At the end of the second quarter of 2024, the U.S. SEC approved the spot Ethereum (ETH) spot ETF, which injected a shot in the arm for the crypto market. This news set a good tone for the cryptocurrency market. Investors are paying attention to the reaction of Bitcoin prices, the performance of the altcoin market, and other altcoin ETFs that may be submitted to the U.S. Securities and Exchange Commission (SEC) in the next few weeks.

Today, the market has also ushered in a wave of rebound. Bitcoin (BTC) and Ethereum (ETH) have performed well, and the Binance exchange token BNB has broken its historical high, which has also made investors more confident.

What other positive factors may catalyze the market growth in June? Can it help Bitcoin break new highs?

Market volatility and opportunities

The cryptocurrency market will continue to fluctuate in the short term. According to the data, Bitcoin (BTC) whales are still accumulating their holdings, and the Ethereum spot ETF is expected to pass as early as June. The start of trading may drive up demand for Ethereum ($ETH), which paints an optimistic picture for the long-term outlook in 2024.

Additionally, as market direction speculation and volatility increase, the trading volume of derivatives may increase over time. The approval of the Ethereum spot ETF represents an important milestone for cryptocurrency. The increased liquidity and stability of institutional investment will make Ethereum a more attractive asset and may drive the price of Ethereum ($ETH) to soar.

The impact of global economic factors

From the perspective of the global economy, the US has completed its tax payment, and China is injecting additional liquidity into the RMB. In addition, with inflation under control, the European Central Bank (ECB) is expected to cut interest rates in June or July, and crude oil prices have fallen below $80 for the first time since February.

These factors have come together to create a market environment filled with uncertainty, but we expect increased interest in the cryptocurrency market throughout the summer, with the potential for positive trends.

With technical indicators in the cryptocurrency market pointing to a rebound, the market “can prepare for a bright June.”

Old American election

In addition, there are two important elections in 2024 - the European Parliament and the US presidential election, which are likely to have a significant impact on the cryptocurrency market.

The European Parliament elections will be held from June 6 to 9, and the US presidential election will be held on November 5 this year. This election is very important for the formulation of future legislation, especially cryptocurrency policies.

Among them, the EU's attitude towards the regulation of the crypto asset market is to create a unified regulatory framework for cryptocurrencies across the EU and provide uniform legal clarity. The results of the election will determine the speed and positivity of the implementation of these regulations.

A more crypto-friendly Congress could speed up the passage of supportive regulations, boosting market confidence. Conversely, a shift toward more conservative policies could create new compliance challenges and uncertainty.

As for the Americans, the competition for crypto voters has become increasingly fierce, as can be seen from the recent change in attitude of the U.S. Securities and Exchange Commission (SEC). The market is already considering the potential impact that the two most popular candidates, Trump or Biden, may have on the cryptocurrency market after winning the upcoming U.S. election, and hopes that a government that is more friendly to cryptocurrencies will eventually be elected.

Data

The US FOMC interest rate meeting will be held in the early hours of next Thursday. The press conference that follows is very critical. It is possible that one sentence will increase the expectation of rate cuts, and BTC will soar. But generally speaking, it is likely that on Tuesday and Wednesday of next week, many institutions will sell assets for risk aversion (causing BTC to retrace), fearing that if the Fed speaks too dovishly, BTC will fall. I think the clearest opportunity is that if it falls, the bosses will quickly build spot positions or sell put options. Generally, the Fed's script is that if the Fed speaks too dovishly once, it will definitely maintain the market next time, and the market will rebound again.

Overall, June is full of expectations, with the approval of the Ethereum spot ETF, changes in global economic factors, and the impact of major elections all being important factors driving the cryptocurrency market towards a positive trend.

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