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June 2022 has seen a second crypto crash in the trading year to date.
Back in May, the collapse of Terra Luna wiped $500 billion from the crypto market. So far in June 2022 nearly $400 billion has left crypto as the industry market cap fell below $1 trillion for the first time since January 2021.
Many crypto investors may have thought that May 12 was the right time to buy the dip. Back then, the Bitcoin price has fallen from $40,000 down to $28,000. But if you’d bought at $28,000, you’d be 30% down in your investment as the Bitcoin price barely holds above $20,000 today.
All this begs the question – is this second crypto crash in 2022 the right time to buy the dip?
While the first crypto crash was arguably caused by the depegging of UST from its $1 price, this second crypto crash is largely macroeconomic.
The Consumer Price Index (CPI) put inflation at 8.6% in May following a report last week. This spooked all markets, with the Dow Jones Industrial Average falling 900 points and the S&P500 entering a bear market.
The Nasdaq composite also fell 4.68% due to inflation being at its highest level since 1981.
Monday, June 13, saw the Bitcoin price collapse from $27,000 to $22,000. Bitcoin price losses continued into June and June 15 with Bitcoin trading at a low of $22,180 today.
As a knock-on effect of falling crypto prices, the lending and staking network Celsius froze over $11 billion in assets on Monday. On Tuesday, the United States’ largest crypto trading platform – Coinbase – announced it was laying off 18% of its full-time staff.
The bearish crypto news combined with bearish market conditions is why crypto is crashing once again in June 2022.
Trading indicators are arguably positive for Bitcoin.
The Bitcoin relative strength index (RSI) over a 14-week view is currently at 26. This is the lowest RSI since at least 2018 and indicates Bitcoin is oversold at present. Bitcoin has also fallen past its 200-week SMA which is at $22,350.
Both of these key indicators suggest Bitcoin is an attractive buy right now. However, it’s hard to tell where the Bitcoin bottom is.
The US Federal Reserve is holding a meeting that ends today, June 15. Interest rate increases are expected to follow. These could in the short term create more volatility but in the long-term help to curb inflation and bring some stability back to the crypto market.
During a crypto crash like we are seeing in June, tokens with strong fundamentals have the best prospects of survival.
Terra Luna was a top 10 cryptocurrency by market cap at the beginning of May – the token is now worth $0.00005719 after falling 99.99% from a price of over $80 in May. The algorithmic stablecoin UST is currently worth $0.007334 after depegging from its $1 price.
These tokens evidently lacked strong fundamentals – so what cryptos are a good buy in June 2022?
The stablecoin BUSD has been one of the success stories of the recent crypto crash. BUSD jumped into the crypto top 10 and is currently at 6th place in the market cap rankings. BUSD is the only stablecoin backed by US banks, with regular monthly audits and it is native stablecoin in the world’s biggest cryptocurrency exchange by market cap – Binance.
BUSD is also behind the current 12% price spike in the reflection token EverGrow Coin.
EverGrow Coin charges a 14% transaction tax with 8% distributed as BUSD rewards to investors. More than $37 million has been paid to investors to date – and EverGrow Coin holders earn BUSD rewards for any buy or sell order of EGC. This means investors continue to earn passive income during the current crypto crash.
If you’re not experienced with short-trading, day-trading or buying up fast-rising altcoins to make a quick profit, EverGrow Coin can be a good buy in June 2022.
Disclaimer: The information provided in this article is solely the author’s opinion and not investment advice – it is provided for educational purposes only. By using this, you agree that the information does not constitute any investment or financial instructions. Do conduct your own research and reach out to financial advisors before making any investment decisions.
Bitgert is a crypto engineering organisation launched in July 2021 and has grown rapidly with lots of developments and products Bitgert is the most trusted crypto of 2023 and it is expected to become a part of Top 10 cryptocurrencies with a estimated market cap of $10 Billion USDK now more about Bitgert here: https://bitgert.com
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