Crypto Market Update

Crypto Market Stabilizes As NFT Coins Surge

This week, when major companies invested and NFT currencies rose, NFT-New York assisted in easing the crypto markets into a relief surge. DeFi was attempting to self-regulate as the painful “filter by liquidation” stage of the crypto epidemic continued.

Top Market Trends of the Week

  • In order to reduce the risk of a whale’s liquidation, Solend’s Solana-based lending procedure first decided to confiscate its $200+ million worth of assets. It then collaborated with Mango Markets to settle the whale’s debt.
  • The hedge fund Three Arrows Capital has until June 27 to pay $657 million to Voyager Digital or risk going into default. 3AC holdings have already been liquidated on FTX, Deribit, and BitMEX.
  • While Uniswap, eBay, Ledger, and Pharrell Williams all entered the NFT market in the same week, NFT tokens shone in the spotlight of NFT New York.
  • As the $CEL price increased 89% despite prohibited withdrawals and transfers, Celsius investors may have come together to exert pressure on FTX short-sellers GameStop-style.

Top 7-day Gainers

  • CEL +89.1%
  • TITAN +81.3%
  • SNX +72.5%
  • MATIC +56.9%
  • 10SET +51.9%

Top 7-day Losers

  • FLEX -10.3%
  • KCS -1.9%
  • PAXG -1.7%
  • DFI -1.7%
  • XCN -0.7%

Bitcoin’s Technical Summary

After weeks of decline, Bitcoin (BTC) has stabilized, rising 3.5% over the previous week.

  • The Relative Strength Index (RSI) for BTC appears to have reached the bottom and has started to rise.
  • As volatility decreased, the Bollinger Bands indicator clearly tightened.
  • Throughout the second half of the week, Bitcoin fluctuated around the $20.6k support level.
Bitcoin 2-hour Chart

The dip and rebound from June 17 to June 19 produced a head for the reverse head and shoulder pattern, as can be seen on the 2-hour BTC chart. The possibility of a short-term bull scenario is increased by a break in the neckline, but keep a watch out for the “fake out” because the RSI is approaching overbought levels.

Bitcoin 1-week Chart

A channel has existed since mid-2018 on the 1W BTC chart. The price left the channel two weeks ago. Watch for any new resistance emerging underneath this channel throughout the upcoming week.

Altcoin’s Technical Summary

After several weeks of miserable markets, we finally witnessed some green relief. While Layer-1s like Ethereum and Cardano moved more subtly this week, many of the top 100 altcoins in cryptocurrency experienced double-digit gains.

  • On hearing that they had surpassed Ethereum in daily feesUniswap (UNI) soared by 50%.
  • Tether (USDT) stated it would launch $GBPT, a new stablecoin backed by silver, to further cement its position as the market leader in stablecoins.
  • After Elon Musk expressed his support for Dogecoin (DOGE), claiming that it was what his customers wanted, DOGE witnessed a 17% increase by midweek.

Last Note

I hope you found this crypto market update useful!

Stay tuned for more information like this.

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