Crypto Weekly Review June 5 – A Bullish Sunday Would End the BTC Rout

Key Insights:

  • After a series of heavy weekly losses, it was a mixed week for bitcoin (BTC) and the broader crypto market.

  • Regulatory chatter and market angst over Fed monetary policy pegged the markets back from a broad-based upswing.

  • Crypto news also pressured the market in the week, with updates on scams and the impact of the crypto winter on exchanges sending a gloomy message.

Crypto market conditions improved at the turn of the month, as the dust began to settle from the collapse of TerraUSD (UST) and Terra LUNA.

Conditions improved despite lawmakers and regulators calling for greater oversight to protect retail investors.

News updates on LUNA 2.0 failed to impress for a second consecutive week. While recovering from a launch day tumble to a low of $4.14, LUNA 2.0 was still down 48.8% to $5.47.

Launched on Saturday, LUNA 2.0 hit a high of $11.48 before hitting reverse.

LUNA 2 050622 Hourly Chart

LUNA 2 050622 Hourly Chart

Bitcoin (BTC) at Risk of a Record Tenth Consecutive Weekly Loss

A bullish start to the week saw bitcoin reverse the previous week’s loss, with a 7.69% rally seeing bitcoin revisit $32,000.

A bearish Wednesday and investor reaction to US nonfarm payroll numbers on Friday sent bitcoin back to sub-$30,000.

At the time of writing, bitcoin was 0.94% to $29,754 for the week ending June 5. Bitcoin will need to avoid sub-$29,500 to end a nine-week losing streak.

BTCUSD 0506 Weekly Chart

BTCUSD 0506 Weekly Chart

Monday through Friday, bitcoin was up 0.77% compared with the NASDAQ 100, which fell by 0.98%. Bitcoin’s Monday breakout came on a US public holiday, which shielded bitcoin from a closer correlation to the NASDAQ.

BTC – NASDAQ Daily Chart 050622

BTC – NASDAQ Daily Chart 050622

The Crypto Bears Loosened the Grip in a Mixed Week for the Top Ten

In the week ending June 5, SOL is heading for a 12.7% slide to lead the way down,

BNB (-2.42%), DOGE (-1.55%), and ETH (-0.89%) were also heading for weekly losses.

Joining bitcoin in positive territory for the week include ADA up 16.8% and XRP (+0.94%).

The total crypto market cap rose to a Monday high of $1,326 billion before sliding to a Friday low of $1,185 billion. A hold onto $1,210 billion would leave the total market cap flat for the week.

Avoiding another weekly loss would end a run of eight consecutive weekly declines that started in the week commencing April 4.

Total Crypto Market Cap 0506 Weekly Chart

Total Crypto Market Cap 0506 Weekly Chart

Crypto News Highlights of the Week

  • The SEC claims of attorney-client privilege for the Hinman speech-related documents are to be discussed at a scheduled June 7 conference.

  • NY Fed President John Williams called it critical for central banks to understand the crypto impact on monetary policy.

  • The US DoJ charged an ex-OpenSea employee with insider trading of NFTs.

  • Goldman Sachs ‘revealed that major insurance companies are slowly warming to crypto investments.’

  • Coinbase announced an extension to its hiring freeze and plans to rescind accepted job offers to navigate the current macroeconomic environment.

  • US CFTC sued crypto exchange Gemini for making false and misleading statements in 2017.

  • New York Senate passed a bill to ban the establishment of new carbon-based fuel-powered proof-of-work mining projects.

  • Japan introduced a legal framework for stablecoins linked to the Yen.

  • Crypto exchange Gemini announced plans to cut the workforce by 10%.

  • Bitcoin mining revenue slumped amidst White House scrutiny.

  • The US Federal Trade Commission reported consumers losing more than $1 billion in crypto scams since 2021.

This article was originally posted on FX Empire


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