After Bitcoin Fell Below $20,000, Crypto Markets Face A Lengthy Journey Back As A “Every Man For Himself” Mentality Grows, According To A UBS Expert + More
Below are the top 5 market updates for crypto retirement for the 21th June 2022. You can read the excerpts and then click through to full article if you wish.
“Every Man For Himself” Mentality Grows In Crypto Market
According to a strategist at UBS, Bitcoin faces a difficult phase after sliding below the critical $20,000 milestone over the weekend. The token’s continued decline is prompting mood in crypto markets to sour.
The collaborative spirit that has been so pervasive in the cryptocurrency market is giving way to a “every man for himself” approach, according to James Malcolm, head of foreign exchange strategy at UBS, who told Insider on Monday that this is likely to sow additional havoc.
In the last seven days, Bitcoin has generated almost 13,000 ‘wholecoins.’
Bye-bye, bear market blues; Bitcoin (BTC) enthusiasts, welcome to the network. The number of Bitcoin wallet addresses carrying one BTC or more climbed by 13,091 in the last week. The number of “wholecoiners” has risen to 865,254 people.
During the downward price movement, the number of entire coiners has exploded, as seen by the hockey stick increase on the Glassnode graph:
Celsius, a troubled cryptocurrency lender, is looking for a way to restore liquidity.
After freezing deposits last week, Celsius Network Ltd. announced in a blog post that it would need extra time to maintain its liquidity and operations.
Celsius, one of the largest crypto lenders, has been battling to obtain capital in a shaky digital-assets market beset by increasing interest rates, a lack of liquidity, and the Terra blockchain’s collapse last month.
Google searches for ‘Bitcoin dead’ have reached an all-time high.
The crypto community’s mood is at an all-time low, prompting new conjecture that Bitcoin is a dying asset.
According to Google search statistics, falling Bitcoin (BTC) prices are reigniting fresh anxiety about the leading cryptocurrency’s collapse.
The number of Google searches for “Bitcoin dead” increased dramatically in the week ending June 18, potentially to an all-time high. Google Trends measures the popularity of search phrases over time and assigns a score from 1 to 100 based on the total number of user inquiries. The information has been anonymised, classified, and aggregated by location.
Bitcoin tiger Michael Saylor calls on governments to intervene and control the ‘parade of horribles’ that is crypto
The world’s biggest public Bitcoin holder has urged authorities to address a “parade of horribles” of hazardous, immature crypto sector activities that are unjustly dragging on the price of its currency.
The over 19,000 cryptocurrencies and digital tokens in circulation, according to Microstrategy CEO Michael Saylor, must be viewed as “unregistered securities” that cannot be compared to a hard commodity like Bitcoin, which has no issuer, no management, no employees, no product cycle, and only a finite supply.
Saylor stated Bitcoin was caught in the crossfire of a falling crypto market because it was often used as collateral on margin loans for less established tokens on a webcast with NorthmanTrader founder Sven Henrich.
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