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Crypto Market Forecast: Week of June 28th 2021

A curated weekly summary of forward-focused crypto news that matters. This week, Bitcoin dips as the People's Bank of China clamps down on speculative crypto trading channels, some whales are willing to take bullish bets, and the Bitcoin hashrate continues to decline.

Digital asset markets see-sawed last week but failed to fully recover from a plunge at the start of the week that pulled the Bitcoin price below US$30,000. Bitcoin ends the week down ~3% and trading around US$34,500. The dip was more pronounced in altcoin markets with the second and third largest assets on the market cap table, Ethereum (ETH) and Binance Coin (BNB) ending the week down ~13% and ~15% respectively.

Bitcoin dropped sharply on Tuesday after the People’s Bank of China announced it had held talks with six major financial service providers in China informing them that they had to comprehensively identify and investigate any speculative cryptocurrency trading they may be facilitating. The service providers spoken to included Jack Ma’s Alipay, the Industrial and Commercial Bank of China, the Agricultural Bank of China, and the Postal Savings Bank of China.

As required by the PBC, the institutions will not conduct or participate in virtual currency-related activities and will make efforts to cut off funding channels for speculative trading of virtual currencies on their networks. Following the PBC announcement, the Bitcoin price dropped from around US$35,450 to near US$29,420.

As the BTC price dropped to around US$30,000, it appears that whales were happy to sweep up Bitcoin at these prices. In a research note from June 23rd, titled “Strong support observed as Bitcoins get scooped up at $30,000”, Singapore-based Stack Funds Research said it believed Bitcoin “is very close to the bottom, at least in this current wave.” They wrote following the recent sell-offs, “we also see significant support levels around the $30,000 handle, with substantial bids coming in to fill up the offers.” This support comes from whales with returning risk appetites.

Bulls were also given a boost in confidence thanks to moves from Bitcoin perma-bulls MicroStrategy. On June 21st, the publicly traded business intelligence company announced it had purchased an additional 13,005 Bitcoins for approximately $489 million in cash at an average price of approximately $37,617 per Bitcoin.

Trading set-ups for the week

Pro trader Josh Olszewicz explores trading options and signals for BTC and ETH – and lays out the trading setups he’s watching for the upcoming week. Start your week off right with Josh’s thoughts on trading strategies on a weekly basis.

Bitcoin, ALTs and Ethereum – Trading setup for the week of the 28th of June 2021

Crypto news for the week ahead

30th June – The launch of Theta Mainnet 3.0

The Theta blockchain is a project that aims to deliver end-to-end infrastructure for decentralized video streaming and delivery with both technology and economic incentives. This Wednesday it releases a new version of its platform that will update its staking and mining model. The price of the Theta network’s token, THETA, is down ~24% in the last week.

30th June – Minter’s BIPx token launches on the Ethereum blockchain

Minter is a Delegated Proof-of-Stake (DPos) blockchain platform for issuing and creating tokens. The platform offers users integrated DeFi solutions for issued tokens like yield farming and liquidity mining. Users can also stake Minter’s native BIP token for yields of up to 40% APY. This week a version of the network’s native BIP token launches for the Ethereum blockchain. In the last week, the Minter network’s token, BIP, is down ~1%.

Top 10 Crypto Summary

Market Cap 10 2806

It was a difficult week for large-cap altcoins with most suffering double-digit losses. Cardano (ADA), however, outperformed rivals like Ethereum. Data aggregation platform PoolTool reports that the Cardano platform has added over 50,000 users so far in June. There are more than 650,000 staking addresses on the Cardano chain and this number has spiked following the release of Alonzo Blue which enabled the implementation of smart contracts on the platform.

Bitcoin Price Chart

BLX 7 day 2806

Bitcoin trading has been choppy and volatile for the last week. The network’s hashrate has dropped considerably in recent weeks. Chinese officials cracked down on mining in the Sichuan region in mid-June, giving 26 major mining farms two days notice to switch off all machines. According to a state media source, the Global Times, crackdowns over the last month in the Chinese regions of Sichuan, Inner Mongolia, and Yunnan have cut hashrate production in the country by 90%. In the last 30 days, the total Bitcoin hashrate has dropped by ~36.8%.


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