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Bitcoin news – live: BTC sinks further towards $20K mark, crypto market slips below $900M

Anthony Cuthbertson,Adam Smith and Vishwam Sankaran
·20-min read

After increasing in value slightly on Thursday, bitcoin has sunk further by about 7 per cent in the last 24 hours, and has sunk below $21,000, with the overall crypto market dipping below the $900 mn mark.

While many analysts speculated that Wednesday’s low may be the bottom of the cycle, others have warned that more volatility may be on the way.

BTC remains over 70 per cent down from its all-time high in November 2021.

The overall crypto market is valued at about $892 mn as leading cryptocurrencies, including Ethereum (ETH), Cardano (ADA) and Solana (SOL) have sunk in price by over 20 to 30 per cent over the last week.

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Major platforms including Celsius and Binance have experienced operational issues this week, which they blamed on an influx of investors liquidating their assets.

Crypto exchange Coinbase has also announced that it is culling over 1,000 employees after previously rescinding job offers, however Binance has announced it is hiring 2,000 more staff.

Key points

Global crypto market cap rises back above $900B

09:15 , Vishwam Sankaran

After sinking briefly below the $900 bn on Thursday, the global crypto market cap has risen above this mark.

Bitcoin is back above $21,000 again, after slipping towards $20,000.

The world’s leading cryptocurrency has grown by above a per cent in the last hours, but is still down by about 30 per cent compared to its value last week.

The global crypto market is down by about 2.5 per cent in the last day and is valued at about $907 bn.

Musk sued over alleged Dogecoin pyramid scheme

07:30 , Vishwam Sankaran

Elon Musk and his companies Tesla and SpaceX have been sued by an investor for $258bn who claims he was “defrauded” by a Dogecoin “pyramid scheme.”

The investor Kieth Johnson is demanding $86bn in damages as well as tripled damages of $172bn for losses incurred from trading the cryptocurrency since 2019.

You can read more about the lawsuit here.

Elon Musk and companies sued for $258bn over alleged Dogecoin ‘pyramid scheme’

Over 70 of top 100 coins have sunk 90% from all time highs

06:50 , Vishwam Sankaran

A staggering 72 of the top 100 cryptocurrencies have dropped in value by over 90 per cent from their all-time highs, according to data from CoinGecko assessed by CoinGoLive.

Bitcoin is down by 70 per cent from its November 2021 high value of $69,000 and ethereum is down 78 per cent from its high of around $4,900.

Binance coin, cardano, solana, and polkadot are down between 68 and 88 per cent, while ripple is down by about 91 per cent from its all-time high.

Musk sees logic in integrating crypto payments into Twitter

05:48 , Vishwam Sankaran

Tesla chief Elon Musk says it ‘makes sense’ to integrate digital payments into Twitter.

The multibillionaire, who has an agreement to purchase Twitter for $44 bn, said that “it would make sense to integrate payments into Twitter so it’s easy to send money back and forth.”

“Money is fundamentally digital at this point and has been for a while,” he reportedly said during Twitter’s all-hands meeting.

Crypto volatility throwing more stablecoins off peg

05:00 , Vishwam Sankaran

Volatility in the crypto market is affecting more stablecoins with their market capitalisation sinking to $156.8 bn on Thursday, compared to about $181 billion at the start of May.

Tether, the world’s largest stablecoin, saw another round of redemptions with investors pulling out about $1.6 bn in 48 hours from USDT.

The stablecoin also dropped to $0.993 on Wednesday but quickly regained its peg with the US dollar.

“Stablecoin market cap goes hand in hand with sentiment and liquidity in crypto markets, and it’s slightly worrying that USDT appears to see another round of liquidations,” crypto digital asset manager IDEG wrote in a note, according to Reuters.

Bitcoin sinks towards $20K mark

03:37 , Vishwam Sankaran

Bitcoin has dropped by over 7 per cent in the last 24 hours, and has sunk below the $21,000 mark.

The leading cryptocurrency is down by over 30 per cent in the last week, and is currently priced at close to $20,700.

Ethereum has also dropped in value by over 10 per cent in the last day, and is below the $1,100 mark.

Among altcoins, cardano and dogecoin are down by about 7 per cent in the last day, while solana and polkadot have sunk by over 10 per cent during this period.

The overall crypto market has dropped in value by nearly 7 per cent in the last 24 hours, and is valued at just under $900 bn.

New crypto launched amid market chaos

Thursday 16 June 2022 19:00 , Anthony Cuthbertson

In the middle of all the market chaos, payments firm Circle has launched a new stablecoin that will be pegged to the euro.

The aptly-named Euro Coin (EUROC) follows Circle’s other stablecoin success USD Coin (USDC), which is currently the world’s fourth most valuable cryptocurrency by market cap.

“Circle has set industry-leading standards for moving financial value across the internet with USDC,” said Jeremy Allaire, co-founder and CEO of Circle.

“There is clear market demand for a digital currency denominated in euros, the world’s second most traded currency after the U.S. dollar. With USDC and Euro Coin, Circle is helping to unlock a new era of fast, inexpensive, secure and interoperable value exchange worldwide.”

Euro Coin will be available from 30 June.

Bitcoin whales accumulate during price crash

Thursday 16 June 2022 17:53 , Anthony Cuthbertson

CoinMarketCap has released its latest analysis into the bitcoin price crash, which saw it plunge to yearly lows on Wednesday.

The leading price index, which is owned by the crypto exchange Binance, looks at metrics like trading volume, momentum, and the cryptocurrency’s correlation to traditional stock markets like Nasdaq 100.

One interesting trend is that large-scale holders, known as whales, appear to have been accumulating bitcoin throughout this downturn.

“There is a positive netflow of 71.95k BTC which signals accumulation from large players,” the analysis notes.

“These are the group of holders that usually represent the true believers in the technology and the ones that will be willing to hold the ups and downs of the token. Since they are in it for the vision of the project, they will take greater risks.”

Bitcoin is ‘antidote to chaos'

Thursday 16 June 2022 16:19 , Anthony Cuthbertson

MicroStrategy CEO Michael Saylor, whose bold bitcoin strategy has placed the software firm in the firing line of crypto critics, has once again asseted his conviction in the cryptocurrency.

“Bitcoin is the antidote to chaos,” he tweets.

You can read more about MicroStrategy’s bitcoin gamble here.

Bitcoin price ‘close’ to bottom

Thursday 16 June 2022 15:10 , Anthony Cuthbertson

More analysis of market indicators suggest - but don’t necessarily mean - that bitcoin may be close to the bottom of this price cycle.

Kevin Svenson has revisited a relative strength index (RSI) analysis he made in April, noting that the latest price crash means the target set has been reached.

“Does this mean the bottom is in?” he wrote on Twitter. “Not necessarily. But it means we are close.”

Bitcoin price crash causes Binance boss to do ‘deep self-inflection'

Thursday 16 June 2022 13:54 , Anthony Cuthbertson

A day after announcing 2,000 new job openings at Binance, the boss of the cryptocurrency exchange has offered more thoughts on the latest bitcoin price crash.

Changpeng Zhao (CZ) has been doing the rounds of US news networks, appearing on CNBC, Bloomberg and others to explain the impact the downturn has had.

“While lots of projects and exchanges are going to struggle through the bear market, many will come back stronger than before. Those that fail honestly, will start new projects and bring critical learnings from this experience. This is how an industry grow,” he said.

“Even though we have the benefit of experience from previous cycles, we are not immune to this cycle either. We will be doing some deep self-inflection to better prepare for the next bull market.”

(Binance)
(Binance)

Bitcoin sees largest exchange inflows since 2018 bottom

Thursday 16 June 2022 11:36 , Anthony Cuthbertson

Popular crypto market analyst Lark Davis has noted that cryptocurrency exchanges are currently experiencing their largest inflows since 2018, when the market was bottoming out following the 2017 price peak.

“Every time the market tanks investors rush to panic sell the lows,” Davis writes.

Bitcoin price ‘yet to hit freezing point’ in crypto winter

Thursday 16 June 2022 11:22 , Anthony Cuthbertson

Not everyone is convinced that $20,000 will be bitcoin’s bottom in this cycle, with some analysts pointing to the +80 per cent price drops following previous all-time highs.

These corrections typically last for years, not months, meaning we could be in the midst of a so-called ‘crypto winter’.

We’ve heard from Dr Lil Read, senior thematic analyst at GlobalData, who gives a decidedly bearish outlook on bitcoin and the rest of the crypto market.

We’re plummeting into a cold crypto winter, and we haven’t hit the freezing point yet. Rumours and fears are swirling that bitcoin will drop below $20,000 amid wider volatility in financial markets and sell-offs in other asset classes. This is a generous, rose-tinted outlook on a 6-12-month view. Bitcoin, Ethereum and other coins have plunged in value, and the bottom is yet to come.

Dr Lil Read, GlobalData

Bitcoin bounces off four-year moving average

Thursday 16 June 2022 10:34 , Anthony Cuthbertson

Bitcoin came within a couple of hundred dollars of dropping to $20,000 yesterday, which holds alot of significance for adherants to a particular view on the cryptocurrency’s cyclical nature.

It is a fact that anyone who has bought and held bitcoin for at least four years has never lost money. For some this is proof of its intrinsic worth as a store of value, however yesterday BTC came within 1 per cent of destroying this notion by dropping below the 2017 price peak.

It’s for this reason that certain crypto market analysts are saying yesterday’s price level marked the bottom, pointing to BTC’s four-year simple moving average.

Others have dismissed this analysis and claim the latest recovery is just a “dead cat bounce” on the way to more losses.

Tether sees another wave of redemptions

Thursday 16 June 2022 07:21 , Vishwam Sankaran

Investors have pulled out nearly $1.6 billion in 48 hours from Tether’s USDT.

The stablecoin’s circulating supply has dropped to about $70 bn, the lowest since October 2021, according to data from CoinMarketCap.

Bitcoin miners scaling down production

Thursday 16 June 2022 06:28 , Vishwam Sankaran

Bitcoin miners are reportedly scaling down production due to the crypto market crash and surging energy costs.

The bitcoin hash rate, which is a measure of the amount of power spent for minting new coins, has slipped by 4 per cent since the beginning of this week, according to data from Blockchain.com.

“Currently, it’s not fun to be in the mining business,” Alexander Neumueller, digital assets project lead at the Cambridge Centre for Alternative Finance, said according to the Financial Times.

Bitcoin sinks but regains value

Thursday 16 June 2022 04:42 , Vishwam Sankaran

After sinking very close to the $20,000 mark on Wednesday, Bitcoin has marginally risen to over $22,000, growing in value by about 3 per cent in the last day.

The leading cryptocurrency is still down by over 25 per cent compared to its price last week.

Ethereum has also grown by over 2 per cent in the last day, but is down by over 30 per cent compared to its value a week ago.

Cardano, polkadot, and dogecoin have grown by over 10 per cent in the last 24 hours.

The overall crypto market has grown by 3 per cent in the last day, but is still below the $1 tn mark.

‘Bitcoin is the best performing asset’: MicroStrategy CEO responds to price crash

Wednesday 15 June 2022 17:30 , Anthony Cuthbertson

We reported earlier that more than $1 billion has been wiped from MicroStrategy’s bitcoin holdings following the latest market downturn.

CEO Michael Saylor has today addressed those losses on live TV, appearing on CNBC to say he has a long-term view of the bitcoin market, noting that bitcoin has never moved below its four-year simple moving average in its history. That means anyone who has ever bought bitcoin and held it for more than four years has not lost money.

“I think it’s been a net positive,” he told CNBC.

“Over any time frame - two years, four years, eight years - bitcoin is the best performing asset, I can’t come up with a better idea.”

Wednesday 15 June 2022 17:00 , Adam Smith

Coinbase’s reduction in staff shows shows the dangers of relying on HODL, instead of a calculated approach to the crypto industry, according to Dmitry Gooshchin, co-founder of AI trading platform EndoTech.

“Investors and pioneers have failed to factor market volatility into their business models, which is an oversight given that volatility is an inherent component of this young market. It’s clear that both investors and crypto pioneers took a HODL approach instead of one that represents a more calculated approach to this nascent industry”, Mr Gooshchin said.

Crypto exchange Binance is hiring

Wednesday 15 June 2022 16:39 , Anthony Cuthbertson

Just a day after Coinbase announced that it would be firing 18 per cent of its workforce - totalling roughly 1,100 people - rival crypto exchange Binance has announced that it is hiring.

CEO Changpeng Zhao, known as CZ, said the company has 2,000 open positions, which he attributed to Binance not splashing the cash on expensive crypto ads and sponsorship deals during the latest bull run.

Crypto crash: MicroStrategy’s bitcoin losses top $1 billion

Wednesday 15 June 2022 16:02 , Anthony Cuthbertson

Today’s losses mean MicroStrategy, the world’s biggest corporate investor in bitcoin, is now down more than $1 billion from its initial investment.

CEO Michael Saylor remains adamant that the firm won’t sell its holdings, and that previous concerns on a margin call on one of its loans were over stated.

After spending nearly $4 billion on its stockpile, MicroStrategy’s BTC is now worth less than $2.7 billion. Advocates would say that the USD value may drop but the number of bitcoins remains the same.

You can read more about it here.

The world’s biggest bitcoin investor has now lost more than $1 billion

Wednesday 15 June 2022 15:00 , Adam Smith

stETH has dropped to $4 billion from about $10 billion last month as holders sell while ether’s price crashes.

“In the short term, stETH will face tremendous selling pressure,” Huobi Research Institute’s report states. “Turbulence is expected in the near future.”

Celsius holds 409,260 stETH tokens

Wednesday 15 June 2022 14:00 , Adam Smith

Celsius, which froze withdrawals last weekend is also holding 409,260 stETH tokens.

Celsius took a loss of almost $71 million earlier from staking stETH on Stakehound because Stakehound misplaced the keys, according to Johnny Louey and Andy Hoo, analysts at Huobi Research Institute.

“What Celsius can do is sell its stETH in order to buy ETH on the market to satisfy client requests,” Noelle Acheson, head of market insights at crypto market maker Genesis, told CoinDesk

Bill Gates says NFTs are based on ‘greater fool theory'

Wednesday 15 June 2022 13:34 , Anthony Cuthbertson

Billionaire Bill Gates has once again spoken out about cryptocurrencies and non-fungible tokens, claiming they are “100 per cent based on greater fool theory - that somebody is going to pay more for it than I do”.

Speaking at TechCrunch talk, he joked: “Obviously digital images of monkeys are going to improve the world immensely, and that’s so incredible.”

As the biggest private owner of famland in the US, he added: “I’m used to asset classes like a farm where they have output or a company where they make products.”

Here’s the full story:

Bill Gates reveals how people sell NFTs for so much

Bitcoin price teeters above 2017 peak

Wednesday 15 June 2022 12:05 , Anthony Cuthbertson

A further 10 per cent price slide on Wednesday morning has left bitcoin hovering just above $20,000.

Rewind nearly five years and this was the peak seen in 2017 after a record-breaking rally. If it fails to hold support at this key level, analysts fear that even more losses could be on the way. BTC is currently around 70 per cent down from its 2021 record, with major corrections in the past wiping upwards of 80 per cent from the cryptocurrency’s value.

You can read more about it here.

Bitcoin price crashes further amid warnings it could still go ‘much further south’

Crypto needs safeguards against a liquidity crisis

Wednesday 15 June 2022 12:01 , Adam Smith

Crypto lenders and exchanges need to leverage adult tools to safeguard against a liquidity crisis, according to Dr. Anna Becker, co-founder of AI trading platform EndoTech.

“In the same way trading platforms are growing up by incorporating volatility into their business strategy, for instance with the use of algorithmic trading as opposed to the old model of emotional buy and hold trading, crypto lenders and exchanges need to leverage adult tools to safeguard against a liquidity crisis like the one we’re seeing,” said Dr. Becker.

“It is unacceptable for lending institutions and currency exchanges to prevent customers from accessing their funds. I urge regulatory bodies to clamp down on cowboy crypto firms who are robbing innocent people, and help steer the market into maturity.”

Wednesday 15 June 2022 11:30 , Adam Smith

Hedge fund tweet means more speculation

Wednesday 15 June 2022 11:00 , Adam Smith

A tweet from crypto hedge fund Three Arrows Capital has caused more fear in the market. The hedge fund has been liquidating its crypto holdings admit the price drop.

“We are in the process of communicating with relevant parties and fully committed to working this out,” former Credit Suisse Group AG trader Zhu Su tweeted from his verified account, without providing further details.

Three Arrows started withdrawing a cryptocurrency called staked Ether, or stETH from decentralized platforms last month, Bloomberg reports.

Crypto prices this morning

Wednesday 15 June 2022 08:32 , Adam Smith

Today, BItcoin is down 6.13 per cent to $21.072. Ethereum is down 8.52 per cent to $1,114.08.

MicroStrategy says it can withstand further volatility

Wednesday 15 June 2022 07:30 , Vishwam Sankaran

US software developer MicroStrategy says it has not received a margin call against its bitcoin-backed loan, and could withstand more volatility in the crypto market.

“We can always contribute additional bitcoins to maintain the required loan-to-value ratio,” MicroStrategy said in a statement, according to Reuters.

“Even at current prices, we continue to maintain more than sufficient additional unpledged bitcoins to meet our requirements under the loan agreement,” the company reportedly said.

Bitcoin could tank further if it slips below $20K, expert says

Wednesday 15 June 2022 07:00 , Vishwam Sankaran

Arthur Hayes, former BitMEX chief, has said if bitcoin’s value dips below the $20,000 mark, a “massive sell pressure” may ensue, which could further drive down prices of the leading cryptocurrency.

Ethereum’s price could also be impacted in a similar way if it slips below $1000, he said.

“If these levels break, $20k $BTC & $1k $ETH, we can expect massive sell pressure in the spot markets as dealers hedge themselves,” Mr Hayes said.

“We can also expect that there will be some otc dealers and that will be unable to hedge properly and might go belly up,” he added.

Bill Gates slams crypto as based on ‘greater fool’ theory

Wednesday 15 June 2022 06:20 , Vishwam Sankaran

Bill Gates has dismissed crypto projects like NFTs as shams based on the “greater fool” theory.

Speaking at a climate conference on Tuesday, hosted by TechCrunch, the billionaire reportedly said he is neither long nor short on the entire sector.

“Obviously, expensive digital images of monkeys are going to improve the world immensely,” Mr Gates said sarcastically, according to Bloomberg.

Wall Street watchdog asks laid-off crypto employees to work with them

Wednesday 15 June 2022 05:40 , Vishwam Sankaran

The chief of US Financial Industry Regulatory Authority (FINRA) Robert Cook has said the company is planning to increase its resources to monitor cryptocurrencies.

Amid the ongoing layoffs and hiring freezes by crypto firms including Coinbase, Blockfi, and Crypto.com, FINRA has said it wants to “bulk up” its capabilities to understand cryptocurrencies better.

“We’re going to need to be engaged and prepared to have the resources to do that, so anybody who is getting laid off from a crypto platform and wants to work for FINRA, give me a call,” Mr Cook said, according to Reuters.