Crypto week at a glance: Bitcoin continues to wobble

economictimes.indiatimes.com:

Bitcoin (BTC) fell below $20,000 on June 18. It has lost 62 per cent of its value so far in 2022. The crypto market has decreased to around $900 billion, down from a record $3 trillion in November 2021. After a downside correction, the price of Bitcoin settled above $20,000 level again. However, BTC is still facing several obstacles on the upside, starting with $20,500. The first significant resistance is near $21,000. On the downside, initial support is near the $20,000 level. The next major support is towards the $19,500 zone, below which the price could gain bearish momentum.

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The price of Ethereum (ETH) followed a similar pattern. It is currently consolidating above the $1,050 level. The price of Ethereum is facing resistance near the $1,120 level. The next possible resistance is near $1,150. ETH is down nearly 2 per cent in a day and 13 per cent in a week. During the week, PayPal announced that it supports the transfer of cryptocurrencies between PayPal and other exchanges and wallets. This new functionality lets PayPal customers transfer supported coins into PayPal. It allows users to move crypto from PayPal to external crypto addresses, including exchanges and hardware wallets. Users can also send crypto to friends and family on PayPal in seconds. They will incur no fees or network charges to send or receive cryptocurrencies. PayPal was also granted a full Bitlicense by the New York Department of Financial Services (NYDFS). This resulted in Paypal becoming the first organization to convert a conditional Bitlicense into a full Bitlicense.

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