Weekly market news analysis
Announcements
- Since the beginning of June, the crypto market has shown substantial growth, but the SEC lawsuit against Binance and Coinbase added nerves to its participants. As a result, cryptocurrencies showed a steep peak. Both long and short positions were liquidated overnight by more than $300 million. Many fundamental coins, including ADA, ALGO, ATOM, and others were under attack.
- Despite the market correction, there was increased interest in crypto among institutional, whale, and Smart Money. They actively bought back cryptocurrencies during the sharp decline. Despite increased intraday volatility in cryptocurrencies, 30-day, and 60-day volatility remained low.
- The stock market remained flat this week. The S&P 500 was up slightly (+0.72%) and the NASDAQ was down slightly (-0.33%). The hype around AI is slowly cooling off and it is bringing investors back to reality, which is full of recession risks, high inflation, a cooling labor market, and a tight Fed. The U.S. stock market needs a “rest” from its rapid upward move in May.
- But it is too early to relax as data on inflation in the USA and the Fed’s rate are expected on June 13 and 14. And on June 16, we will have Triple Witching. On those dates, we should expect sharp price movements in the high-risk assets market.
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