Unless some unexpected event occurs, everything suggests that this week will pass relatively calmly for crypto assets.
Bitcoin and Ethereum, calmly waiting for the Fed.
Depositphotos
The week starts calmly in the cryptocurrency market, which shows apparent calm with the Bitcoin increasing by 1.8%, standing around US$68,900, while the Ethereum presents a slight increase of 0.7%, exceeding US$3,800.
Quite the opposite happens with the ‘altcoins‘, since a predominance of bullish movements is observed. Binance Coin (BNB) Leads Gains Among Major Alt Tokens, with an increase of more than 4%, closely followed by Toncoin (TON) with an increase of 3%. Likewise, more moderate increases are seen in Dogecoin (DOGE), XRP, Cardano (ADA) and Solana (SOL), among others, while Chainlink (LINK) is among those showing the least favorable performance.
Unless some unexpected event occurs, Everything suggests that this week will pass relatively calmly for crypto assets. Over the last 7 days, BTC barely registers an increase of 0.3%, while ETH experiences a slight drop of 2.5%, in a period characterized by scarce movements and a lack of significant news in the field of cryptocurrencies.
Bitcoin: where the market’s attention is focused
The market’s attention is focused on the meeting that Federal Reserve (Fed) will take place on June 12. The US central bank is expected to leave unchanged the interest rates at this meetingthe fourth of the year, although the interest lies in the projections that the organization chaired by Jerome Powell will offer for the remainder of the year.
In recent weeks, heFed officials have taken a more cautious-than-expected tone on interest rates, which has moderated market optimism. High interest rates put negative pressure on cryptocurrencies, which tend to perform better in a low-rate, high-liquidity environment.
Therefore, the market awaits the publication of macroeconomic data in the coming days, with special attention to the May employment report that will be released on Friday.
Meanwhile, the withdrawal of more than $3 billion worth of Ethereum from cryptocurrency exchanges since late May, coinciding with the partial approval of spot ether exchange-traded funds (ETFs), has generated a bullish signal by indicating a reduction in the availability of cryptocurrencies for immediate sale.
Source: Ambito
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