Crypto market update: Celsius cools trader sentiment
Bitcoin has declined further as the risk appetite among investors has stalled
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).