logo
Promotions
bonus

Recession Obsession

june-21-daily-update

Main Takeaway: Finally A Stable Day?

The past day has been relatively stable for crypto with no major price collapses. However, there are still contagion risks in the DeFi borrowing and lending sectors coming off the fiascos surrounding Terra, Celsius, 3AC, and others. In this regard, the biggest to hit the news is Bancor, a decentralized exchange, that released a Medium post announcing a pause in their Impermanent Loss Protection.

On the economic side, banks such as Deutsche Bank and JPMorgan, as well as Bloomberg and other former Treasury secretaries are giving their forecasts that a recession is highly likely. However, US President Biden recently spoke with Larry Summers and reassured the public that a recession is “avoidable.”

We should take all these statements with a grain of salt given the current information overload and analyze the main economic indicators most impactful and pressing – such as supply-demand imbalances, the Japanese bond market, Chinese Covid supply chains, US Fed rate hikes, and the European financial markets. It’s impossible to say whether a ‘recession’ is ongoing or in the cards, but if we’re looking at the data, it’s not great – but neither were the two years (2020-2021) where Covid was spreading across the world.

Key Stories: More Bitcoin ETFs & Bancor Trouble

Bitcoin is on the news not for its price, but for an announcement approved by the SEC and made by ProShares that a Short Bitcoin-Linked ETF under the ticker symbol BITI will begin trading on Tuesday, June 21st on the New York Stock Exchange. This ETF will essentially bet against Bitcoin and short the world’s biggest digital currency.

Bitcoin Short ETF
So as of now, there’s a derivatives Bitcoin ETF, a Short Bitcoin ETF, and a closed-end fund (Grayscale Bitcoin Trust), but no Spot Bitcoin ETF, which has frustrated many in the crypto community.

There are discussions that this Short ETF announcement will mark a bottom in the markets, as the futures ETF marked a top, but that hypothesis is impossible to test and prove under current market conditions.

The second big news story came from Bancor which put out a Medium blog announcing they’re going to temporarily pause their Impermanent Loss Protection service on withdrawals. Their announcement can be found in the image below.

Bancor IL Pause

Investor Insights: Watch The US Equity Openings

These past two days have been steady for crypto with many projects gaining back 10% of last week’s losses, but continued upward momentum will hinge on how the US stocks do at the opening on Tuesday and whether there will be positive news coming out of the global oil markets to ease prices and inflation. Moreover, increasing clarity on the global economic recession rumors will potentially clarify things for the crypto space as well. Stock futures are currently in the green as of 2 AM Eastern Time

Today’s Top Gainers

So far Tuesday has been a positive day for crypto, with the entire market increasing by 5% and reaching a market cap of $912 billion. Some of the well-performing coins include Bitcoin, Ethereum, Solana, Polkadot, Avalanche, Chainlink, Polygon, UniSwap, and Near.

The top gainers on Phemex are Revoland, Reserve Rights, Compound, LooksRare, 1inch, Storj, Aave, and Frax. These coins can be found by going to the Markets tab on the homepage and going through our list of cryptos.

Phemex Markets


For any inquiries contact us at support@phemex.com
Follow our official Twitter | Join our community on Telegram
Trade crypto on the go: Download for iOS | Download for Android
Phemex | Break Through, Break Free
Sign Up and Claim 4800 USDT
Disclaimer
This content provided on this page is for informational purposes only and does not constitute investment advice, without representation or warranty of any kind. It should not be construed as financial, legal or other professional advice, nor is it intended to recommend the purchase of any specific product or service. You should seek your own advice from appropriate professional advisors. Products mentioned in this article may not be available in your region. Digital asset prices can be volatile. The value of your investment may go down or up and you may not get back the amount invested. For further information, please refer to our Terms of Use and Risk Disclosure

Related articles

October 2025 Crypto Dip: Temporary Correction or the Start of a Bear Market?

October 2025 Crypto Dip: Temporary Correction or the Start of a Bear Market?

Market Insights
2025-10-11
15-20m
2025 Crypto Crash: What Happened and How to Navigate Next

2025 Crypto Crash: What Happened and How to Navigate Next

Market Insights
2025-10-11
5-10m
ChainOpera AI (COAI) Price Prediction 2025: Will COAI Soar or Stall?

ChainOpera AI (COAI) Price Prediction 2025: Will COAI Soar or Stall?

Market Insights
2025-10-10
15-20m
ZEC vs XMR: A Deep Dive into the Titans of Crypto Privacy

ZEC vs XMR: A Deep Dive into the Titans of Crypto Privacy

Market Insights
2025-10-10
15-20m
Supercharge Your Futures Trading with Phemex Multi-Assets Mode

Supercharge Your Futures Trading with Phemex Multi-Assets Mode

Phemex Products
2025-10-09
3-5m
ASTER Price Prediction 2025: DeFi’s Rising Potential?

ASTER Price Prediction 2025: DeFi’s Rising Potential?

Market Insights
2025-09-26
10-15m