The cryptocurrency market digest. Overview for 17.06.2022

June 17, 2022

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After the drop to 20,200 USD the leading crypto returned to 21,096 USD. The asset seems stuck near 20,000 USD, with a breakaway of which a pathway to 10,000 USD can open.

As you remember, sales started after the June meeting of the US Federal Reserve system. The market is seriously worried about a slow-down in the US economy due to the toughening of the credit and monetary policy. Previous view remains valid: the Fed plans to lift the interest rate at each meeting scheduled for this year. Will the economy manage – good question.

Currently, futures for the Fed’s interest rate suggests growth by 75 base points at the July meeting with a probability of 87%. Capitalisation of the crypto market is now evaluated as 892 billion USD. It dropped under 1 trillion USD for the first time in 18 months. The share of the BTC is 44.0%, ETH – 14.8%.

Top 10: leaders of falling

Since yesterday, the most liquid coins lost quite a decent part of their weight. For example, the BTC once fell by 6.6%, the ETH lost 8.8%, while the SOL suffered even more (-9.4%). The meme coin DOGE dropped by 5.4%. Only the ADA remained more or less stable (-4.0%).

Novogratz: money will return to crypto

But only when the Fed stops lifting the rate, and the economy stabilises. This is what Mike Novogratz, Galaxy Digital CEO, said at the Morgan Stanley Financial conference. This looks quite logical, yet Novogratz is generally famous for being optimistic about the market’s future.

SkyBridge Capital: you will be sorry you didn’t buy it

The SkyBridge Capital trust increased its reserves of the BTC and ETH, using the best of the crash of crypto. The head of the company thinks that those who do not buy now will soon regret it. SkyBridge Capital values the investing potential of the instruments really high.

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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.