crypto market.jpeg Hot June: Cryptocurrency Market Outlook

Hot June: Cryptocurrency Market Outlook

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-The cryptocurrency market ended May on a high note, but the market environment will likely remain challenging in June.
-Cryptocurrency prices have been under major pressure since the beginning of 2022 as investors rotate out of risk assets like technology stocks.
-The minutes from the Federal Open Market Committees (FOMC) May meeting suggest the Fed is prepared to deliver multiple 50 basis point (bps) interest rate hikes in coming months.
-Alkesh Shah, head of digital assets strategy for Bank of America, says cryptocurrency prices have come under pressure from three primary headwinds: high inflation, rising interest rates and recession risk.
-Marcus Sotiriou, analyst at UK-based digital asset broker GlobalBlock, says there has been about $520 million of inflows into cryptocurrency-backed funds so far in 2022.
-The cryptocurrency market already has a reputation for being extremely volatile and dangerous. The Luna debacle may undermine investor confidence in stablecoins, which are designed to maintain value and are generally considered among the safest crypto investments.
-In June, Ethereum will take the next major step in the cryptos transition to a more energy-friendly proof of stake verification system.
-The key risk for cryptocurrency investors in coming weeks may be the possibility of a softening U.S. economy.

 

 

crypto market.jpeg Hot June: Cryptocurrency Market Outlook
Hot June: Cryptocurrency Market Outlook 3

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