GB Market Commentary 30/06/2021

By Alex Clark

Bitcoin has been moving upwards since bouncing on June 22 and so far, it has managed to reach a high of $36,623 which was achieved yesterday evening. However, BTC has failed to reclaim several important resistance levels and a bullish reversal is not on the cards according to some technical indicators. For example, the moving average convergence divergence (MACD) is decreasing and negative and the relative strength index (RSI) has fallen below 50. In contrast, the Puell Multiple, which is the daily value of the issued coin divided by the 365 day moving average, indicates that the coin is undervalued, which would mean a bullish trend might be coming. It is not yet clear whether bitcoin’s downward trend which began on April 14 has ended, or if BTC is still in the fifth and final wave of a bearish impulse.

Ethereum’s address activity has surpassed Bitcoin’s for the first time ever, with roughly 651,560 wallets involved in activities on the Ethereum blockchain on Monday, versus Bitcoin’s 597,280.

Despite the recent cryptocurrency market price correction, most current holders of Ethereum are making profits, with data from IntoTheBlock indicating that about 86% of Ethereum holders are in profit. Ethereum has been a source of interest from investors after emerging as a central player in the DeFi sector boom and for its role in facilitating the NFT market.

However, the Ethereum network has joined Bitcoin in falling victim to China’s ongoing mining crackdown as its hashrate plummets more than 25% in 6 weeks.

Cardano is also making waves due to the project’s blockchain utility. For example, the platform is researching the viability of stablefees. The system works towards establishing a base price for transactions by pegging to a group of currencies, which would offer fairer and more predictable transaction pricing.

Of the 690 active Binance Smart Chain projects, Pancake Swap was awarded the prize for the top, based on trading volume and users.

Not long after Mexico’s third-richest man Ricardo Salinas Pliego announced he was working to make his bank ‘Banco Azteca’ the first in the country to accept Bitcoin, the government issued a statement of its own invalidating his claims.

Coinbase, has announced plans to launch a crypto app store offering third-party developed products. Alongside this, the exchange has announced plans to reduce its legal review for prospective listings and launch an “‘experimental zone’ for new assets”, which will help to expand the number of crypto assets it supports and increase the speed of new listings.