Cryptocurrencies left behind a week where risk appetite was low, but buy orders dominated and resisted negative news. Bitcoin was priced at $ 30,650 and Ethereum at $ 1900.
Bitay Research Department Analyst Alper Samet Yorak, evaluating the developments in the crypto money market and the latest situation of the market during the holiday holiday, Bitcoin, which found buyers at around $ 30,500 on Tuesday, June 27, did not change much during the past period and fluctuated in a narrow band range to 30,650 in the morning. He stated that it is priced at dollar levels.
“Ethereum, on the other hand, continues its horizontal positive movement by separating relatively positively compared to Bitcoin at the $ 1,900 border.
It is possible to say that the risk appetite is relatively low, but the buy-side orders are dominant and the markets are more resistant to negative news.
We can make this inference because the spot Bitcoin ETF application made to the SEC by the world's largest fund manager BlackRock, which caused a great rise in the crypto money market last week, was rejected due to the "inadequate" finding.
On Friday, June 30, when the rejection decision was made, Bitcoin, whose volatility increased and experienced a fluctuation, managed to compensate for its intraday losses by standing strong.
Although the unexpected BlackRock decision of the SEC did not have a serious impact on the market, it seems to have paused a new upward movement for now. However, the SEC added that asset managers can update and re-apply, adding that the approval of ETFs will be a significant development for the cryptocurrency industry.
In addition to these developments, the news that the head of the SEC, Gary Gensler, who is well-known to the crypto money market, may resign, spread on social media and news sites. Although some stated that it would be positive if it happened, some crypto money experts reminded that this could create extra negativity.
However, although there was no official statement after this news, various US news channels reported that the news of his resignation did not reflect the truth for the time being.
After the Eid week, when the markets were relatively low in volume, developments that could be effective in the macro agenda await us this week. US markets will be open for half a day today. The most important macro developments of the week are the FED minutes, which will be published on Wednesday, and the employment data announced on the first Thursday and Friday of each month.
In the minutes of the FED, it is possible to give signals that the economy is in a strong state and inflation is stubborn, so that the continuation of interest rate hikes may come. On the unemployment and employment side, negative surprises are not expected.
The top-paying altcoins of the past week are COMP, XEC, BCH, FLOW and BSV.”
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