Bitcoin - BTC & Other Markets at RISK 📈
Hi Traders and Investors
Ev here. Been trading crypto since 2017 and later got into stocks. I have 3 board exams on financial markets and studied economics from a top tier university for a year.
Here's my view on Bitcoin and the crypto market as a whole :
Bitcoin is currently trading right on top of a key support zone and this zone has already been tested with little success. By taking a look at global matters, I think it's safe to safe we're not due for a bull market any time soon. The world has been in turmoil lately, and unsurprisingly the crypto markets experience volatility . As we find ourselves in the midst of a bear market , you can potentially try to explain some of the price action by taking a look at these triggers :
Global economic strain
The cryptocurrency markets are reflecting the downturn in global financial markets. The US equity markets continues to trade lower. Inflation remains at ATH
Bitcoin liquidating
The top cryptocurrency by market cap is now below $19500. BTC weekly RSI hit an all-time low a few weeks back and hasn’t recovered much since. The Bitcoin charts show price action underneath the 200-week Moving Average (MA) for the second week in a row.
Crypto TOTAL sell-off[/b
While the global crypto market cap and top coin prices are falling, the market clearly shows a crypto sell-off by traders. The overall sentiment is clearly bearish . Fear index runs high.
1% TDS in India
A new tax rule announced by India government will mandate the deduction of 1% TDS on every crypto purchase.
Genesis faces unprecedented losses
Crypto lending firm Genesis is reportedly facing potential losses worth hundreds of millions of dollars due to exposure to over-leveraged hedge fund Three Arrows Capital Babel Finance, a Hong Kong-based crypto lender, according to a CoinDesk report.
Hedge Funds shorting USDT
Reports suggest that various hedge funds are betting against stablecoin Tether (USDT), which is currently the largest stablecoins . There are are concerned about the stablecoin’s backing and systematic risks. According to ConiDesk, the short positions on USDT are worth hundreds of millions of dollars. Concerns over USDT’s systematic risks have increased since the TerraUST implosion during June.
In other related news:
👉 The SEC government officials are investigating the Luna Terra case. Hacktivist group Anonymous has vowed to bring Do Kown's crimes to light, founder of LUNAUSDT .
👉 FTX CEO Sam Bankman has also said that many crypto exchanges are "secretly bankrupt".
👉 Earlier in June, the Celsius Network , a cryptocurrency bank , began to halt withdrawals by its nearly 2 million depositors because of what it called “extreme market conditions.” Since then, securities regulators in at least five states have launched investigations into the bank’s operations.
👉 Three Arrows Capital ( crypto-focused hedge fund ) has been ordered by a court in the British Virgin Islands to liquidate. This is following its failure to repay creditors as the value of bitcoin and other cryptocurrencies declined. The liquidation order comes after a high-profile notice of default: On Monday, crypto broker Voyager Digital announced that Three Arrows Capital had not made the required payments on a loan worth more than $665 million, paid partly in bitcoin .
👉 One of the largest global NFT marketplace OpenSea has reported a data breach, the CEO announced today that he plans on stepping down
👉Coinbase Selling Geo-Location Data - one of the largest crypto exchanges Coinbase is reportedly selling geolocation data to the U.S. Immigrations and Customs Enforcement agency (ICE). The shared data allegedly include details of crypto users, including their “historical geo-tracking data” and transaction history, according to a CoinDesk report.
Taking a quick look at the TOTAL cryptocurrency market cap chart, what we see is the technical indicator Phoenix Ascending pointing to more downward pressure:
Does this seem like the market is bullish ?
In other markets :
⁕ Ethereum is testing crucial support zone and struggling to stay above resistance zone USD 1,100
⁕ XRPUSD ( native crypto of Ripple ) possible next support zone .29c
⁕ Bitcoin is facing a formidable resistance zone at 19500K
⁕ LINKUSDT facing short term selloff and high supply zones
⁕ SOLUSDT losing key demand zone
⁕ ADAUSDT / Cardano could dive towards the USD 0. 40 support zone
⁕ DOTUSDT Polkadot has lost -90% of gains since bull market
_________________
👀 Follow us here on TradingView for daily updates and trade ideas on crypto , stocks and commodities 💎
👍Hit like & Follow 🔔
We thank you for your support !
CryptoCheck
Ev here. Been trading crypto since 2017 and later got into stocks. I have 3 board exams on financial markets and studied economics from a top tier university for a year.
Here's my view on Bitcoin and the crypto market as a whole :
Bitcoin is currently trading right on top of a key support zone and this zone has already been tested with little success. By taking a look at global matters, I think it's safe to safe we're not due for a bull market any time soon. The world has been in turmoil lately, and unsurprisingly the crypto markets experience volatility . As we find ourselves in the midst of a bear market , you can potentially try to explain some of the price action by taking a look at these triggers :
Global economic strain
The cryptocurrency markets are reflecting the downturn in global financial markets. The US equity markets continues to trade lower. Inflation remains at ATH
Bitcoin liquidating
The top cryptocurrency by market cap is now below $19500. BTC weekly RSI hit an all-time low a few weeks back and hasn’t recovered much since. The Bitcoin charts show price action underneath the 200-week Moving Average (MA) for the second week in a row.
Crypto TOTAL sell-off[/b
While the global crypto market cap and top coin prices are falling, the market clearly shows a crypto sell-off by traders. The overall sentiment is clearly bearish . Fear index runs high.
1% TDS in India
A new tax rule announced by India government will mandate the deduction of 1% TDS on every crypto purchase.
Genesis faces unprecedented losses
Crypto lending firm Genesis is reportedly facing potential losses worth hundreds of millions of dollars due to exposure to over-leveraged hedge fund Three Arrows Capital Babel Finance, a Hong Kong-based crypto lender, according to a CoinDesk report.
Hedge Funds shorting USDT
Reports suggest that various hedge funds are betting against stablecoin Tether (USDT), which is currently the largest stablecoins . There are are concerned about the stablecoin’s backing and systematic risks. According to ConiDesk, the short positions on USDT are worth hundreds of millions of dollars. Concerns over USDT’s systematic risks have increased since the TerraUST implosion during June.
In other related news:
👉 The SEC government officials are investigating the Luna Terra case. Hacktivist group Anonymous has vowed to bring Do Kown's crimes to light, founder of LUNAUSDT .
👉 FTX CEO Sam Bankman has also said that many crypto exchanges are "secretly bankrupt".
👉 Earlier in June, the Celsius Network , a cryptocurrency bank , began to halt withdrawals by its nearly 2 million depositors because of what it called “extreme market conditions.” Since then, securities regulators in at least five states have launched investigations into the bank’s operations.
👉 Three Arrows Capital ( crypto-focused hedge fund ) has been ordered by a court in the British Virgin Islands to liquidate. This is following its failure to repay creditors as the value of bitcoin and other cryptocurrencies declined. The liquidation order comes after a high-profile notice of default: On Monday, crypto broker Voyager Digital announced that Three Arrows Capital had not made the required payments on a loan worth more than $665 million, paid partly in bitcoin .
👉 One of the largest global NFT marketplace OpenSea has reported a data breach, the CEO announced today that he plans on stepping down
👉Coinbase Selling Geo-Location Data - one of the largest crypto exchanges Coinbase is reportedly selling geolocation data to the U.S. Immigrations and Customs Enforcement agency (ICE). The shared data allegedly include details of crypto users, including their “historical geo-tracking data” and transaction history, according to a CoinDesk report.
Taking a quick look at the TOTAL cryptocurrency market cap chart, what we see is the technical indicator Phoenix Ascending pointing to more downward pressure:
Does this seem like the market is bullish ?
In other markets :
⁕ Ethereum is testing crucial support zone and struggling to stay above resistance zone USD 1,100
⁕ XRPUSD ( native crypto of Ripple ) possible next support zone .29c
⁕ Bitcoin is facing a formidable resistance zone at 19500K
⁕ LINKUSDT facing short term selloff and high supply zones
⁕ SOLUSDT losing key demand zone
⁕ ADAUSDT / Cardano could dive towards the USD 0. 40 support zone
⁕ DOTUSDT Polkadot has lost -90% of gains since bull market
_________________
👀 Follow us here on TradingView for daily updates and trade ideas on crypto , stocks and commodities 💎
👍Hit like & Follow 🔔
We thank you for your support !
CryptoCheck
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