MARKET VIEW
Weekly changes: BTCUSD +8.42%
On Thursday, 3 June, bitcoin prices rose again to 39,400 USD. Bitcoin's price began to rise after it fell to 33,300 USD on 30 May. Over the past week, the asset has increased by 8%. Bitcoin capitalization exceeded 730 USD billion, and its market share remained at 40%. The Wall Street Journal believes that the cryptocurrency market will greatly suffer since governments worldwide are planning to tighten the industry regulation, and traders are liquidating their positions in a panic.
Analysts of the consulting company Massari noted that the market drawdown caused by macroeconomic factors to which bitcoin is now tied. Experts said one of the reasons for correcting the overheating economy and the Fed's reaction was that investors were worried that instead of quantitative easing (Q.E.), the market is waiting for quantitative tightening (Q.T.).
KEY POINTS
According to the analytical service Sentiment, large cryptocurrency holders have returned to buying digital coins. The largest holders of bitcoin, whose addresses contain 100 to 100,000 digital coins, have added 50,000 bitcoins (1.8 billion USD at the current exchange rate) to their wallets over the past ten days.
The accumulation of digital coins by 'whales' usually indicates the upcoming growth of quotations, while investors perceive the sale of cryptocurrency by large holders as a signal for a fall. A similar situation happened last month. Large investors and funds began to buy the cryptocurrency during the bitcoin price fall to 30,000 USD. After that, the number of bitcoins on cryptocurrency exchanges reached its minimum in the last four months.
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