Over the past two weeks, cryptocurrencies have remained stable with little change in the prices of major coins such as Ether and Bitcoin. Ether traded slightly higher by 0.3% compared to the previous week, while Bitcoin saw a 0.7% decrease in value. In contrast, US and EU stocks saw an upward trend, with NASDAQ index rising by 3% and the S&P 500 increasing by 1.7%. The Eurodollar closed around 1.4% lower than the previous week at around 1.0761.
In the US, the hot topic now is the Debt Ceiling, causing some volatility in the equities market. Fed’s chair, Jay Powell, warned about tighter conditions in US banks and announced that the Bank is planning to pause and wait for more economic data before raising interest rates again. The US CPI and core CPI both dropped slightly in April compared to the previous month.
Despite the high Fed fund rates target range, the market is not yet pricing in higher rates in the long term. Instead, the anticipation is that slower growth and a possible recession will force the Fed to cut rates later this year. WHAT TO WATCH FOR: The next monetary policy meeting for the FED: June 13-14th, 2023 and for the ECB: June 15th, 2023; US headline and core CPI figures for May 2023 will be released June 13th, 2023, at 08:30 AM ET.
Performance for week 19
Source: altfins.com
The Digital Asset market sentiment (Crypto Fear & Greed Index) went down by only 1 point to 49/100, indicating Neutral.
The Total Cryptocurrency Market Cap dropped only little by 0.3% compared to a week ago, and remains around 1.12 billion. Ethereum (ETH)’s Dominance dropped by almost 2% to 19.3% while Bitcoin (BTC)’s Dominance went slightly up to 46.4%.
Weekly Performance of Top Cryptocurrencies
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Bitcoin price of $26,875.96 is down -0.76% in the last 24 hours and down -0.17% in the last 7 days.
Bitcoin (BTC) Technical Analysis: See full analysis here.
After topping out at $31K, price has been consolidating in a Channel Down pattern. We wait for a breakout. Bullish breakout above $28K would indicate Uptrend resumption, with upside to $32K resistance. Bearish breakout below $25K would indicate onset of downtrend, with downside risk to $21.5K thereafter.
Pattern: Price is trading in a Channel Down pattern. With emerging patterns, traders who believe the price is likely to remain within its channel can initiate trades when the price fluctuates within its channel trendlines. With complete patterns (i.e. a breakout) – initiate a trade when the price breaks through the channel’s trendlines, either on the upper or lower side. When this happens, the price can move rapidly in the direction of that breakout.
Trend: Downtrend on Short-Term basis, Neutral on Medium-Term basis and Uptrend on Long-Term basis.
Momentum is Bearish but inflecting. MACD Line is below MACD Signal Line and RSI is below 45 but momentum may have bottomed since MACD Histogram bars are rising, which suggests that momentum could be nearing another upswing.
Support and Resistance: Nearest Support Zone is $25K, then $21.5K. The nearest Resistance Zone is $28K (previous support), then $32.0K.
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Last week’s top gainers in Total Revenue (TR) include Ethereum, Bitcoin and Lido. Total Revenue (TR) includes total fees that go to the supply-side and to the protocol’s treasury. It is the total amount the platform collects from users in fees. Example of supply side revenues are fees generated by liquidity providers (LPs).
Top Gainers in Total Revenue (TR)
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- Tornado Cash (TORN) Suffers 27% Drop As Hackers Strike. Tornado Cash (TORN) has experienced a sudden fall in its market price over the last few hours following news of the DeFi protocol suffering a crypto exploit. Read more.
- Lido’s ETH Deposits Reach Record High Amid Stagnant stETH Withdrawals. Lido (LDO), the leading liquid staking derivatives (LSD) protocol, recently made waves in the crypto community by enabling staked ETH (stETH) withdrawals. Expectations were high as many anticipated a surge in stakers unstaking their ETH. However, contrary to these predictions, Lido has witnessed a remarkable increase in ETH deposits, reaching a record-breaking level. Read more.
- XRP Emerges As Top Performing Crypto With 55% Surge. The market cap of XRP grew by a whopping 59.9% in the first quarter of the year. Read more.
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