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Crypto market indecisive as World Bank denies help for El Salvador’s Bitcoin ambitions

2021.06.17 Adam James

Fear continues to pervade the cryptocurrency market as bulls search for catalysts. 

The cryptocurrency market has remained cool following yesterday's pullback. Its total capitalization is down 1.2% to $1.69 trillion, per data from CoinGecko, while market leaders BTC and ETH are down 1.1% and 2.4%, respectively. Altcoins SOL and THETA are bucking the general trend, however, having both increased by more than 5%.

The cryptocurrency market is a mixed bag today, with both declines and gains being relatively muted. Source: Coin360

The mixed cryptocurrency market comes alongside news that the World Bank has rejected El Salvador's request for assistance in implementing Bitcoin as legal tender after citing transparency and environmental concerns.

Fear remains the prevailing sentiment in the cryptocurrency markets as valuations stagnate. According to multifactorial crypto market sentiment analysis from alternative.me, participants are more fearful than they were yesterday — though still more optimistic than last week.

The cryptocurrency market is more fearful than it was yesterday. Source: alternative.me

DeFi falls below $60 billion, SushiSwap keeps losing ground

The decentralized finance market is holding above $60 billion today, despite a 13.63% TVL decrease for its dominant protocol, Aave. Maker has also hemorrhaged more than 8%, but Yearn Finance has added 6%.

On the decentralized exchange front, SushiSwap continues to drop more locked value than its primary competitors. The third-ranked DEX has lost more than 5% of its TVL, while second-ranked Uniswap has lost less than 2% and top-ranked Curve has lost less than 1%.

SushiSwap continues to struggle to find more locked value. Source: DeFi Pulse

Top altcoin gainers and losers: SHIB hit hardest among large-caps

  • GAL/USDT +38.93%
  • LAT/USDT +18.11%
  • MIR/USDK +16.89%
  • VELO/USDT -10.18%
  • KONO/USDT -10.93%
  • TMTG/USDT -11.99%

Both the best and worst altcoin performances on OKEx today are those of small-cap coins or tokens. The top-performing major altcoin is WAVES, which has gained 8.16%. On the flip side, SHIB is the worst-performing large-cap altcoin after dropping nearly 5%.

SHIB is the worst-performing major altcoin on OKEx today. Source: OKEx

BTC technical analysis: Preparing to make a move

The price of BTC is looking extra testy today as it trades tightly between the four-hour ribbon of exponential moving averages and an area of resistance around 40,000 USDT. A breakout to the upside opens the door for a challenge of 47,000 USDT, while a breakdown could see a return to 33,000 USDT.

OKEx's BTC/USDT 4h chart — 6/17. Source: OKEx, TradingView

ETH technical analysis: In danger of losing more ground

The price of ETH is still trading in something of a descending wedge against BTC and appears to be on the brink of falling through. Pressure is being applied in the form of a descending four-hour EMA ribbon, and there is little in the way of historical support underneath.

OKEx's ETH/BTC 4h chart — 6/17. Source: OKEx, TradingView

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Disclaimer: This material should not be taken as the basis for making investment decisions, nor be construed as a recommendation to engage in investment transactions. Trading digital assets involve significant risk and can result in the loss of your invested capital. You should ensure that you fully understand the risk involved and take into consideration your level of experience, investment objectives and seek independent financial advice if necessary.