Cryptocurrency market on June 24: The green color continues

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2022-06-30 11:49:42

Bitcoin (BTC) continued to hold the $20,000 level on June 23, and bounced up to $21,200 on the morning of June 24. This rally has dragged the entire crypto market to a good recovery compared to the same time last week.

Cryptocurrency Market

Cryptocurrency market volatility June 24, 2022

Crypto market analysts are still holding on to the view that the market’s current outlook for a recovery is uncertain, and BTC is likely to face a fresh potential drop, heading towards the region. area $16,000. Ki Young Ju, CEO of on-chain analytics platform, CryptoQuant, said:

“BTC is consolidating in a wide range and then moving up. MDD (maximum reduction) can only reach 20%”,

He also supports the view that BTC could bottom locally in the $16,000-$17,000 region and then bounce back up. Ki previously stated that “most of Bitcoin’s cyclical indicators are showing a bottom” and that shorting BTC at current levels is not advisable.

Analyst Material Indicators thinks that BTC is still likely to continue its strong decline:

“At this stage, no one can say for sure whether BTC will hold this range, or if it will hit a price below $10,000 again, and it would be foolish for investors not to have a plan. when this happens”.

Popular indicator creator David Puell has revealed interesting arguments for the current Bitcoin buying and selling. The dynamics between long-term (LTH) holders and short-term (STH) holders suggests that the price may not fall as sharply as people fear. By highlighting the cost basis for each group, Puell showed that those who have been in the market longer spend less than investors who have recently entered. Resonating with the argument that Bitcoin has been setting lows for many years, he thinks that STH tends to lose more heavily than LTH.

Despite predictions that the market continued to fall, with Bitcoin recovering and breaking above $21,000, altcoins also had a day in the green, with many tokens showing double-digit gains. Leading the bulls in the top 100 is Storj (STORJ) with an impressive 24.6% rally over the past 24 hours, bringing the altcoin’s total growth to 110% in 7 days. Polygon (MATIC) has also recorded a 22% gain on the day. This is the second day in a row that the token has recorded growth momentum after the launch of Polygon ID, an identity solution that offers great potential for DAO governance. Ethereum (ETH) has also bounced up 6.5%, breaking through $1,100 and is currently trading around $1,150 at the moment.

Other altcoins in the top 10 also have impressive 24-hour momentum such as XRP(14%), BNB (6.5%), SOL (11.1%),….

Macro factors

US stocks rallied in late Thursday’s rally as bond yields fell and Wall Street continued to weigh recession risks.

Ending Thursday’s session, the Dow Jones Industrial Average rose 194 points, or 0.64%, to 30,677. The S&P 500 Index jumped 0.95% to 3,795. The Nasdaq Composite Index advanced 1.62% to 11,232 points.

The Nasdaq Composite outperformed other indexes as market participants continued to consider the possibility of a recession, while 10-year US Treasury yields fell to their lowest levels in nearly two weeks.

Defensive stocks such as consumer staples, real estate, utilities and healthcare posted strong gains, with each sector up about 2%. Consumer staples like Clorox rallied 6%.

Federal Reserve Chairman Jerome Powell on Thursday reiterated that the country’s central bank is “strongly committed” to reducing inflation when speaking about monetary policy during the day. second before the US Congress. He also noted that a recession is “probable” and that this continues to put pressure on Wall Street. Powell also said the Fed’s focus on curbing inflation was “unconditional” and the comments raised concerns about higher interest rates.

Meanwhile, energy was the biggest loser in the S&P 500 as oil prices weakened. Schlumberger stock lost nearly 6.8%. Valero Energy shares fell 7.6% and Phillips 66 shares fell 6.8%. Oil continued to fall by nearly $2 a barrel on Thursday (June 23) following fresh comments from Powell.

Ending Thursday’s session, the Brent oil contract fell $1.69 (or 1.5%) to $110 a barrel. WTI oil contract lost 1.92 USD (about 1.8%) to 104 USD/barrel.

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