Another working week is coming to an end. It was full of economic dates and news: inflation slowed to 3.4% (thanks to cheap oil), and the Fed Funds rate remained unchanged at 5.5% (the market expects a cut in September).
🔴 The cryptocurrency market fell by 4.31%. Miners started selling their BTC from reserves. Due to this, we saw momentum downward, which was self-reinforced due to long positions with large leverage — June 11 liquidated long positions for more than $150 million.
Altcoins suffer more — the drop in capitalization (excluding BTC) was 5.08%. Knocking out “weak hands” from the market continues. The altcoin season is expected in Q3 of this year.
🟢 The stock market once again rewrote the highs. The S&P 500 is up 1.21% and the Nasdaq is up 3%. In addition to the economic dates that impacted the market, there were other interesting pieces of news. Apple had a successful developer presentation. This brought the company back to #1 in market capitalization. And Musk’s shareholders approved a $56 billion bonus, which pushed TSLA stock up. The news caused capital to flow back into Growth stocks.
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