Market Wrap: Crypto Rally Continues, Smaller Altcoins Outperform Bitcoin in June

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on pinterest
Pinterest
Share on whatsapp
WhatsApp
Share on telegram
Telegram

We are a not for profit Independent Media Group, which survives off donations. Even as little as $5 per month, from our generous readers. Please donate now, to help fund our work.

Market Wrap: Crypto Rally Continues, Smaller Altcoins Outperform Bitcoin in June

By Helene Braun, Krisztian Sandor

BTC is up 22% since Saturday’s low of $17,593.

Crypto assets continued to rally on Tuesday, three days after market-wide selling caused the price of bitcoin (BTC) to drop to a 52-week low.

Bitcoin and ether (ETH) were both recently up about 5%, with bitcoin trading at $21,158.43 and ether at $1,146.41 on Tuesday afternoon.

Stocks also rose as part of a wider rebound in assets. The tech-heavy Nasdaq rose 2.88%, and the S&P 500, which had its worst week since 2020 last week, gained 2.74%.

Although the increases on Tuesday might cause some relief for traders after bitcoin saw its most volatile week since May 2021 last week, according to data from Arcane Research, many experts warn that the worst isn’t over.

“The bear market will not be over until recession arrives or the risk of one is extinguished,” Morgan Stanley wrote in a note to clients.

“This could be a short-term bounce. Longer term, I’d be concerned that there could be some more selling out there,” Tuttle Capital Management CEO and Chief Investment Officer Matthew Tuttle said on CoinDesk TV.

Smaller altcoins also rallied on Tuesday. Elrond (EGLD), Bitcoin SV (BSV) and Helium (HNT) were among the winners, surging by as much as 51%.

Smaller crypto assets by market cap have fared better than bitcoin this month, although they have also been deep in the red. One small-cap index, which tracks the performance of the 50 smallest crypto assets, fell 27%, according to a report by Arcane Research. Bitcoin, which dropped as much as 35%, underperformed all indexes in June.

“It’s a long time since we saw such strong performances from the smaller coins,” the report stated. “It’s highly unusual to see small caps performing better than bitcoin in a falling market.”

Latest prices

●Bitcoin (BTC): $21156, +5.45%

●Ether (ETH): $1146, +4.02%

●S&P 500 daily close: 3,776.74, +2.77%

●Gold: $1834 per troy ounce, +NaN%

●Ten-year Treasury yield daily close: 3.31%

 

‘Enormous Outflows’ From Largest Bitcoin ETF May Have Triggered BTC Crash

By Krisztian Sandor

CoinDesk - Unknown

The huge outflow from the Purpose Bitcoin ETF drained half of the assets and mounted $500 million in selling pressure on BTC’s price before the weekend crash. (Unsplash)

The world’s largest bitcoin spot exchange-traded fund lost half of its assets under management last Friday, which might have exacerbated bitcoin’s crash on Saturday.

The Purpose Bitcoin ETF saw an outflow of 24,510 bitcoins on Friday, the most severe redemption in a single day since the fund made its debut on the Canadian Stock Exchange in April 2021, according to the Norway-based Arcane Research.

The outflows mean that the fund had to sell about $500 million in BTC at Friday’s price, adding to the selling pressure in an already shaky crypto market, Arcane wrote in a report.

“The enormous outflows are likely caused by a forced seller in a huge liquidation,” Arcane analyst Vetle Lunde wrote. “The forced selling of the 24,000 BTC could have triggered BTC’s move down towards $17,600 this weekend.”

Altcoin roundup

  • DeFi moves into real estate: Teller Protocol, a startup focused on bringing real-world assets into decentralized finance (DeFi), is working with real estate veteran Tower Fund Capital. The partnership allows liquidity providers to earn interest using USDC stablecoins via Tower Fund Capital, a Securities and Exchange Commission-regulated private lender for real estate investment loans with a $140 million debt fund. This comes after Teller offered an opportunity for DeFi investors to lend capital to a travel insurance company and earn yield.
  • Cardano delays upgrade: Input Output (IOG), the development lab for the Cardano blockchain, didn’t release Monday’s planned Vasil hard fork on the Cardano testnet because of technical bugs. The firm said that the Vasil, a network upgrade that would increase scaling capabilities on Cardano, is now slated for a late June release on Cardano’s test network. The Cardano blockchain’s native token ADA rose 1% in the last 24 hours, underperforming bitcoin’s 5% gain.
  • Solana whale moves funds: A large wallet at the center of the governance drama at Solana lending platform Solend started to move millions of dollars’ worth of cryptocurrencies Tuesday morning, Solend said in a tweet. The move potentially averts the risk of contagion in case of a liquidation that could have caused hundreds of millions of dollars in losses. The anonymous wallet had deposited 95% of Solend’s pool of SOL tokens and represented 88% of USDC borrowing, but came close to a margin call last week as the token’s price dropped more than 40% to as low as $27.

Other markets

All digital assets in the CoinDesk 20 ended the day higher.

Biggest Gainers

Asset Ticker Returns DACS Sector
Shiba Inu SHIB +47.0% Currency
Dogecoin DOGE +15.1% Currency
Polygon MATIC +11.1% Smart Contract Platform

Biggest Losers

There are no losers in CoinDesk 20 today.

*Note We Deliberately Miss Spell Some Words or Add Capital Letters To Get Around Big Tech Censoring.

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on pinterest
Pinterest
Share on whatsapp
WhatsApp
Share on telegram
Telegram

Please support independent media and give a donation small priority large. This means we can continue to fight for friends and family to have a future and defend free speech.

Related News

Truthbook.social offering hundreds of thousands in giveaways for those joining its new social media platform as many desert Facebook in droves because of censoring

Here is some of the current incentives being offered to new users

Subscribe for free to our ANR news emails and access 2 free ebooks plus Reports to share with family and friends about Covid fraud and the danger of the vaccines.

For ANR Smaller Donors please donate below to help fund our critical not for profit work. Together we can defeat mainstream media.

Help us help defend free speech and save democracy from the World Economic Forum planned Totalitarian Great Reset.

and help us expose the Covid Fraudsters

Leave a Reply

Your email address will not be published.

Play Video

McIntyre Report
Political Talk Show

How you can advertise on Truthbook.social

RT News - August 16 2022 (20:00 MSK)

We are not live at this moment. Please check back later.

Watch Now for Free

Share with friends now plus add us to your TV and other devices and help kill mainstream media

Share on facebook
Share on twitter
Share on linkedin
Share on whatsapp
Share on pinterest
Share on email

Click to Watch Now for Free

Jamie McIntyre
TruthBook.social Videos

Help us help defend free speech and save democracy from the World Economic Forum planned Totalitarian Great Reset.

and help us expose the Covid Fraudsters

Raw Report

Ryan Jackson Saw show

in USD

in AUD

in GBP

in CAD

Jamie McIntyre

ANR on

Currency Exchange Rates in AUD

Live and updated every minute of the day

Nurses Speak Out

Get our free News Emails on latest articles, alerts and solutions for both legal templates and ways to help fight back against the Globalists vax Mandates , and health resources to boost your immune system and ways to Protect from deadly EMF 5G radiation and more.

FREE E-BOOKS AND REPORTS ALSO

ANR Meme Report

with Nadine Roberts

Episode 002

21st Century Political System

Play Video

Editor's Pick

Thank you for visiting the
Australian National Review

To continue accessing more articles for free simply enter your email address

We are only 27% funded for next month's operations.

ANR is fully funded by our readers, people like you who often can’t stand mainstream media lies and propaganda. So please help us continue exposing the truth and helping defeat the Globalists and defend your and your children’s futures.

Help us help defend free speech and save democracy from the World Economic Forum planned Totalitarian Great Reset and help us expose the Covid Fraudsters

just $5 a month helps

Download the Full PDF - THE COVID-19 FRAUD & WAR ON HUMANITY