Crypto market update. 3rd Week June 2020

A sudden fall and quick recovery of BTC values this week

After the fall below USD 9,000 experienced by the bitcoin at the beginning of this week, it has recovered the average values reached, enjoying a certain regularity in its price without major sudden movements apart from the one mentioned above. When a sharp fall occurs, it normally recovers what was lost more slowly and a certain stability of its price follows. It seems that investors and sellers of bitcoins are not making big movements on both sides from demand and supply. The fact is that the bitcoin has already been trapped in a very narrow range for many weeks as though it were waiting to see what happens in this time of so much uncertainty. As it can be seen at the end of the week, the BTC is showing a very moderate downward trend and this is followed by the Ether (ETH), Etherium Classic (ETC), litecoin (LTC) and ripple (XRP).

According to the indicators, this situation could continue in the following sessions and even in the next weeks as it has been happening since the middle of last month, since the support and resistance levels have not moved much and when they move they make corrections almost immediately.

Source: Fxstreet

What about the altcoins market behaviour?

However, the altcoins that have had the best performance have been Cardano (ADA) and Nem (XEM) with a moderate 1% and Siacoin (SC), Stratis (STRAT) and Beam whose growth was placed in a range between 6 and 34%.

Siacoin and Stratis: the more relevant altcoins this week because of their high perfomance

The most outstanding cases are therefore Siacoin and Stratis with that revaluation between 28 and 34% as it can be seen in the table at one side with the top 5 cryptos more revalued.
It is possible that among the reasons for this revaluation is the fact that Siacoin (SC) is making progress in creating a decentralized social network called “Ignite” that will be integrated into blockchain data recording and storage platforms.

Source: Criptonoticias

In relation to Stratis (STRAT), its growth could be due to the announcement of a new version of its project in which new GNU/Linux encrypted storage units are added. This is highly recommended for mobiles, laptops and other storage devices when information is to be protected against loss or theft.

The Fear & Greed Index, a very interesting market value

The market sentiment level has returned to fear values according to the "Fear & Greed Index" the fear was expressed at the beginning of the week and the market is still at the area of distrust waiting for the dream of sustained bullish trend to manifest itself, see the following chart showing the Crypto Market Sentiment Analysis.


Great underlying movements in institutions of Asian giants

While all this is happening in last weeks, China is moving forward to launch its first official cryptocurrency issued by its central bank and according to some experts this could happen without the markets noticing it in the first place until its use becomes massive in the Asian giant. Neighbouring countries do not want to be left behind either, and Russia is still slowly but continuously moving forward towards its Crypto-Rouble program and Kazakhstan wants to attract billions in crypto funds with an ambitious plan for the next few years.

On the other hand, the Indian government can still launch a bill that could ban cryptocurrencies, however and despite these possible restrictions, there are more and more crypto start-ups and foreign companies in the industry that are settling down in India as though there was no such a danger, besides that more and more segments of its population are starting to see the possibility of using cryptocurrencies as an alternative to the Indian Rupee. The private sector of cryptocurrencies in this country remains very optimistic and reckon that it is unlikely that the government will be able to take drastic measures that will hinder the development of crypto industry in this country. Some examples of the confidence of the crypto indian industry are, on the one hand, the WazirX exchange based in Mumbai which after two years of activity already has almost half a million of users and the global platform of BTC Paxful, which has expanded its operations to this Asian giant, after a macro-survey performed in the country that showed enormous confidence in cryptoassets of around 75%.

As it can be seen, great movements are being made globally to achieve a massive adoption of cryptocurrencies to minimize the power of financial whales and sharks that are always trying to manipulate the crypto prices at will and these great speculators have again achieved relevance in recent months reaching 1,800 wallets with more than 1,000 bitcoins each, levels that were not reached since September 2017.