- Bitcoin tests an 18-month low as speculative assets tumble
- Ethereum runs out of options after falling below $1000
- Sentiment steps back, is this week make or break?
Since peaking in November last year, Bitcoin has remained under pressure amid an extremely volatile and unprecedented geopolitical backdrop.
Although low interest rates and an influx of stimulus initially contributed to the surge in digital assets throughout last year, Central Banks are committed to achieve their goal of driving inflation back towards the 2% target in a more aggressive manner than was initially expected.
For Bitcoin, the Daily chart below illustrates the manner in which price action reacted to the sell-off that took place after the four-decade high inflation print and subsequent decline in sentiment flooded markets on Friday (10 June 2022).
Bitcoin Daily Chart
Chart prepared by Tammy Da Costa using TradingView
With regards to crypto assets as a whole, the collapse of Celsius (a major cryptocurrency lender) has resulted in a broader market sell-off which has thus far, caused the total market capitalization of the industry to fall below the $1 Trillion Dollar mark. With both the Fed and Bank of England (BOE) preparing for their meetings this week, the economic calendar may provide an additional catalyst for price action, at least for now.
However, at the time of writing, Coinmarketcap.com suggests that the below assets have outperformed others over the past 24 hours:
Source: https://www.dailyfx.com/forex/market_alert/2022/06/13/Bitcoin–Ether-Post-Double-Digits-Losses–Crypto-Market-Cap-Tumbles.html