Major cryptocurrencies are crashing: bitcoin drops by 17%+ to ~$23K, ether drops by 20%+ to ~$1.2K, and Solana drops 18%+ to ~$28

Bitcoin plunged to the lowest in about 18 months in Asia trading Monday as the impact of Friday's shock US inflation data continued to reverberate through global risk assets.

Bloomberg 2022-06-13

Context & Ripple Effects

The sell-off follows Bitcoin's earlier drop to around $31,000 as investors moved away from riskier investments, with Ethereum, Solana and other tokens declining alongside it. The new move shows that the pressure has broadened rather than remained isolated to Bitcoin.

Related coverage records the rout continuing into a sub-$1 trillion crypto market the next day, making the synchronized declines across the largest named tokens the important development rather than a single-asset correction.

First-order effects

Bitcoin, Ether and Solana holders face immediate, broad mark-to-market losses, with Ether's decline exceeding 20% and Solana's drop outpacing Bitcoin's.
The move resets the three tokens' trading levels sharply lower at once, leaving no offset among the major assets named in the coverage.

Second-order effects

The shared decline makes crypto exposure more sensitive to the same risk-off impulse affecting global markets, rather than offering diversification among Bitcoin, Ether and Solana.
The next day's fall in total crypto market value below $1 trillion indicates that selling extended beyond the three headline tokens into the wider market.

Third-order effects

Repeated episodes in the related coverage, including the November 2022 plunge, point to a market structure in which major crypto assets sell off together during acute stress, with Solana often moving more sharply than Bitcoin.
If that pattern persists, crypto-market participants will increasingly treat coin-specific exposure as secondary to broad risk conditions during sell-offs.

The trend: Major cryptocurrencies are behaving as a tightly correlated, high-risk asset complex when macro-driven selling accelerates.

Discussion

@cz_binance @cz_binance on x
Temporary pause of $BTC withdrawals on #Binance due to a stuck transaction causing a backlog. Should be fixed in ~30 minutes. Will update. Funds are SAFU.
@cz_binance @cz_binance on x
This is only impacting the Bitcoin network. You can still withdraw Bitcoin on other networks like BEP-20. Likely this is going to take a bit longer to fix than my initial estimate. More updates soon. Thanks for your patience and understanding🙏
@litcapital @litcapital on x
Bored Ape holders in 2021 vs. 2022 https://twitter.com/...
@alexisohanian @alexisohanian on x
GM. It's a great day to build.
@francispouliot_ @francispouliot_ on x
“Celsius last year raised $400mn in an equity funding round led by Caisse de dépôt et placement du Québec, Canada's second-largest pension fund” On the bright side, the scam exit liquidity was from the pension of mostly government employees. https://www.ft.com/...
@dougboneparth Douglas A. Boneparth on x
You can't spell crypto without cry. 😢
@raoulgmi Raoul Pal on x
Remember December 2018? This is exactly what it felt like. Rising rates, oil at the highs, rising dollar, rising inflation, QT and markets breaking everywhere. Then the economy rolled over...
@tracyalloway Tracy Alloway on x
Turns out avocados were the real inflation hedge all along. https://twitter.com/...
@ercwl Eric Wall on x
Just bought 32 ETH for $38k Seemed cheap
@refsrc Manish Singh on x
Top performing tokens of the last 24 hours (among the 100 most valuable projects / firms with market cap) are all just stablecoins. https://twitter.com/...
@twobitidiot @twobitidiot on x
It's like the March 2020 macro crash, but with a side of 2018 ICO unwind, 2014 scandals and bankruptcies, and new real regulatory risks. https://twitter.com/...
@saylor Michael Saylor⚡️ on x
In #Bitcoin We Trust.
@howardlindzon @howardlindzon on x
bitcoin now up just 20 percent from 2017 highs. it's sad , hilarious and so stupid how much time people have devoted to talking about the price and yet here we are
@sdonnan Shawn Donnan on x
“And the total crypto market cap, which topped $3 trillion in November, was $1.02 trillion as of 5 a.m. New York time on Monday, according to CoinGecko.” https://www.bloomberg.com/...
@mdudas Mike Daodas on x
global crypto market cap back to $1 trillion in aggregate, an absolute incredible long term buy opportunity in near term, however, hard to recommend anything specific, feels like max pain still ahead
@fintechfrank Frank Chaparro on x
Bored Apes down to $85,000 https://twitter.com/...
@jemimajoanna Jemima Kelly on x
Bitcoin now down almost a quarter since El Salvador's president “bought the dip” last month. That's over $3 million down the drain just in that last round of buying, in a country where 1 in 4 live below the poverty line https://twitter.com/...
@jp_koning John Paul Koning on x
Tether redemptions are just pouring into Bitfinex right now. This wallet alone has done around 180 million in redemptions in the last hour: https://etherscan.io/... It looks like version 2.0 of the run on Tether has begun. Version 1.0 petered out last month. https://twitter.com/.…
@campuscodi Catalin Cimpanu on x
Press F for the cryptobros https://twitter.com/...
@cz_binance @cz_binance on x
Some climbing ahead. Not the first time, won't be the last. We will get there.
@mdudas Mike Daodas on x
https://twitter.com/...
@blockfizac Zac Prince on x
All products and services @BlockFi continue to operate normally, including loans, interest earning, trading, credit card and deposits / withdrawals. We have zero stETH exposure and exited the principal positions we had in GBTC last fall.
@iamjosephyoung Joseph Young on x
This bear market is tough. Not because how much crypto dropped, but the reputational consequences of the things that have blown up or gone insolvent. I personally am approaching this market with 2024 halving as the most likely recovery phase. Tightening mode for 2 yrs.
@erikvoorhees Erik Voorhees on x
Markets cleanse themselves. Sometimes in very cold water.
@digieconomist @digieconomist on x
BREAKING: The current price crash is causing Bitcoin's environmental impact to slide as well. Every further $1,000 drop in the BTC price will reduce the network's carbon emissions by more than 10 metric kilotons of CO2 per day. https://twitter.com/...
@hhorsley Hunter Horsley on x
Not a fun moment, but team Bitwise is here for the long run
@sassal0x @sassal0x on x
https://twitter.com/...
@wublockchain Wu Blockchain on x
According to https://t.co/..., if Ethereum falls to $1100-1200, the liquidation pressure from DeFi will be about $900 million, mainly from AAVE Makerdao and Compound. @JinzeJiang0x0 https://twitter.com/... https://twitter.com/...
@twobitidiot @twobitidiot on x
Crypto lenders, exchanges, and custodians should have proof of reserves and public disclosures requirements on their lending books. Immediately. Full stop. Stop fucking around and cover the basics.
@trustlessstate @trustlessstate on x
There's still Saylor left To liquidate
@wublockchain Wu Blockchain on x
The current floor price of BAYC is 68 ETH (approximately $92,000), a 24-hour drop of 18% in ETH and a 22.7% drop in USD. https://www.gem.xyz/...

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