By now it is lunch time again. We take a look at the live Bitcoin price and the prices of the top 25 crypto that are crashing hard. Then we look at the results for the past week and month. Next, we take stock of the causes of this crash. Finally, we analyze the expected Bitcoin price.
We begin, of course, with the live Bitcoin price and the prices of the top 25 crypto.
Live Bitcoin price crashes along with top 25 crypto
At the time of writing, the live Bitcoin price is quoting EUR 22,813.69 ($23,921.57). This is 12.80% lower than yesterday around this time and 20.03% lower than during our Bitcoin lunch last Friday.
The prices of the top 25 crypto are also crashing hard. Apart from a few stable coins, we only see (mostly double) red numbers. The biggest loss is currently at -17.70% for Lido Staked Ether (STETH), but that doesn’t make much difference with many other crypto.
Bitcoin and crypto results under pressure from crash
Naturally, the crash is leaving its mark on weekly and monthly results.
Thus, we see that in addition to the stable coins, only Leo Token (LEO) still achieves a positive weekly result with +7.74%. The biggest loss of the week from the top 25 crypto is with -27.39% for Avelanche (AVAX). Bitcoin (BTC) loses 19.67% in 7 days.
The monthly results also turn deep red. Besides the stable coins, there are two exceptions. Leo Token (LEO) and newcomer Chain (XCN) record gains of +8.47% and +63.81% respectively over 30 days. The biggest loss over 30 days, at -52.85%, is again for Avalanche (AVAX). Bitcoin (BTC) loses 18% during this period.
On the site of Tradeincrypto.com you can analyze all results and all live crypto prices 24 hours a day.
Why are BTC and crypto crashing now?
Analysts are currently pointing to 3 causes for the current crypto crash. We list them:
Fear of inflation and further interest rate measures (people are anxiously awaiting the FED interest rate decision next Thursday), causing them to avoid riskier investments;
The interconnectedness between crypto and other markets such as DeFi, for example platform Celsius was forced to discontinue withdrawals due to the rapid crash. Also, the Lido Staked Ethereum lost its peg, causing panic sales in Ethereum to occur. This, of course, further erodes confidence;
The limited scale of the crypto market which means that sudden volatility can have a huge impact on the entire market. However, this crypto snowball also presents opportunities.
Nevertheless, the experts who foresee these factors believe that recovery will eventually occur. The question, of course, is in what time frame this will be.
Bitcoin price outlook remains bearish
Many analysts think that the bearish correction is not over yet. Last week we already outlined a bearish scenario where the BTC price could fall towards $20,000 and this scenario seems to be following the market now. Both technical analyses and expert opinions support these thoughts.
One is now mainly in suspense as to what institutional investors will do ahead of next Thursday’s Fed interest rate decision. Will they buy en masse to confirm a BTC floor price or will they let the market find its own course? In the latter case, support seems a long way off as fewer and fewer retail investors are stepping in.
The experienced trader Peter Brandt believes that the bear market is not over yet. He expects strong support around $20,000, but does not rule out a further drop to $12,700. As far as he is concerned, we do not have to count on a real bull market for the time being. He foresees this only in 2024, after the next half year.
Twitter won’t load because you didn’t give permission.
Unless Bitcoin $BTC can close above the May 31 high this chart could become a textbook example of the famed “Drano” chart pattern pic.twitter.com/X57mDNO5Qu
– Peter Brandt (@PeterLBrandt) June 12, 2022
Are prices of other investments crashing too?
We see the BTC price and crypto prices crashing hard. For the sake of risk diversification, are you curious if the same is true for other investments? We looked for an answer in our price forecast this morning.
Want to stay up to date on the latest price developments?
You can always follow the developments yourself with our WANT crypto analyses or the background articles and previews on the crypto market and Bitcoin. Of course, you can also follow the live quotes 24 hours a day if you want to stay informed in real time. Are you interested in other investments besides crypto? Then our weekly Monday morning price forecast might be a reading tip. “Please note: We never give financial advice, so our contributions can’t be interpreted that way either. Always do your own research and decide on rational grounds if, when, what and how much you want to invest in.”