Market overview
The market capitalization of cryptocurrencies stabilized at a low of $2.14 trillion, after losing recovery momentum in the second half of June after touching the 61.8% line. Thus, there is a risk of forming a bearish expansion pattern, with the market capitalization potentially falling to $1.6 trillion, a quarter below the current level. A break below the early June lows would confirm this scenario, although increased buyer activity is evident near current levels. In any case, the stock market and the US dollar remain the main drivers, while cryptocurrencies react to changes in the fundamental background.
Bitcoin is trading below $63,000, once again hovering near seven-day lows. At these levels, the leading cryptocurrency remains close to its 200-week moving average. The decline towards this line in 2022 marked the beginning of nearly six quarters of underperformance, with prices hovering near this curve; In 2018, this period lasted six months, and in 2015, nine months. In other words, history suggests that we should prepare for a crypto winter rather than a quick recovery.
News background
The strategy bought an additional 520 Bitcoin last week for $34.9 million. The company now owns 847,363 bitcoins, acquired for $64.1 billion at an average price of $75.7 thousand per bitcoin.
Investment firm Strive acquired 759 bitcoins last week for $50 million at an average price of $65.9k per coin. The total Bitcoin on Strive’s balance sheet now stands at 19,864 BTC. Since January, the company has increased its holdings by approximately 3,700 BTC.
BitMine has increased its Ethereum reserves to 5.67 million ETH, after purchasing an additional 52,203 ETH over the past week. BitMine reserves now represent 4.7% of the total supply of Ethereum.
BitMine CEO Tom Lee remains bullish on ETH despite suffering billions of dollars in losses on his positions. In his view, the cryptocurrency market is currently in the early stages of a “crypto spring.”
Mexican billionaire Ricardo Salinas Plego compared investing in Bitcoin to investing in real estate. He urged investors not to focus on short-term price fluctuations but to view Bitcoin as a means of preserving wealth for many decades.
the So they broke Analyst team
