The cryptocurrency market digest (BTC, ETH). Overview for 03.06.2022

June 3, 2022

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BTC is at a standstill, ETH is plunging, and Gemini is facing a crypto winter.

On Friday, the BTC reached stability at $30,443. At the same time, the range of fluctuations on Wednesday and Thursday was quite wide, although the market didn’t have any serious reasons to be active.

So, the next strong support is at $28,700, so if bears manage to regain the market, their first target will be here.

It feels like the BTC is forming a new consolidation range, above the previous one but as hopeless as before. There are still no reasons for skyrocketing but plenty of them for plummeting. It’s a standstill, in every sense of the word.

ETH is plunging uncontrollably

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The key altcoin is declining before the weekend and trading at $1,821. The cryptocurrency remains within a wide range of $1,700-2,050 and is obviously plunging towards its downside border. At the same time, fundamental background in the form of the news about further development of a new Ethereum protocol barely provides any support.

Gemini: consequences of the Crypto winter 

Gemini, a crypto exchange, announced a staffing cut due to the crypto winter in the industry. The management is planning to cut about 10% of its staff and focus on the products that are critical for the company.

As of now, there are 95 coins at Gemini and the daily volume is estimated at $123 million.

NFT: insiders are already here 

American authorities filed the first insider NFT trading charge against a former employee of OpenSea, who might have used confidential information for buying tokens at low prices and then reselling them. The employee’s responsibility was choosing NFTs for posting on the company’s website – this information was kept secret until tokens were added to the platform functionality. It is believed that the difference between buying and selling was 2-5 times.

Kirobo: take care of your heirs 

A new feature of the Kirobo platform allows to leave crypto assets and NFTs to close relatives in the event of death. For example, an owner can specify up to eight addresses to transfer their assets after their death. The company believes that the inheritance problem already exists and will become more topical as time goes by because crypto assets are getting more and more popular.

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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.