Are EverGrow Coin holders earning BUSD rewards cryptos good buy during the crypto crash in June 2022?

2 min read

In June 2022, the crypto market saw its second crash in the trading year.

The collapse of Terra Luna wiped out $500 billion from the crypto market in May. The market cap of the crypto industry fell below $1 trillion for the first time since January 2021 as nearly $400 billion has left the industry.

Crypto investors may have thought May 12 was a good time to buy the dip. At that time, the Bitcoin price had fallen from $40,000 to $28,000. However, if you’d bought Bitcoin at $28,000, you’d be 30% down on your investment now that the price barely rises above $20,000 per coin.

Considering all this, is now the right time to buy the dip in this second crypto crash in 2022?

Why is the crypto market crashing again in June 2022?

While the first crypto crash was arguably caused by the depegging of UST from its $1 price, this second crypto crash is largely macroeconomic.

The Consumer Price Index (CPI) put inflation at 8.6% in May following a report last week. This spooked all markets, with the Dow Jones Industrial Average falling 900 points and the S&P500 entering a bear market.

The Nasdaq composite also fell 4.68% due to inflation being at its highest level since 1981.

Monday, June 13, saw the Bitcoin price collapse from $27,000 to $22,000. Bitcoin price losses continued into June and June 15 with Bitcoin trading at a low of $22,180 today.As a knock-on effect of falling crypto prices, the lending and staking network Celsius froze over $11 billion in assets on Monday. On Tuesday, the United States’ largest crypto trading platform – Coinbase – announced it was laying off 18% of its full-time staff.

The bearish crypto news combined with bearish market conditions is why crypto is crashing once again in June 2022.

Should you buy the dip at the current Bitcoin price?

Trading indicators are arguably positive for Bitcoin.The Bitcoin relative strength index (RSI) over a 14-week view is currently at 26. This is the lowest RSI since at least 2018 and indicates Bitcoin is oversold at present. Bitcoin has also fallen past its 200-week SMA which is at $22,350.Both of these key indicators suggest Bitcoin is an attractive buy right now. However, it’s hard to tell where the Bitcoin bottom is.

The US Federal Reserve is holding a meeting that ends today, June 15. Interest rate increases are expected to follow. These could in the short term create more volatility but in the long-term help to curb inflation and bring some stability back to the crypto market.

What other cryptos are a good buy in June 2022?

During a crypto crash like we are seeing in June, tokens with strong fundamentals have the best prospects of survival.Terra Luna was a top 10 cryptocurrency by market cap at the beginning of May – the token is now worth $0.00005719 after falling 99.99% from a price of over $80 in May. The algorithmic stablecoin UST is currently worth $0.007334 after depegging from its $1 price.

These tokens evidently lacked strong fundamentals – so what cryptos are a good buy in June 2022?

The stablecoin BUSD has been one of the success stories of the recent crypto crash. BUSD jumped into the crypto top 10 and is currently at 6th place in the market cap rankings. BUSD is the only stablecoin backed by US banks, with regular monthly audits and it is native stablecoin in the world’s biggest cryptocurrency exchange by market cap – Binance.

BUSD is also behind the current 12% price spike in the reflection token EverGrow Coin.

EverGrow Coin charges a 14% transaction tax with 8% distributed as BUSD rewards to investors. More than $37 million has been paid to investors to date – and EverGrow Coin holders earn BUSD rewards for any buy or sell order of EGC.

This means investors continue to earn passive income during the current crypto crash.If you’re not experienced with short-trading, day-trading or buying up fast-rising altcoins to make a quick profit, EverGrow Coin can be a good buy in June 2022.

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