Mooners and Shakers: Bitcoin in danger of losing $20k on hump day as whales send coins to exchanges
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Bitcoin and most altcoins have cooled again since yesterday’s small bounce, but the crypto market is generally plodding along okay for the moment. If you think BTC barely clinging to US$20k is “okay”, that is.
To quote Marsellus Wallace in Pulp Fiction, this level was feeling “pretty f**kin’ far from okay” about a week ago.
What next, then? Unfortunately our crystal ball’s busted, but we can at least give you a bit of a mix from various analytical minds on Crypto Twitter and beyond.
Tbh, though, not seeing a whole lot of confidence out there, still. And that’s probably fair enough given the contagion risk of over-leveraged crypto firms still offering an unclear and present danger – despite the best efforts of SBF to bail them all out of deep doo-doo.
Also, as “Roman Trading” points out, a bunch of Bitcoin miners are apparently sending “thousands of Bitcoin to exchanges” right now. “Not a good indication for bullishness” indeed.
This is not a good indication for bullishness as miner capitulation could send price another large leg down.
— Roman (@Roman_Trading) June 22, 2022
Add to this the fact Bitcoin whales already sent at least 50,000 BTC to exchanges on June 20 and 21 (according to on-chain analytics firm Glassnode), and it might not be a bad idea to take an extremely cautious approach for the moment. Not financial advi… ah, you know.
One thing, though, and this is mere speculation, but whales tend to dig games, coordinated faking out… If you examine those orange-line-spiking whale deposits on the Glassnode chart below, it doesn’t always hold true that exchange inflows correspond with BTC price dumps. But again, caution… etc, etc.
Meanwhile, the analyst Rekt Capital has been pointing out something else to be wary about, and we’re pretty sure Roman would agree. There was some pretty low trading volume on that market bounce yesterday…
The volume on this recent #BTC rebound is very low and seller-dominated
— Rekt Capital (@rektcapital) June 22, 2022
Still, this attempted thread from “Plan E” is a little more upbeat in tone. Zooming out on the crypto market a bit usually brings a sunnier perspective…
let’s start a chain of obvious reasons to be long term bullish:
~$70T are expected to be transfered to millennials from baby boomers over the next 25 yrs for demographical reasons alone. millennials are overindexed to crypto vs. boomers. crypto will grow from this reason alone. https://t.co/fMTA5u6xVI
— Plan E 🌈 (@ercwl) June 22, 2022
With the overall crypto market cap at roughly US$930 billion, down 5.4% since this time yesterday, here’s the current state of play among top 10 tokens – according to CoinGecko.
Must be nice to be a (hopefully) secure and fully backed stablecoin on days like these. Because everything else in the majors aside from USDT, USDC and BUSD is looking a bit depressed again on the 24-hour timeframe.
Sweeping a market-cap range of about US$8.2 billion to about US$379 million in the rest of the top 100, let’s find some of the biggest 24-hour gainers and losers at press time.
• LEO Token (LEO), (market cap: US$5.4 billion) +8%
• Synthetix Network (SNX), (mc: US$716 million) +7%
• Uniswap (UNI), (mc: US$2.3 billion) +2%
• Chain (XCN), (mc: US$1.88 billion) +2%
• Tenset (10SET), (mc: US$626 million) +1%
• Celsius Network (CEL), (market cap: US$389 million) -19%
• Aave (AAVE), (mc: US$877 million) -13%
• Theta Network (THETA), (mc: US$1.23 billion) -11%
• THORChain (RUNE), (mc: US$536 million) -10%
• ApeCoin (APE), (mc: US$1.24 billion) -10%
To finish, a selection of randomness that stuck with us on our daily journey through the Crypto Twitterverse.
Something positive here – a couple of new world leaders appear to be fans of Bitcoin…
— Bitcoin Magazine (@BitcoinMagazine) June 22, 2022
The newly elected president of Colombia 🇨🇴, Gustavo Petro, is pro #Bitcoin 🙀
— Crypto GEMs King 💎 (@CryptoGems_King) June 21, 2022
Meanwhile, there’s a pretty damn large NFT conference happening in New York this week – NFT.NYC. Find out more about that, plus an NFT market update from Balthazar, here.
And here are some mixed vibes from the event…
NFT lovers literally falling for dude wearing a nametag that says Doop Snogg pic.twitter.com/BeBVOT61nE
— Stephen Langton (@StephenMLangton) June 21, 2022
Will the real Snoop stand up? Here he is…
— Cozomo de’ Medici (@CozomoMedici) June 22, 2022
— Ja’dan Johnson (@jdanjohnson) June 22, 2022
Just heard someone at the Moonbirds line, which hasn’t moved for the last hour, pronounce Tame Impala “Ta-mae Impalea.”
Couldn’t be having a worse time
— Rogue Itachi | Yunt Capital (@TheRogueItachi) June 22, 2022
Those NFT protestors blocked the entrance 🤣https://t.co/rdq2WXaDL4
— Marek | Celo 🇺🇦 (@marek_) June 22, 2022
— Steve Vallas (@stevevallas) June 22, 2022
Lastly… wish we could un-see these two goblintown.wtf fans… but this one’s been going Crypto Twitter viral. And not in a good way…
— 1 👁 willie @ NFT.NYC 🦍🔺👁🔺 🦇🔊 (@willONEeye) June 21, 2022