Market On June 8: How Long Will The Green Color Last?

The market capitalization is still falling, the total number of assets liquidated is still increasing. Bitcoin still does not have a clear trend. Altcoins are showing signs of improvement.

Market overview

Total market capitalization is 1313 billion USD (down 1.1%)

Volume 24h is 92 billion USD

The volume of liquidated assets is still increasing to 286 million USD with the participation of more than 107k traders and the ratio of Long Shorts is the same.

Bitcoin fluctuates erratically

It can be seen that today the price of Bitcoin is having a negligible increase, still only around the price range of $29k – $31k.

However, the price fluctuation was very strong, specifically last night the price suddenly increased from $29k to nearly $32k, then this morning it suddenly dropped to the original level.

In fact, the price movement has appeared from the end of May until now.

The news that has the biggest influence on Crypto

Unlike previous bills (of which only a part is mentioned), the latest bill by MPs Cynthia Lummis and Kristen Gillibrand.

This bill is considered the most comprehensive bill passed by both the Democratic and Republican parties of the United States.

The bill is a good sign for Crypto because investors’ interests will be protected and so will stablecoins.

Although the official document has not appeared, there have been some documents that have been transmitted to the outside.

Altcoins are showing signs of improvement

This speculation is based on the price and market share of Bitcoin. When Bitcoin’s market share decreases while its price is increasing, altcoins will show signs of increasing.

But if the market share decreases and the price of Bitcoin also decreases, the altcoin will also decrease. Since then the stablecoin market share will increase, then it will show the pressure of investors to sell Bitcoin and altcoins to hold stablecoins.
Looking at the chart, it can be seen that the bullish momentum is gradually weakening as the following RSI peaks are lower than the previous ones so the case for Bitcoin’s market share to drop is higher.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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