Bitcoin falls to 18 thousand dollars and Ethereum falls to 890 in a new market collapse

New weekend down in the market cryptocurrencies. During the early hours of this Saturday, June 18, the bitcoin it has dropped to $17,744, its lowest stack in almost two years, adding a new low during the last few weeks in the red.

The cryptocurrency The market leader is down 28% in value from the last 7 days, trading under $20K this Sunday, according to CoinMarketCap.

The rest in equal or worse conditions

Its performance, of course, has pushed the market for cryptocurrencies down.

The most radical case has been that of ethereumthe second most important currency, after it was quoted at 890 dollars during the collapse of the bitcoin. Currently, it is valued at $1,000.

The chaos is similar in Cardano (46 cents down 10% in the last 7 days), XRP (31 cents, same percentage drop), Dogecoin (5 cents) or Polkadot ($7).

The coins with the worst decline in the last week have been NEXO, Monero, Polygon and KuCoin, all surpassing their decline by more than 30% of their value.

the worst context

The fall responds to the announcements of generalized inflation from the United States government, but also to the scandals of the crypto community itself.

After the eventful case of Luna, now Celsius, a lender that promised returns of up to 20% per year, has caused investors to panic after suspending its operations.

Likewise, the Coinbase market has laid off 18% of its employees, reflecting a strong impact on the economy of this type of industry.

Carlos Eduardo Bernos, Country Manager of Buddha.com in Peru, indicates that short-term volatility has always been a characteristic of the bond market. cryptocurrencies. “This volatility has manifested itself in greater magnitude in recent times, considering such a challenging macroeconomic context, with high levels of inflation, high tensions that increase geopolitical risk, rising interest rates and the main actions of the technology industry to the short”.

However, the executive added that “the ability to transfer economic value without intermediaries, the development of new products on the cryptocurrency and the ecosystem that supports it, are evidence of the potential that is not currently reflected in its price; and that, on the contrary, it will be more noticeable as the economic context normalizes”.

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