Bitcoin prices were back above the $20,000 levels at $20,610, after plunging to $17,601 over the weekend, raising the fear of contagion. Ethereum too joined Bitcoin higher at $ 1,134.33, with gains of about 3%. Bitcoin the world's largest cryptocurrency by market capitalization is 70% below its all-time high hit in November, 2021.
Latest cryptocurrency prices as on June 21, 2022
Cryptocurrency future remains hazy after last week's plunge
Analysts and experts still remain concerned over the cryptocurrency future after the sharp plunge seen last week. These section of assets including bitcoins remain extremely volatile and have seen immense selling pressure following the US federal Reserve move to hike interest rates in the US sharply.
In the last few days, questions have arisen on the future of cryptocurrency, including bitcoins. However, Monday and Tuesday provided a little bit of optimistic price movements. Bank of America had conducted a survey recently of more than 1,000 digital asset users, who indicated that investors are still optimistic about the future of crypto, with 91 per cent of those surveyed saying they will continue buying crypto in the next six months.
Reports that Babel Finance, suspended withdrawals and redemption of crypto assets on June 18, also compounded woes. Recently, the company said it has reached an agreement with counterparties on the repayment of some debts to ease short-term liquidity.
Predicting cryptocurrency movement and future hard
The future of cryptocurrency hinges on the acceptability and government support. Both of these at the moment seem to be hard to find. The price movement would also depend, on how the outlook for risky assets pan out. Most of the risky assets on Tuesday, including equities were seen surging after the Dow Futures pointed to higher openings for the US markets. This also led to higher movements in prices of cryptocurrency like Bitcoin, Etherem Cardano, Dodge etc.