in a scenario where the cryptocurrency market capitalization was below $1. trillion for the first time since the beginning of 2021.

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Meanwhile, the scenario remains negative for practically the entire market. Ethereum (ETH), the second-largest cryptocurrency by market cap, traded with slight losses around $1,200, also at its lowest level in over a year.

Cronos (CRO), cryptocurrency exchange Crypto.com, even dropped more than 20% yesterday amid news that the exchange laid off around 5% of its employees. Wrapped Bitcoin (WBTC) and Tron (TRX) also dropped sharply.

“It’s a storm,” 3iQ Digital Asset’s head of research, Mark Connors, told CoinDesk. “Bitcoin bears are certainly rampaging, berating the biggest cryptocurrency in the same way a school bully seeks to harass his target,” Uphold financial advisor Rich Blake wrote in a report.

“Sentiment for cryptocurrencies is dire as the global market cap has dropped below $1 trillion,” said Oanda Senior Analyst Edward Moya. “Bitcoin is trying to form a base, but if the price drops below the $20K level, it could get even uglier.”

“As inflation proves to be an even tougher opponent than expected, Bitcoin and Ether continue to suffer severe bruises in the ring,” wrote Hargreaves Lansdown senior investment and markets analyst Susannah Streeter. “They are the main victims of risky asset flight as investors worry about spiraling consumer prices around the world.”

This drop in crypto also tracks the retreat in equity balls around the world. The S&P 500 dropped 3.8% yesterday, entering the so-called bear market, when an asset loses 20% of its value since the previous high. The Nasdaq tumbled 4.6% in the last trading session.

Investors will be closely watching the Federal Reserve meeting, which begins on Tuesday and is expected to culminate in a 50-bp hike in interest rates on Wednesday as part of an ongoing effort to contain inflation in high.

  • Watch: Bitcoin melts below $23,000 and analyst points out what to expect now

Part of the current slump began after the latest US Consumer Price Index (CPI) report showed last Friday that inflation rose 8.6%, reaching a four-decade high.

The move worsened after, later on Sunday night, with possible systemic risk from within the crypto market after cryptocurrency lending network Celsius halted withdrawals on its platform.

The company, which allows users to earn more than 17% returns on their cryptocurrency holdings, cited “extreme market conditions” as one of the factors behind its decision. This led to severe criticism among market watchers and accelerated the declines.

Check out the performance of the main cryptocurrencies at 7:15 am:

cryptocurrency Price Change in the last 24 hours
Bitcoin (BTC) US$ 22,326.74 -7.28%
Ethereum (ETH) US$ 1,192.60 -4.36%
Binance Coin (BNB) US$ 223.50 -1.38%
Cardano (ADA) US$ 0.495 +8.56%
XRP (XRP) US$ 0.3133 -0.90%

Cryptocurrencies with the biggest gains in the last 24 hours:

cryptocurrency Price Change in the last 24 hours
Helium (HNT) US$ 10.01 +28.82%
Fantom (FTM) US$ 0.2449 +19.07%
Quantity (QNT) US$ 51.09 +17.79%
Theta (THETA) $1.17 +17.69%
Bitcoin SV (BSV) US$ 53.41 +17.51%

Cryptocurrencies with the biggest drops in the last 24 hours:

cryptocurrency Price Change in the last 24 hours
Monero (XMR) US$ 121.85 -13.20%
Wrapped Bitcoin (WBTC) US$ 22,301.76 -7.61%
Klaytn (KLAY) US$ 0.2448 -7.31%
Bitcoin (BTC) US$ 22,326.74 -7.28%
Tron (TRX) US$ 0.06002 -6.12%

Check out how cryptocurrency ETFs closed in the last trading session:

ETF Price Variation
Hashdex NCI (HASH11) BRL 19.60 -20.00%
Hashdex BTCN (BITH11) BRL 28.34 -19.94%
Hashdex Ethereum (ETHE11) BRL 18.62 -24.52%
Hashdex DeFi (DEFI11) BRL 15.00 -29.31%
Hashdex Smart Contract Platform FI (WEB311) BRL 16.60 -22.79%
QR Bitcoin (QBTC11) BRL 7.68 -16.52%
QR Ether (QETH11) BRL 4.62 -25.24%
QR DeFi (QDFI11) BRL 19.39 -2.95%

See the main crypto market news for this Tuesday (14):

New York mayor wants to veto moratorium on PoW mining

New York Mayor Eric Adams will ask Governor Kathy Hochul to veto a bill passed June 3 that would impose a two-year moratorium on proof-of-work (PoW) cryptocurrency mining in the state, Crain’s reported. New York Business this Tuesday.

The bill, which was passed by the state legislature, would impose a two-year moratorium on new carbon-fuel-powered PoW mining projects in NY, although existing mining companies or those currently in the process of renewing their licenses are authorized to continue operations.

According to the project’s Democratic supporter, State Senator Kevin Parker of Brooklyn, there is only one such plant in current operation that would not be affected by the project. He added that there is a pending order that could be put on hold until the study is completed.

During the moratorium, the state will conduct a study on the potential environmental impact of proof-of-work mining.

ScienceMagic.Studios Raises $10.3M From Coinbase Ventures, DCG And Others

ScienceMagic.Studios, a company that creates and advises on non-fungible tokens (NFTs) and social tokens, has raised $10.3 million in a pre-seed round, according to a press release.

The company is a joint venture between ScienceMagic.Inc, macro investor and founder of RealVision Raoul Pal, and cryptocurrency research firm Delphi Digital.

The New York-based company raised investment from Liberty City Ventures, Digital Currency Group (DCG), Coinbase Ventures, Noam Gottesman and Alan Howard.

ScienceMagic.Studios will help Web 3 companies at various stages of development, from early stage branding to digital asset creation. The funding will help the company scale to meet demand.

How far will cryptocurrencies go? What’s the best way to buy them? We have prepared a free class with step by step. Click here to watch and receive InfoMoney’s cryptocurrency newsletter

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