Crypto Week Ahead: Bitcoin, Ethereum See Slumps Despite Market Expectations; Market Woes May Continue
Over the past seven days, Bitcoin (BTC) price achieved a high of $28,016.59.
Bitcoin (BTC) and Ethereum (ETH), two of the most popular cryptocurrencies in the world, saw considerable dips in prices over the past week, despite relatively strong numbers released in the US jobs report and the positive resolution of the debt ceiling deadlock. The Reserve Bank of India (RBI) will be holding its Monetary Policy Committee (MPC) this week, and it remains to be seen if the central bank will make any fresh announcement on crypto regulation and trading in the country. Memecoin PEPE, despite a much-talked-about debut on Binance a few weeks back, has been in freefall in terms of prices for several weeks.
Before we proceed further, readers should note that the overall crypto market and coin prices are extremely volatile in nature. There are no foolproof methods to ascertain how cryptocurrencies are expected to behave in the future. This article is aimed at helping investors stay on top of the current market scenarios and the biggest events that have already taken place as well as some upcoming occurrences that are worth noting. Investors are advised to do their own research before taking any call.
Crypto Prices Over The Past Week
Last Monday (May 29), the overall crypto market cap stood at $1.17 trillion. BTC price stood at around $28,061.25, ETH price stood at around $1,905.60.
A week later, the overall market cap dipped down to $1.13 trillion, as per CoinMarketCap data.
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DeFi's total volume stands at $2.25 billion, at 8.84 percent of the total market 24-hour volume. In case of stablecoins, the overall volume stands at $23.51 billion, at 92.46 percent of the total 24-hour market volume.
BTC dominance, at the time of writing, stood at 45.87 percent.
Over the past seven days, Bitcoin achieved a high of $28,016.59 (on May 30) and a low of $26,716.99 (June 1), showing signs of a bear run.
Ethereum, on the other hand, saw a high of $1,916.34 (May 30) and a low of $1,852.16 (June 1).
Crypto Events To Note
Coinbase Derivatives Exchange has introduced futures contracts for Bitcoin and Ether. This marks an important development aimed at meeting the specific requirements of institutional investors in the dynamic digital commodity market. With the successful introduction of nano Bitcoin (BIT) and nano Ether (ET) contracts, the exchange has observed a notable increase in institutional interest. This heightened demand has fueled the need for more sophisticated derivative products.
Furthermore, all eyes will rest on the release of US Federal Open Market Committee (FOMC) meeting details in the coming week, which is expected to have a significant impact on coin prices.
From June 6 to June 8, the RBI is expected to hold its MPC meet. As India is actively participating in global crypto regulation discussions during its G20 presidency, traders and investors in the country will be eagerly looking forward to any major announcements on the virtual digital assets (VDAs) front.
What Crypto Traders Are Saying About Current Market Scenario
Mudrex co-founder and CEO Edul Patel told ABP Live, “In the last 24 hours, Bitcoin has been in a consolidation phase below the $27,000 level. Following a week filled with significant data events, investors have turned their attention to the upcoming release of the FOMC meeting minutes on June 14. If investors and traders are successful in keeping BTC above the current level, there is a possibility of it returning to the $27,000 mark and then $27,500. However, if this support level cannot be sustained, we may see BTC trade within the range of $26,500 and $27,000 this week.”
WazirX Vice President Rajagopal Menon offered his take, “Bitcoin and Ethereum prices have decreased by 4.49 percent and 2.04 percent, respectively, over the last week. Amidst market uncertainty, there has been a revision by investors such as VCs regarding the amount of money invested in crypto projects’ funding rounds. China has been condoning crypto adoption and might look at a more open approach towards retail crypto trading similar to Hong Kong, according to reports.”
Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Cryptocurrency is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Cryptocurrency market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.
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