When investing, look to the origin. My sense of the market tells me that BTC will reach 80,000 in June and July. 10~11 will reach 100,000!
It has been a few days since the market entered a new month from the downturn in April. The cryptocurrency market has begun to recover slightly.
Why did the cryptocurrency market fall?
1. April was the slowest month of the year so far. High inflation and unemployment dragged down the US economy and affected the entire cryptocurrency market.
2. In addition, Bitcoin ETFs performed poorly throughout April, with the percentage of outflows much higher than inflows.
Bitcoin ETFs have made huge gains since their launch, but they were stopped in April, causing Bitcoin prices to fall.
This situation did change in May, with Grayscale Bitcoin Trust Fund GBTC alone witnessing an inflow of $65 million, while the total inflow was about $378.3 million.
3. The cryptocurrency market recovery may begin on May 15:
Although it currently looks like better stability may occur until mid-May. This is because consumer price indicator data will be released in 15 days, which may change the dynamics of the cryptocurrency market.
The Fed’s current statement also shows support. Withdrawing money from the economy will help boost various transactions, including cryptocurrency trading.
More importantly, the Bitcoin price recovery is the biggest sign of increased stability in the market. As of the time of writing, Bitcoin is valued at $64,125.78 and traded at $28,387,536,640, a surge of 29% from yesterday. Bitcoin had fallen to a low of $56,600 but has recovered significantly in the past few days.
Meanwhile, Ethereum prices have also recovered and are currently trading at $3,100. Ethereum, along with Bitcoin, accounts for more than half of the market share, so the growth of the entire market is also evident.
Final Thoughts
The end of May will also witness the results of the SEC’s Ethereum spot ETF. The Ethereum bully rally can start with a positive result from the US regulator. Its impact will also be felt in the cryptocurrency market.
There is no proper indication of what the SEC will decide, so if the result is positive, it will be a celebration for the market. For now, it has to see what changes will happen in a week and how the market will look after the 15th
At present, the bull market is surging, and we have the opportunity to share passwords every day.
Again, if you don’t know what to do in the bull market, click on my avatar, follow me, bull market spot planning, contract passwords, free sharing.
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