Haider Jamal

Jun 02, 2024

Ethereum Crosses $3,800 As Bitcoin Tries To Recover

Following a period of sideways movement, Bitcoin (BTC) witnessed its price decline on Friday, reaching a weekly low of approximately $66,600 before rebounding slightly. UNI and SHIB rank among the weakest performers within the largest cap alts, whereas LINK and PEPE stand at the opposite end of the spectrum. Other altcoins are showing sluggishness, with ETH experiencing a modest 1% increase in value and crossing the $3,800 threshold.


BTC Recovery

The beginning of the week saw bullish dominance as the primary cryptocurrency surged to a weekly high of over $70,500. However, hopes of challenging the all-time high of $73,800 were dashed as BTC plummeted by over $3,000 by Tuesday. Subsequent days saw further volatility, with BTC maintaining a range between $67,000 and $69,000, briefly attempting to surpass the latter on Thursday before being rejected, leading to a significant drop to $66,600 on Friday, its lowest price in about a week.

Bulls stepped in at this juncture, preventing further declines and causing BTC to spike by approximately $1,000, now hovering between $67,500 and $68,000. The total crypto market cap has shed about $20 billion in a day, now standing at $2.660 trillion, with BTC steadily maintaining its dominance over altcoins at 50% on CoinGecko.


Other Markets

Recent developments in the global financial landscape paint a picture of diverging interest rate trajectories. Alongside this, investors are being tempted with novel ETFs promising protection amidst market turmoil, even as the surge in loans masks various underlying risks of mounting losses due to defaults.

Meanwhile, Nvidia deciding to split its stock adds clarity to the concept of stock splits. In the midst of this, Saudi Aramco launches a bold share sale, while South Korea warns of potential capital outflows due to new taxes. Elsewhere, in South Africa, political tensions simmer as Zuma persists in his claims of voting irregularities, contrasting with the anticipated landslide victory for Narendra Modi in India.

Peru achieves its inflation target, with attention now turning to possible rate hikes. In the property market, existing home sales figures for Texas emerge amidst nationwide discontent over soaring prices. Nigeria grapples with escalating debt, prompting a pause in legislative discussions on central bank laws. In the realm of investments, concerns loom over the sustainability of the S&P 500 rally.


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