Bitcoin performance for the month of June has been nothing short of unremarkable so far. Being a market leader, the other cryptocurrencies in the market have mirrored its movements for the month, leading to massive losses across the board. However, the numbers for June are in and it shows that bitcoin’s performance for the month has been worse in comparison to its altcoin counterparts. Bitcoin Performance Staggers Performance all across the board has been terrible. So far, all of the indexes have come back with double-digits in losses for the month of June, and that is in addition to the subpar performance the market had seen in the prior month. But instead of the expected small cap altcoins returning the worst of the losses, bitcoin has barreled to the forefront to register more losses than any other index. Related Reading | Outflows Rock Bitcoin As Institutional Investors Pull The Plug, More Downside Coming? The pioneer cryptocurrency saw losses touch as high as -35% as the month draws to an end. This has resulted in a decline in the dominance of bitcoin over the broader market after recovering to 48% in early June. BTC dominance is now sitting at 43.69% according to data from TradingView.com. BTC records wost performance for June | Source: Arcane Research Mostly the losses have stemmed from the liquidations of large players in the space. The losses recorded in bitcoin can however be attributed to the fact that creditors focus their efforts on more liquid coins like bitcoin. Thus the losses are more pronounced in the digital asset. Altcoins Suffer In Tandem Although the altcoins in the space have not recorded as many losses as bitcoin, they have seen high losses too. The large cap index is one that follows bitcoin very closely. Hence, the decline in BTC’s price tends to be more pronounced in these digital assets. It is also due to creditors liquidating these coins first due to their high liquidity. So far, the large cap index is down -33% in the same time period. BTC drops to low $20,000s | Source: BTCUSD on TradingView.com The mid and small cap indexes have done much better compared to their larger counterparts. Their losses still range into double-digits but creditors have held off on liquidating these cryptocurrencies. This is because they tend to be more illiquid and are therefore pushed to the back burner in favor of larger ones such as Bitcoin and Ethereum. The mid and small cap indexes have recorded losses of -24% and -22% for the month of June alone. Related Reading | Ethereum Fees Touch Monthly Lows As Transaction Volumes Plummet However, it is not a good prognosis for these small cap altcoins. Given that sell-offs in coins such as bitcoin and Ethereum are nearing an exhaustion point, creditors will turn their attention to smaller altcoins too. And given the fact that they possess less liquidity, liquidations in these digital assets will lead to larger declines in price. Featured image from Film Daily, charts from Arcane Research and TradingView.com Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet…
The U.S. Securities and Exchange Commission (SEC) will announce its decision on the Bitcoin-linked spot Exchanged Traded Funds (ETFs) proposals filed by investment giants Bitwise and Grayscale. The Commission is expected to make this announcement on the former by July 1st and on the latter by July 6th. Related Reading | Here Are Bitcoin And Ethereum’s […]
FTX plans to buy a stake in BlockFi after previously extending an emergency line of credit.
The Binance Coin price prediction may find a halt at $200 as the price is down by 3.13% after touching the daily high of $229. […]
Indeed, the crypto-space has become the favorite place for cybercriminals worldwide for some years, but some countries are more prolific than others. Similarly, continuous cyber-attacks on crypto-oriented businesses by North Korean hackers have set it at the top of the list of five leading countries in crypto crimes 2022, per the report of Coincub published […]
Data shows the price of the Bitcoin ASIC miners has plunged down to the lowest value since January of last year as mining profitability drops off. Prices Of Bitcoin ASIC Miners Have Observed A Decline In Recent Months According to the latest weekly report from Arcane Research, the current downtrend in the prices of ASIC […]
Two public schools in El Salvador are offering a vocational course that teaches Bitcoin as a skills-based diploma and counts towards graduation.
Typhon wallet on the Cardano wallet has received an upgrade that will support transactions on multiple addresses. This shows that users will now have a […]
The ETH topside bias remains vulnerable as it struggles below the $1.2K price range and now the coin remains at risk of losses if it stays below this key zone so let’s read more today in our ethereum latest news. There’s a connecting trend line in place with the support at $1130 on the hourly […]
Ethereum has returned to the red as it was rejected as a major area of resistance. The cryptocurrency is bleeding out and records the second-worst performance in the crypto top 10 by market capitalization with a 10% loss in the last 24 hours. Solana (SOL) holds the number one position with a 13% loss. Related Reading | TA: Ethereum Topside Bias Vulnerable If It Continues To Struggle Below $1.2K The general sentiment in the market seems to be at an all-time low, but there is room for it to enter into a capitulation state, according to Daniel Cheung, Co-Founder at Pangea Fund Management. ETH’s price could succumb to macroeconomic conditions. Cheung claims the second crypto by market cap is correlated with traditional equities, in particular with the Nasdaq 100 via the Invesco QQQ Exchange Traded Fund (ETF). In that sense, the crypto market has become susceptible to stock price movement making it “a market regime where it is all just one big Macro trade”. The analysis claims that Ethereum could see a 40% drop from its current levels as the Nasdaq 100 has “a lot of room to fall”. This index has only experienced a 30% crash, and historically it has dropped by as much as 45%. The potential upcoming crash in the Nasdaq 100 (tech stocks), and in Ethereum as a consequence, will be driven by a poor earnings season, Cheung believes. This is one of the conditions that could force ETH’s price to break below $1,000 and into $500 for the first time since 2020. The analysis claims that the traditional market is misreading the U.S. Federal Reserve (Fed). The institution is attempting to slow down inflation, currently at a 40-year-old high as measured by the Consumer Price Index (CPI), by increasing interest rates and unloading its balance sheet into the market. Will Ethereum Follow U.S. Stocks To The Downside? The objective is to reduce consumer demand, and reduce prices across global markets, in hopes that this will bring down inflation. Market participants seem to be underestimating the Fed, and thus could be unprepared for the consequences, Cheung argues: (…) there will likely be more iterations of lower earnings revisions that follow over the coming months especially given this is a market regime that very few investors have experienced This will bring equities lower and crypto to follow with it more downside to come. In fact, the analysis argues that the U.S. could already be in an economic recession. This could bolster the Fed to put more pressure on the market, having an even worse impact on Ethereum and other cryptocurrencies. Related Reading | Bankman-Fried Is Looking At “Secretly insolvent” Small Exchanges & Crypto Miners This could be confirmed today with the report on GDP growth to be posted by U.S. financial entities. If this report spells economic slowdown, adding more downside pressure and further impacting companies’ earnings season, Cheung claims while adding: If the GDP print + CPI print + FOMC commentary all play out according to plan – we will likely be at a triple digit $ETH price once again. However, the land mine that investors would have to overcome would still not be over as 2Q22 company earnings would be just on the horizon.
Amid the cryptocurrency market decline, it’s clear that Bitcoin can’t be stopped despite a price drawdown.
Are you looking to start your trading journey, or enhance your trading strategy? If so, you will need to learn how to spot crypto chart…
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Despite attempts by bears to drive prices down, Ethereum (ETH) managed to hold its head above water on Wednesday, topping $1,200 for the most of the session. Coingecko records indicate that as the time of writing, ETH is trading at $1,129.50, a decrease of 0.5% over the past week and still slightly down from the previous day’s high of $1,228.88. Even though the ETH/USD pair fell to an intraday low of $1,170.23 during Tuesday’s session, bulls were able to keep prices above this area. The market has been dominated by bulls for the past few days. A 40 percent increase in 10 days can undoubtedly be read constructively, but it is essential to consider all possible outcomes. According to the chart, ETH is currently trapped below the resistance zone on the daily time frame. Ethereum Rally Seen If $1,500 Barrier Is Breached This area, which extends from $1,300 to $1,500 (in red), was anticipated to provide substantial support during the severe decline early this month, but clearly failed to do so. Now, it serves as a solid barrier. With this mechanism in place, a relief rally is likely to begin if buyers can push the price over the $1,500 horizontal barrier. Then, the possibility of staging a rally is revived. Suggested Reading | Sandbox (SAND) Blows Up 20% Over Last 24 Hours Following ‘Takeover’ Rumors Source: TradingView.com In the coming months, Ethereum is anticipated to succeed. Numerous improvements on the Ethereum chain will catapult ETH out of its current slumber. Nevertheless, the efficacy will depend on the conduct of Ethereum holders in the coming weeks. Next ETH Handle Could Be $1,730 In the next bear run, the price of ETH might fall to $750 if bears maintain their tight grip on the market. Consequently, if inflation keeps going up, the cryptocurrency may decline further. However, if the bulls take the driver’s seat, the next ETH handle will be $1,730. Recent movement has pushed the price of Ether up by as much as 8 percent in the past week, resulting in the 10-day moving average displaying indications of potential higher gains. Suggested Reading | Ethereum (ETH) Hammered Down To $950 As Crypto Selloff Deepens ETH total market cap at $137.5 billion on the daily chart | Source: TradingView.com If this short-term trend maintains its current course, market observers should notice a cross to the upside. This may be the impetus that propels the price of the world’s second-biggest cryptocurrency back above $1,400. The cryptocurrency market, which has recently mirrored the stock market, has fallen victim to the larger market sell-off of risky assets. However, as a result of the advancements that the Ethereum team is implementing, especially Ethereum 2.0, the ETH price is anticipated to increase this year. Featured image CoinMarketDo, chart from TradingView.com
Shiba Inu (SHIB) may not have been taken seriously as a crypto asset when it was first introduced, but the meme coin has steadily climbed the cryptocurrency rankings. The newest signals of relief in the crypto markets following a protracted volatility may come as a surprise to many, but the most intriguing aspect of this rebound is that meme tokens have emerged as the largest gainers. In the previous week or two, the majority of other coins have been bleeding from losses or barely able to stay afloat because of the ongoing crypto winter. Suggested Reading | ApeCoin Climbs 22% After Snoop Dogg-Eminem Bored Ape Video Launch Shiba Inu Continues To Defy The Trend However, Shiba Inu has been able to defy the odds and increase by 45 percent over the past week. Wednesday’s Coingecko stats show that SHIB is currently trading at $0.00000975, down 9.5% from the last 24 hours. Despite the profit-taking on Monday, the coin remained trading at the monthly highs near $0.00001196 on Tuesday. Nonetheless, it remains 85 percent below its all-time high of $0.00008, which was reached in October of last year. The dog-themed token briefly surpassed Tron as the 13th biggest cryptocurrency by market valuation. Even Bitcoin and Ethereum’s seven-day gains of 2% and 8%, respectively, were eclipsed by this rally. According to Yunometa’s founder, Arijit Mukherjee: “Shiba Inu appears to be benefiting from hints of bottom fishing and a larger mood comeback on the cryptocurrency market.” Yunometa noted that considering SHIB’s large social media presence and devoted fanbase, it’s not hard to understand why the coin’s price has risen in tandem with DOGE’s rally. SHIB total market cap at $5.3 billion on the daily chart | Source: TradingView.com Meme Token Takes Fed Stance Favorably Jerome Powell, the chairman of the US Federal Reserve in the United States, stated on June 23 that the Fed was committed to tackling historically high inflation. In addition, he agreed that a rapid rise in interest rates could lead to job cuts. The central bank’s more lenient position on interest rates looked to have a favorable effect on the equity and crypto markets. Meme coins outperformed the rest of the market following the Fed’s statement. Suggested Reading – Uniswap Slingshots 45% – Can UNI Blaze Past Its 7-Day Rally? Meanwhile, it is interesting to note that after rising as one of the leading meme-based cryptocurrencies over the past year, Shiba Inu’s prospects are deteriorating as a result of waning interest in the token as it continues to endure major price decline. According to data provided by Finbold, the popularity score for Google search queries including the keyword “Buy SHIB” dropped by 100 percent over the past year, from 8 in June 2021 to zero this month. Featured image Fintechs.fi, chart from TradingView.com
In today’s market, plenty of trading platforms, including mainstream exchanges like Binance, Huobi, Bybit, and KuCoin, have introduced futures contracts. Huobi has extensive experience in futures and provides a wide range of linear/inverse contract markets. However, its market share has fallen sharply, and the platform’s user traffic is also going downhill. Bybit and Binance are both professional futures trading platforms that demand a high threshold. Bad news is that Bybit was chased out of the UK by FCA, while Binance has suffered several security breaches. Futures beginners should avoid professional-focused trading platforms with a high threshold. Instead, they should go with a platform like CoinEx that features a low threshold and simple operations. Today, we will look into the advantages of CoinEx Futures in 5 aspects. I. CoinEx Futures boasts simple, easy–to–use, convenient operations First of all, compared with professional-centered futures trading platforms like Binance and Bybit, CoinEx Futures offers simple, easy-to-use products. It aims to allow all crypto investors to trade futures with ease, moving futures trading out of the realm that’s exclusive to professional traders. With easy operations, convenient order placement, and clear position information, CoinEx users can trade futures through an extremely smooth process. Secondly, before starting to trade futures on CoinEx, users can quickly master the key takeaways through simulated operation tutorials provided by the platform, which helps them avoid the common booby traps in futures trading. In terms of functionality, CoinEx Futures provides all-inclusive, easy-to-use functions like TP & SL, Close All, and Futures Calculator, which helps users manage their positions with greater ease. II. CoinEx boasts a zero-accident record against its peers’ frequent security scandals In 2020, KuCoin suffered a serious hacking incident that incurred an asset loss of about $275 million. Apart from KuCoin, Binance, a top crypto exchange, has also been hacked several times. In 2019, over 7,000 bitcoins were stolen from the exchange. The frequent security breaches Binance has suffered jeopardize the bond of trust between this leading crypto exchange and its users in the long run. CoinEx, on the other hand, has suffered no security scandals in the 5 years since its inception, which indicates the strength of its security system. On CoinEx, all crypto assets are 100% reserved. The exchange does not misuse users’ assets for any reason whatsoever. Moreover, all withdrawals are 100% processed in time. CoinEx has also adopted multiple security strategies and established a well-rounded security system to fully protect its system and users’ assets. For example, the exchange regularly conducts penetration tests to promptly identify security loopholes and monitors any abnormal system changes in real-time. III. CoinEx boasts an all-encompassing product family that spans all crypto categories In addition to futures, CoinEx also provides many other products and services, including margin trading, AMM, mining, financial service, and CoinEx Dock. The exchange features trading sections for BTC, BCH, ETH, and stablecoins, over 500 first-rate, innovative cryptos, and nearly 1,000 trading markets. As an exchange under ViaBTC Group, CoinEx is backed by an all-inclusive ecosystem that brings together a mining pool, an exchange, a wallet, a public chain, and an institutional investor. Today, CoinEx has earned global user recognition with its fast, stable performance and smooth deposits/withdrawals. In the future, the exchange will continue to strive for a comprehensive, stable service ecosystem. IV. Backed by a tech background, CoinEx boasts years of crypto expertise According to its official introduction, CoinEx is backed by a founding team consisting of technical experts who boast rich experience in the security of systems, operations, and wallets. For instance, Haipo Yang, CoinEx’s founder, is a top-notch tech expert in the industry. During the early days, he launched ViaBTC Pool and completed all the coding. In addition, members of CoinEx’s core team all have a background in world-renowned companies that focus on the Internet or finance, including some of the earliest crypto practitioners and investors. The team has expertise in technology R&D and global operations. When it comes to technology, CoinEx independently built the world’s first 10,000-TPS trade matching engine that allows it to carry 10,000 transactions per second, running stably despite the concurrence of massive transactions. In addition, on CoinEx, deposits arrive as fast as five minutes, and small withdrawals are processed in real-time. CoinEx’s system remains steady and solid even when the trading volume surges during a bull market. V. Centering on user experiences, CoinEx keeps pushing for globalization While building a global presence, CoinEx has always prioritized product & service and user experiences. As the exchange explores international markets, it has remained committed to product development and the user-first principle. Right now, CoinEx is providing services in markets around the world 24/7. Available in 16 languages, the exchange continues to venture into new markets. It should be noted that CoinEx’s product design features an interactive experience that combines elements such as aesthetics, simplicity, smoothness, and practicality, which allows users to benefit from simple, elegant operations. This also shows that the CoinEx team has always been committed to product improvement, providing users with one-stop crypto trading services that are more satisfying and considerate. Overall, when choosing a suitable futures trading platform, apart from security, users should consider whether a platform’s products are easy to use and if its operations are convenient. In addition, they should also account for the products and services that are available on a platform to benefit from efficient, satisfying crypto trading experiences.