Bitcoin was trading near the $21,000 level on June 23. Several altcoins such as Polygon (MATIC, +20.52%), Avalanche (AVAX, +12.2%), Cosmos (Atom, +12.32%), THORChain (Rune, +18.93%), Storj (STORJ , +42.06%), Enjin Coin (ENJ, +10.79%), IoTeX( IOTX, +16.78%) were significantly up in the last 24 hours.
“Bitcoin has made “a bottom” but probably not “the bottom,” said Mark Newton, head of technical strategy at Fundstrat Global Advisors. Cryptocurrencies have been trending in the same direction as stocks for months as investor interest in risky assets waned due to mounting concerns about an economic collapse.
Past cryptocurrency rallies, according to Ian Harnett, co-founder of Absolute Strategy Research, showed that bitcoin often declines by 80% from all-time highs. A similar occurrence in 2022 would push the top cryptocurrency down over 40% to $13,000, which Harnett refers to as a “key support area.”
Bitcoin’s all-time high was close to $19,783 in late December 2017. As the 2018 bear market got underway, Bitcoin dropped almost to the $3000 barrier. Almost three years after originally reaching the $20k mark, Bitcoin achieved this feat again in December 2020. This might suggest that it could take some time—possibly months or years—for bitcoin to achieve its most recent all-time highs if history is any guide.
Binance CEO Changpeng Zhao stated, “I think given this price drop, from the all-time high of 68k to 20k now, it will probably take a while to get back.” It probably will take a few months or a couple of years,” adding that “no one can predict the future’’.
Ripple CEO Slams SEC for ‘Contradictions’ on Crypto Regulations
The chief executive of Ripple Labs, Brad Garlinghouse, has alleged that the Securities and Exchange Commission of the United States, or SEC, has inconsistently implemented restrictions on the nation’s crypto firms.
Garlinghouse brought up Ripple’s ongoing legal dispute with the SEC, in which the regulator claims the company’s officials engaged in “unregistered securities” with XRP sales, during his remarks at the Collision conference in Toronto on Thursday.
Although the cryptocurrency exchange at the time listed XRP, Garlinghouse cited the SEC’s clearance of Coinbase’s initial public offering in April 2021.
“The SEC now seems to take the position when they sued us that ‘XRP is a security and always has been, but they approved Coinbase going public even though Coinbase is not a registered broker-dealer,” said the Ripple CEO. “There’s some contradictions here of the SEC almost not, within its organization, knowing left hand, right hand” he added.