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A sell-off that started before the weekend got worse after the June 13 opening bell on Wall Street. Bitcoin and other cryptocurrencies fell along with U.S. stocks.
The S&P 500 fell by 3.9% by the end of the day, and the Nasdaq Composite Index fell by 4.7%. This was before the U.S. Federal Reserve made important comments about its plan to fight inflation.
But crypto was hit the hardest, and from the beginning of the week until the time this article was written, BTC/USD fell by 22.4 percent.
Trading firm QCP Capital also said that the pair was "uncomfortably close" to crossing the $20,000 mark. This would be the all-time high from its previous halving cycle, which had never happened before.
In an email to Telegram channel subscribers, QCP said that the sell-off was caused by both inflation and the possibility that fintech protocol Celsius might go bankrupt.
"Ever since LUNA went down, we have been worried about the fall of a major credit player." The market is now worried about the effects and ripple effects if Celsius goes bankrupt," it said.
"Some important levels for selling on the market are 1,150 ETH, 0.8 stETH/ETH, and 20,000 BTC." We're getting too close for comfort."
For some analysts, it was impossible to guess where the BTC price floor would be or if key trendlines would hold as support.
Rekt Capital warned that the 200-week simple moving average (SMA) at $22,400 had not been accompanied by a lot of volume interest, which left the door open for a test of lower levels.
"BTC has reached the 200-week moving average, but the volume flow isn't as strong as it was at the 200-week moving average when previous Bear Market Bottoms happened," he told his Twitter followers.
"But there is wicking to the downside below the 200 MA, and maybe this wicking needs to happen this time to bring in a lot of volume."
At the time this was written, it looked like the 200 SMA was acting more like resistance than support on low timeframes.
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Regarding altcoins, Ether fell 40% from last week's high to get close to the $1,000 mark
If that breaks, it would be the first time since January 2021 that ETH/USD traded at three-digit prices. Reports said that the pair had already passed Bitcoin's previous halving cycle's peak of $1,530.
Rekt Capital said that this downtrend didn't give altcoins much reason to celebrate, pointing out that altcoins were becoming less popular compared to Bitcoin.
The fear that all crypto traders face is shown by the fact that cross-market liquidations topped $1.2 billion in just 24 hours, according to data from the on-chain monitoring service Coinglass.
Price of Bored Ape floor drops below $100,000
As bears take over the whole crypto market, prices and sales of non-fungible tokens (NFTs) have continued to fall. Even well-known collections like the Bored Ape Yacht Club (BAYC) were hit, and their floor prices have lost a lot of value in US dollars.
To make things clear, the floor price is the lowest price of an NFT collection, not its average price. In other words, it's the price at which you can buy a single non-fungible token from a collection for the least amount of money.
At the time of writing, the least amount of BAYC was $87,000 (72 ETH), which was a 60 percent drop from the all-time high. About August 2021 was the last time an ape was sold for this price range.
Even though the price went down, BAYC is still the biggest NFT project, with a market cap of about $1.7 billion.
At the end of Q3, 2021, Bored Ape Yacht Club overtook Crypto Punks as the most valuable NFT collection in the world.
At their peak, the most rare bored apes sold for more than $1.5 million, and the most expensive one sold at auction last October for $3.4 million (852.39 ETH). During the same time, the lowest price for less expensive Apes was above $250,000. But since the recent drop in the stock market, BAYC sales and prices have gone down steadily. ’
Related: This Isn't Ethereum's Goal, Says Vitalik Buterin to BAYC
Aside from Bored Apes, the floor prices of other top NFT collections have been cut by a large amount. For example, Crypto Punks, which is the second-largest NFT collection, has a floor price of $58,000 (48 ETH) right now. In February, it was $160,000 (66.9 ETH).
The fact that BAYC's floor price has dropped below $100,000 is interesting because it gives investors a chance to buy the NFT at lower prices.
About 26 Apes were sold in the last 24 hours, which is 116 percent more than the day before. BAYC's daily volume also went up by 50 percent, and in the last 24 hours, more than $2.6 million was traded.
