🔴 For the cryptocurrency market, the week ended with a 2% drop. The crypto market capitalization fell into the zone of $1.16 – $1.17 trillion. At the same time, the dominance of VTS began to grow and rose above 50%. Altcoins again became weaker than VTS. The first cryptocurrency tried to return above $30,000, but sellers quickly suppressed these intentions and the price fell into the zone of $29,000 – $29,500.With the arrival of high volume (the market has fallen a lot now), cryptocurrencies will show strong movements, and we should be ready for it.
🔴 For the stock market, the beginning of August was not successful as well. The S&P 500 fell by more than 1.5% and the Nasdaq by more than 2%. The tech sector got hit by a wave of selling. The first signs of market capitulation are visible. We need to prepare for a correction. The perfect occasion will be the Apple report. The company occupies more than 7% of the S&P 500 index.
Of the 946 companies that have already reported on the US stock market, 71% reported higher EPS compared to analysts’ consensus forecasts. However, profit-taking by investors is visible. The trend of getting out of position, with a strong report has gained momentum.
🟡 It’s worth remembering that August is historically one of the weakest months of the year for both US stocks and cryptocurrencies. In August, cryptocurrencies fell in value 60% of the time. And in September, 80% of the time.
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