The cryptocurrency market digest (BTC, ETH). Overview for 01.06.2022

June 1, 2022

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BTC improved pretty much in the last couple of days. On Wednesday, the major cryptocurrency is trading at $31,540. The crypto market capitalisation is currently $1.313 trillion and the BTC share is about 46%.

Some important resistance is now at $30,700. After fixing above this level, the BTC may continue rising towards $32,250 or even $33,500. On the other hand, if the asset gets back inside the range of $29,000-$30,000, a new bearish impulse might be much stronger than the previous one.

The correlation between S&P 500/Nasdaq and the BTC is rather weak right now. However, one should remember that it may revive at any moment – the US stock market remains rather unstable.

Top 10 cryptos: top gainers

The following assets have demonstrated good results recently – ADA (+28%), ETH (+6%), and BTC (+4.5%). A little bit behind but still quite good – DOGE (+3.44%), SOL (+3.41%), and BNB (+1%).

Terra: another hack

Mirror Protocol, a decentralized application on the Terra chain, was hacked last October but a $90 million hack went unnoticed and was discovered just recently. Just days after the discovery, the DeFi protocol suffered a further attack on 30 May. The crypto community believes that the hack went unnoticed because Terra pays little attention to the data analysis.

Crypto police will start operating in South Korea

South Korea will be the first country in the world to set up a digital asset committee, a ministry-level regulator. The committee will operate independently of the two primary financial regulators and keep an eye on the entire sector. The committee appeared in response to the recent declines in UST and LUNA.

Shiba Inu: too intriguing

The author of a meme coin called Shiba Inu, who still remains unknown, deleted their social network profiles. Ryoshi hasn’t been active on social networks, Twitter, for example, for over a year. The SHIB rate remains volatile and the emotional deeds of its creator will surely attract a lot of new users.

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Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex LP bears no responsibility for trading results based on trading recommendations described in these analytical reviews.