CRYPTO week ahead: June 27 – July 03
Last week in the news
Markets were closed higher on Friday, after a period of strong negative sentiment caused by FED`s moves and rhetoric around surging inflation. The US equity market was up by some 3% on Friday. Bitcoin moved above the 20K support line, while Ether manages to hold above 1K.
Regardless of Friday`s modest rebound on financial markets, the optimism among market professionals is still not present. University of Michigan consumer sentiment showed a historically lowest level of 50 in June. Although this indicates a potential slowdown in the US inflation, still it also raises concerns of potential recession in the world`s largest economy. In this way currently major concern on markets is related to a question if the market has reached its bottom line with its latest moves to the downside, or is it still to come in the future period?
The first experiment of Bitcoin adoption on the state level, a case of El Salvador, is currently fading away, as per CNBC`s article. Although the growth of Bitcoin seemed at first a good bet that could increase the wealth of the country, still, a 70% drop in Bitcoin price emerged an urgent need for cash and jeopardized El Salvador`s ability to pay its debt coming due.
News is reporting that Goldman Sachs is leading a group of potential buyers of a company Celsius, a crypto lender, which has entered into huge problems lately. It is mentioned that this investment bank is looking to raise $2 billion in order to buy Celsius`s distressed assets at significant discounts.
Netherland is introducing additional KYC regulation for customers using crypto exchangers. As it has been announced by Coinbase, in case that client is withdrawing cryptos from the exchange, additional details need to be provided, including full name and address and the purpose of the transfer.
During the latest drop in crypto prices, many crypto companies are decreasing the number of employees in order to cut costs, however, Binance is one of rare firms which is actually hiring during these difficult times. Binance CEO, Changpeng Zhao, announced that Binance is expanding its business to a new platform called Binance Institutional, which will be used only by VIP and institutional investors.
Crypto market cap
Inflation is not anymore the main topic on the markets, but now it is a potential recession. Many analysts are in agreement that there is objective fear from potential drop in economic activity, which could trigger another sell-off of equities due to drop in earnings. Crypto market is part of the mainstream, in which sense; it would certainly be affected in a negative manner in case of an actual recession in developed economies. During the previous week there has been a modest rebound on the crypto market.
Total market capitalization has been increased by 16%, to the level of $920 billion. Increase was led by major coins, however, altcoins significantly participated. Daily trading volumes have slightly decreased from the week before, moving around 170B on a daily basis. Total funds outflow from the crypto market from the beginning of this year currently stands at 1.260B, which is a decrease of 58%.
Modest rebound of the crypto market during the previous week was led by BTC and ETH. BTC gained additional 53B, which is an increase in the cap of 15% on a weekly basis. ETH`s market cap was up by 30B or 26%. Altcoins were led by BNB and XRP, where BNB managed to recover 66B in market cap, increasing its value by 21%, while XRP`s cap was increased by 33B or 20%. Highest gainer of the week in relative terms was Polygon, which managed to increase its market cap by 67%. Tether continues to follow bearish moves, decreasing its coins in circulation by additional 2% compared to a week before.
Crypto futures market
Rebound of the crypto market was evident in crypto futures. Bitcoin futures with shorter maturity were up by some 3%. Maturities as of the end of this year remained relatively flat compared with the week before, indicating that the market is still unsure about the BTC`s future direction. Maturities as of the end of next year were down by 4%. ETH futures with shorter maturities were up by 13%. Major move for ETH futures was for maturities as of the end of this year, which were up by 11%, however, December 2023 remained flat at 1.2K.
Disclaimer: This article provides exclusive views of the author. It does not in any sense represent a suggestion for trading.
Markets were closed higher on Friday, after a period of strong negative sentiment caused by FED`s moves and rhetoric around surging inflation. The US equity market was up by some 3% on Friday. Bitcoin moved above the 20K support line, while Ether manages to hold above 1K.
Regardless of Friday`s modest rebound on financial markets, the optimism among market professionals is still not present. University of Michigan consumer sentiment showed a historically lowest level of 50 in June. Although this indicates a potential slowdown in the US inflation, still it also raises concerns of potential recession in the world`s largest economy. In this way currently major concern on markets is related to a question if the market has reached its bottom line with its latest moves to the downside, or is it still to come in the future period?
The first experiment of Bitcoin adoption on the state level, a case of El Salvador, is currently fading away, as per CNBC`s article. Although the growth of Bitcoin seemed at first a good bet that could increase the wealth of the country, still, a 70% drop in Bitcoin price emerged an urgent need for cash and jeopardized El Salvador`s ability to pay its debt coming due.
News is reporting that Goldman Sachs is leading a group of potential buyers of a company Celsius, a crypto lender, which has entered into huge problems lately. It is mentioned that this investment bank is looking to raise $2 billion in order to buy Celsius`s distressed assets at significant discounts.
Netherland is introducing additional KYC regulation for customers using crypto exchangers. As it has been announced by Coinbase, in case that client is withdrawing cryptos from the exchange, additional details need to be provided, including full name and address and the purpose of the transfer.
During the latest drop in crypto prices, many crypto companies are decreasing the number of employees in order to cut costs, however, Binance is one of rare firms which is actually hiring during these difficult times. Binance CEO, Changpeng Zhao, announced that Binance is expanding its business to a new platform called Binance Institutional, which will be used only by VIP and institutional investors.
Crypto market cap
Inflation is not anymore the main topic on the markets, but now it is a potential recession. Many analysts are in agreement that there is objective fear from potential drop in economic activity, which could trigger another sell-off of equities due to drop in earnings. Crypto market is part of the mainstream, in which sense; it would certainly be affected in a negative manner in case of an actual recession in developed economies. During the previous week there has been a modest rebound on the crypto market.
Total market capitalization has been increased by 16%, to the level of $920 billion. Increase was led by major coins, however, altcoins significantly participated. Daily trading volumes have slightly decreased from the week before, moving around 170B on a daily basis. Total funds outflow from the crypto market from the beginning of this year currently stands at 1.260B, which is a decrease of 58%.
Modest rebound of the crypto market during the previous week was led by BTC and ETH. BTC gained additional 53B, which is an increase in the cap of 15% on a weekly basis. ETH`s market cap was up by 30B or 26%. Altcoins were led by BNB and XRP, where BNB managed to recover 66B in market cap, increasing its value by 21%, while XRP`s cap was increased by 33B or 20%. Highest gainer of the week in relative terms was Polygon, which managed to increase its market cap by 67%. Tether continues to follow bearish moves, decreasing its coins in circulation by additional 2% compared to a week before.
Crypto futures market
Rebound of the crypto market was evident in crypto futures. Bitcoin futures with shorter maturity were up by some 3%. Maturities as of the end of this year remained relatively flat compared with the week before, indicating that the market is still unsure about the BTC`s future direction. Maturities as of the end of next year were down by 4%. ETH futures with shorter maturities were up by 13%. Major move for ETH futures was for maturities as of the end of this year, which were up by 11%, however, December 2023 remained flat at 1.2K.
Disclaimer: This article provides exclusive views of the author. It does not in any sense represent a suggestion for trading.
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