Does anyone care anymore if Bitcoin falls below $ 20k?
The more blasé crypto-analysts become about a bitcoin price in the $ 10,000s, the more it seems like the bottom is in. PLUS: On Monday, the euro approached parity with the US dollar.
Good morning. Here’s what’s going on:
Prices: Bitcoin falls below $ 20K, but cryptanalysts do not seem to care.
Insight: KuCoin rejects rumors of layoffs, while Three Arrows creditors receive an emergency hearing.
Prices
- Bitcoin (BTC): $ 20,065 ,23.2%
- Ether (ETH): $ 1 105 −4.9%
- S&P 500 daily closing: 3,854.43 −1.2%
- Gold: $ 1,732 per troy ounce -0.5%
- Ten-year government return daily close: 2.99% -0.1
Bitcoin, ether and gold prices are taken around 4 pm New York time. Bitcoin is the CoinDesk Bitcoin Price Index (XBX); Ether is the CoinDesk Ether Price Index (ETX); Gold is the spot price for COMEX.
For almost a month, bitcoin (BTC) has been trading in the range of $ 17,000 to $ 23,000, and cryptanalysts are wondering if the worst of this year’s big sales may be over.
The price fell 4.4% on Monday to below $ 20,000, but falling below the critical psychological price limit does not generate the same level of panic as in early June, when bitcoin appeared to be in free fall.
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“I have heard forecasts as low as $ 8000 per bitcoin, but we may have seen the bottom already,” wrote Mati Greenspan, founder of the crypto and currency analysis firm Quantum Economics. “The outlook only gets better when we realize that the absolute worst case scenario is probably not extremely likely.”
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“The purge is happening,” Kapil Rathi, CEO of the cross-tower crypto-trading platform, told CoinDesk TV on Monday. “When we get to the other side, it should be healthy, and a stronger crypto market.”
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“Despite all the pessimism and negative headlines about Bitcoin, the fact that it’s fighting at the $ 20,000 level is a promising sign,” said Edward Moya, senior market analyst at Oanda.
In traditional markets, the big story in foreign currency on Monday was the fall of the euro towards $ 1 – the so-called “parity point”. CoinDesk’s Omkar Godbole wrote about the implications for crypto last week.
Crypto-traders are still looking forward to Wednesday’s expected release of the June Consumer Price Index (CPI), the most recognized measure of US inflation, to find clues as to how aggressive the Federal Reserve must be to slow the pace of consumer price increases.
Most altcoins traded in the minus today, and DOGE and SHIB lost big.
Markets
Biggest winners
| resource | Ticker | Returns | DACS sector |
|---|---|---|---|
| Loop ring | LRC | +6.4% | Smart contract platform |
Biggest losers
| resource | Ticker | Returns | DACS sector |
|---|---|---|---|
| Gala | GALLA | −9.0% | Entertainment |
| Shiba Inu | SHIB | −8.5% | Currency |
| Dogecoin | DOGE | −7.7% | Currency |
Featured stories
KuCoin rejects rumors of dismissal, says it employs 300 – by Shaurya Malwa
The cryptocurrency exchange KuCoin pushed back against rumors of massive layoffs, and said that it actually intends to hire more than 300 employees in the coming months, CEO Johnny Lyu told CoinDesk via Telegram on Monday.
“KuCoin has not reduced its staff and does not plan to do so,” Lyu said. “We are one of the few crypto platforms that continues to grow by relying on an effective business strategy, focusing on releasing new products and maintaining a healthy atmosphere in our team.”
Lyu added that the company did everything it could to “increase productivity and motivation of employees”, while focusing on expanding innovation and compliance. Important events
Three Arrows creditors get emergency hearing as founders fail to “cooperate” – by Sam Reynolds
Where in the world are Su Zhu and Kyle Davies? Lawyers involved in the liquidation of Three Arrows Capital’s British Virgin Islands fund would certainly like to know because hedge fund founders have not cooperated in the proceedings so far and their current location is unknown.
In documents filed late Friday in the U.S. Bankruptcy Court for the Southern District of New York, lawyers acting on behalf of the creditors said the founders of the fund “have not yet begun cooperating with [proceeding] in some meaningful way. “
Lawyers said people who identified themselves as “Su Zhu” and “Kyle” were present at a first Zoom call, but their video and audio were turned off and they would not answer questions asked directly to them, with only their legal representatives who answered questions.
Lawyers for the creditors who visited Three Arrows’ Singapore office found it abandoned, according to court documents.
