{"id":48426,"date":"2022-06-13T08:53:02","date_gmt":"2022-06-13T08:53:02","guid":{"rendered":"https:\/\/harchi90.com\/why-bitcoin-btc-ethereum-eth-are-plunging-today\/"},"modified":"2022-06-13T08:53:02","modified_gmt":"2022-06-13T08:53:02","slug":"why-bitcoin-btc-ethereum-eth-are-plunging-today","status":"publish","type":"post","link":"https:\/\/harchi90.com\/why-bitcoin-btc-ethereum-eth-are-plunging-today\/","title":{"rendered":"Why Bitcoin (BTC), Ethereum (ETH) Are Plunging Today"},"content":{"rendered":"
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Bitcoin<\/strong> and Ethereum<\/strong> prices plunged Sunday evening as the global cryptocurrency market dropped sharply lower by 5.9% to $ 1.1 trillion at press time.<\/p>\n

\n <\/p>\n <\/p>\n <\/p>\n <\/p>\n <\/p>\n <\/p>\n <\/p>\n
Price Performance Of Major Coins<\/caption>\n

<\/p>\n

Coin<\/th>\n

<\/p>\n

24-hour<\/th>\n

<\/p>\n

7-day<\/th>\n

<\/p>\n

Price<\/th>\n


\n\t\t<\/tr>\n

\n\t<\/thead>\n

<\/p>\n

Bitcoin<\/strong> BTC \/ USD<\/span><\/td>\n

<\/p>\n

-5.9%<\/td>\n

<\/p>\n

-10.7%<\/td>\n

<\/p>\n

$ 26,790.42<\/td>\n


\n\t\t<\/tr>\n

<\/p>\n

Ethereum<\/strong> ETH \/ USD<\/span><\/td>\n

<\/p>\n

-5.9%<\/td>\n

<\/p>\n

-20.3%<\/td>\n

<\/p>\n

$ 1,446.59<\/td>\n


\n\t\t<\/tr>\n

<\/p>\n

Dogecoin<\/strong> DUKE \/ USD<\/span><\/td>\n

<\/p>\n

-8.6%<\/td>\n

<\/p>\n

-21.05%<\/td>\n

<\/p>\n

$ 0.06<\/td>\n


\n\t\t<\/tr>\n


\n\t<\/tbody>\n


\n<\/table>\n<\/figure>\n

\n <\/p>\n <\/p>\n <\/p>\n <\/p>\n <\/p>\n <\/p>\n <\/p>\n
Top 24-Hour Gainers (Given via CoinMarketCap)<\/caption>\n

<\/p>\n

Cryptocurrency<\/th>\n

<\/p>\n

24-Hour% Change (+\/-)<\/th>\n

<\/p>\n

Price<\/th>\n


\n\t\t<\/tr>\n

\n\t<\/thead>\n

<\/p>\n

Neo<\/strong> (NEO)<\/td>\n

<\/p>\n

+ 9.7%<\/td>\n

<\/p>\n

$ 11.98<\/td>\n


\n\t\t<\/tr>\n

<\/p>\n

FTX Token<\/strong> (FTT)<\/td>\n

<\/p>\n

+ 1.3%<\/td>\n

<\/p>\n

$ 27.90<\/td>\n


\n\t\t<\/tr>\n

<\/p>\n

UNUS SED LEO<\/strong> (LEO)<\/td>\n

<\/p>\n

+ 0.3%<\/td>\n

<\/p>\n

$ 5.51<\/td>\n


\n\t\t<\/tr>\n


\n\t<\/tbody>\n


\n<\/table>\n<\/figure>\n

See Also: <\/em>How To Get Free NFTs<\/em><\/p>\n

Why It Matters:<\/strong> Bitcoin, Ethereum and other large cryptocurrencies crashed over the weekend after a hotter-than-expected inflation report on Friday.<\/p>\n

May’s Consumer Price Index rose 1% from the prior month on a seasonally adjusted basis versus a consensus estimate of 0.7%. It rose 8.6% before adjustment over the last 12 months, above an estimated 8.2%, the sharpest rise since December 1981.<\/p>\n

On Friday, Edward Moya<\/strong>a senior market analyst at OANDA, had predicted the bloodbath as appetite for risk assets evaporated.<\/p>\n

\u201cA Bitcoin weekend collapse could see prices plunge towards the $ 25,500 area, with $ 22,500 being the most extreme scenario. Weekend crypto crashes sometimes are followed by a quick recovery, but the current environment and soft interest might make for a slow recovery. “<\/p>\n

Bitcoin’s relative strength index stood at 33.29, while Ethereum’s was at 26.38 at press time, according to Trading View data. An RSI below 30 indicates \u201coversold\u201d conditions. <\/p>\n

Cryptocurrency trader Micha\u00ebl van de Poppe<\/strong> pointed out that RSI for BTC and ETH are significantly lower than in December 2018, but even so the majority want to short. <\/p>\n

<\/p>\n

$ ETH<\/a> weekly RSI hitting the lowest point since December 2018, the bottom of the previous bear.$ BTC<\/a> weekly RSI hitting the equal level as in December 2018 and October 2014 and January 2015.<\/p>\n

Yet, the majority want to short.<\/p>\n

– Micha\u00ebl van de Poppe (@CryptoMichNL) June 12, 2022<\/a><\/p><\/blockquote>\n

In mid-December 2018, Bitcoin traded around the $ 3,300 level, while Ethereum was priced around $ 85.<\/p>\n

Glassnode<\/strong> co-founders Jan & Yann<\/strong> noted on Friday that the Bitcoin google queries were above the 2019-2020 bear market levels despite fears of an upcoming recession. <\/p>\n

<\/p>\n

The number of #Bitcoin<\/a> google queries is above 2019-2020 bear market levels despite the ongoing fear of a recession.<\/p>\n

The latest Uncharted expands on #BTC<\/a>‘s structural changes during a weak market and its potential as an alternative investment
https:\/\/t.co\/YLmcn3FbXj pic.twitter.com\/Xq9dcrcXCm<\/a><\/p>\n

– Negentropic (@Negentropic_) June 10, 2022<\/a><\/p><\/blockquote>\n

Heading into a fresh trading week, investor sentiment remains fearful. At press time, Alternative.me’s \u201cFear & Greed Index\u201d flashed \u201cExtreme Fear\u201d as it did last week.<\/p>\n

Read Next: <\/em>Musk Reacts To Jack Dorsey’s Bitcoin Web5 Project, Says Dogecoin Web69 Would Be Fire<\/em><\/p>\n<\/div>\n