InvestMacro

On Friday, the BTC is consolidating at $21,006.

Yesterday’s trading session was the most successful for the BTC lately. The major cryptocurrency added 5.6% following the US indices and securities growth. There is a correlation between S&P 500/NASDAQ and the BTC, which is quite clearly seen right now.

From the technical point of view, the focus is now switching to $21,900. If bulls break this level and fix above it, the next target will be at $22,900. In theory, after attacking $22,000, the asset may head towards $24,000. The closest meaningful support is at $19,700.

So, the key factor for making any decisions related to the crypto market is the dynamics of American indices. It is noteworthy that the fundamental background hasn’t offered any clear signals for a long time. Any significant BTC-related news is about a year away, the ETH is still struggling with the Ethereum 2.0 network, meme coins are no longer as popular as they were and there is nothing really topical to replace them.

Top 10: SOL and BNB are in demand

In the last 24 hours, the Top 10 coins have demonstrated inspiring results. The best of them are SOL (+7.71%) and BNB (+6.89%). Also noteworthy is ETH (+5.69%). DOGE (+2.33%) and ADA (+3.96%) were a bit weaker.

A bridge between BTC and Avalanche

Ava Labs launched a cross-chain bridge to connect BTC and Avalanche. Users of the networks now can transfer cryptos without any third parties. The bridge is based on Intel SGX, a new feature that supports cross-chain transactions.

Binance: partnership with Ronaldo

A Portuguese footballing legend Cristiano Ronaldo and Binance announced an exclusive, multi-year NFT partnership. It is assumed that through cooperation with Ronaldo the company will be able to more effectively introduce the Web3 ecosystem to users and attract attention to NFT campaigns.

The BTC just can’t break through sales. On Wednesday, the major cryptocurrency is falling towards $20,137 – the asset doesn’t look inspiring at all. Yesterday, while the US indices were rising, the BTC price was trying to reach $21,723. It is a common fact that there is a correlation between S&P 500/NASDAQ and the BTC. However, the cryptocurrency couldn’t keep the momentum and got under pressure again.

Probably, it happened after one of the US Fed policymakers mentioned a high probability of recession in the American economy. This is the key topic of the previous week and investors started selling every time recession was mentioned.

Later in the evening, one is recommended to follow the Fed’s rhetoric – Chairman Jerome Powell is scheduled to speak. Tough comments on inflation and economic prospects might spoil market players’ sentiment and force another wave of sales. In the case of the negative scenario, the target will remain the same – bears will continue pushing the asset down to $20,000 and break it. After that, $17,500 will be the next target.

Top 10: DOGE is better than the others

In the last 24 hours, the Top 10 coins were mostly falling. The ADA demonstrated the worst decline, which lost about 4.4%. BNB and COL dropped 0.8% each. On the other hand, the DOGE gained 5.35%, which is the best result among the most liquid tokens.

Celsius: resist the market

The CEL improved pretty much in the last several days, although it shouldn’t have. On 13 June, the Celsius Network paused all withdrawals, swaps, and transfers between accounts due to market conditions. As a result, there were a lot of twits hashtagged #CELShortsqueeze on Twitter – this is how the community pushed back against investors who bet on the token decline.

Bitfarms adjusted its BTC holding strategy

One of the biggest crypto mining firms, Bitfarms, adjusted its long-term BTC holding strategy. As a result, the company sold 3,000 BTC in the last week, which equals $62 million. Some of this money was spent to pay off the debt to Digital LCC, and the other part – on buying new equipment.

On Monday, the BTC is consolidating at 20,350 USD. Two very troublesome and nervous days passed, when the crypto survived a stressful decline and an attempt of a recovery.

Over last week, the leading cryptocurrency lost 22.6%, which is a serious loss. The situation gets even worse because every attempt of recovery ended up in a new wave of sales. A bounce by 8% yesterday was just a sensation that few believed in.

The reasons for the decline are the same: the crash of the US stock market and simultaneously – the toughening of credit and monetary conditions by the Federal Reserve system. As long as the interest rate will go on growing, there are no serious reasons for a reversal yet.

Technically speaking, the medium-term trend remains descending with a probable goal of 10,000 USD. For the scenario to be cancelled, the price needs to secure above 27,500 USD. The chances for this will grow when and if the BTC will rise above 21,500-21,750 USD.

The picture remains unstable and restless. On Monday, US stock markets are shut down, but investors are getting prepared for active trading on Tuesday. Cryptocurrencies will also liven up then.

Sunday bounce off: who is forward?

Last Sunday, the crypto market corrected quite a bit. The leader of the bounce among the Top 10 cryptocurrencies was the ETH (+13.3%), the DOGE (+12.75%), SOL (+9.96%), and BNB (+8.80%) followed it. The ADA grew less than others (+6.44%).

Buterin: crypto will not replace fiat money

The founder of the Ethereum Vitalik Buterin thinks that crypo will hardly ever dominate over traditional currencies. He does not anticipate for crypto to capture the world. On the whole, this comment does not contradict what he said earlier, though during the pandemic he was more optimistic about crypto.

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.

The BTC is so low that it looks like an illusion. However, this is the reality – on Wednesday the leading cryptocurrency goes on falling, trading at 21,363 USD. All the negative forecasts have come true, and in quite a short time. The BTC broke through all important support levels and dropped to the important threshold of 20,000 USD.

Panicking is based on the decline of the US stock indices S&P 500 and Nasdaq that the BTC correlates with. The indices, in their turn, fell after an inflation report in the US that demonstrated sky-rocketing of inflation in May by 8.6% y/y. This is the high of the last 40 years.

With all this, expectations of decisive actions from the Federal Reserve system at the meeting in June grew noticeably. The meeting will end today. The Fed can save the cryptomarket from freezing, and yet it can bring it down even deeper.

Today a close eye should be kept on the S&P 500 futures; it critically needs to return to 3,800-3,820 points. If this happens, chances are that the indices and crypto will bounce off. Otherwise, let us remember this market beautiful.

If anything good happens, we will have time to discuss a positive scenario. However, the negative scenario is a breakaway of 20,000 USD downwards with a new goal at 10,000 USD. Anyway, the market is empty, so falling will be at a cosmic speed.

ETH: it can be cheaper

The price of the key altcoin dropped to 1,130 USD with a new sales goal at 1,000 USD. The ETH can fall even lower if the market situation remains so bad.

Binance resumed BTC withdrawal

The Binance exchange returned to full-scale work after certain issues and resumed withdrawing the BTC again. Earlier, some problems occurred to the system of transactions withdrawal, which meant users could not withdraw their BTC. With global market sales, these events heated up nervousness.

Considering the fact that everything around it is falling, declining, and plunging, the BTC is doing a good job. On Friday, the major cryptocurrency is balancing at $30,075.

The US stock market plummeted yesterday. The S&P 500 index broke 4,100 пунктов and may continue falling towards 3,600 if the conditions remain as questionable and disturbing as before. There is a correlation between S&P 500/NASDAQ and the BTC, although it’s been much weaker this week.

The BTC and the uptrend didn’t get along very well recently – but it’s rather clear why due to the market conditions. However, bears are also in no hurry to attack. The range of $28,000-$31,590 doesn’t let the BTC go, and the longer its borders remain solid, the stronger a breakout of this “flat” later will be .

The US inflation statistics for Mat will be the highlight of the day. The report is very important in anticipation of the upcoming US Fed meeting scheduled for the next week. In the evening, global markets may get more volatile.

LTC: Korean exchanges against

Major Korean exchanges are planning to delist Litecoin after the MimbleWimble upgrade in the asset network. The upgrade was intended to enhance confidentiality and made all Litecoin-based transactions non-transparent. The upgrade goes against South Korea’s anti-money laundering regulations, which have an aggressive stance against privacy coins. Bimeiti and at least 4 other crypto exchanges have already delisted LTC.

Binance will give away Shiba Inu tokens

New Binance users will get popular meme Shiba Inu tokens for free. The exchange is looking to attract more attention to its products, online courses and quizzes, and a giveaway is one of the most effective tools for that.

Ethereum: final rehearsal

The Ethereum network’s oldest testnet, Ropsten, was successfully merged to Proof-of-stake. In fact, it looks like a final rehearsal before the transition of the entire network to Ethereum 2.0 scheduled for August, and it’s a very important event for the company, its tokens, and the whole crypto market. Ethereum 2.0 is expected to be faster, more effective and might solve the key scalability issues.

The BTC rate is declining for the second day in a row. Today, it is trading at $30,228 USD, while yesterday it fell to $29,200, its weekly low.

There were some signs of local demand early in the week but not for long – the major cryptocurrency is now stuck between $29,200 and $31,590. The closest strategic resistance is at $29,000 – if bears break it, they may continue pushing the asset down to $28,000 or even deeper. At the same time, stock indices are reaching stability and bears are in no hurry to attack them. The fact that the BTC is losing its correlation with S&P 500 means that emotions are flooding the crypto but not the stock segment.

Meanwhile, we’ll keep an eye on what might happen.

BNB: a war on SEC has been declared

SEC, US Securities and Exchange Commission, started investigating Binance – it wants to know whether crypto exchange Binance Holdings Ltd’s initial coin offering in 2017 broke the agency’s rules. The point is to find out whether the coin was an unregistered security or not. The SEC often pays attention to such aspects and has investigated a lot of crypto projects in the past.

This week was really unlucky for Binance: Reuters reported that “for five years, from 2018 to 2021, the world’s largest cryptocurrency exchange Binance served as a conduit for the laundering of at least $2.35 billion”. The company disagrees with these accusations but doesn’t want to open its books.

At some point, BNB lost 11% – they have been selling it for the third consecutive day. On Wednesday, the token is retreating to $286.74 and there are chances it might reach $260.00.

Australia will replenish its budget with crypto

The mayor of the Gold Coast, one of the Australian towns, suggested that cryptocurrency could be used by residents to pay local taxes. So, now the regulating bodies are working on ways how digital assets may go into the budget and how to work with them in the future. For starters, there might be 95% in usual money and 5% in crypto. If this scheme works, it will help to understand what to do next.