The cryptocurrency market went through another volatile trading day following the latest comments from the Fed Chair, but BTC managed to stay above $20,000. Most of the altcoins have also seen some gains, while MATIC stole the show with a massive gain of 25%.
bitcoin stands above $20K
Last weekend was one of the worst for BTC in terms of price action as the asset fell to an 18-month low of $17,500. This comes after losing almost 50% of its value in less than ten days.
However, the bulls rose sharply at this point and did not allow further downside. Quite the contrary, he pushed the asset north, and bitcoin found itself trading above $20,000 on Monday.
It also surged north of $21,500 but failed at the time and retraced around $1,000. Then came comments from the Fed Chair in the US Congress, in which Powell said the central bank would continue to raise interest rates to combat inflation.
After reporting the news, bitcoin started to decline and fell below $20,000, but it was short-lived. So far, the asset is well above that line, and has a market capitalization of close to $400 billion.
Notable bitcoin news
A popular cryptocurrency analyst compared the 2018 bear market to the current bear market, adding that BTC bottoms could be further lower.
The latest research from Arcane showed that bitcoin miners had to sell off all their mined BTC in May to cope with the falling price.
Grayscale CEO Michael Sonnenshin argued that the recently launched inverse bitcoin ETF is a good sign for the crypto industry.
Ethereum continues its fight to decisively reclaim $1,100. Yesterday, it fell below that line, but a slight increase of 2% on a daily scale pushed the second largest crypto above it.
BNB is up 5% in a day and sits near $225. ADA, XRP, DOT and Dogecoin have also posted some gains from yesterday.
Solana is up over 7% and trades north of $35. After jumping another 9%, the Shiba Inu is among the top gainers. As a result, SHIB is now at $0.00001.
Still, MATIC topped with a massive growth of 25%. As a result, the asset has increased to $0.5.
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The crypto market cap is almost above $30 billion in a day and is now above $900 billion.
Uniswap announced yesterday that it will acquire Ethereum-based NFT aggregator Genie to integrate such assets on its platform.
Voyager Digital said it has received a $500 million credit facility loan from Alameda, after accepting a massive investment in the struggling 3AC hedge fund.
Even after exiting UST, dominance of all stablecoins hit new all-time highs.
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