The price of the first cryptocurrency dropped by 9,56% in 24 hours

Bitcoin rate fell below $20 000 for the first time since December 2020

18.06.2022 - 09:30

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2 min

What’s new? On June 18, the price of bitcoin fell below $20 000 for the first time since December 2020. As of 08:50 UTC, BTC is trading at $18 998, according to the Binance exchange. The first cryptocurrency’s rate has dropped by 9,56% in the past 24 hours and 34,38% over the week. At the same time, the Fear and Greed Index (F&G) of the crypto market has fallen to 6/100, meaning “extreme fear.”

BTC data

The Fear and Greed Index is an indicator that measures the general mood of investors in the market. It is measured on a numerical scale from 0 (“extreme fear”) to 100 (“extreme greed”). Various data such as volatility, bitcoin capitalization, market volume, and social media sentiment are analyzed to determine the index.

Market situation. For the first time in the history of bitcoin, its rate fell below its previous cycle high. Almost all cryptocurrencies from the CoinMarketCap top 10 by capitalization also have fallen in price. Only Theta Fuel (TFUEL) token and Neutrino USD (USDN) stablecoin, which is still trying to regain its peg to the dollar, show slight daily gains.

Trader and analyst Peter Brandt allowed the possibility of the bitcoin rate to decline to $12 700. According to him, the first cryptocurrency is unlikely to reach new all-time highs before 2024.

Analytics firm Glassnode released a report announcing the start of the “darkest” phase of the bear market. Despite the current conditions, small and large bitcoin holders continue to hold currency. However, the indicator of bitcoin accumulation decreased by 64% since May 2022.

Author:

Vasiliy Smirnov Vasiliy Smirnov

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