Bitcoin (BTC)Crypto News

Bitcoin Defends $20,000 Amid Increased Volatility, Polygon Surges 25% (Market Watch)

                                                            Der Cryptowährungsmarkt erlebte nach den jüngsten Kommentaren des Fed-Vorsitzenden einen weiteren volatilen Handelstag, aber BTC schaffte es, über 20.000 $ zu bleiben.  Die meisten Altcoins haben ebenfalls einige Gewinne verzeichnet, während MATIC mit einem massiven Anstieg von 25 % allen die Show gestohlen hat.

Bitcoin is above $20,000

This past weekend was one of BTC’s worst in terms of price action as the asset fell to an 18-month low of $17,500. This comes after it lost almost 50% of its value in less than ten days.

However, the bulls rose at this point and did not allow any further declines. Quite the opposite, they pushed the asset north, and Bitcoin traded above $20,000 on Monday.

It even surged above $21,500 but failed at that point and declined by around $1,000. Then came the Fed Chair’s testimony before the US Congress, in which Powell said the central bank would continue to raise interest rates to try to inflation to fight.

After the news was delivered, Bitcoin started falling and fell below $20,000, but that was short-lived. As of now, the asset is above this line and its market capitalization is almost 400 billion US dollars.

Bitcoin Defends $20,000 Amid Increased Volatility, Polygon Surges 25% (Market Watch), Crypto Trading NewsBTCUSD. TradingView

Notable bitcoin news

Comparing the 2018 bear market to the current one, a popular crypto analyst said that BTC’s bottom could be further below.

Arcane’s latest research showed that Bitcoin miners had to sell all of their mined BTC in May to cope with the falling prices.

Grayscale CEO Michael Sonnenshein argued that the recently launched Bitcoin Inverse ETF bodes well for the crypto industry.

MATIC stands above everything

Ethereum continues his fight to reclaim $1,100 resolutely. It dipped below that line yesterday, but a marginal 2% daily gain has the second largest cryptocurrency pressed just above it.

BNB is up 5% in one day and is close to $225. ADA, XRP, DOT and Dogecoin have also posted some gains since yesterday.

Solana is up more than 7% and is trading north of $35. Shiba Inu is among the biggest gainers after rising another 9%. Consequently, SHIB is now at $0.00001.

Nevertheless, MATIC stands out above all with a massive price jump of 25%. As a result, the asset has increased to $0.5.

More daily wins come from cosmos (15%), Enjin coins (15%), Uniswap (13%), THORChain (13%), The sandbox (12%), Storj (11%) and others.

The crypto market cap has increased by around $30 billion in one day and is now over $900 billion.
Bitcoin Defends $20,000 Amid Increased Volatility, Polygon Surges 25% (Market Watch), Crypto Trading NewsOverview of the cryptocurrency market. Quantify Crypto

Altcoin/Industry News

Uniswap announced yesterday that it will acquire the Ethereum-based ones NFT-Aggregator Genie to integrate such assets on its platform.

After admitting a massive exposure to struggling 3AC hedge fund, Voyager Digital said it received a $500 million credit facility loan from Alameda.

The dominance of all stablecoins combined reached a new one even after the fall of UST all-time high.

Source: Crypto News Deutsch

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