Bitcoin and ether Prices plummeted Sunday night as the global cryptocurrency market fell sharply by 5.9% to $1.1 trillion at press time.
| coin | 24 hours | 7 days | Price |
|---|---|---|---|
| Bitcoin BTC/USD | -5.9% | -10.7% | $26,790.42 |
| ether ETH/USD | -5.9% | -20.3% | $1,446.59 |
| Dogecoins DOGE/USD | -8.6% | -21.05% | $0.06 |
| cryptocurrency | 24-hour % change (+/-) | Price |
|---|---|---|
| Neo (NEO) | +9.7% | $11.98 |
| FTX Token (FTT) | +1.3% | $27.90 |
| THE ONE ON THE LION (LION) | +0.3% | $5.51 |
See also: How to get free NFTs
Why it matters: Bitcoin, Ethereum and other major cryptocurrencies tumbled over the weekend after an unexpectedly hot inflation report on Friday.
The CPI for May rose a seasonally adjusted 1% mom versus a consensus estimate of 0.7%. It rose 8.6% in the trailing 12 months before adjustment, above an estimated 8.2%, the sharpest rise since December 1981.
On Friday, Edward Moyaa senior market analyst at OANDA, had predicted the carnage as appetite for risky assets evaporated.
“A Bitcoin weekend collapse could see prices fall towards the $25,500 area with $22,500 being the most extreme scenario. Crypto crashes over the weekend are sometimes followed by a quick recovery, but the current environment and weak interest could make for a slow recovery.”
Bitcoin’s relative strength index is 33.29, according to Trading View data, while Ethereum’s is 26.38 at press time. An RSI below 30 indicates “oversold” conditions.
cryptocurrency trader Michael van de Poppe pointed out that the RSI for BTC and ETH is significantly lower than in December 2018, but still the majority wants to short.
$ETH weekly RSI hits lowest since December 2018, previous bear’s low. Weekly $BTC-RSI hits the same levels seen in December 2018, October 2014 and January 2015.
Nevertheless, the majority wants to short.
— Michaël van de Poppe (@CryptoMichNL) June 12, 2022
In mid-December 2018, Bitcoin was trading around $3,300 while Ethereum was trading around $85.
glass node co-founder Jan & Yann noted on Friday that Bitcoin Google queries were above 2019-2020 bear market levels despite fears of an imminent recession.
The number of #Bitcoin Google queries is above the 2019-2020 bear market levels despite the ongoing fear of a recession.
The latest Uncharted expands on #BTC’s structural changes during a down market and its potential as an alternative investment
https://t.co/YLmcn3FbXj pic.twitter.com/Xq9dcrcXCm
— Negentropic (@Negentropic_) June 10, 2022
Heading into a new trading week, investor sentiment remains fearful. At press time, Alternative.me’s “Fear & Greed Index” showed “Extreme Fear,” as it did last week.
Read More: Musk Responds to Jack Dorsey’s Bitcoin Web5 Project, Says Dogecoin Web69 would be Fire
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