In the cryptocurrency market, investors follow the price of Bitcoin closely. Although the leading coin, which has been following a downward trend in recent days, has remained above the critical threshold for a short time as of today, it has not been able to maintain its permanence here. So when will Bitcoin enter an uptrend?
Cryptocurrency market also ended the month with losses. Bitcoin fell by 37.29% in June, falling sharply. The general of digital assets was turned upside down by the effect of the decline in Bitcoin. Investors are wondering the answer to the following question; When will bitcoin rise?
In the second quarter of 2022, Bitcoin lost 58 percent of its value. The wind of sales in the crypto money market is also reflected in altcoins. Ethereum dropped 44 percent in June.
After the crash in June, crypto investors were worried. First, the collapse of the Terra ecosystem's two digital assets, Luna and UST, and then the collapse of the cryptocurrency funding company Celsius Network on the brink of bankruptcy brought sharp declines in the market.
Most investors got upset with cryptocurrencies and closed their investments. The decrease in transaction volumes in the crypto money market draws attention in recent days. One of the biggest factors in the withdrawal in Bitcoin stands out as the decrease in transaction volume.
In recent days, it is observed that the consolidation in Bitcoin is gradually decreasing. The calm trend in Bitcoin shows that investors are exiting the market.
Bitcoin, which started the week at $ 19,000, has risen above the critical threshold of $ 20 thousand today. With the dollar continuing its global upward trend, Bitcoin, which fell towards noon, again fell below $ 20 thousand. The leading coin is currently trading at $ 19 thousand 556.
As of March, with the US Federal Reserve (Fed) starting to increase interest rates, the decline in the crypto asset market and stocks gained momentum. During the pandemic period, ultra-loose monetary policy practices brought along a sharp rise in risky assets. While stocks rallied, Bitcoin broke the all-time record with $ 69,000.
The bull season in the cryptocurrency market has come to an end, with the end of the pandemic and the central banks' interest rate hikes to combat the rising inflation globally.
Although central banks have increased interest rates, global inflation is still strong. While inflation in the USA broke the record of 41 years, the Fed's interest rate hike moves were not effective in the decrease in the general price level.
Analysts argue that the Fed will continue to increase interest rates, but this will not be effective in reducing inflation. When it is seen that inflation cannot be restrained by interest rate hikes, the Fed and other major country central banks will end interest rate hikes.
With the central banks ending the hawkish attitude, crypto assets are expected to rise again.
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