The crypto market took another heavy blow last night. The drop in rates followed Federal Reserve Jerome Powell’s speech, who said further rate hikes may follow this year.
Almost all altcoins are deep in the red, and several prices are almost 10% down today. Yet we also have two coins that are up 10%. However, the total market capitalization still falls by 4.2% to $1.052 trillion.
⚡ Market Overview #BTС price dropped below $25K
The Top-10 are traded in red zone: $XRP -7.14%, $ETH -5.94%, $BNB -3.78%
Market… pic.twitter.com/AIdBg4I7qT
— CryptoRank Platform (@CryptoRank_io) June 15, 2023
Bitcoin price below $25,000
Bitcoin (BTC) hit as low as $24,800 after the Fed interest rate decision, its lowest price since mid-March. Despite this, bitcoin is less deeply in the red than most altcoins. Currently, however, bitcoin is dropping below $24,900, down 4.1% from 24 hours ago. Analysts are becoming more negative again and fear an even deeper decline.
#Bitcoin Funding rates are starting to climb to 0.01% which typically has been a level for either a pause or a reversal. https://t.co/816f26dDoz pic.twitter.com/6TejFcI7tM
— Decentrader (@decentrader) June 13, 2023
Ethereum price drops more than 6%
Ethereum (ETH) fell a bit faster yesterday and is also having a hard time this morning. The ether price is at around $1,630 at the time of writing, also the lowest price since mid-March. ETH is down as much as 6.5% today.
In recent days we’ve seen the net issue of $ETH turn slightly positive for the first time in months. A reduction in demand to transact on chain recently has lowered the amount of $ETH burned, meanwhile issue continues to uptick slightly as more validators come online. pic.twitter.com/DnpIFiJWHF
— Jack Neureuter (@j_neureuter) June 14, 2023
Crypto top 10 turns red
Dogecoin (DOGE) remarkably holds the strongest position in the top 10. The DOGE price seems to find support around $0.06 and is therefore ‘only’ 2.7% down today. Solana (SOL) saw a small recovery last night, but is still down 3% at $14.7. Tron (TRX) also saw a recovery, but is making a big dive this morning to $0.07, which has already put the price up 4%. minus state. Binance coin (BNB) is currently trying to hold on to $235 and is down as much as 5%.
A whale deposited 155.4K $BNB ($36.5M) to#Binance after the announcement of Maverick Protocol ( $MAV) one #binance Launch pool.
Hey withdrew 55.4K $BNB from @RDNTCapital and spring 100K $BNB from @VenusProtocol. pic.twitter.com/2suoXpwPzH
— Lookonchain (@lookonchain) June 15, 2023
XRP, LTC and ADA hardest fallers top 10
Then the red numbers shoot up a bit further. Polygon (MATIC) is down 6.6% to $0.611. Polkadot (DOT) drops to $4.33 and is therefore down 6.7%. Ripple (XRP) is even down 6.8% and is currently around $0.47. The disclosure of the infamous Hinman documents does not seem to be very beneficial for the time being.
I don’t usually talk about $XRP price, but its behavior yesterday as the news dropped about the Hinman Docs seems peculiar and a sign of what’s to come.
The news caused $XRP price to spike, then we saw a massive selling volume to counteract the price rise. This tells me someone… pic.twitter.com/zNeZYeien
— Yassin Mobarak 🪝 (@Dizer_YM) June 14, 2023
Litecoin (LTC) takes an even harder hit, falling as much as 7% to $72.3. However, Cardano (ADA) is again the biggest loser out of the top 10 today, dropping 7.3% to $0.254.
CARDANO TVL STATUS
The Cardano ecosystem experienced the withdrawal of money flow in the last 7 days due to the unregistered security label of SEC. This action had created such a decline in $ADA price as well as the TVL of projects.#tvl #cardano #status pic.twitter.com/QVDkT2HbHe
— Cardano Daily (@cardano_daily) June 14, 2023
Tether loses dollar peg
Even tether (USDT), the largest stablecoin in the market, is having a hard time this morning, losing its peg to the dollar. The price of USDT is currently at $0.995.
𝐔𝐒𝐃𝐓 𝐃𝐄𝐏𝐄𝐆 𝐒𝐓𝐎𝐑𝐘 📖📖
👉 A whale CZSamSun borrowed 31.5M USDT and swapped it for #USDCcauses $USDT to depeg.
👉 Other big whales have started to swap USDC for #USDTwhich has resulted in USDT slowly coming back towards its peg.
👉 The #FUD in the crypto… pic.twitter.com/EBYY0Ivk95
— Wise Advice By Sumit Kapoor (@sumitkapoor16) June 15, 2023
Curve hardest faller crypto top 100
That seems to have to do with the biggest drop in the top 100: curve (CRV). The CRV price is down as much as 12% today and is down to $0.57.
Curve Finance’s 3pole $USDT Concentration has passed 50%.
It has not been this high since November of 2022. pic.twitter.com/II7130QSNa
— Delphi Digital (@Delphi_Digital) June 15, 2023
However, rates such as flow (FLOW), optimism (OP), lido (LDO), sui (SUI) and stacks (STX) are still 8% down. Pepe (PEPE), hedera (HBAR), toncoin (TON) and apecoin (APE) are already down 9%. Injective (INJ) and aave (AAVE) are even down 11%.
TWT and KAS fastest climbers crypto top 100
On the other hand, we have two exceptions in the top 100. For example, trust wallet (TWT) rises by 9% to $0.82 and kaspa (KAS) even rises by 11% to $0.018. This brings Kaspa back into the top 100.
$CASH nice breakthrough. Slight rejection at this new resistance but I got a feeling its going through it sooner or later. Price is showing way more strength compared to the rest of the market https://t.co/MGJGIgWkJA pic.twitter.com/9Qun70Vp2t
— Thierry (@ThierryFX) June 15, 2023
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