Crypto Summary Today (June 2, 2024):
General market:
#Bitcoin #solana #Binance #Ethereum
* The cryptocurrency market is in slight decline, with most major coins trading lower.
* Fear, Uncertainty and Doubt (FUD) continue to dominate the market, due to the recent stock market crash and rising inflation.
* However, some analysts remain long-term bullish on the future of cryptocurrencies.
Main currencies:
* Bitcoin (BTC): Trading at around $23,000, 2% less than yesterday.
* Ethereum (ETH): Trading at around $1,600, down 3% from yesterday.
* Tether (USDT): Trades at $1.00.
* Binance Coin (BNB): Trading at around $300, down 1% from yesterday.
* Solana (SOL): Trading at around $40, 4% less than yesterday.
News:
* United States: The United States Securities and Exchange Commission (SEC) has again delayed its decision on approving a spot Bitcoin ETF.
* China: The People's Bank of China has reiterated its stance on banning cryptocurrencies.
* El Salvador: The president of El Salvador, Nayib Bukele, has said that the country will buy more Bitcoin.
What do the experts say?
* Mike McGlone, senior commodities analyst at Bloomberg: "Bitcoin remains a risk asset, but as inflation and interest rates rise, investors may look for assets that are uncorrelated with stocks and bonds" .
*Katie Stockton, Technical Analyst at FxPro:
"The Bitcoin market is at a key inflection point. If it can break above $25,000, it could start a new uptrend."
* Joseph Young, crypto analyst: “The cryptocurrency market is in a consolidation phase, but I think we will see an uptrend again later this year.”
