Purebun.com -Bitcoin Rises, Temporarily Breaks Lost streak. Bitcoin Rises, Temporarily Pauses Downfall. Bitcoin has moved higher since starting the second week of June 2022. As of Tuesday morning (7/6/2022), Bitcoin and other top cryptocurrencies are still in the green. On the other hand, cryptocurrency investors are still looking for a bottom after six months of rough selling.
The largest cryptocurrency by market cap, Bitcoin was up 4.3 percent on Tuesday to $31,278.09, according to data from Coin Metrics. Ethereum, the second-largest cryptocurrency, rose nearly 2 percent to $1,852.64.
The gains aren’t too surprising as Bitcoin has been in that price range in recent weeks. But managed to temporarily stop the decline that has occurred for several weeks in a row.
Crypto continues to move along with stocks. All three major US stock averages also closed higher on Monday.
Investors held their breaths as they watched prices across risk assets move higher, uncertain whether the move was temporary or if a more permanent reversal had finally arrived.
Head of research at Valkyrie Investments, Josh Olszewicz said this relief rally is a trap, and bitcoin may have short-term gains but will most likely continue its downward trend.
Influenced by Global Economic Uncertainty
“Uncertainty in the global economy due to high inflation and the possibility of us being in a recession, paired with the prevalence of rising central bank interest rates, is likely to force all assets down at least until the end of summer,” Olszewicz said.
“We still believe the confluence of these factors will likely cause bitcoin to fall as low as $22,000 before a rally later this year, especially as that level is where a lot of institutions and large companies buy and they are very unlikely to let their trades go too far,” he added.
Last week, bitcoin and Ethereum both turned green for their first positive week in nine weeks, according to Coin Metrics. It was the longest losing streak for crypto.
Crypto Prices Drop in a Row
Bitcoin has more than halved since hitting an all-time high of USD 68,982.20 in November 2021. It traded in a tight range this year before falling below USD 30,000 this month following the collapse of Terra.
JP Morgan research analyst Kenneth Worthington said crypto prices fell 27 percent in May, following a 20 percent drop in April.
“April’s already challenging environment was exacerbated in May by the collapse of the UST algorithmic stablecoin which prompted a combination of forced selling and uncertainty to negatively impact the wider crypto ecosystem. While trading volume appeared somewhat higher in May than depressed April, almost all other growth measures declined last month,” Worthington said.
Last month, another JP Morgan strategist, London-based Nikolaos Panigirtzoglou, said it was about a 30 percent gain for bitcoin after its recent decline.
Crypto Prices Tuesday Morning 7 June 2022
Previously, the price of bitcoin and the top cryptocurrencies were observed to continue strengthening on Tuesday morning, June 7, 2022. The majority of the top cryptocurrencies managed to strengthen slightly and stay in the green zone.
Based on data from Coinmarketcap, Tuesday (7/6/2022) morning, the crypto with the largest market capitalization, Bitcoin (BTC) edged up 4.96 percent in the last 24 hours, but weakened slightly by 0.51 percent in the week.
Currently, the price of bitcoin is at the level of USD 31,514.22 per coin or equivalent to IDR 454.9 million (assuming an exchange rate of IDR 14,437 per US dollar).
Ethereum (ETH) is also still strong today. Over the past 24 hours, ETH has narrowly rocketed 3.07 percent. But weakened 5.66 percent in the week. With that said, ETH is currently at USD 1,873.52 per coin.
The next cryptocurrency, Binance coin, which had been perched in the green zone since yesterday, now has to weaken slightly. In the last 24 hours BNB fell 1.18 percent and 7.36 percent for the week, respectively. This makes BNB priced at USD 297.58 per coin.
Then Cardano (ADA) is still strengthening since yesterday. In the past day the ADA was up 7.50 percent and 10.27 percent a week. Thus, ADA is at USD 0.6171 per coin.
Meanwhile, Solana (SOL) also continued to strengthen this morning. Throughout the last one day SOL rose 7.87 percent, but still weakened 9.20 percent for the week. Currently, the price of SOL is at the level of USD 42.96 per coin.
XRP is still gaining ground today. In the past day, XRP edged up 1.55 percent, but is still down 2.68 percent for the week. That way, XRP is now priced at USD 0.4036 per coin.
Stablecoin Tether (USDT) and USD coin (USDC), both strengthened 0.01 percent today. This makes USDT at the level of USD 0.9993. While USDC is valued at USD 1.00.
Binance USD (BUSD) is down 0.01 percent in the last 24 hours. Now the price of BUSD should drop slightly to the level of USD 0.9997.