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Crypto Market Remains Bearish, Bitcoin Falls To US$ 20,576, But Sell-Off Is Easing


The Crypto market remains on a bearish tone today. On June 27, till 6 pm UTC, Bitcoin dropped by 0.71% and was quoted at US$ 20,576. Yesterday, the asset closed at US$ 20,723.60. Ether quoted at US$ 1,174.46, falling by 1.41%, Litecoin quoted at US$ 54.16, falling sharply by 3.01%, Dogecoin quoted at US$ 0.0685 dropping sharply by 5.03%, and Cardano quoted at US$ 0.4782, falling by 1.40%. These are some of the most popular decentralized digital currencies, highly volatile in nature, and considered a prominent alternative investment instrument.

Crypto Market Remains Bearish,Bitcoin Falls To US$ 20,576,But Sell-Off Is Easing

However, the crypto market has started to recover slowly, as the sell-off is easing now. According to a Bloomberg report, "The wipe-out in Bitcoin may have run its course, a range of technical indicators suggest. Momentum measures and insights from options bets signal ebbing selling pressure and a possible trading range of $20,000 to $25,000 -- though the usual caveats apply about the mercurial nature of cryptocurrencies. The largest digital token has slumped about 70% from a November record. It slid below $18,000 earlier this month before retaking the closely watched $20,000 level."

But, investors are always recommended to be cautious before investing in these volatile assets. Bitcoin has plunged by 29.89% only in the last one month, and Ether has plunged by 35.09% in the same period. Additionally, Bitcoin dropped sharply by 57.40% in the last 6 months. These are two large crypto coins depending on their market capitalization. At the time of writing, Bitcoin left the token's market capitalization at US$386,208,327,634, according to a CoinDesk report. However, the present inflationary pressures and interest rate hikes are keeping the crypto market under pressure.

Read more about: cryptocurrency bitcoin ether
Story first published: Tuesday, June 28, 2022, 23:55 [IST]
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