Cryptocurrencies in trade on Tuesday (June 14, 2022) similar to other class is feeling the pain of the high inflation data and the aggressive Fed rate hike expectations. Though as of writing this story, the largest crypto by market cap pared its loses and last at 1:25 pm traded with a cut of over 8% at $22,866. Meanwhile, there is painted a mixed picture on the top assets list as compiled by Coindesk with some in the green territory.
Altcoins trading with gains, weakness persists in Etherum, Ripple, Luna Classic And Stablecoins
After the global m-cap has erased sharply and come down to below $1 trillion at $963.63 billion, a drag of 4 percent over the previous day, there are some of the digital tokens trading with gains of up to 16.5%. This includes Gala, Cardano, Polkadot, Chainlink among others.
Nevertheless, meme coins such as Dogecoin and ShibaInu trade with gains of up to 6%.
The dollar pegged tokens together with Etherum blockchain supported Ether together with Ripple and Luna Classic were still seen faltering by up to 6%.
Celsius halts withdrawal and outlook for the crypto world
The entity from the crypto world halted customer payments and this is seen as a step to protect customer funds. "Sentiment for cryptos is terrible as the global crypto market cap has fallen below $1 trillion dollars," Oanda Senior Analyst Edward Moya is mentioned as saying in the Coindesk report. "Bitcoin is attempting to form a base, but if price action falls below the $20,000 level, it could get even uglier.