Prices of most cryptocurrencies fell today, Monday, June 27, 2022, following rising over the past two days amid fears of a rebound.
This comes at a time when Dogecoin managed to achieve gains of more than 10%.
Cryptocurrencies are seeking to record a green week following a violent wave of declines that made the market lose its balance, and during the past two days, signs of improvement appeared on the horizon regarding the breaking of the bloody downward wave, but caution is still present from a sudden rebound.
The market value of cryptocurrencies fell 1.3 percent compared to yesterday, reaching $952.17 billion, with cash flows during the last 24 hours amounting to $62.95 billion.
Over the past two days, the market value of digital currencies has jumped by more than $100 billion, from levels near $870 billion to levels near $970 billion.
intense sales
Bitcoin miners have begun selling their stockpile of tokens to cover rising costs, as the industry’s growth outlook slows, and the largest cryptocurrency has little signs of recovery following the latest crash, and from record lows.
Mining companies transferred regarding 195,663 coins to exchanges in May, the largest monthly increase since last January, according to data from Coin Metrics compiled by Compass Mining. According to the average price of “Bitcoin” in May of regarding 32,000 dollars, the total value of the tokens sold is regarding 6.3 billion dollars.
This indicates that companies may transfer large amounts of coins accumulated in their digital wallets to exchanges for sale.
To make it more clear, this number does not necessarily mean that miners will sell that large amount of tokens, because some of them will exchange coins in other deals, and will not sell them.
dread to demise
In a positive sign of the improvement in the traders’ psychology, the fear and greed index data revealed a significant improvement in the recent readings, indicating a noticeable recovery in market sentiment.
The reading of the fear and greed index rose from 6 points, which is the lowest level in the index in more than two years, to 14 points.
For the second day in a row, the Fear and Greed Index recorded the 14-point levels, coinciding with the continuation of Bitcoin trading above the $20,000 and $21,000 levels.
According to the reading of the Fear and Greed Index, last week’s average reached 6 points, while the monthly average of the index recorded 12 points, words that express the market’s immersion in a state of intense fear.
Bitcoin price today
Today, Monday, June 27, 2022, the price of Bitcoin (BTC), the largest and most famous digital currency in the world, fell by 1.22% to reach $21184.4, and the market value of the world’s most popular cryptocurrency recorded $404.38 billion.
Since hitting a record high of $69,000 last November, Bitcoin has tumbled regarding 70%.
Cryptocurrency rates today
The price of the Ethereum coin (ETH) decreased by 1.98%, recording $1,215.97.
The price of Binance coin BNB also decreased by 0.75% to reach $ 237.4.
The price of the XRP coin decreased by 2.06% to record $0.36038.
The Cardano coin lost 1.24% to $0.4989.
The price of Polkadot also fell by 1.61% to reach $7.96.
Dogecoin price DOGE/USD increased by 12.69% to reach $0.076785 levels.
Cryptocurrencies are a non-cash digital payment method, which is managed and traded in a decentralized online payment system that is highly protected away from the control and control of banks.
According to the statistics of the cryptocurrency exchange Crypto.com, there were approximately 300 million people who owned cryptocurrency by the end of 2021.
