Bitcoin sinks below $19,000 as it breaks cycle peak record

Bitcoin dropped below $19,000 for the first time since December 2020 as evidence of deepening stress within the crypto industry keeps piling up against a backdrop of monetary tightening.

“Global macro uncertainty combined with spectacular blow-ups in the crypto ecosystem has caused prices to fall at a rate that has surprised investors,” said Kunal Goel, a research analyst at Messari. A toxic mix of bad news cycles and higher interest rates has been deleterious to riskier assets such as crypto. The Federal Reserve raised its main interest rate on June 15 by three-quarters of a percentage point — the biggest increase since 1994 — and central bankers signalled they will keep hiking aggressively this year in the fight to tame inflation.

Adding to the mood, crypto hedge fund Three Arrows Capital suffered large losses and said it is considering asset sales or a bailout, while another lender, Babel Finance, followed in Celsius’s footsteps on Friday. Even long-term holders who have avoided selling until now are coming under pressure, according to researcher Glassnode.

The top four stablecoins saw exchange net outflows last week that were 4.5 times larger than the prior week, Bank of America’s Shah said, having charted net outflows in eight of the 10 previous weeks. Stablecoins are often relied upon by crypto traders to move funds around the ecosystem without needing to exit into traditional currencies, so persistent outflows indicate that investors remain defensive, he said.

M waiting for it to get $5 then I will buy.😔

Sub 18,000.00 already

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