Crypto Trends Weekly June 18 – 24

Breaking crypto news from the last week (June 18 – 24, 2022):

June 18: On Saturday evening, Bitcoin plunged to about $17,749, and Ether fell to about $897 as the sell-off in the crypto market accelerated. The world’s two most popular cryptocurrencies are down more than 35% over the last week, as both breach symbolic price barriers.

June 19: BitOasis, a UAE-based Middle East crypto exchange, said it laid off 5% of its staff in the face of a downturn and market turmoil. Contrary, Binance has listed over two dozen openings in the Emirates.

June 20: ProShares, an investment product provider, announced the launch of the US first short Bitcoin exchange-traded fund (ETF) that would allow investors to bet on Bitcoin’s decline. The product has launched under the ticker BITI.

June 21: BlockFi, a сrypto lender and exchange, has secured a $250 million credit from leading crypto platform FTX. While many crypto platforms are struggling amid a bear market, BlockFi hopes the new credit line could help them remain afloat. The agreement also opens the door to future collaboration between BlockFi and FTX.

Data from blockchain analytics firm Glassnode reveals that more than half of Bitcoin wallet addresses are still in profit, raising questions about the severity of the current market sell-off as Bitcoin fell below $20,000 over the last weekend. Despite Bitcoin bouncing back by Tuesday to over the $21,000 level, Morgan Stanley and Goldman Sachs warned that recession risks still were “not fully priced in.”

June 22: Deloitte, the leading global provider of audit and financial advisory, has announced a strategic partnership with New York Digital Investment Group (NYDIG), a Bitcoin investment firm that offers technology and financial services to businesses in a broad range of industries. Within the deal, the companies will collaborate to help businesses of different sizes incorporate digital assets into their operations like banking, rewards programs, and others.

June 23: Social media Meta is working on a wallet for the metaverse as the company is expanding its NFTs test and launching new features for creators on Facebook, Instagram, and WhatsApp. Meta CEO Mark Zuckerberg has also confirmed that Facebook Pay was renamed Meta Pay.

June 24: Goldman Sachs is reportedly seeking $2 billion in commitments from investors to buy distressed crypto assets of Celsius at steep discounts if the crypto lender goes bankrupt.