Sunday, June 23, 2024

Market Watch June 7: Crypto market bullish, institutional investors cautious.

After a strong push higher, Bitcoin saw rejection and a reversal as it once again fell below the $30,000 mark. The market traded in the green in the last 24-hours with Bitcoin’s nearly 5% gain. However, BTC has returned to the range of $29,842 – $31,693. This suggests strong volatility over the last 24-hours.

It also shows the correlation with the Nasdaq 100 in the US. The market mirrored the gains from May 30 – a pullback from day highs was inevitable. At the time of writing this article, BTC was down by 5.14% in the last 24-hours. The popular crypto lost all the gains it saw on Monday. Now, it’s trading at $29,505, as per data from CoinMarketCap. Ethereum also lost 6.50% and is changing hands at $1,749.

Among the altcoins, Avalanche (AVAX) is the biggest loser. It’s down by 9% in the last 24-hours. Polkadot lost 7.18% and Solana 5.07%. Ripple’s XRP, which is battling a lawsuit by SEC, is down by 3.69% and Cardano also lost 2.67% of its value. The overall crypto market is on a tumble. The meme coins have recorded a downturn. Dogecoin and Shiba Inu have lost 4%.

Despite the volatility in the crypto market, investments in multi-asset crypto funds rose by $4.3 million last week. This brought the year-to-date total to $201.3 million. But for much of 2022, crypto assets have been in a protracted downtrend with Bitcoin recording nine consecutive weekly declines. This is the longest in history. This suggests investor sentiment is in a prolonged period of extreme fear on the Bitcoin Fear & Greed Index. It narrowly missed its tenth down week by closing a mere $450 higher than the previous week.

What may be the market situation, investors are buying the dip – Purpose Investments, a Canadian spot Bitcoin exchange-traded fund, being the latest example of purchasing thousands of BTC last month.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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