Markets
Bitcoin, Ethereum, Dogecoin Fall Amid Investor Concerns: Analyst Warns of King Crypto Falling Below $60,000
Major cryptocurrencies faced selling pressure over the weekend as investors remained skeptical of upcoming market moves.
| Cryptocurrency | Earnings +/- (last 24 hours) | Price (recorded at 8:30 p.m. EDT) |
| Bitcoin BTC/USD | -1.90% | $63,097.30 |
| Ethereum ETH/USD | -2.33% | $3,420.82 |
| Dogecoin DOGE/USD | -1.11% | $0.1226 |
What happened: Bitcoin plunged below $63,000 during Sunday trading hours, increasing the world’s largest digital asset’s monthly losses to nearly 7%. King Crypto has been trending downward since hitting $71,000 earlier this month.
Ethereum also continued to bleed, as traders waited for spot ETFs to list on exchanges.
The speculative market was cautious, with open interest in Bitcoin futures falling 0.76% over the past 24 hours. Most of the new positions were long the apex cryptocurrency. That said, the overall market bias was toward lower prices, based on the Long/Short ratio.
The Cryptocurrency Fear and Greed Index turned “neutral” ahead of the final trading week of June, a sharp reversal from the “extreme greed” seen during the first week of the month.
Best winner (24 hours)
| Cryptocurrency | Earnings +/- | Price (recorded at 8:30 p.m. EDT) |
| Toncoin (TONNE) | +2.76% | $7.55 |
| Ghost (FTM) | +1.10% | $0.5851 |
| Recover.ai (FET) | +0.33% | $5.76 |
The global cryptocurrency market capitalization stands at $2.3 trillion, down 2.02% in the last 24 hours.
Stock futures traded flat overnight. THE Dow Jones Industrial Average Futures fell or 0.05%, as of 8:30 p.m. EDT. Futures contracts linked to S&P500 gained 0.05%, while Nasdaq 100 Futures Contracts increased slightly by 0.16%.
Major stock indexes hit record highs last week on AI giant NVIDIA Corp. NVDA gathering. However, strong sell-offs over the last period have put an end to this rise.
The decline was fueled by a 3.5% drop in the AI giant’s shares. NVIDIA Corp. NVDA, the main driver of stocks lately.
This week, investors’ attention will be on data on personal spending, the Federal Reserve’s preferred inflation gauge, scheduled for release Friday. The CME FedWatch tool predicted a 90% chance of interest rates remain stable at the next FOMC meeting on July 31.
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Analyst Ratings: Popular Cryptocurrency Trader MartyParty noted that Bitcoin’s Relative Strength Index was “nearly oversold,” a favorable condition for a rebound.
He predicted a next rise to $65,000, then limited development until the US elections.
On the contrary, a well-known analyst under the pseudonym HORSE sounded a bearish alarm.
“I’m pretty confident that Bitcoin will trade below $60,000 again,” the analyst predicts. “I know we’re still mid-term, but consolidation and weakness for this long, without a tailwind and demand already falling, almost always resolves to the downside before moving back up.”
Read next: Raoul Pal predicts crypto boom in fourth quarter of election year, calls it ‘banana zone’
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