CryptoCurrency News - June 21, 2022

Bitcoin continues with its attempts to recover some of the recently-lost ground and has increased to just over $21,000. However, it has been outperformed by most of the altcoins. Some, such as DOT, AVAX, SOL, and MATIC, have marked massive double-digit gains.

Altcoin on the Rise

Following the massacre that transpired in the past week, and especially during the weekend, the alternative coins have begun their recovery sessions.

Ethereum was among the most substantial losers. At one point, ETH had lost over 50% of its value in about a week and dumped all the way down to $900. Yesterday, though, brought some relief to the second-largest crypto, which reclaimed $1,000. Another daily increase has now pushed it above $1,100.

BNB dipped below $200, but it’s currently above $220 following a 5.5% jump now. ADA has seen a similar increase and trades at $0.5. XRP, DOGE, LEO, and SHIB are also in the green.

The most impressive gainers from the larger-cap altcoins are Solana, Polkadot, Avalanche, Chainlink, and Polygon. All of them are up by double digits on a daily scale.

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The overall crypto market cap has added another $40 billion in a day and is well above $900 billion now.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

Altcoin/Industry News

The organization behind Cardano said it had decided to postpone the anticipated Vasil upgrade to have time to prepare better.

The DeFi protocol – Bancor – joined the list of other industry names halting services. The project stopped its impermanent loss protection feature, citing market issues.

Authorities from South Korea banned some of Terra’s employees from leaving the country.

Bitcoin Sees a Minor Peak

Bitcoin also plummeted hard in the past week or so and even plunged below $20,000 during the weekend for the first time in over a year. Moreover, the primary cryptocurrency kept diving and bottomed at $17,500 on Sunday – a new 18-month low.

However, the bulls stepped up at this point and reversed BTC’s trajectory. Instead of heading further south, the asset started reclaiming some ground and spiked above $20,000 yesterday, as reported.

The past 24 hours also went positively for the cryptocurrency, aside from a brief retracement to below $20,000. As of now, bitcoin stands tall above $21,000, and its market cap has reclaimed the $400 billion mark. The dominance over the altcoins stands at 44.5%.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

Notable Bitcoin News

Although bitcoin has recovered more than $4,000 in a few days, Arthur Hayes believes the asset is not out of the woods yet and could dump again.

The massive market crash has not deterred Kevin O’Leary, as the prominent investor said he will not sell any of his BTC and crypto holdings.

The Iranian government has reportedly decided to halt crypto mining operations amid the upcoming summer season.


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Cryptocurrency charts by TradingView.


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