2022-07-08 12:21:18
During the US Independence Day holiday, without any pressure from Wall Street, the Crypto market was free to bounce back with a steady recovery.
Cryptocurrency Market
BTC once again returned to the $20,000 mark in the July 4, 2022 trading session thanks to aggressive buying by whales. According to data from Coinmarketcap, Bitcoin is currently trading near the $20,200 mark and continues to trend upwards. This is the best price sign of the largest cryptocurrency in the crypto market since the beginning of July 2022.
Last weekend’s order book data could be indicative of more volatility relative to underlying trading volume, however, Bitcoin has maintained gains of around 5.22% for the time being.
Meanwhile, information from on-chain analytics platform Whalemap confirms that whales buying BTC around $19,200 has brought a wave of recovery to the market and provided a steady support for Bitcoin price. .
With whales buying immediately at prices below $20,000, this is a testament to the fact that many maket makers do not continue to sit around waiting until the market returns to the $16,000 region or below as many previously predicted. want to set up a new rally in the future.
Crypto KOL, Michael van de Poppe, commented: “A move above $19,500 is a factor that will help trigger Bitcoin’s rally in the next short period of time.”
The recovery of the strongest cryptocurrency in the crypto market has brought a bullish signal for other altcoins.
Cardano’s ADA is up more than 3% to trade at $0.46 at the moment as the relief rally takes hold in the market. The implementation of the Vasil hard fork on the Cardano testnet, a network update that is expected to boost Cardano throughput, is also a major factor contributing to the ADA bounce. Cardano’s investment products also saw inflows last week, showing that users continue to diversify their portfolios.
The price of Ethereum (ETH) surged more than 7% as it saw inflows totaling nearly $5 million last week, ending an 11-week streak of investors cashing out. XRP increased by 2.1%. Avalanche (AVAX) and Tron (TRX) posted gains of 7.5% and 2.7%, respectively.
Two Memecoin coins, Doge and Shiba Inu (Shib), have a good momentum, increasing by 2.38% and 6.32% respectively. The price of metaverse token also increased, with Mana of Decentraland increased by 8.14%, while The Sandbox’s Sand increased by 14.24%.
Macroeconomic factors
Share futures inched higher in overnight trading after the major indexes ended a week of losses. Futures contracts tied to the Dow Jones Index rose 18 points, or 0.06%. S&P 500 futures also added 0.18% and Nasdaq 100 futures gained 0.43%.
The move comes as the market ended its worst first half in decades. The major indexes posted consecutive weeks of losses despite modest gains in Friday’s trading session.
For now, investors are looking forward to the release of June jobs data this week. Economists expect the unemployment rate to stay at 3.6%. This week will also see the US Federal Reserve (Fed) release the minutes of its latest meeting on July 6.
On the Asian side, shares in Asia-Pacific opened higher as investors looked at the Reserve Bank of Australia’s rate decision. According to a Reuters poll, the Reserve Bank of Australia is expected to raise interest rates by 50 basis points later today. And retail sales data is also released today.
The Nikkei 225 in Japan gained 0.92%, while the Topix index added 0.59%. South Korea’s Kospi rose 0.52% and Kosdaq also bounced up 0.94%. In Australia, the S&P/ASX 200 also gained slightly. The MSCI index of Asia -Pacific stock outside Japan has also increased by 0.17%.
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