Alexander Kuptsikevich
FxPro Financial Services Limited
Market picture
The crypto market has lost another 0.8% of its capitalisation in the last 24 hours, rolling back to $1,128, where it was last Friday. Bitcoin is down 1.4%, Ether is down 0.8%, and the top altcoins are mostly down, except for Litecoin, which is up 3%.
Bitcoin closed the month down 7.6% at $27.0K, having gained every month since the beginning of the year. With further declines, the momentum towards the $25.5-26.0 area is worth a closer look. There is a 50-week average near the lower boundary, while at the top, bitcoin found support on May's declines.
Ethereum failed to stick to levels above its 50-day moving average and pulled back to $1850. The following technical support is at $1800.
A solid move below these areas in Bitcoin and Ether will likely trigger a broader sell-off in altcoins.
Regarding seasonality, June is considered a relatively successful month for BTC. Over the past 12 years, bitcoin has ended the month up seven times (up 16.7% on average) and down five times (-19.2% on average).
News background
According to the Financial Times, the world's biggest banks, including Standard Chartered, Nomura and Charles Schwab, are developing cryptocurrency trading platforms. Institutional investors remain interested in investing in digital assets but only trust the big banks.
Blockchain industry veteran and Bitcoin Cash supporter Roger Ver believes that Ethereum, despite its smaller capitalisation, has become "a driving force for cryptocurrency adoption worldwide". According to him, ETH has brought innovations such as NFT, smart contracts, scaling solutions and so on to the industry.
The Binance exchange has expressed support for potential US Republican presidential candidate Ron DeSantis for his intention to oppose any form of cryptocurrency prohibition.
According to Wu Blockchain, the world's largest cryptocurrency exchange Binance plans to cut a fifth of its staff in June.
Tron developers have patched a critical vulnerability that exposed $500 million in assets.
Trade Responsibly. CFDs and Spread Betting are complex instruments and come with a high risk of losing money rapidly due to leverage. 77.37% of retail investor accounts lose money when trading CFDs and Spread Betting with this provider. The Analysts' opinions are for informational purposes only and should not be considered as a recommendation or trading advice.
Recommended Content
Editors’ Picks
VanEck sees Bitcoin reaching $61 trillion market cap, Marathon buys $100 million BTC
Bitcoin declined by 1% on Thursday following asset manager VanEck's forecast that the top digital asset will reach a $61 trillion market capitalization by 2050.
Ethereum Classic price sets for a rally following retest of key support
ETC edges higher by 2.3% and trades around $22.60 at the time of writing on Friday after testing a key support area the day before. On-chain data showing increased account growth suggests a bullish move ahead. Ethereum Classic price faced rejection by the daily resistance level of $25.13 earlier this week.
Celebrity meme coins lose their shine
Celebrity meme coins report by Jupiter Slorg on Thursday shows that these tokens have been in deep waters since early July after experiencing heavy growth in June. In a recent analysis, Jupiter Slorg revealed that celebrity meme coins are down by an average of 94% from their all-time highs.
Ripple gains 5%, Mark Cuban says Kamala Harris’ nomination could affect SEC lawsuit
Ripple (XRP) made a comeback above key psychological resistance early on Wednesday. Crypto traders are optimistic after the Ethereum Exchange Traded Fund (ETF) launch. Entrepreneur and investor Mark Cuban recently shared his comments on how Kamala Harris’ nomination to the Presidential elections could influence crypto regulation.
Bitcoin: Will BTC manage to recover from recent market turmoil?
Bitcoin recovers to $67,000 on Friday after finding support around $63,500 a day before. Still, BTC losses over 1.50% on the week as Mt. Gox persists in transferring Bitcoin to exchanges.