{"id":20013,"date":"2022-06-16T01:34:40","date_gmt":"2022-06-16T01:34:40","guid":{"rendered":"http:\/\/egrowonline.com\/?p=20013"},"modified":"2022-06-16T01:34:40","modified_gmt":"2022-06-16T01:34:40","slug":"bitcoin-eases-from-18-month-low-as-crypto-market-stabilizes","status":"publish","type":"post","link":"http:\/\/egrowonline.com\/?p=20013","title":{"rendered":"Bitcoin eases from 18-month low as crypto market stabilizes"},"content":{"rendered":"<p> <br \/>\n<\/p>\n<div>\n<p data-testid=\"paragraph-0\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__base__22dCE body__large_body__FV5_X article-body__element__2p5pI\">LONDON\/NEW YORK, June 15 (Reuters) &#8211; Bitcoin recovered on Wednesday after diving to an 18-month low, buoyed by the U.S. Federal Reserve&#8217;s tough stance on inflation even in the midst of a market meltdown this week after crypto lender Celsius froze customer withdrawals.<\/p>\n<p data-testid=\"paragraph-1\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__base__22dCE body__large_body__FV5_X article-body__element__2p5pI\">The world&#8217;s largest cryptocurrency fell as much as 7.8% to $20,079.72 , its lowest since December 2020. It has lost about 33% against the U.S. dollar since Friday, dropping more than 50% since the beginning of the year. It has slumped about 70% from its record high of $69,000 in November.<\/p>\n<p data-testid=\"paragraph-2\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__base__22dCE body__large_body__FV5_X article-body__element__2p5pI\">Bitcoin was last down 1.31% at $21,669.37.<\/p>\n<div class=\"registration-prompt__container__2jf5K registration-prompt__inline__2WDU- article-body__element__2p5pI article-body__inline-registration-prompt__1-N9W\">\n<div class=\"registration-prompt__text-content__o0YET\">\n<h5 data-testid=\"Heading\" class=\"text__text__1FZLe text__white__3r45t text__medium__1kbOh text__heading_5__2krbj heading__base__2T28j heading__heading_5__2A2g- registration-prompt__heading__3fq-h\">Register now for FREE unlimited access to Reuters.com<\/h5>\n<p><button data-testid=\"Button\" class=\"button__button__2Ecqi button__secondary__18moI button__round__1nYLA text-button__container__3q3zX registration-prompt__button-text__3kTtQ\" type=\"button\"><\/p>\n<p><span data-testid=\"Text\" class=\"text__text__1FZLe text__inherit-color__3208F text__bold__2-8Kc text__default__UPMUu text-button__medium__113uZ\">Register<\/span><\/p>\n<p><\/button><\/div>\n<\/div>\n<p data-testid=\"paragraph-3\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__base__22dCE body__large_body__FV5_X article-body__element__2p5pI\">The digital currency sector has been pummelled this week after Celsius froze withdrawals and transfers between accounts, stoking fears of contagion in markets shaken by the demise of the terraUSD and luna tokens last month.<\/p>\n<p data-testid=\"paragraph-4\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__base__22dCE body__large_body__FV5_X article-body__element__2p5pI\">Cryptocurrencies were buoyed as the S&amp;P 500 rallied after a policy announcement by the Fed to raise interest rates, snapping a five-session losing skid.<\/p>\n<p data-testid=\"paragraph-5\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__base__22dCE body__large_body__FV5_X article-body__element__2p5pI\">The Fed raised its target interest rate by three-quarters of a percentage point, its biggest rate hike since 1994. <a target=\"_blank\" data-testid=\"Link\" href=\"https:\/\/www.reuters.com\/markets\/europe\/focus-fed-futures-edge-higher-ahead-rate-decision-2022-06-15\/\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__medium__1kbOh text__large__nEccO link__underline_default__2prE_\" rel=\"noopener\"> read more <\/a><\/p>\n<p data-testid=\"paragraph-6\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__base__22dCE body__large_body__FV5_X article-body__element__2p5pI\">Crypto funds saw outflows of $102 million last week, according to digital asset manager CoinShares, citing investors&#8217; anticipation of tighter central bank policy.<\/p>\n<p data-testid=\"paragraph-7\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__base__22dCE body__large_body__FV5_X article-body__element__2p5pI\">The value of the global crypto market has tumbled 70% to under $900 billion from a peak of $2.97 trillion in November, CoinMarketCap data shows.<\/p>\n<figure class=\"article-body__element__2p5pI\" data-testid=\"graphic-0\">\n<div class=\"reuters-graphic__image-container__Pqe8z\">\n<div data-testid=\"StatefulImage\" class=\"stateful-image__container__hH_Q_ stateful-image__light__2XHJA\">\n<div data-testid=\"Image\" class=\"stateful-image__image__ThpeM\"><img decoding=\"async\" src=\"https:\/\/fingfx.thomsonreuters.com\/gfx\/mkt\/lgvdwbwqapo\/Bitcoin%20so%20far%20in%202022.png\" alt=\"Bitcoin so far in 2022\" title=\"\" \/><\/div>\n<\/div>\n<\/div><figcaption data-testid=\"Body\" class=\"text__text__1FZLe text__medium-grey__3A_RT text__regular__2N1Xr text__small__1kGq2 body__base__22dCE body__caption__3L8vY reuters-graphic__figcaption__2fuWM\">Bitcoin so far in 2022<\/figcaption><\/figure>\n<div class=\"article-body__element__2p5pI\" data-testid=\"gallery-0\">\n<div class=\"inline-gallery__detail__3ZG21\">\n<div class=\"caption__container__1o2DX inline-gallery__caption__1BuRa\">\n<p data-testid=\"Body\" class=\"text__text__1FZLe text__white__3r45t text__regular__2N1Xr text__small__1kGq2 body__base__22dCE body__caption__3L8vY caption__text__GE-bd caption__collapsed__XIFyB\">Representation of cryptocurrency bitcoin is seen in this illustration taken November 29, 2021. REUTERS\/Dado Ruvic\/Illustration\/File Photo<\/p>\n<p><button data-testid=\"Button\" class=\"button__button__2Ecqi button__ghost__1gV9w button__round__1nYLA text-button__container__3q3zX caption__readmore__V8B-O caption__collapsed__XIFyB\" type=\"button\"><\/p>\n<p><span data-testid=\"Text\" class=\"text__text__1FZLe text__inherit-color__3208F text__bold__2-8Kc text__default__UPMUu text-button__medium__113uZ\">Read More<\/span><\/p>\n<p><\/button><\/div>\n<\/div>\n<\/div>\n<p data-testid=\"paragraph-8\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__base__22dCE body__large_body__FV5_X article-body__element__2p5pI\">&#8220;Some parts of the broader crypto ecosystem are facing a rather harsh reckoning,&#8221; said Mikkel Morch, executive director at digital asset hedge fund ARK36. &#8220;As the reality of the bear market starts to settle in, the hidden leverages and structural weaknesses of projects that only worked when the prices went up are finally brought to light.&#8221;<\/p>\n<p data-testid=\"paragraph-9\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__base__22dCE body__large_body__FV5_X article-body__element__2p5pI\">Celsius has hired restructuring lawyers and is looking for possible financing options from investors, the Wall Street Journal reported, citing people familiar with the matter. Celsius is also exploring strategic alternatives including a financial restructuring, it said.<\/p>\n<p data-testid=\"paragraph-10\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__base__22dCE body__large_body__FV5_X article-body__element__2p5pI\">Smaller cryptocurrencies, which tend to move in tandem with bitcoin, also fell. Ether , the second largest token, fell to as low $1,013, the lowest since January 2021, and was last down 1.22% at $1,172.76.<\/p>\n<p data-testid=\"paragraph-11\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__base__22dCE body__large_body__FV5_X article-body__element__2p5pI\">The chaos in the crypto market has spread to other companies, with a number of exchanges slashing workforces.<\/p>\n<p data-testid=\"paragraph-12\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__base__22dCE body__large_body__FV5_X article-body__element__2p5pI\">Major U.S. exchange Coinbase Global Inc <a target=\"_blank\" data-testid=\"Link\" href=\"https:\/\/www.reuters.com\/companies\/COIN.O\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__medium__1kbOh text__large__nEccO link__underline_default__2prE_\" rel=\"noopener\">(COIN.O)<\/a> said on Tuesday it would cut about 1,100 jobs, or 18% of its workforce. Gemini, another U.S. exchange, said this month it would cut 10% of its workforce. <a target=\"_blank\" data-testid=\"Link\" href=\"https:\/\/www.reuters.com\/markets\/currencies\/coinbase-slashes-18-workforce-2022-06-14\/\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__medium__1kbOh text__large__nEccO link__underline_default__2prE_\" rel=\"noopener\"> read more <\/a><\/p>\n<p data-testid=\"paragraph-13\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__base__22dCE body__large_body__FV5_X article-body__element__2p5pI\">Still, others continue to hire. Binance, the world&#8217;s largest exchange, said it was hiring for 2,000 positions, and U.S. exchange Kraken said it had 500 roles to fill. <a target=\"_blank\" data-testid=\"Link\" href=\"https:\/\/www.reuters.com\/technology\/binance-opens-2000-positions-hiring-ceo-2022-06-15\/\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__medium__1kbOh text__large__nEccO link__underline_default__2prE_\" rel=\"noopener\"> read more <\/a><\/p>\n<p data-testid=\"paragraph-14\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__base__22dCE body__large_body__FV5_X article-body__element__2p5pI\">&#8220;Hunker down,&#8221; tweeted Binance CEO Changpeng Zhao.<\/p>\n<p data-testid=\"paragraph-15\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__base__22dCE body__large_body__FV5_X article-body__element__2p5pI\">Crypto hedge fund Three Arrows, facing social media chatter it is facing liquidation issues, said it was committed to working things out. <a target=\"_blank\" data-testid=\"Link\" href=\"https:\/\/www.reuters.com\/markets\/funds\/crypto-hedge-fund-three-arrows-capital-addresses-liquidation-rumours-2022-06-15\/\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__medium__1kbOh text__large__nEccO link__underline_default__2prE_\" rel=\"noopener\"> read more <\/a><\/p>\n<p data-testid=\"paragraph-16\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__base__22dCE body__large_body__FV5_X article-body__element__2p5pI\">U.S. crypto broker Genesis also sought to ease investor concerns, saying its balance sheet was strong and its lending business continued to meet client demand despite elevated market volatility. <a target=\"_blank\" data-testid=\"Link\" href=\"https:\/\/www.reuters.com\/technology\/us-crypto-broker-genesis-says-its-lending-business-is-meeting-client-demand-2022-06-15\/\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__medium__1kbOh text__large__nEccO link__underline_default__2prE_\" rel=\"noopener\"> read more <\/a><\/p>\n<div class=\"registration-prompt__container__2jf5K registration-prompt__inline__2WDU- article-body__element__2p5pI\">\n<div class=\"registration-prompt__text-content__o0YET\">\n<h5 data-testid=\"Heading\" class=\"text__text__1FZLe text__white__3r45t text__medium__1kbOh text__heading_5__2krbj heading__base__2T28j heading__heading_5__2A2g- registration-prompt__heading__3fq-h\">Register now for FREE unlimited access to Reuters.com<\/h5>\n<p><button data-testid=\"Button\" class=\"button__button__2Ecqi button__secondary__18moI button__round__1nYLA text-button__container__3q3zX registration-prompt__button-text__3kTtQ\" type=\"button\"><\/p>\n<p><span data-testid=\"Text\" class=\"text__text__1FZLe text__inherit-color__3208F text__bold__2-8Kc text__default__UPMUu text-button__medium__113uZ\">Register<\/span><\/p>\n<p><\/button><\/div>\n<\/div>\n<p><span data-testid=\"Text\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__default__UPMUu sign-off__text__PU3Aj\">Reporting by Tom Wilson in London, Gertrude Chavez-Dreyfuss in New York and Hannah Lang in Washington; Additional reporting by Alun John in Hong Kong<br \/>\nEditing by Jason Neely, Mark Potter and David Gregorio<\/span><\/p>\n<p data-testid=\"Body\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__base__22dCE body__large_body__FV5_X article-body__element__2p5pI\">Our Standards: <a target=\"_blank\" data-testid=\"Link\" href=\"https:\/\/www.thomsonreuters.com\/en\/about-us\/trust-principles.html\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__medium__1kbOh text__large__nEccO link__underline_default__2prE_\" rel=\"noopener\">The Thomson Reuters Trust Principles.<\/a><\/p>\n<\/div>\n<p><br \/>\n<br \/><a href=\"https:\/\/www.reuters.com\/markets\/currencies\/bitcoin-tumbles-new-18-month-low-2022-06-15\/\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>LONDON\/NEW YORK, June 15 (Reuters) &#8211; Bitcoin recovered on Wednesday after diving to an 18-month low, buoyed by the U.S. Federal Reserve&#8217;s tough stance on inflation even in the midst of a market meltdown this week after crypto lender Celsius froze customer withdrawals. The world&#8217;s largest cryptocurrency fell as much as 7.8% to $20,079.72 , [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":20014,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[40],"tags":[9033,50,62,9032,219,3908],"class_list":["post-20013","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-market-analysis","tag-18month","tag-bitcoin","tag-crypto","tag-eases","tag-market","tag-stabilizes"],"jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"http:\/\/egrowonline.com\/wp-content\/uploads\/2022\/06\/VKWMSHNSDZPIRKKTIRLJQNIRG4.jpg","_links":{"self":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/20013","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=20013"}],"version-history":[{"count":1,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/20013\/revisions"}],"predecessor-version":[{"id":20015,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/20013\/revisions\/20015"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/media\/20014"}],"wp:attachment":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=20013"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=20013"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=20013"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}