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Crypto Market Daily Highlights – June 15 – BTC and ETH Find Support

Key Insights:

  • It was a bullish Wednesday session for the crypto market. Bitcoin (BTC) and Ethereum (ETH) ended their extended losing streaks.

  • The bullish session came despite the Fed delivering the largest rate hike since 1994 to curb inflation.

  • Another choppy session saw the total crypto market cap fall by $84 billion to a new current-year low of $834bn before bouncing back.

It was a bullish session for the crypto market on Wednesday. The broader market responded favorably to the highly anticipated Fed monetary policy decision, with bitcoin (BTC) ending an eight-day losing streak.

Bitcoin was heading for a ninth day in the red with a fall to a new current year low of $20,084 before finding late support.

Investor reaction to the Fed monetary policy decision tested bitcoin support late in the day before bitcoin tracked the NASDAQ into positive territory.

BTC-NASDAQ 160622 5 Minute Chart
BTC-NASDAQ 160622 5 Minute Chart

Crypto Market Cap Slides to a New Current Year Low Before Rebounding

After eight consecutive days in the red, the total crypto market cap recovered from another slide to end the day up $27 billion.

Tracking gains across the US equity markets, the broader crypto market responded favorably to the Fed rate hike and FOMC projections.

The total market cap fell to a new 2022 low of $834 billion before a move through to $950 billion levels. $84 billion came off the table before a broad-based crypto market rebound.

Total Market Cap 160622 Daily Chart
Total Market Cap 160622 Daily Chart

While the broader crypto market responded favorably to the Fed, downside risks linger.

Near-term, these include an anticipated shift in the regulatory landscape and the threat of a global economic slowdown.

From the top ten cryptos, SOL rallied by 17.47% to lead the way, with ADA (+10.79%) and DOGE (+12.96%) close behind.

BNB (+4.76%), BTC (+2.03), ETH (+2.39%), and XRP (+6.55%) also found support.

From the CoinMarketCap top 100, UNUS SED LEO (LEO) and Bitcoin SV (BSV) bucked the broader market trend, falling by 7.51% and 6.26%, respectively.

Tron (TRX) found much-needed support, with a 13.31% rally reversing a 12.99% slide from Tuesday.

A steadying in the USDD and news of the TRON DAO Reserve making moves to reestablish the dollar peg, easing market nerves.

While the USDD continued to sit below $0.98, the collateral ratio stood at 317.88%.

Total Crypto Liquidations Eased Back Following Fed Policy Decision

Following Tuesday’s spike, total liquidations eased back further going into the Thursday session.

According to Coinglass, 24-hour liquidations stood at $538 million, down from $578 million levels on the day prior. While down from the Tuesday jump to $1,070, however, 24-hour liquidation levels remained elevated.

One-hour liquidations pointed to a steadying in market cap conditions, with one-hour liquidations at $11.78 million.

Total Crypto Liquidations 160622
Total Crypto Liquidations 160622

Crypto Daily News Highlights

  • SEC sent letters to crypto exchanges to establish whether the appropriate safeguards are in place to tackle insider trading.

  • Fed delivered the largest rate hike since 1994. The crypto market followed US equities into positive territory.

  • The BTC price reversal weighed on bitcoin mining profitability, which fell to its lowest level since Oct-2020.

  • TRON DAO Reserve calmed market fears of another stablecoin collapse, delivering TRX price support.

  • Binance announced 2,000 open positions while other crypto platforms cut payrolls.

This article was originally posted on FX Empire