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Bitcoin and other cryptocurrencies were mixed early Monday. The sector is still being weighed down by fears of a selloff despite hopes of looser U.S. monetary policy. Bitcoin rose 0.1% to $57,742 over the past 24 hours. The largest cryptocurrency briefly rallied above $58,000 over the weekend, following Friday’s payroll report, which signaled the U.S. labor market is cooling—potentially pushing the Federal Reserve officials to cut interest rates as early as September. However, Bitcoin then dropped back, seemingly amid renewed fears over the selling pressure created by refunds from collapsed crypto exchange Mt. Gox. “The incapacity to surpass and maintain $57,000 would make us establish an initial bearish target at $50,000. However, recovering $58,000 would mean opening the way to $60,000 first and next the $64,000 lost last week,” wrote Javier Molina, an eToro markets analyst, in a research note. Bitcoin hit a record high near $74,000 in mid-March amid a surge of interest from new spot exchange-traded funds but its price has dropped since then. Ether —the second-largest crypto—was up 1.8% at $2,3066 and has risen more than 60% over the past 12 months. The Securities and Exchange Commission recently approved critical rule changes to allow spot Ether exchange-traded funds to trade. The final approvals for the ETFs should come this summer, U.S. Securities and Exchange Commission Chair Gary Gensler told senators in a recent budget hearing. Smaller cryptos, or altcoins, were mixed with Solana gaining 0.7%, Cardano rising 2.5% and Dogecoin losing 0.9%. $BTC
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Ethereum (ETH) fell below $3,000 for the first time in 50 days, causing a shockwave among crypto investors. This drop raises questions about the future of the market. The decline of Ethereum to $2,871 is part of a broader correction in the crypto market. On July 5, the total market capitalization of cryptocurrencies fell below $2 trillion, a level unseen since February. This widespread decline also affected Bitcoin (BTC), which fell to $54,953. The reasons for this drop are multiple. The bankruptcy of Mt. Gox transferred 47,229 bitcoins, worth $2.6 billion, to a new address, increasing selling pressure on the market. Additionally, the German government has transferred 7,583 BTC to exchanges since June 19, further adding to this pressure with a total value of $415 million. These movements have led to massive liquidations of long positions, including $235 million in Ethereum futures contracts. Volatility is an inherent characteristic of the crypto market. While it can offer significant gain opportunities, it also carries major risks. Traders who were hoping for stability post-ETF launches are facing a very different reality The famous economist and crypto-skeptic Peter Schiff recently predicted a drop of Ethereum to $1,500. This forecast, although pessimistic, reflects growing concerns within the crypto community. Schiff points out that Ethereum is going through critical support levels, and the recent drop below $3,000 seems to prove him right. However not everything is bleak. Franklin Templeton, a global asset manager, published an optimistic report on Ethereum, highlighting its technological advancements and economic potential This increased selling context has therefore exacerbated the market correction, raising fears of the end of the recent cryptocurrency bull run. $ETH
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Pseudonymous analyst Rekt Capital says that one benchmark indicator is signaling that Bitcoin (BTC) is currently undervalued, with more upside to be captured. In a new video update, the analyst takes a look at the Pi Cycle top indicator, which has been used on Bitcoin for nearly a decade. The Pi Cycle top indicator uses the 111-day moving average (DMA) and a multiple of the 350 DMA. According to Rekt Capital, price trading below the 111 DMA has historically been a “bargain” opportunity for BTC bulls. Throughout 2017, any deviation below the orange moving average has been a fantastic buy-side opportunity. This is probably going to be the moment of absolute extreme fear and capitulation on the sell side. On the upside, we tend to see revisits of the green moving average, and when we do see these revisits, we tend to reject on the first time of asking. On the second time or third time of asking, we break beyond this green moving average. We’re probably going to be able to over-extend beyond there, like we’ve seen many times in the past.”$BTC
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Polygon (MATIC) has fallen by 0.22% in the last 24 hours, and 92% of the addresses are out of money. This alarming situation has been exacerbated by the token’s drop to a nine-month low! This is raising concerns among crypto investors and traders. The price of MATIC is currently below the 50 and 200-period moving averages. Generally, this is a sign of a short-term bearish trend. The bearish pressure is palpable, but could we see a trend reversal soon? The Moving Average Convergence Divergence (MACD) seems to indicate that a bullish crossover could be imminent, despite the current bearish momentum. Moreover, the consolidation around current price levels, combined with a potential bullish MACD crossover, suggests that crypto buyers might be slowly gaining strength. This could be the key to regenerating bullish strength in the altcoin market. Despite the dominance of bears in the crypto market, entry volumes on exchanges have seen major spikes! A typical indicator of selling pressure as investors move their tokens to exchanges, possibly to sell. However, recent MATIC trends reveal a steady decline in entries, which means immediate selling pressure could be diminishing. For a bullish reversal to gain momentum, market sentiment needs a massive bullish trigger, whether it is related to the network or broader economic trends. In conclusion, while the current situation for MATIC may seem bleak, technical indicators and trading activities offer a glimmer of hope for a potential bullish reversal. Crypto investors and traders should remain vigilant and closely monitor these developments to navigate these tumultuous waters prudently. #Write2Earn! $MATIC
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Copy trading can be profitable for some people, but it also comes with risks. It involves copying the trades of successful traders. It's essential to research the traders you're copying and understand their strategies. Remember, the markets can be volatile, so it's crucial to be cautious and informed before getting into copy trading. Copy trading can be risky due to various factors. One significant risk is that you're essentially entrusting your money to someone else's trading decisions. If the trader you're copying makes poor choices, you could end up losing money as well. Additionally, market volatility can impact the trades being copied, leading to potential losses. It's crucial to carefully assess the traders you're considering copying and to diversify your copy trading portfolio to help manage risks. The main point of copy trading is to replicate the trades of successful traders. By copying their strategies, you aim to benefit from their expertise and potentially generate profits in the financial markets. Just remember to conduct thorough research on the traders you plan to copy and to stay informed about market conditions to make sound decisions. #IntroToCopytrading
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