Cryptocurrency is Still Struggling

Cryptocurrency is Still Struggling

For the previous seven days, the cryptocurrency market managed to stabilize a bit and even tried to make a low recovery. The main anchor that stopped the falling into a well of failures became the crypto gold.

Bitcoin appeared to be not absolutely omnipotent. The first cryptocurrency in the world was showing its drop for nine weeks. The analysts from BitMEX checked the tendency, made a better analysis, and found out that nowadays the longest period of fall of Bitcoin has been seven weeks. Some people can reasonably compare cryptocurrencies to casino slots with their ups and downs, but it’s essential to understand that neither of them is stable and luck plays a big role. The experts also noted that during the crypto gold history there were three periods of fallings with the duration of six weeks each.

What was the Reason for the Fall

The main reason for the fall of Bitcoin was caused by the tightening of the fiscal policy of the US Federal Reserve. Though, several experts believe that the main cryptocurrencies still have several chances for their survival. The analytics from JPMorgan came to a conclusion that caused the market crash will be a significant influx of venture capital.

Scammers Create Another Mind

The desire of retail investors to get rich fast and the main strategy of investing in sometimes really ridiculous projects were criticized by the co-founder of the world’s most popular meme- cryptocurrency Dogecoin. Jackson Palmer in an interview with Crikey noted that as long as the promoters of junk cryptocurrencies on the internet receive huge budgets, there will be no crypto fall.

The more scammers enter the industry, the more arguments appear for officials who want to take control of the cryptocurrency industry. Caroline D.Pham the commissioner of the US Commodity Futures Trading Commission compared cryptocurrencies to a lottery. She noted that the developers of many projects hide important information that could influence investment decisions and that is happening more and more often.

What We Have Today

According to the results of the reporting seven-day period in total, the capitalization of the cryptocurrency market showed a slight increase. As of Wednesday evening June 1, 2022, it amounted to $1,301 billion which is 1,88 % higher than the values recorded at the end of last week.

1. Bitcoin (BTC). On the first of June on Wednesday evening, the cost of digital gold managed to overcome the mark of $30,000 and amounted to $31,586 having an increase of 5.4% over the seven days.

2. Ethereum (ETH). On Wednesday evening on the first of June, the cost of digital oil decreased by 3.06% and amounted to $1934.

3. Binance Coin (BNB). As of Wednesday evening on the first of June BNB was valued at $320. According to the results of the past seven days, the price of this cryptocurrency fell by 3.61%.

 4. Ripple (XRP). As of Wednesday evening on the first of June, the value of XRP was increased by 2.44% and it was $0.42.

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