The cryptocurrency market digest (BTC). Overview for 01.07.2022

The crypto market is selling. In the last 24 hours, the BTC lost 2.85% and dropped below $20,000, which is the psychologically important level. One should take note that the crypto market hasn’t responded in a positive way to any local attempts by the US indices to rise. On the other hand, any slight decline makes the crypto market fall.

The technical picture shows that the BTC has broken the previously specified support area at $19,700 and is currently trading not far from $19,500. The closest target is at $19,400 – after breaking it, the asset may head towards $17,500.

In the nearest future, earnings season will start in the US. Taking into account that the second quarter faced the biggest inflation boost, one shouldn’t expect any significant results. If S&P 500/NASDAQ, which are correlated with the BTC, go down, the crypto market will follow.

Top 10: everything is pretty shaky

DOGE (-3.77%) and ETH (-3.37%) were the worst in the last 24 hours. BNB (+0.12%) and SOL (-0.02%) were more or less stable.

The BTC share in the crypto market is currently estimated at 42.6%, the ETH – at 14.7%. It’s an interesting fact that the share of major cryptos in the market has been reducing, while the share of stablecoins is increasing. The total crypto market capitalisation is $0.870 trillion.

Samsung enters the chip market

Samsung is planning to continue manufacturing new-generation 3 nm chips for mining. They will be compatible with ASIC miners and will allow not only increase the mining speed but also reduce the power consumption.