Another seven days of price volatility and declines have been experienced by the cryptocurrency market. It lost approximately $50 billion of its total capitalization. Altcoins are bleeding out, while Bitcoin closed its worst quarter for a decade. Let’s unpack.
It would be an understatement to say that the price action in the last week has been slow. BTC was around $21K at this point last year, and most of the time spent there up to Tuesday, June 28th. That was the day that things began to spiral downwards. By Friday, the cryptocurrency was below $19,000
It is also important to note that the quarter’s end marks the end of the quarter, so this month’s candle closing was crucial. This caused serious volatility. Bitcoin’s price shot up to $21K, but it failed to sustain. It is now below $20,000, the highest point of the bull cycle 2017-2018. Bitcoin’s quarter ended below $20K, its worst quarterly performance for a decade.
Altcoins didn’t also see any relief. Bitcoin’s dominance, which is the measure that measures its market share relative to the rest of the market, remained about the same. Altcoins also failed to capitalize and experienced similar declines to BTC. ETH is down 8.5% in the last seven days, the same as BTC. Similar drops are also evident in BNB and XRP, ADA. LTC, FTT, as well as other currencies.
All of this is due to the market’s deleveraging, as major lenders are in turmoil. Multiple reports suggest that FTX may be close to a deal to purchase BlockFi for $25 Million. BlockFi had previously raised capital at a staggering $5 billion valuation. This would suggest that FTX could get significant discounts if the deal is genuine. BlockFi’s founder and CEO Zac Prince declined to sell for $25M. However, speculations continue and Ledn has joined the race.
The buyer with the most conviction, Michael Saylor’s MicroStrategy, bought BTC for $10 million at an average cost of $20.8K. Nayib Bukele, the President of El Salvador, also disclosed that they purchased 80BTC for $19K.
In any event, one thing is certain: We are in for a wild ride. It’s exciting to see where the next week takes us.
24H Vol: $99B
BTC: $19,417 (-8.5%) | ETH: $1,055 (-0.2%) | ADA: $0.44 (-7.3%)
Ruja Ignatova, OneCoin’s founder, is now one of the FBI’s Ten Most Wanted Fugitives. Ruja Ignatova is one of the FBI’s most wanted fugitives. She was the founder of OneCoin Ponzi scheme, which defrauded investors worth $4 billion. For information leading to her arrest, the Bureau will pay $100K
The Second-largest Bitcoin ETF in the US is now the Bitcoin Short ETF. The second-largest derivatives BTC ETF is the ProShares short Bitcoin ETF. It is an inverse instrument. The price of the Bitcoin drops, so it increases in value.
The launch date for Europe’s first Bitcoin ETF has been revealed. Jacobi Asset Management, an investment company, will launch Europe’s first Bitcoin ETF via the Euronext Amsterdam Exchange. It will be launched in July. This is despite the fact that the US has yet to approve a spot Bitcoin ETF.
JPMorgan believes that the deleveraging of crypto markets might soon end. JP Morgan Chase & Co., one of the largest international investment banks in the world, thinks that deleveraging the cryptocurrency market might soon stop. Nikolaos Panigirtzoglou, MD of JPM’s Global Market Strategy, says that deleveraging is already in an advanced stage.
Polkadot unveils a proposal for the next generation of governance. Gavin Wood, the creator of Polkadot, presented Gov2, the next generation in governance for the ecosystem. The proposal will be put to vote once the v2 has been tested on Polkadot’s Canary Network – Kusama.
SEC Rejects Grayscale Spot Bitcoin ETF Sparking Lawsuit. The United States Securities and Exchange Commission has rejected yet another highly anticipated exchange-traded fund. Grayscale, the largest digital asset manager in the world, proposed the proposal.
We have this week a chart analysis for Ethereum, Cardano and Solana. Click here to see the complete price analysis.
Marla Brooks – Financial Analysis
My name is Marla Brooks, and I am the mainstream behind the”observednews.com” for the powerful and most delicate insights into the latest activities in the financial analysis category. I started my journey as an independent financial consultant. I had approximately nine years of experience in this field. I am free soul so; my passion for exploring the world has taken me to the nations across the globe and given me the chance to report for a portion of the best news associations. Currently, I am a full-time editor as experienced in finance and started to use my abilities.