Citi said in a research report Wednesday that fears of the cryptocurrency crisis are likely to have peaked, with multiple brokers and market makers making risk disclosures for counterparties, Celsius's Chapter 11 bankruptcy filing and staked Ethereum (stETH) returning to parity. .

Stating that the gap of Staked Ethereum (stETH) to Ethereum (ETH) has narrowed, indicating that some of the liquidity stress may have passed, the report said that the "severe leverage reduction phase" is now over, given that many of the major brokers and market makers in the industry have announced their risks. he also added.

In another positive sign, the bank said exits from stablecoins have been halted and exits from crypto exchange-traded funds (ETFs) have also stabilized in recent weeks. He added that stock market and futures leverage is also “moderate.”

Crypto Analysis-2

Citi noted that volatility in the cryptocurrency market in May and June caused a series of “market turmoil”. According to the company, these included the difference between the display of Bitcoin's price in US dollars on the Coinbase exchange and the display of the price of Bitcoin in Tether on the rival exchange Binance.

The note states that the Coinbase price is normally advantageous, which may reflect new entrants or institutional demand, but the price began to decline in May. He also added that this “Coinbase price advantage” is now back towards historical levels, which indicates that the stress in the crypto market has eased.

Bitcoin heads up again after pricing Tesla sale

After testing the $24,000 band this week, Bitcoin price slumped to $22,340 after Tesla announced that it sold 75 percent of its BTC holdings in the second quarter. Cryptocurrency, which recovered quickly after yesterday's decline, also made purchases today. While Bitcoin has risen to $ 23,600 today, it has increased its value by 3.7 percent in the last 24 hours, and the market value of BTC has reached $ 450 billion. According to the latest situation, the market dominance of Bitcoin was calculated as 42 percent.