{"id":29113,"date":"2022-06-20T04:15:01","date_gmt":"2022-06-20T04:15:01","guid":{"rendered":"https:\/\/emilynews.com\/blog\/?p=29113"},"modified":"2022-11-22T04:37:02","modified_gmt":"2022-11-22T04:37:02","slug":"crypto-industry-anxiety-as-bitcoin-wobbles-near-20000-level","status":"publish","type":"post","link":"https:\/\/emilynews.com\/blog\/?p=29113","title":{"rendered":"Crypto Industry Anxiety As Bitcoin Wobbles Near $20,000 Level"},"content":{"rendered":"<header>\n<div class=\"article-header__container__25s8m\"><iframe loading=\"lazy\" title=\"YouTube video player\" src=\"https:\/\/www.youtube.com\/embed\/VnbrUAR_YUc\" width=\"535\" height=\"315\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\"><\/iframe><\/div>\n<div>\n<p data-testid=\"paragraph-0\">\n<p>SINGAPORE (BLOOMBERG) &#8211; Bitcoin struggled to hold above the closely watched <strong>US $20,000 level<\/strong>, extending a period of marked volatility that saw huge weekend swings.<\/p>\n<p>The largest cryptocurrency fell as much as 4.8 per cent <strong>to US $19,618 on Monday<\/strong> (June 20) in Asia and was trading at <strong>US $20,036<\/strong> as at 12.30 pm in Tokyo.<\/p>\n<p>Ether at one point shed 7.8 per cent but held <strong>above US $1,000<\/strong>.<\/p>\n<p>Solana, Cardano and Dogecoin were in the red.<\/p>\n<p class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__base__22dCE body__large_body__FV5_X article-body__element__2p5pI\" data-testid=\"paragraph-0\">HONG KONG, June 20 (Reuters) &#8211; The cryptocurrency industry was on edge on Monday morning as investors feared contagion from problems at major crypto players could unleash a major shakeout if not contained.<\/p>\n<p class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__base__22dCE body__large_body__FV5_X article-body__element__2p5pI\" data-testid=\"paragraph-1\">Bitcoin which has lost <strong>57%<\/strong> so far this year and <strong>37% this month<\/strong>, fell <strong>below $20,000<\/strong> over the weekend for the first time since December 2020. The level is of symbolic significance, as it was roughly the peak of the 2017 cycle.<\/p>\n<p class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__base__22dCE body__large_body__FV5_X article-body__element__2p5pI\" data-testid=\"paragraph-2\">The price fall follows difficulties at several major industry players, while further declines could have a knock on effect as other crypto investors are forced to sell their holdings to meet margin calls and cover losses.<\/p>\n<p class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__base__22dCE body__large_body__FV5_X article-body__element__2p5pI\" data-testid=\"paragraph-3\">Crypto hedge fund Three Arrows Capital is exploring its options, including the sale of assets and a bailout by another firm, its founders told the Wall Street Journal in a story published Friday, the same day Asia-focussed crypto lender Babel Finance said it would suspend withdrawals.<\/p>\n<p class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__base__22dCE body__large_body__FV5_X article-body__element__2p5pI\" data-testid=\"paragraph-4\">U.S. based lender Celsius Network earlier this month said it would suspend withdrawals, and many of the industry&#8217;s recent problems can be traced back to the spectacular collapse of so-called stablecoin TerraUSD in May.<\/p>\n<p class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__base__22dCE body__large_body__FV5_X article-body__element__2p5pI\" data-testid=\"paragraph-5\">Bitcoin was trading <strong>either side of $20,000 on Monday<\/strong>, while no.2 token ether was at $1,075, having dipped below its own symbolic level of $1,000 over the weekend.<\/p>\n<p class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__base__22dCE body__large_body__FV5_X article-body__element__2p5pI\" data-testid=\"paragraph-6\">&#8220;<strong>If the market goes higher, everyone breathes a sigh of relief, things will get refinanced, people will raise equity, and all of the risk will dissipate. But if we move much lower from here, I think it could be a total shitstorm<\/strong>,&#8221; said Adam Farthing, chief risk office for Japan at crypto liquidity provider B2C2.<\/p>\n<p class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__base__22dCE body__large_body__FV5_X article-body__element__2p5pI\" data-testid=\"paragraph-7\">&#8220;There is a lot of credit being withdrawn from the system and if lenders have to absorb losses from Celsius and Three Arrows, they will reduce the size of their future loan books which means that the entire amount of credit available in the crypto ecosystem is much reduced.<\/p>\n<p class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__base__22dCE body__large_body__FV5_X article-body__element__2p5pI\" data-testid=\"paragraph-8\">&#8220;<strong>It feels very like 2008 to me in terms of how there could be a domino effect of bankruptcies and liquidations,<\/strong>&#8221; Farthing said.<\/p>\n<p class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__base__22dCE body__large_body__FV5_X article-body__element__2p5pI\" data-testid=\"paragraph-9\">To be sure, the developments in crypto have coincided with an equities slide, as U.S. stocks suffered their biggest weekly percentage decline in two years on fears of rising interest rates and the growing likelihood of recession.<\/p>\n<p class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__base__22dCE body__large_body__FV5_X article-body__element__2p5pI\" data-testid=\"paragraph-10\">The bitcoin price has tended to move in a roughly similar manner to other risk assets such as tech stocks.<\/p>\n<p class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__base__22dCE body__large_body__FV5_X article-body__element__2p5pI\" data-testid=\"paragraph-11\">Smaller cryptocurrencies have been even harder hit than major tokens as investors sought the comparative safety of bitcoin and stablecoins whose values are pegged to those of traditional assets, <strong>most commonly the U.S. dollar.<\/strong><\/p>\n<p class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__base__22dCE body__large_body__FV5_X article-body__element__2p5pI\" data-testid=\"paragraph-12\">The overall crypto market capitalisation is roughly $870 billion, according to price site Coinmarketcap, down from a peak of $2.9 trillion in November 2021.<\/p>\n<p class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__base__22dCE body__large_body__FV5_X article-body__element__2p5pI\" data-testid=\"paragraph-13\">However, even stablecoins&#8217; market capitalisations have dropped in recent months, suggesting investors are pulling money from the sector as a whole.<\/p>\n<p class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__base__22dCE body__large_body__FV5_X article-body__element__2p5pI\" data-testid=\"paragraph-14\">Tether , the world&#8217;s largest stablecoin has seen its market cap fall to around $68 billion on Monday, from over $83, billion in early May.<\/p>\n<\/div>\n<\/header>\n","protected":false},"excerpt":{"rendered":"<p>SINGAPORE (BLOOMBERG) &#8211; Bitcoin struggled to hold above the closely watched US $20,000 level, extending a period of marked volatility that saw huge weekend swings. The largest cryptocurrency fell as much as 4.8 per cent &hellip; <a title=\"Crypto Industry Anxiety As Bitcoin Wobbles Near $20,000 Level\" class=\"exalt-read-more\" href=\"https:\/\/emilynews.com\/blog\/?p=29113\"><span class=\"screen-reader-text\">Crypto Industry Anxiety As Bitcoin Wobbles Near $20,000 Level<\/span>Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":29051,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"class_list":["post-29113","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-information","exalt-entry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Crypto Industry Anxiety As Bitcoin Wobbles Near $20,000 Level - EmilyNews<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/emilynews.com\/blog\/?p=29113\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Crypto Industry Anxiety As Bitcoin Wobbles Near $20,000 Level - EmilyNews\" \/>\n<meta property=\"og:description\" content=\"SINGAPORE (BLOOMBERG) &#8211; Bitcoin struggled to hold above the closely watched US $20,000 level, extending a period of marked volatility that saw huge weekend swings. 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