The Market Wrap team is out of the office Monday because it's a federal holiday in celebration of Juneteenth, with most traditional markets closed in the U.S. In place of the usual markets summary, here are highlights from Monday's crypto trading:
- Bitcoin (BTC) was recently trading just above $20,100, roughly flat for the past 24 hours. The largest cryptocurrency by market capitalization reclaimed its perch above the $20,000 threshold late Sunday.
- Ether (ETH), the second-largest crypto by market cap, was recently trading just over $1,100, a slight increase over the same period.
- Most other major cryptos were in the green amid light trading.
In the meantime, check out the most important crypto market stories from last week:
- Fed Announces Biggest Rate Hike in 28 Years: "The labor market is extremely tight, and inflation is much too high," said Chair Jerome Powell.
- Coinbase Lays Off Around 1,100 Employees: The exchange is reducing its workforce by roughly 18%. CEO Brian Armstrong admits the company "grew too quickly."
- Kevin O’Leary Says ‘Panic Event’ Is Needed Before Crypto Bottoms: The strategic investor spoke to CoinDesk ahead of crypto marketplace WonderFi's move to the Toronto Stock Exchange.
- MicroStrategy Defended at BTIG; Saylor Not Expecting Imminent Margin Call: Shares of the technology company have tumbled alongside bitcoin, down 35% over the past few days and nearly 75% so far this year.
- Binance, Kraken and Polygon Accelerate Hiring in Response to Industry-Wide Job Cuts: Coinbase (COIN), BlockFi and Crypto.com are among the crypto-related companies announcing layoffs this week.
- Celsius Troubles, UST Collapse May Help Crypto Long Term, FSInsight Says: The firm sees good buying opportunity now for bitcoin (BTC).
- With Market Crash, El Salvador Is Down $52M on Its Bitcoin Bet: The country has made $104 million in investments in the cryptocurrency since it made bitcoin legal tender in September.
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