Bitcoin nears $23.8K May low as crypto market cap drops under $1 trillion

CointelegraphPublished on 2022-06-13Last updated on 2022-06-13

Abstract

Bitcoin (BTC) faced continued selling pressure before the June 13 Wall Street open as Ether (ETH) revisited multi-year lows.b

Bitcoin (BTC) faced continued selling pressure before the June 13 Wall Street open as Ether (ETH) revisited multi-year lows.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewBitcoin battles for $24,000
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD threatening to eclipse its ten-month lows set in mid-May.
The largest cryptocurrency faced bearish triggers on multiple fronts, these coming from both within and beyond the crypto sphere.
FinTech protocol Celsius appeared on the brink of meltdown after operations were halted, turning billions of dollars in collateral into new risk for crypto markets. In an event ironically similar to that which caused the May rout, Bitcoin and altcoins kept falling as fresh uncertainty filled the air.
Macro conditions were hardly better, with Asian markets selling off and Wall Street futures looking set to continue the downtrend which set in last week.
Inflation concerns likewise remained ahead of crucial comments from the United States Federal Reserve due June 15.
"I call it.. the long bear," popular analyst Crypto Chase summarized.
"For real though, we do not know when Fed will change tune, developments of war in Ukraine, US presidential election on horizon, supply chain issues, etc. Markets do NOT like uncertainty. I can be a trader of bounces sure, but investor? Not yet."
Others were more confident, both on longer and shorter timeframes.
Here is your smart money. Since our Wave 3 peak at 65k they have increased $BTC holdings from approx. 11M to over 13M. This is a re-accumulation range, not distribution. Look at the comments below- most say "they must be selling" or "they already sold". Nah, the data doesn't lie. https://t.co/LVLhiNWNxM pic.twitter.com/2QqXEKWmDY
— CrediBULL Crypto (@CredibleCrypto) June 13, 2022
"The expectations are that the FED will hike on next week's meeting," Cointelegraph contributor Michaël van de Poppe added.
"Normal, and highly expected. However, this expectation is overshooting towards extensive hikes (75bps). I don't see that. Probably 50bps and that's it. Markets always overreact."
The overall cryptocurrency market cap meanwhile fell under the $1 trillion mark for the first time since February 2021.

Crypto market cap 1-week candle chart. Source: TradingViewEthereum faces $1,000 price target
Continuing the bearish theme, altcoins looked even more primed to hemorrhage value on the day.
Ethereum, fresh from dropping below its realized price over the weekend, now traded below its all-time highs set during Bitcoin's previous halving cycle.
This is the last time $ETH went oversold on the weekly (hasn’t confirmed here yet).

I had no followers, but macro bottom ticked it.

Note, you can push way lower on weekly rsi, not trying to catch a bottom. https://t.co/kLCynTKTcS
— The Wolf Of All Streets (@scottmelker) June 12, 2022
ETH/USD fluctuated near $1,230 at the time of writing, a level last seen in January 2021. The old cycle's peak, set in January 2018, was around $1,530.

ETH/USD 1-week candle chart (Bitstamp). Source: TradingView"Things getting so bad so fast that the 200W SMA for $BTC & $ETH will both be severely tested," crypto venture capital fund Placeholder founder Chris Burniske concluded.
"$ETH likely breaks it cleanly & heads to bigger psychological test of $1K, $BTC will put up a bigger fight but given the clouds on the horizon hard to see it not toying w/ $20K & below."

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DIGITAL GOLD ($BITCOIN): A Comprehensive Analysis Introduction to DIGITAL GOLD ($BITCOIN) DIGITAL GOLD ($BITCOIN) is a blockchain-based project operating on the Solana network, which aims to combine the characteristics of traditional precious metals with the innovation of decentralized technologies. While it shares a name with Bitcoin, often referred to as “digital gold” due to its perception as a store of value, DIGITAL GOLD is a separate token designed to create a unique ecosystem within the Web3 landscape. Its goal is to position itself as a viable alternative digital asset, although specifics regarding its applications and functionalities are still developing. What is DIGITAL GOLD ($BITCOIN)? DIGITAL GOLD ($BITCOIN) is a cryptocurrency token explicitly designed for use on the Solana blockchain. In contrast to Bitcoin, which provides a widely recognized value storage role, this token appears to focus on broader applications and characteristics. Notable aspects include: Blockchain Infrastructure: The token is built on the Solana blockchain, known for its capacity to handle high-speed and low-cost transactions. Supply Dynamics: DIGITAL GOLD has a maximum supply capped at 100 quadrillion tokens (100P $BITCOIN), although details regarding its circulating supply are currently undisclosed. Utility: While precise functionalities are not explicitly outlined, there are indications that the token could be utilized for various applications, potentially involving decentralized applications (dApps) or asset tokenization strategies. Who is the Creator of DIGITAL GOLD ($BITCOIN)? At present, the identity of the creators and development team behind DIGITAL GOLD ($BITCOIN) remains unknown. This situation is typical among many innovative projects within the blockchain space, particularly those aligning with decentralized finance and meme coin phenomena. While such anonymity may foster a community-driven culture, it intensifies concerns about governance and accountability. Who are the Investors of DIGITAL GOLD ($BITCOIN)? The available information indicates that DIGITAL GOLD ($BITCOIN) does not have any known institutional backers or prominent venture capital investments. The project seems to operate on a peer-to-peer model focused on community support and adoption rather than traditional funding routes. Its activity and liquidity are primarily situated on decentralized exchanges (DEXs), such as PumpSwap, rather than established centralized trading platforms, further highlighting its grassroots approach. How DIGITAL GOLD ($BITCOIN) Works The operational mechanics of DIGITAL GOLD ($BITCOIN) can be elaborated on based on its blockchain design and network attributes: Consensus Mechanism: By leveraging Solana’s unique proof-of-history (PoH) combined with a proof-of-stake (PoS) model, the project ensures efficient transaction validation contributing to the network's high performance. Tokenomics: While specific deflationary mechanisms have not been extensively detailed, the vast maximum token supply implies that it may cater to microtransactions or niche use cases that are still to be defined. Interoperability: There exists the potential for integration with Solana’s broader ecosystem, including various decentralized finance (DeFi) platforms. However, the details regarding specific integrations remain unspecified. Timeline of Key Events Here is a timeline that highlights significant milestones concerning DIGITAL GOLD ($BITCOIN): 2023: The initial deployment of the token occurs on the Solana blockchain, marked by its contract address. 2024: DIGITAL GOLD gains visibility as it becomes available for trading on decentralized exchanges like PumpSwap, allowing users to trade it against SOL. 2025: The project witnesses sporadic trading activity and potential interest in community-led engagements, although no noteworthy partnerships or technical advancements have been documented as of yet. Critical Analysis Strengths Scalability: The underlying Solana infrastructure supports high transaction volumes, which could enhance the utility of $BITCOIN in various transaction scenarios. Accessibility: The potential low trading price per token could attract retail investors, facilitating wider participation due to fractional ownership opportunities. 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