Bitcoin (BTC) stays around $60,800 at the end of the week and June. Shallow volatility continued this weekend. Investors have significantly lost their risk appetite due to bad news in recent weeks. On the other hand, expectations for July are also weak.
Bitcoin (BTC)
In July, MTGOX returns will start, and the potential for governments to sell assets held as crime proceeds continues. Investors are not starting July with good morale and motivation. Both the classic low volume in the summer months and BTC sales, along with the SEC’s continued battle against the Ethereum ecosystem, are demoralizing.
For 7 days, BTC price has been testing the $60,000 level. The price, which has not lingered at such low levels since the end of February, is now indecisive. If the worrying scenario occurs, it is likely that sales will create new lows between $54,388 and $50,619. Although the latest macroeconomic data is positive for Bitcoin, the unique problems of crypto continue.
On the other hand, the completion of MTGOX returns and the conclusion of sales in Germany and the US, although causing tough days, will remove the significant pressure on the price. For years, MTGOX returns have been feeding doubt and fear among investors.
Current State of Cryptocurrencies
The overall market volume fell below $35 billion. The loss compared to yesterday is at 42%. BTC dominance climbed to 53.4%, which was evident from the decline in altcoin prices. The Fear and Greed Index is currently in the neutral zone but closer to fear at 45.
Out of the top 100 cryptocurrencies, 2 altcoins gained over 20% weekly. These are AKT and KAS Coin. AAVE and WIF saw increases of over 10%, while most cryptocurrencies experienced significant losses. Altcoins like ENA, PENDLE, WLD, GNO, STRK, SUI, and JASMY eroded between 13% and 20%.
The total market value of cryptocurrencies is $2.24 trillion. Investors are cautious for now as the news of the upcoming ETH ETF listing in July is overshadowed by the SEC lawsuit.
