PrimeXBT Weekly Market Research Report, June 20th, 2022

in #primexbt • 2 years ago

Recession fears, Federal Reserve rate hikes, and weak economic numbers sent stocks further toppling last week. Fed Chair Jerome Powell reiterated a commitment to restoring inflation to the 2% rate.

A liquidity crunch has turned into a full-blown crisis in the cryptocurrency market, with the total cryptocurrency market cap plummeting below the key $1 trillion level. The selloff has caused the financial contagion to spread to several DeFi protocols.

Bitcoin falling below 2017 peak prices has also set several bearish records, tripling the on-chain net loss numbers from March 2020. BTC miners are especially feeling the pinch. However, a whale buying 101,266 BTC provided some immediate relief.

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#cryptocurrency #defi #bitcoin #btc
2 years ago in #primexbt by
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