🟢 From June 26 to 30, the high-risk asset markets saw strong growth. Of the essential economic dates, there was only the publication of GDP in the USA. In the first quarter of 2023, the figure was up 2% from the previous quarter.
But the stock and cryptocurrency markets started their growth before this data was published. Therefore, we can conclude that the increase was due to purely technical reasons.
The cryptocurrency market capitalization rose 2.7% to around $1.2 trillion. Bitcoin is the most attractive asset among crypto market participants. Also, the first cryptocurrency outperformed all traditional assets (stocks, bonds, gold, silver, etc.) in 1H2023.
Altcoins have begun their recovery. Sellers’ pressure slightly decreased compared to the previous week. Noteworthy are BCH (+59%) and LTC (+18%) which showed impressive growth last week. VTC, like altcoins, are still in the accumulation zone. But on Friday, the SEC says that bids for the spot BTC-ETF are inadequate. Against this backdrop, the cryptocurrency market began to fall. As a result, the BTC closed the week down more than 1%.
🟡 Investors also saw growth in the stock market. The S&P 500 is up 2% and the Nasdaq is up 2.44%. The old trader’s adage perfectly fits this week’s situation “No news – good news”. Many analysts have noticed a bubble forming in the stock market. As recession risks, higher inflation, and the Fed’s intentions to further tighten monetary policy have not affected the market’s positivity. There is euphoric sentiment mixed with FOMO. Recent stress tests of US banks only increased market confidence in growth.
Download the App
