Markets
Bitcoin, Ethereum and Dogecoin fall under investor concerns: analyst warns of King Crypto falling below US$60,000
Top cryptocurrencies faced selling pressure over the weekend as investors remained skeptical of the market’s next moves.
| Cryptocurrency | Earnings +/- (last 24 hours) | Price (recorded at 8:30 p.m. EDT) |
| Bitcoin BTC/USD | -1.90% | US$63,097.30 |
| Ethereum Ethereum/USD | -2.33% | US$3,420.82 |
| Dogecoin DOGE/USD | -1.11% | $0.1226 |
What happened: Bitcoin fell below $63,000 during Sunday trading, expanding the world’s largest digital asset’s monthly losses to nearly 7%. King Crypto has been trending lower since reaching $71,000 earlier this month.
Ethereum continued to bleed as well, as traders waited for spot ETFs to be listed on stock exchanges.
The speculative market acted cautiously as open interest in Bitcoin futures fell 0.76% in the last 24 hours. Most of the new positions were purchased in the top crypto. That said, the general market trend was in favor of falling prices, according to the Long/Short Ratio.
The Cryptocurrency Fear and Greed Index shined as “Neutral” ahead of the final trading week of June, a sharp reversal from the “Extreme Greed” seen during the first week of the month.
Biggest earner (24 hours)
| Cryptocurrency | Earnings +/- | Price (recorded at 8:30 p.m. EDT) |
| Toncoin (TONNE) | +2.76% | $7.55 |
| Ghost (FTM) | +1.10% | $0.5851 |
| Search.ai (FET) | +0.33% | $5.76 |
The value of the global cryptocurrency market is $2.3 trillion, shrinking 2.02% in the last 24 hours.
Stock futures traded flat during evening trading hours. O Dow Jones Industrial Average Futures fell or 0.05%, as of 8:30 pm EDT. Futures linked to S&P 500 gained 0.05%, while Nasdaq 100 Futures rose 0.16%.
Major stock indexes hit record levels last week on the AI giant NVIDIA Corp. NVDA meeting. However, strong selling during the latter part interrupted the ascendance.
The pullback was fueled by a 3.5% drop in the AI giant’s shares NVIDIA Corp. NVDA, the main driver of the stock lately.
This week, investors’ focus will be on personal spending data, the Federal Reserve’s preferred inflation gauge, scheduled for release on Friday. The CME FedWatch Tool foreseen a 90% chance of stable interest rates at the next FOMC meeting on July 31.
View more: Best Cryptocurrency Scanners
Analyst Notes: Popular cryptocurrency trader MartyParty noted that Bitcoin’s Relative Strength Index was “nearly oversold,” a favorable condition for a recovery.
He predicted a move to $65,000 next, and then a broad move leading up to the US elections.
On the contrary, a well-known analyst with the pseudonym HORSE a low alarm sounded.
“I am quite confident that Bitcoin will trade below $60,000 again,” the analyst predicted. “I know we are still halfway there, but consolidation and weakness for so long, without a tailwind and already declining demand, almost always resolves to the downside before moving up again.”
Read next: Raoul Pal predicts crypto boom in Q4 of election year and calls it ‘banana zone’
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