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Blogs > Crypto in a Minute > Don’t Try To Time The Bottom >

Don’t Try To Time The Bottom

Author: Jeffrey Craig Date: 2022-06-13 11:11:16

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june-13-daily-update

Main Takeaway: Inflation, Inflation

It was another rough weekend for the crypto markets, as by Monday morning Singapore time most cryptocurrency assets continued their recent price declines. This is coming off a negative inflation reading from the United States on June 10th, which sent the stock and crypto markets further on their respective downward trends. The entire crypto market cap is now at or below the $1 trillion mark.

june-13-crypto-market-cap

Key Stories: Another Liquidity Event Like Terra?

Over the weekend Ethereum saw a drop from $1,500 to now trading at $1,200. Bitcoin also dropped to a multiple-year low of $23,900. However, the biggest story on the news is Celcius, a staking and lending platform, that has seen a multi-million dollar collapse in its network, which has since paused all withdrawals, swaps, and transfers between accounts.

What happened was a liquidity crisis occurred as the platform began un-staking assets such as wBTC, ETH, and stETH from various lending pools like Aave and sending them to exchanges to be sold. In particular, $247 million in wBTC and $75 million in ETH have been un-staked and transferred to exchanges. As a result, CEL, the platform’s token, has dropped over 60%.

celcius-price-drop

Investor Insight: Keep Your Eye On The Fed

Investors should keep their eye on the macro economy, the US dollar, and upcoming actions from the Fed during this week’s FOMC meeting to evaluate whether this downtrend will continue or if we’ll see easing signals from the policymakers. However, predictions are that the US Fed could announce a 75 bps rate hike, which will put even more downward pressure on the stock and crypto markets.

In essence, economic readings from all over the world are looking negative, especially as energy, commodities, and the USD see their values rapidly appreciating.

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The Good News: Today’s Top Gainers

Despite the market volatility, there are a few coins that have performed well in the past 24 hours, including:

  1. Tether (USDT)
  2. USD Coin (USDC)
  3. Dai (DAI)
  4. Frax (FRAX)
  5. Decentraland (MANA)
  6. TrueUSD (TUSD)
  7. Pax Dollar (USDP)
  8. Dusk Network (DUSK)
  9. LIT Litentry (LIT)
  10. QI Benqi (QI)

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