June 28 Cryptocurrency Market Update
[Bitcoin Rise]
On the 28th, Bitcoin was trading at 38.83 million won, up 5.01% from the previous day based on CoinMarketCap. On Upbit, it was down 0.84% to 39.63 million won. The cryptocurrency market overall is on an upward trend today.
Ethereum recorded at 2.22 million won, up 5.52%, and Tether was down 0.15% from the previous day to 1,129 won. All of the top 10 stocks except Tether, USD Coin, and Binance USD are showing an upward trend.
The total market capitalization of cryptocurrencies today was 1.38 trillion won. Among them, the Bitcoin market share is 47%, and the Ethereum market share is 16.8%.
The US Federal Reserve expects inflation to be temporary, but Bank of America analysts think otherwise. Bank of America expects high inflation going forward and for it to remain high in the 2% to 4% range over the next two to four years, saying the Fed will raise interest rates in the next six months to prevent a collapse in financial markets.
If inflation persists, investors are more likely to focus on Bitcoin again and invest it into their portfolios. According to a report released by CoinShares on the 21st, adding Bitcoin and other physical assets is a prudent measure to protect portfolios from inflation over the next five years.
Cointelegraph assessed that choosing cryptocurrencies will provide investors with short-term trading opportunities. During a bear market, investors are encouraged to hoard gains at regular intervals rather than waiting for the next rally that will bring a windfall.
El Salvador's government is reportedly preparing to provide about $135 million worth of Bitcoin and give $30 worth of Bitcoin to each adult citizen to promote its use as the first country that has adopted cryptocurrency as legal currency.
[Expert Opinion]
According to Bloomberg, strategists at JP Morgan maintain their bearish outlook for Bitcoin. They have diagnosed that Bitcoin has not bottomed out. A turnaround will not occur until the price hits the $25,000 level.
Earlier, Global CIO of Guggenheim Partners Scott Minerd also told CNBC that he thinks that Bitcoin could bottom out at $10,000 to $15,000 in its latest swoon.
However, YouTuber and cryptocurrency analyst Nicholas Merten said that based on the Fear and Greed Index data, Bitcoin has bottomed out and is looking for a big rebound.
Merten said that it is usually the right time to sell when the Fear and Greed Index is showing the greatest optimism and happiness. Conversely, the index experiencing the greatest pain and anxiety as it is now is generally the best buying opportunity.
Cryptocurrency analyst PlanB also released a chart on Twitter on the 27th (local time) and analyzed that “short term volatile, long term trending up.”
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