Cryptocurrency Market Overview

Friday, May 31, 2024

Bitcoin moved within the range of $67.1k to $69.5k over the past day.

- Market Capitalization: $2.47 trillion

- Dominance Index: 54.53%

- Fear Index: 73

This drop occurred despite GDP and labor market data sending the dollar index and bond yields downwards, which usually benefits stock markets.

The decline was caused by poor earnings reports from some companies (including Salesforce) and weak corporate profit reports.

Combined with weak macroeconomic data, this indicated economic fragility, which spooked the markets.

Currently, markets are more influenced by the actions of the Federal Reserve than by the real economy.

As a result, the decline wasn't significant. If today's PCE data is favorable (0.3 or lower), markets should perform well.

At the moment, the S&P 500 futures are slightly down, but Asian indices are rising.

Trump was found guilty of falsifying business records and payments to a certain adult film actress. These events occurred before his presidency (pre-2016), but the case was brought forward in 2023, as elections approach.

An appeal will follow, prolonging the case. He remains active in his election campaign, and this situation has even solidified his supporters.

However, there was an inflow of $48.8 million into BTC-ETF yesterday, with iBIT closing up 2.19%. If there isn't a significant stock market drop, Bitcoin has a good chance to hit $69.0k today.

If we go into the weekend with Bitcoin above $69.0k, altcoins have a good chance of rising over the weekend.

Additionally, if there's news today about the start date for ETH-ETF trading, it could trigger the conditions for the start of alt-season.
#crypto2024 #altsesaon