Bitcoin tumbles through $22,000 in crypto crash. This chart shows how much worse a selloff could get.

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Cryptocurrencies began a new week with deep losses, boosting weekend sales after surprisingly high U.S. inflation data and problems for a major cryptocurrency exchange.

Bitcoin BTCUSD,
it has fallen by about 17% in the last 24 hours, the last price at levels not seen since December 2020 of about $ 21,714. Bitcoin is down more than 60% from November 2021 high.

Ethereum ETHUSD,
fell more than 16% to about $ 1,172, the lowest level since December 2020. Dogecoin meme DOGEUSD,
lost 16%.

Investors were revaluing exposure to riskier perceived assets following U.S. data showing persistent inflationary pressures in May and the fastest-growing rate since December 1981. Cryptography prices tend to be closely correlated. with the performance of US stocks and ES00 equity futures,
+ 0.53%
he noted a strong follow-up to Friday’s heavy losses.

Reads: Bitcoin’s “decoupling” of stocks? Here’s why it will happen, or it won’t happen

Nor did they help the industry with signs of panic. Cryptographic lending platform Celsius announced that it was pausing all withdrawals and transfers amid “extreme market conditions” as its CEL digital token fell by 50%. And actions of the MicroStrategy MSTR technology services group,
fallen in the face of concerns that a margin call might force him to sell bitcoins.

Others were affected by the news that Binance had “temporarily stopped”. #Bitcoin withdrawals to the $ BTC network “due to a” blocked transaction in the chain “, the company he tweeted.

Some looked at previous bitcoin sales to judge how far defeat can go. CoinGecko co-founder and chief operating officer Bobby Ong warned on Sunday on Twitter that even if the fund is close, “this does not mean that the price could rise by 50 % month”.

Others see support near $ 20,000.

“Since reaching a brief low of ~ 25,000 in mid-May, bitcoin has held up relatively well. The inability to hold above 30,000, however, makes it difficult to defend here with little significant support until ~ 20,000, ”said Jonathan Krinsky, BTIG’s chief market technician, who provided this chart in a note to customers Monday:

BTIG / Bloomberg

Also Monday, Ong tweeted that investors should also watch out for USDD stable currencies, the price of which fell to about $ 0.97 on Monday.

Stable currencies typically aim to link their value to the U.S. dollar or other assets. A May crisis saw the stable Earth and Moon currencies lose all their value and incalculable losses for investors. This turmoil also led to the weakness of bitcoin and the general cryptographic space.

The sponsor of the USD is TRON DAO, one of the largest decentralized organizations, and its own cryptocurrency TRX has dropped about 17% in the last 24 hours. The TRON DAO announced Monday that it would use $ 2 billion to fight short TRX sellers, but Tron founder Justin Sun tweeted that this may be pointless.

“Short-term financing rate #TRX activated @binance is a negative APR of 500%. @trondaoreserve it will deploy $ 2 billion to fight them. I don’t think they can last even 24 hours. A short close is coming “, He said. Read more about this here.

Euro Pacific Capital CEO and President of SchiffGold, Peter Schiff, who has long been a critic of cryptocurrencies, tweeted that the total market capitalization of cryptocurrencies is now less than $ 1 trillion. a warning sign for investors.

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