A 2nd crypto crash in the trading year has taken place in June 2022
Terra Luna wiped $500 billion from the crypto market in May during the 1st crash. De-pegging of UST from its $1 price also led to the crash
$400 billion has left crypto in June 2022, industry market cap fell below $1 trillion for the first time since January 2021
May 12 was thought to be the right time to ‘buy the dip’
Bitcoin price fell from $40,000 down to $28,000. Now it is trading 30% lower at $20,000 today. The Bitcoin relative strength index (RSI) over a 14-week view is currently at 26
Bitcoin has seen its lowest RSI since at least 2018 indicating it is ‘oversold.’ Bitcoin has also fallen past its 200-week simple moving average (SMA) which is at $22,350
The Consumer Price Index (CPI) put US inflation at 8.6% in May. Dow Jones Industrial Average fell 900 points and the S&P500 officially entered a bear market. The Nasdaq composite also fell 4.68%
Lending and staking network Celsius froze over $11 billion in assets on Monday.
Coinbase, the largest crypto trading exchange in the US, announced it was laying off 18% of its full-time staff