We told you June was going to be a bad month…
June Recap: What the Heck Happened to Cryptocurrencies?
The cryptocurrency markets had a lot of downside in June, and while we expected June to be a bearish month, it turned out worse than expected. There were a few key and significant events that occurred that month that contributed to the market decline.
Key factors influencing cryptocurrencies in June:
- interest rate: The U.S. Federal Reserve did not cut interest rates in June as the market had expected, which sent markets lower even further.
- Mt. Gox: The now-defunct cryptocurrency exchange has postponed its repayment date to its creditors until July 2024, which will release 142,000 BTC (around $9 billion) into the market over the next four months.
- Governments that sell BTC: The US government sold 3,940 BTC (worth $240 million) of the BTC seized from Silk Road. The German government also sold $3 billion worth of Bitcoin in June. It should be noted that the US government is one of the largest holders of Bitcoin, estimated to own 5,515 BTC worth approximately $5.66 billion.
Outlook for July and August:
We expect some recovery in July, but no significant increase until late September. We think the Mt. Gox fund redemption of $9 billion and the government’s sale of Bitcoin will continue to put downward pressure on the market.
I think the summer will continue to be bearish with the market moving sideways until early September. Historically, new highs are seen in the months leading up to December. Also, with the upcoming US presidential election, if crypto becomes a topic of debate, we could see renewed interest in the crypto market.
Join us – as we move into the run-up phase
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Richard.
Top 100 Trending Altcoins
This week we are seeing some recovery in the markets, including memecoins.
Today’s Cryptocurrency Fear and Greed Index
Today’s Cryptocurrency Fear and Greed Index = Neutral –> No change (51 last week).
Bitcoin & Ethereum Price Movements
Bitcoin It decreased 0.08% Currently trading as of last week $61,856. Bitcoin has been down over the past 90 days. 6.7%.
Ethereum Increased 0.07% Currently trading as of last week $3,401. Over the last 90 days, Ethereum has grown by: 1.7%.
Global Cryptocurrency Market Cap Diminish $2.3T (from $2.35 trillion last week)
Top 100 Earners – Last 7 Days
Stocks with the biggest gains over the last 7 days (Top 100):
Ethereum Name Service (ENS) +30% – 70th
Ethereum Name Service (ENS) is a decentralized naming system that translates long Ethereum addresses into simple, human-readable names. alice.eth. This makes cryptocurrency trading more user-friendly and less error-prone. ENS is fully decentralized, secure, and supports multiple cryptocurrencies. It works seamlessly with a variety of Ethereum-based services and decentralized applications (dApps), making it easier to send and receive assets.
Akash Network (AKT) +19% – 74th
Akash Network (AKT) is a decentralized cloud computing marketplace that connects users who need computing resources with providers who offer excess capacity. AKT provides a more open, secure, and cost-effective alternative to traditional cloud services. Akash supports Kubernetes for seamless integration, offers competitive pricing through a marketplace model, and enhances security and privacy by eliminating central control.
Kaspar (KAS) +14% – 24th
Kaspa (KAS) is a decentralized open-source cryptocurrency designed for fast and secure transactions using the GhostDAG protocol, which mines multiple blocks simultaneously to increase transaction throughput and reduce confirmation times. It provides high-speed, scalable transactions without compromising security or decentralization, making it suitable for everyday payments and high-frequency transactions. Kaspa maintains strong security to prevent double spending and uses a fair distribution model for coins.
Mantra (OM) +12% – 96th
MANTRA (OM) is a decentralized finance (DeFi) platform that provides staking, lending, and governance services within the cryptocurrency ecosystem. Using OM tokens, users can stake assets for rewards, lend and borrow digital assets, and participate in platform governance through MANTRA DAO. Karma Protocol rewards users based on their contributions, encouraging active participation. With cross-chain compatibility and various DeFi tools such as liquidity mining and yield farming, MANTRA aims to create a versatile and user-centric financial ecosystem.
Meme Coin
We hate and detest hate coins. These projects are condemned by most serious investors because they have no intrinsic value. However, hate coins are responsible for the following: More Crypto Millionaires More than any other sector of the cryptocurrency market.
Top performing meme coins
Meme coins have continued to perform well in this market over the past few weeks. The biggest gainer over the past 30 days has been …..Normal (NORM) +3,908,249% (30 days).
What will be the next 100x meme coin?
Given all the public interest and focus on the upcoming election, the next 100x meme coin is very likely to be political. The funny thing about this industry is that the “next 100x meme coin” likely hasn’t even been minted yet.
Altcoin Recommendations for June and July
I apologize to my subscribers for not posting my altcoin recommendations for June. I would like to continue posting my monthly altcoin recommendations, but the timing of my recommendations needs to be coordinated with the market.
Throughout June, we have seen consistent indicators that the bottom of this cycle has not yet been reached. I expect the market to continue to move sideways until at least the end of August.
I don’t think we have seen the bottom of this cycle yet, but as soon as we do, we will release our next Altcoin Pick. Until then, we will wait until the market presents more favorable conditions.
To access current and past Altcoin selections, consider: Become a member – It’s only the price of a few cups of coffee a month.
Altcoin recommendations are emailed to members as soon as they are posted. If you are curious about how we select your monthly Altcoin recommendations, click here. methodology We use.
Altcoin recommendations for the past few months You can find it here.
Thank you to all our members!
Until the next report,
Richard.