Crypto market update: Celsius cools trader sentiment

By Raffaele Redi

Bitcoin has declined further as the risk appetite among investors has stalled

A red and green candlestick follows a crypto assets price                                 
The cryptocurrency market has continued to be dominated by sales – Photo: Shutterstock
                                

The crypto market continued to retrace on Friday 17 June 2022, as trader sentiment remained focused on investigations into the continuing withdrawals freeze imposed by the decentralised finance (DeFi) platform Celsius Network.

“The news flow has been terrible for cryptos,” said Ed Moya, senior market analyst at Oanda. “​The Texas Securities Board is investigating the Celsius Network’s decision to suspend withdrawals and everyone is expecting restrictive guidelines to quickly make life difficult for crypto-lending firms.

“Bitcoin declined as risk appetite left Wall Street as investors became worried about a much quicker deterioration for the US economy. ​Surging recession fears are crippling appetite for risky assets and that has crypto traders remaining cautious about buying Bitcoin at these lows.”

BTC investors cautious 

According to Currency.com, bitcoin (BTC), the largest cryptocurrency by market capitalisation, closed yesterday at $20,369, down 9.70% on the previous 24 hours. It was currently trading at $20,960.

Over the past 24 hours, BTC was trading 0.3% lower, and also 29.5% lower over the past seven days, according to CoinMarketCap. Bitcoin’s market cap was $441.2bn, representing around 44.3% of the crypto market capitalisation, while the lead crypto’s $32.6bn trading volume was around 27.5% lower over the past 24 hours.

The digital oil, ether (ETH), according to Currency.com, ended yesterday at $1.066, down by 13.7%. ETH was currently trading at $1,091.

The total crypto market capitalisation, which dropped below the $1trn level over the past seven days, had settled to $908bn in the past 24 hours.

Top gainers and losers

According to CoinMarketCap, out of the top 100 coins and tokens, Elrond (EGLD), the native token of the Elrond blockchain, witnessed an 8.6% increase over the last 24 hours and was changing hands at $53.82.

On the flip side, Nexo (NEXO), the native token of the blockchain-based lending platform Nexo, recorded more than an 8.2% decrease over the last 24 hours and was trading at $0.6667.

Among the crypto coins and tokens with more than a $50,000 24h-volume that have gained or lost the most in the past 24 hours, SIRIN LABS Token (SRN) witnessed a 947% increase and was trading at $0.01444, while Etherstones, (ETHS), was down 100% at $0.000000136.

All cryptocurrency prices are correct as of 13:00 BST (UTC +1).

Further reading

The material provided on this website is for information purposes only and should not be regarded as investment research or investment advice. Any opinion that may be provided on this page is a subjective point of view of the author and does not constitute a recommendation by Currency Com Bel LLC or its partners. We do not make any endorsements or warranty on the accuracy or completeness of the information that is provided on this page. By relying on the information on this page, you acknowledge that you are acting knowingly and independently and that you accept all the risks involved.
iPhone Image
Trade the world’s top tokenised stocks, indices, commodities and currencies with the help of crypto or fiat
iMac Image
Trade the world’s top tokenised stocks, indices, commodities and currencies with the help of crypto or fiat
iMac Image