Another working week is coming to an end. It turned out to be quite volatile, with NVDA and Ethereum to blame.
🟢 The cryptocurrency market grew by 5.2%. Speculation about the adoption of spot ETH-ETFs gave the crypto market a significant fundamental boost. ETH grew by 21% over the week. But ETF trading on Ether will only be a few weeks or months away. That’s why we saw “Sell the News” and sharp price movements in the range of $3550 – $3950. Few expected such a time lag. This could lead to market-wide corrections due to pessimism about the Fed’s monetary policy and other macroeconomic risks. After that, there is a high probability that traders will wait for the alt-season in mid-summer.
🟢 The stock market was shaken by the Nvidia report. The S&P 500 hit a historic high of 5354.99 points. However, at the end of the week, it caved in under the pressure of sellers and fell by 0.9% for the week. The Nasdaq also set an all-time high of 18,970.76 points but closed the week flat at 0.1%. It is likely that the next week will also close in the negative range of 1%.
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