Bitcoin
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Bitcoin lost just over 3.5% of its value in the past seven days, down $1 000. The whole week the ups and downs sessions alternated. For most of the week, the price changed within half a percent.
Source: tradingview.com
U.S. inflation data and the Fed’s decision on the key rate were to be the main news of the week. And the information I got didn’t seem to be a bad thing.. First
it was announced that U.S. price growth slowed to 4%, from 4.9% a month earlier.A little later, Fed Chief Jerome Powell announced that the rate would remain at the same level, in the range of 5-5.25%.. This decision followed ten consecutive
However, bitcoin reacted rather weakly to the positive news. What’s the reason?
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First, although inflation has slowed, it is still a long way from the 2% target.
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Second, the key rate was left in place, but no specifics about the Fed’s future actions were announced. At the same time, Jerome Powell hinted that before the end of the year the rate will still be raised.
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Third, investors are still digesting the negativity from the Securities and Exchange Commission’s (SEC) action against centralized crypto exchanges (CEX).
For all that, bitcoin’s response has been subdued;
Major investors were positive about the prospects of BTC. Co-founder of analyst firm MicroStrategy Michael Saylor is confident that a hundredfold rise in bitcoin is a matter of time. And major investment firm BlackRock has filed an application with the SEC for registration of a spot ETF on bitcoin;
From a technical analysis point of view, bitcoin is near the level of support outlined a week ago – $25 350. And if it falls below this level, it could be a bear trap.. In any case now it is necessary to observe how the price will behave in the future. We can speak about change in the trend of BTC after it will overcome the resistance level of $26 484.
Source: tradingview.com
The Fear and Greed Index has lost three points in the past seven days. Now its value is equal to 47, which still indicates
investors’ neutral sentiment towards the first cryptocurrency.
Ethereum
From 9 to June 16 ether fell in price by more& than 9%. The price of the second most market capitalization cryptocurrency fell below $1 700 for the first time since March 27. In whole week was almost in red zone: 5 of 7 trading sessions ended in decline for ETH.
Source: tradingview.com
SEC lawsuits against centralized exchanges a major source of negativity. Investors continue to fear for their assets and withdraw them.
According to the analytical platform Nansen, the amount of ether on exchanges almost equaled its volume in stacking: almost 23 million tokens against just over 24 million.. At the moment the gap is just over 6%. At the beginning of 2023, ETH on exchanges was 41%;more,
than in stacking. In the general trend of narrowing the gap
has been seen since 2021 year.
Although the value of the native token is falling, Etherium is doing well overall. Over the last year the platform has become busier, with more transactions per second (higher TPS).. At the same time, the indicators of the main network practically do not change. All of the growth in L2 blockchain is mainly in L2 blockchain.
Source: l2beat.com
In addition, management has determined the projects that will receive grants from Ethereum for the first quarter of 2023 year. There are a total of 63 projects, most of which fall under the Community & Education category.
Community and education category.
From technical analysis point of view, the ether broke the support level of $1 750. Now these numbers have become a level of resistance. The closest level of support is the low of last week – $1624.7. In further decrease to $1 460 area is possible.
Source: tradingview.com
Shiba Inu
Shiba Inu has been in freefall since mid-April 2023. Meme cryptocurrency lost more than 14% in the week from 9 to 16 June. On Saturday, June 10 June, the SHIB token fell to its historical low of $0.00000578, according to the Bitstamp exchange.
Source: tradingview.com
Interesting fact: Right now only 7% of Shiba Inu holders are in plus relative to the price at which they made their purchases.. The majority – 91% – have losses. This is largely due to the structure of investors in this cryptocurrency. Only 3% invested in Shiba Inu in the last month. The rest of the investors hold tokens for a longer amount of time. Such data
IntoTheBlock. portal;
Shiba Inu is making progress in development. Shytoshi Kusama hinted in the official Telegram group about ending the Shibacals project. Information about it was later
Shiba Inu marketing specialist Lucie later shared the information. Shibacals, as stated on the official website;
official site, represents the possibility of transforming non-exchangeable tokens (NFTs) into various tangible items, such as toys.
From a technical analysis point of view, Shiba Inu is doing poorly. The price is at bottom. Some ray of hope for the bulls will be reaching the level of $0.00000729.. The support level is the historical low of $0.00000578.
Source: tradingview.com
In short, the crypto market continues to fall. A small macroeconomic positive has not had any noticeable impact on the picture. But investors’ remaining fears related to the actions of U.S. regulators are preventing cryptocurrencies from rising.
This material and the information in it does not constitute individual or other investment advice. The editorial opinion may not reflect the views of the author, analytical portals and experts.