Market Wrap: Bitcoin Holds Above $20K Amid Light Trading

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.

For the latest cryptocurrency prices, please go here, and for the latest news headlines, please go here.

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.