
📋 Check out the latest upcoming economic and crypto-related events happening this week that we believe you should definitely keep your 👁️ eye on! 

Let's have a look at what we have coming up 👇

![Line NAGAX Blog.png](https://s3.eu-west-1.amazonaws.com/blog.naga.com-storage/Line_NAGAX_Blog_ecac62c744.png)

## European Blockchain Convention

- **Date & Time:** Sunday 26th - Tuesday 28th June
- **Influenced Assets:** All crypto markets
- **Previous Figures:** N/A
- **Prediction:** N/A

**Why Our Traders Care:**
Come and join us and 1500+ attendees in a three-day event and don’t miss the opportunity to meet with the startups, investors, corporates and developers that are changing the world. The event is right in the heart of Barcelona, and will feature 100+ speakers across a variety of panels, keynotes, workshops and fire-side chats on the current state of blockchain, crypto, DeFi, NFTs, and Web 3 💻. 

**Also, be sure to join 👉 the [Keynote Topic](https://twitter.com/NAGAX_Official/status/1540274367296413696) about how Social Trading will drive mass adoption in crypto; hosted by our very own NAGAX CEO & Founder Benjamin Bilski on the 27th at 3pm!**

![Line NAGAX Blog.png](https://s3.eu-west-1.amazonaws.com/blog.naga.com-storage/Line_NAGAX_Blog_ecac62c744.png)

## The ECB Forum on Central Banking

- **Date & Time:** Monday 27th - Wednesday 29th June
- **Influenced Assets:** EUR and global markets
- **Previous Figures:** N/A
- **Prediction:** N/A

**Why Our Traders Care:**
The ECB Forum on Central Banking 🏛️ is an annual event organised by the European Central Bank and is held in Sintra, Portugal. It will be attended by central bank governors from around the 🌎 globe! 

❗ On Wednesday at 4.30pm GMT+3, ECB President Legarde, BofE Gov Bailey and Fed Chair Powell are all set to speak in a panel discussion titled ‘Policy Panel’. Traders tend to keep their keen eye 👁️ on this as whenever each of these VIP’s talk, volatility in the markets arise! And remember, with volatility in the global markets, typically comes volatility in the crypto market! 

![Line NAGAX Blog.png](https://s3.eu-west-1.amazonaws.com/blog.naga.com-storage/Line_NAGAX_Blog_ecac62c744.png)

## Durable Goods Orders m/m (and core excl. transportation)

- **Date & Time:** Monday 27th June, 3.30pm GMT+3
- **Influenced Assets:** USD and global markets
- **Previous Figures:** 0.5%
- **Prediction:** 0.1%

**Why Our Traders Care:**
This 🗒 report is a leading indicator of production. Durable Goods Orders measures the change in the total value of new orders for long-lasting manufactured goods, including transportation items (and excluding with the core report).

A higher than predicted reading is usually positive/bullish for the USD and less than expected, negative for the currency - which is what is forecasted for the non-core report. This could certainly assist the crypto markets to keep their positive momentum forward 📈, as long as the USD weakens.

![Line NAGAX Blog.png](https://s3.eu-west-1.amazonaws.com/blog.naga.com-storage/Line_NAGAX_Blog_ecac62c744.png)

## Pending Home Sales m/m

- **Date & Time:** Monday 27th June, 5.00pm GMT+3
- **Influenced Assets:** USD and global markets
- **Previous Figures:** -3.9%
- **Prediction:** -3.5%

**Why Our Traders Care:**
The Pending Home Sales 🏡 m/m indicator reflects the number of home sales contracts signed in the given month as compared to the previous one.

Traders and analysts like the index for the large sample size covering the whole territory of the country 🗽. A higher than predicted reading will be positive for the USD and negative for crypto. This report ties in with the above Durable Goods Orders and crypto traders especially are looking for that weakness in the DXY/USD! 

![Line NAGAX Blog.png](https://s3.eu-west-1.amazonaws.com/blog.naga.com-storage/Line_NAGAX_Blog_ecac62c744.png)

## US CB Consumer Confidence Report

- **Date & Time:** Tuesday 28th June, 5.00pm GMT+3
- **Influenced Assets:** USD and Global Markets
- **Previous Figures:** 106.4
- **Prediction:** 100.0

**Why Our Traders Care:**
The Conference Board (CB) Consumer Confidence report measures the level of consumer confidence 😀 in economic activity 💸. It is a leading indicator as it predicts consumer spending, which plays a major role in overall economic activity. 

A higher than predicted reading, which will most likely be the case here, will be 🟢 positive/bullish for the USD. 

![Line NAGAX Blog.png](https://s3.eu-west-1.amazonaws.com/blog.naga.com-storage/Line_NAGAX_Blog_ecac62c744.png)

## US Gross Domestic Product (GDP) Price Index q/q

- **Date & Time:** Wednesday 29th June, 3.30pm GMT+3
- **Influenced Assets:** USD and global markets 
- **Previous Figures:** -1.5%
- **Prediction:** -1.4%

**Why Our Traders Care:**
The GDP Price Index measures the annualised change ↕️ in the price of all goods and services. It is the broadest inflationary indicator, but the primary gauge of the economy’s health 💲🌡️. 

A higher than predicted reading should be taken as positive/bullish for the USD. We have had higher than predicted for most quarters since last year however, last quarter was for the first time ever so slightly lower than predicted! If we can see the same again, this will be more positive for crypto traders 📈 as it could indicate a broader weakening of the USD.

![Line NAGAX Blog.png](https://s3.eu-west-1.amazonaws.com/blog.naga.com-storage/Line_NAGAX_Blog_ecac62c744.png)

## Core PCE Price Index m/m

- **Date & Time:** Thursday 30th June, 3.30pm GMT+3
- **Influenced Assets:** USD and global markets 
- **Previous Figures:** 0.3%
- **Prediction:** N/A

**Why Our Traders Care:**
The Core Personal Consumption Expenditure (PCE) Price Index measures the changes in the price of goods 🏷️💲 and services purchased by consumers for the purpose of consumption, (excluding food and energy) which is where it differs from Consumer Price Index (CPI). This index is a key way to measure changes in purchasing trends and inflation. 
 
This is the Federal Reserve's primary 🥇 inflation measure. Inflation is important to currency valuation because rising prices lead the central bank to raise interest rates out of respect for their inflation containment mandate; A higher than predicted reading here should be taken as positive/bullish for the USD.


![Line NAGAX Blog.png](https://s3.eu-west-1.amazonaws.com/blog.naga.com-storage/Line_NAGAX_Blog_ecac62c744.png)

## Tachyon Demo Day

- **Date & Time:** Thursday 30th June, 8pm GMT+3
- **Influenced Assets:** Crypto markets and DeFi
- **Previous Figures:** N/A
- **Prediction:** N/A

**Why Our Traders Care:**
Tachyon is an accelerator 🧑‍🤝‍🧑👫👭👬 for the most ambitious founders in web3. Demo Day is an opportunity to see what the most cutting-edge builders of web3 have been building over the past 12 weeks.
Companies in this cohort are building novel and native Web3 📶 products across DeFi, NFTs, Gaming, Metaverse, Infra & Dev Tooling, Public Goods, and Impact Investing space. 
 
These types of events can certainly show bullishness in the markets, especially when excitement kicks in and goes trending!

![Line NAGAX Blog.png](https://s3.eu-west-1.amazonaws.com/blog.naga.com-storage/Line_NAGAX_Blog_ecac62c744.png)

## US ISM Manufacturing Purchasing Managers Index (PMI)

- **Date & Time:** Friday 1st July, 5pm GMT+3
- **Influenced Assets:** USD and global markets
- **Previous Figures:** 56.1
- **Prediction:** N/A

**Why Our Traders Care:**
The Institute of Supply Management (ISM) Manufacturing PMI Report is based on data compiled from monthly replies to questions asked 🗣️📣 of purchasing and supply executives in over 400 industrial companies. It's a leading indicator of economic health 💲🌡️; businesses react quickly to market conditions, and their purchasing managers hold perhaps the most current and relevant insight into the company's view of the economy.

If we are to get a lower-than-predicted measure, that would be good 👍 for crypto ultimately as it will not favour the US dollar.

![Line NAGAX Blog.png](https://s3.eu-west-1.amazonaws.com/blog.naga.com-storage/Line_NAGAX_Blog_ecac62c744.png)

*Important Notice: Any news, opinions, research, analyses, prices, or other information contained on this feed are provided as general market commentary and do not constitute investment advice or solicitation for a transaction in any financial instrument or unsolicited financial promotions. All material published on the website is intended for informational purposes only. The market commentary has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and therefore, it is not subject to any prohibition on dealing ahead of dissemination. We do not make any warranties about the completeness, reliability, and accuracy of this market commentary. Past performance is not an indication of possible future performance. Any action you take upon the information on this feed is strictly at your own risk, and we will not be liable for any losses and damages in connection with the use of this feed.*

*Risk Warning: Cryptocurrencies are highly volatile and trading can result in the loss of your invested funds. Before investing you should be aware that cryptocurrencies may not be suitable for all investors. You should therefore carefully consider whether trading or holding digital assets is suitable for you in light of your financial condition and not invest money that you can not afford to lose.*



Check out the NAGAX blog and get the latest in upcoming economic and crypto-related events happening this week to help build your ultimate strategy. Read the NAGAX blog for more.

Upcoming Economic Events & Forecast | 27th June, 2022 | NAGAX Blog

Read the latest Market Analysis by NAGAX experts & gain insights from analysis of what's currently happening in the cryptocurrency market.


NAGAX Blog | Market Analysis

Market Analysis

📋 Check out the latest upcoming economic and crypto-related events happening this week that we believe you should definitely keep your 👁️ eye on! 

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Upcoming Economic Events & Forecast | 27th June, 2022

Crypto this week 🗓️ has been fairly productive, attempting a strong relief rally despite a bit of downwards pressure yesterday. Bitcoin produced a pretty good recovery upwards 📈, however, it was the altcoin market that really took the limelight with some alts really rising up sharply. Which goes to show that investors and traders are taking advantage of the recent dips in the market as a whole and further accumulating their positions! 💰

💹 Of course, with the crypto market being correlated with the equity market, we saw U.S. equities hitting back with sharp rises also ⤴️. The Nasdaq closed the week on Friday about 7% up and the S&P 500 closed about 6.5% up.

Can Bitcoin and the rest of the altcoin market keep this momentum going, proving that we truly did hit a bottom 🍑 about 10 days ago? Or is this simply a bull trap? Let's dive in in more detail! 🔍 

![btc (7).png](https://s3.eu-west-1.amazonaws.com/blog.naga.com-storage/btc_7_adf7bb6d77.png)

[Bitcoin](https://nagax.com/price/bitcoin-btc) is currently over 🟢 $21,200 as of writing, after a decent rally from that psychological resistance level of $20K, which many were keeping sharp eyes on last week. Since then, BTC has been climbing steadily 🧗 until it reached almost $21,900 midday yesterday. From that point, the momentum got rejected and the bears took control, with the price declining to just past that important 100-day moving average.

![BTC1hr (2).png](https://s3.eu-west-1.amazonaws.com/blog.naga.com-storage/BTC_1hr_2_f209b0676a.png)
*More upwards momentum as you can see here on our [BTC/USD](lhttps://exchange.nagax.com/trade/BTC-USDT) hourly chart. Will we hold over the 100 Moving Average?*

BTC has bounced from there which is what is needed to keep that bullish momentum 🐂 and is now hovering around the key support level of $21,200. If BTC can keep this momentum going, the next key resistance we want to see break would be $21,800 again. 

However, if we start to see Bitcoin break lower, we need to see the 100-day moving average break 💔 to confirm if the bears have control and that the selling pressure is back.

Pushing TA aside, it's very interesting to see the chart by Glassnode below, showing the number of addresses holding at least 1 Bitcoin. We can see 👀 that it is still steadily increasing and is now at almost 870,000 addresses, 🥳 an all-time high. This proves that many investors in the market have used this opportunity of 🏷️ ‘low prices’ to accumulate their bags and hold at least 1 Bitcoin. Only just a few months ago, this seemed like an almost impossible feat to some when BTC was at $60K plus; but now many more are grabbing the opportunity they see in front of them as it has become more affordable to join the ‘1 Bitcoin Club’. 🎩🧐♣️

![glassnode_Daily Market Analysis_NAGAX.png](https://s3.eu-west-1.amazonaws.com/blog.naga.com-storage/glassnode_Daily_Market_Analysis_NAGAX_505aad4b04.png)
*The number of addresses holding at least 1 Bitcoin is at all-time highs! *

![alt.png](https://s3.eu-west-1.amazonaws.com/blog.naga.com-storage/alt_847d093b33.png)

[Ethereum](https://nagax.com/price/ethereum-eth), the 2nd 🥈 largest crypto by market cap, has mostly remained above the $1200 key resistance point; only dipping under twice over the last few days momentarily. ETH is outperforming BTC and is up 🟢 over 12% in the last 7 days as opposed to BTC’s 0.5%! As of writing, Ether is trading above $1220, keeping its head above the resistance level and above the 100-day moving average. Overall, starting the week with a good outlook so far. If ETH can keep its momentum, then further upside to around $1320-$1440 is on the cards. However, just like Bitcoin, eyes are on the resistance level and Moving Average; and if it were to break, we could expect to see a retest of $1000 once again! 

![ETH1r.png](https://s3.eu-west-1.amazonaws.com/blog.naga.com-storage/ETH_1r_e20c3f41ab.png)
*The [ETH/USD](https://exchange.nagax.com/trade/ETH-USDT) chart on the 1hr timeframe, started the week strong but the overall outlook remains to be seen.*

As for the Altcoin market, Alts this weekend surged up with the popular meme coin [Dogecoin (DOGE)](https://exchange.nagax.com/trade/DOGE-USDT) 🐕‍🦺 leading the charge which is currently the best performing Alt in [CoinMarketCap’s](https://coinmarketcap.com/) top 50, with a 13% positive increase 🟢 in the last 24 hours! [Polygon (MATIC)](https://exchange.nagax.com/trade/MATIC-USDT) also did very well last week in general increasing to over 90% that week, which leads to its biggest increase 🔝 in 7 days of over 55%, even though it has dropped slightly since last Friday. This pump was due to announcing 📰 and launching a new privacy product for DAO’s. 

🟢 [The Sandbox (SAND)](https://exchange.nagax.com/trade/SAND-USDT) has also done well with over 50% positive price increase in 7 days but cooling off over the weekend. This was connected to the rumour mill 🗣️ of Zuckerberg’s Meta ♾️ (Facebook) potentially taking over SAND. However, COO and co-founder of SAND Sebastien Borget said a brief and strong [“This Will Never Happen”](https://twitter.com/borgetsebastien/status/1540815270427729921?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1540815270427729921%7Ctwgr%5E%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fdecrypt.co%2F103844%2Fsand-gains-almost-20-in-wake-of-tech-giants-metaverse-announcement), and not for the first time! Could we be at the verge of a big tech giant takeover 🤴, leading the metaverse and cryptocurrency market 🚀 skyrocketing?


![Global Markets.png](https://s3.eu-west-1.amazonaws.com/blog.naga.com-storage/Global_Markets_a3f38eee71.png)

💹 As we mentioned in the opening of today’s blog, crypto’s performance has mirrored equity markets with the S&P, Nasdaq and DOW all closing the week up with an average of about ⬆️ 5%.
 
📖 There are quite a few reports and testimonies this week to keep an eye out for on a global 🌎 scale, which we will post for you to add to your diaries a bit later on. One of the most prominent and awaited this week will be the widely-regarded monthly core Consumer Price Index (CPI). The CPI is the Federal Reserve's primary inflation measure which will give us insight into consumer spending behaviour. Also, the Purchasing Managers Index (PMI)  for manufacturing is also another one investors are keeping keen eyes 👀 on as it is a leading indicator of economic health. 
 
👁️‍🗨️ It will be easier to see, depending on the outcomes and results of this week's upcoming reports and testimonies, how Bitcoin and the cryptocurrency market will perform. It is certainly good that Bitcoin is still holding strong above the $20K level 👍 but it is possible that we could re-test the $17-18K lows if reports are generally pessimistic and negative 😧 for the global economy. Let's see how the week pans out! 

![Line NAGAX Blog.png](https://s3.eu-west-1.amazonaws.com/blog.naga.com-storage/Line_NAGAX_Blog_ecac62c744.png)

## Summary: 
- The crypto markets closing the week strong, how will it close the month?
- The equities markets also closed the week well, this week's announcements are what investors are keeping keen eyes on.
- Dogecoin (DOGE) led the altcoin charge over the weekend, but arguably the bigger news is a possible tech giant taking over The Sandbox (SAND).
- Plenty of reports and testimonies on the way this week to determine the severity of inflation in the global economy.

![Line NAGAX Blog.png](https://s3.eu-west-1.amazonaws.com/blog.naga.com-storage/Line_NAGAX_Blog_ecac62c744.png)


*Important Notice: Any news, opinions, research, analyses, prices, or other information contained on this feed are provided as general market commentary and do not constitute investment advice or solicitation for a transaction in any financial instrument or unsolicited financial promotions. All material published on the website is intended for informational purposes only. The market commentary has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and therefore, it is not subject to any prohibition on dealing ahead of dissemination. We do not make any warranties about the completeness, reliability, and accuracy of this market commentary. Past performance is not an indication of possible future performance. Any action you take upon the information on this feed is strictly at your own risk, and we will not be liable for any losses and damages in connection with the use of this feed.*

*Risk Warning: Cryptocurrencies are highly volatile and trading can result in the loss of your invested funds. Before investing you should be aware that cryptocurrencies may not be suitable for all investors. You should therefore carefully consider whether trading or holding digital assets is suitable for you in light of your financial condition and not invest money that you can not afford to lose.*



The daily news you need is here! Continue reading the NAGAX Daily Market Analysis for your daily dose of crypto, blockchain, and other global market news here! 

Crypto Finishing The Month Strong, Can It Hold? | Daily News 27/6/22 | NAGAX Blog

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Crypto Finishing The Month Strong, Can It Hold? | Daily News 27/6/22

The market has settled once again 🪀 as Bitcoin ended its 3-day run-up over $20k, as it dipped below that psychological support level yesterday before regaining above again later in the afternoon. 

Ether however, didn't dip below its threshold of $1000 but did fall in price overall as well as the other altcoins. But as of writing, today has started with a positive green momentum so let's dive in 🤿 to see what we can make of the market today!

![btc (7).png](https://s3.eu-west-1.amazonaws.com/blog.naga.com-storage/btc_7_1ba2a8b421.png)

Bitcoin yesterday fell about 5% yesterday dipping below the ‘infamous’ $20,000 level that everyone has their keen eye 👁️ on! This decline in price 📉 came in just a couple of days after bitcoin broke through the $21k levels. The price yesterday did bounce back over that key support level, but with the day closing in 🔴 red. Today however, it looks like BTC has woken up with a spring in its step so far (although it is still morning as of writing) where buying pressure has stepped up with more people presumably accumulating more bitcoins at this price! 📈 

As we can see in the chart below 👁️⬇️, we can see where Bitcoin started its positive recovery with its long wick on 21st June’s candlestick (see blue arrow), but suggesting that the bears are not willing to surrender their advantages.

![BTC1d (1).png](https://s3.eu-west-1.amazonaws.com/blog.naga.com-storage/BTC_1d_1_7c4d2c5e55.png)
*The Bitcoin chart on a daily time frame; shows support and resistance levels and the fight between bull and bear.*

A positive that we can take in is that the bulls are certainly [buying](https://exchange.nagax.com/trade/BTC-USDT) the dips at around the $20k region. If the price keeps its upward 🔼 momentum, the bulls will try to drive the price above $22,000. This could open the doors for a possible rally to the 20-day moving average (pictured as the white line). This level however will act as a strong resistance. Of course, the flip side of the coin is if we do switch and break down below the $20k level again, then we have a stronger possibility of retracing back to our low of $17,600.

Let's take a look at the NUPL Bitcoin indicator, which is showing bullishness 🐂 also. The [Net Unrealised Profit & Loss](https://studio.glassnode.com/metrics?a=BTC&category=&m=indicators.NetUnrealizedProfitLoss&s=1514981807&u=1655942400&zoom=) is indicating that selling pressure is decreasing 👍 as less people are willing to sell their Bitcoin at these prices; thus indicating it's a great time to buy! Historically it hasn't been wrong so far as you can see where we have marked below. Some are arguing that we are at a ‘sign of the times’ where things are very different in the economy. 

![glassnodeNUPL.png](https://s3.eu-west-1.amazonaws.com/blog.naga.com-storage/glassnode_NUPL_a6cfffab47.png)
*The NUPL Bitcoin Indicator by Glassnode shows bullishness!*

This week will certainly be crucial to the prices as eyes are on not only the $20k support level of Bitcoin, but on the 🌐 global macroeconomic space as a whole. Let's see where we go from here! 

👉 In the meantime, if you are just holding onto your Bitcoin and not interested in these price fluctuations for the short term, then why just sit on them?! 💡 Go to our [NAGAX Earn](https://nagax.com/earn) and stake your BTC (and others) and let your crypto work for you!

![btc (6).png](https://s3.eu-west-1.amazonaws.com/blog.naga.com-storage/btc_6_3a36bb3a69.png)

Starting with crypto’s biggest altcoin by market cap, Ethereum is down in the last 24 hours but actually managed to hold itself 💪 over the crucial $1000 support level unlike Bitcoin! Ether is leading the altcoins in the red 🔴, being approximately priced at about $1100 and is down about 1.59% in the last 24 hours. And for the most part, following BTC almost identically.

Out of all the top 100 coins (according to coinmarketcap), Synthetix (SNX) has performed the worst in the last 24 hours by being down by about 10% whereas all the rest are slightly up in the green and just a few in the red. The main reason for this is mainly just because only a few days ago, SNX doubled in price so a drop 📉 of this amount is expected.
🟢 As for top performers though, nothing is close to how Polygon (MATIC) has reacted in the market, increasing in price by over 26% in just the last 24 hours! This is based on the recent news of the MATIC network claiming that it has achieved carbon neutrality, a balance between emitting and absorbing carbon. And we all know how there's a lot of buzz about being environmentally friendly 🍃 in crypto! 

![Global Markets.png](https://s3.eu-west-1.amazonaws.com/blog.naga.com-storage/Global_Markets_a3f38eee71.png)

🏛️ Investors once again have shied away 🙈 from investing in riskier assets whilst they digested the latest testimony by the Fed Chair Jerome Powell yesterday. The main point that he projected to the Senate is that the U.S. might not be able to avoid a recession. All the while, critics of the Fed have been very vocal about how the bank waited too long to boost interest rates, forcing it to adapt to applying the harsh measures that have been put in place. This is partly due to why the crypto markets have been bearish, and why $20k seems to be the anchor ⚓ point right now! 
 
Once again, there has been word from official Chinese national media outlets warning Bitcoin could go to ‘zero’ (which by the way, has become a tiresome habit 🔁 from them) to dissuade their readers to invest and use crypto! Let this image below from ‘[99Bitcoins](https://99bitcoins.com/bitcoin-obituaries/)’ answer that!

![BtcObituaries_NAGAX Blog_Market Analysis.png](https://s3.eu-west-1.amazonaws.com/blog.naga.com-storage/Btc_Obituaries_NAGAX_Blog_Market_Analysis_13a678554d.png)

☍ In contrast to the China FUD, the Bank of England 🏛️ has begun to be bullish in building wealth in the crypto space in the market. Dep Governor Jon Cunliffe expressed faith in crypto saying that the technology will outlive the current volatility just as the internet economy overcame the dot-com crash! 🏋️‍♂️
 
🇬🇧 Keeping to the UK theme, Tether (the issuer of the largest stablecoin by market cap, USDT) is planning to launch a new stablecoin that will be pegged to the British Pound (GBP) next month and it will be named ‘GBPT’. This 📰 announcement has come at a good time as the U.K. is positioning itself as a hub for crypto while their government is moving forward with regulations in crypto, recognising stablecoins as a form of payment. We are still yet to know how the GBPT will be backed, but it's likely it will be fiat-backed similar to Tether’s other stablecoins.

![Line NAGAX Blog.png](https://s3.eu-west-1.amazonaws.com/blog.naga.com-storage/Line_NAGAX_Blog_ecac62c744.png)

## Summary: 
- Bitcoin back towards $20k!
- Bitcoin has ‘died’ 455 times since its inception; invalidates ‘Bitcoin to zero’ statements.
- Polygon has gone up by 26% in the last 24 hours due to carbon neutrality news.
- Tether has announced ‘GBPT’ - a stablecoin pegged to the British Pound.

![Line NAGAX Blog.png](https://s3.eu-west-1.amazonaws.com/blog.naga.com-storage/Line_NAGAX_Blog_ecac62c744.png)

*Important Notice: Any news, opinions, research, analyses, prices, or other information contained on this feed are provided as general market commentary and do not constitute investment advice or solicitation for a transaction in any financial instrument or unsolicited financial promotions. All material published on the website is intended for informational purposes only. The market commentary has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and therefore, it is not subject to any prohibition on dealing ahead of dissemination. We do not make any warranties about the completeness, reliability, and accuracy of this market commentary. Past performance is not an indication of possible future performance. Any action you take upon the information on this feed is strictly at your own risk, and we will not be liable for any losses and damages in connection with the use of this feed.*

*Risk Warning: Cryptocurrencies are highly volatile and trading can result in the loss of your invested funds. Before investing you should be aware that cryptocurrencies may not be suitable for all investors. You should therefore carefully consider whether trading or holding digital assets is suitable for you in light of your financial condition and not invest money that you can not afford to lose.*


Bitcoin, Ethereum, and a new stablecoin backed by GBP are in the daily news today. Continue reading the daily NAGAX market analysis blog for more.

Crypto - More Bullish Than Bearish And Here’s Why | Daily News 23/6/22 | NAGAX Blog

Bitcoin, Ethereum, and a new stablecoin backed by GBP are in the daily news today. Continue reading the daily market analysis for more.

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Crypto - More Bullish Than Bearish And Here’s Why | Daily News 23/6/22

Cryptocurrency marks the beginning of a whole new era for finance and technology. However, as innovative as blockchain is, it faces certain challenges, including high fees, scalability issues, low bandwidth and more. Several projects in the DeFi space are competing to become the first web scalable blockchain and provide users with the best experience by addressing these common problems. One of them, gaining momentum in the DeFi community, is [Solana](https://solana.com/). This censorship-resistant, open-source blockchain uses a comprehensive set of technologies to increase scalability and create a robust network for building decentralized applications (dApps). 

Popular cryptocurrencies such as Bitcoin and Ethereum have notable limitations in terms of scalability. *Why?* It is impossible to scale the time it takes to reach a consensus on a particular order of transactions. Therefore, alternatives such as Solana have emerged as promising solutions for such challenges.

Solana's sunny days aren’t over! Here we take an in-depth look at what Solana is, how it works, why there is so much interest in Solana, and how you can make the most of this new, fresh world.🚀

## What is Solana?
The Solana (SOL) platform was founded back in 2017 by Anatoly Yakovenko. Before founding Solana, Yakovenko worked at Qualcomm. Together with Eric Williams and Greg Fitzgerald, they created a new process to solve traditional bandwidth problems that existed in Bitcoin and Ethereum blockchains.

**In a nutshell**, Solana is a blockchain platform known for its speed and efficiency. SOL tokens are its native cryptocurrency and are used to pay transaction fees. Since its launch in 2017, Solana has become one of the largest cryptocurrencies in the world. It is one of the top 10 cryptocurrencies by total market value, according to [CoinMarketCap](https://coinmarketcap.com/).

## What makes Solana stand out?

What sets Solana apart is its incredible speed. The company claims that the system can process up to 710,000 transactions per second. By comparison, the same Bitcoin network conducts between 3 and 7 transactions per second. It seems like a cosmic figure even compared to the most recent, third-generation cryptocurrencies like [Cardano](https://cardano.org/). However, so far, the claims are at odds with the reality. The maximum speed, which was actually achieved, is still lower and amounted to 60,000 transactions per second. 

It’s also worth noting that Solana is a **Layer 1 blockchain**. That is, all transactions are on the same blockchain layer. When it comes to Layer-1 solutions, they change the rules of the blockchain’s protocol to increase its transaction speed and capacity and thus accommodate more users and data. 

All transactions on the platform are made in SOL, their native cryptocurrency. It serves both to pay commissions online, maintain smart contracts, and create decentralised apps.

**Why SOL is being called the "killer" of ETH?**
Solana is considered by many to be Ethereum's top competitor (aka ‘the killer’). In addition to its high throughput, Solana could compete with Ethereum and other blockchains for several reasons:

- **⚡ Solana is many times faster than its competitor and hundreds of thousands of times cheaper.** According to [Messari.io](https://messari.io/asset/ethereum/chart/txn-fee-avg), as of early June 2022, the average transaction fee on Ethereum is $9.26, while in Solana it is $0.00025. Blockchain is especially beneficial for NFT collectors since it is necessary to use a smart contract to process non-fungible tokens, which increases the gas fee in Ethereum even more.
- 💡🦾**The project is better suited to creating smart contracts, decentralised applications, and NFT solutions** because of the programming language used which allows developers to easily and quickly port computer protocols and applications from other blockchains to Solana.
- 🪐**The project ecosystem is expanding much faster.** While Ethereum is still launching more projects, it faces many challenges due to poor scalability, low bandwidth, and expensive transactions. That's why Solana became the third-largest blockchain in terms of blockchain assets in just one year of full operation; managing to raise more than $14B in its wallets. According to [DefiLlama](https://defillama.com/chain/Solana), as of early June 2022, the total money placed in Solana blockchain-based DeFi projects stood at $4B.
- ⚖️**Solana is more stable and uses fewer resources.** All blockchains perform the same tasks - storing and exchanging data. Nevertheless, when the number of users on the network exceeds several hundred million active users, it becomes an incredible burden, which can slow down or even stop its operation as a result. Solana has solved this problem by using the Turbine Protocol. The Turbine Protocol facilitates the transfer of data to blockchain nodes by splitting up all the data into multiple ‘chunks’. This allows Solana to solve the bandwidth problem, as well as improve the overall ability to conduct transactions faster.
- ♻️**The high environmental friendliness of the blockchain.** Solana uses the Proof-of-Stake (PoS) mechanism, which is much more energy-efficient than the competing algorithm. This means that Solana is much preferable to PoW blockchains such as Bitcoin, Ethereum, Dogecoin, etc.

## Is SOL a good investment?

Solana cryptocurrency delivers many revolutionary solutions that help make Solana one of the most efficient Layer 1 blockchains on the globe. The Solana team launches many unconventional innovations, each focused on bandwidth, decentralisation, and security. 

With the speed and low cost it offers, Solana is positioning itself as a faster and cheaper alternative to Ethereum. SOL has grown significantly since its inception, and analysts believe the project still has a long way to go. 

However, Solana is a high-risk investment. Cryptocurrencies are highly volatile, and many seemingly great projects tend to be going bust. 

## SOL in the Markets Today
The Solana price is currently hovering around the $33-$35 range, having had a decent increase over the last week from the $25 support level which is where the bulls took control. 

A low had formed near $26 where the price started a steady increase, forming a clear move above the $30 resistance level. SOL’s price also broke above a major bearish trend line on the 4-hour chart and any more gains from here could send the price of Solana towards the next major resistance zone of $50. 

On the downside, a break below $30 could very well ignite a sharp decline where we might see prices head back to the $25 level.

The recent price increases could have been subject to the latest news of the Solana NFT marketplace ‘Magic Eden’ closing a series B funding round for about $130 million. This new capital will be used to expand the marketplace and certainly be bullish for the Solana ecosystem. 

## Solana at NAGAX
If you're still wondering where to buy [SOL](https://app.nagax.com/wallet/SOL), wonder no more!  [NAGAX](https://nagax.com/) makes it easy for traders to buy, sell, and trade Solana and other hot cryptos. 

Follow the three steps below to learn how to buy SOL on NAGAX:
1. [Sign up](https://app.nagax.com/register?lang=en) for a NAGAX account.
2. Buy SOL instantly with a Debit/Credit Card or USDT through the intuitive NAGAX Wallet or Exchange.
3. That’s it - you’re good to go! 

When it comes to buying crypto, you have a lot of options. You can directly purchase $SOL with a credit/debit card or USDT in the [NAGAX Wallet](https://app.nagax.com/wallet/accounts). To learn more about buying crypto at NAGAX, please [click here](https://app.nagax.com/help-center/faq/buying-crypto-29/how-to-buy-crypto-with-my-credit-card-15346167?lang=en).

Discover Solana with NAGAX today! 🚀

![Line NAGAX Blog.png](https://s3.eu-west-1.amazonaws.com/blog.naga.com-storage/Line_NAGAX_Blog_ecac62c744.png)

## Summary
- Among next-generation blockchains, Solana solves key problems such as low network speeds, high transaction costs and security issues.
- Solana is a fast cryptocurrency that many see as a potential alternative to Ethereum.
- Solana’s native cryptocurrency, SOL, has a market capitalization of more than $12 billion.
- Impressively, SOL is one of the top 10 coins on the crypto charts.

![Line NAGAX Blog.png](https://s3.eu-west-1.amazonaws.com/blog.naga.com-storage/Line_NAGAX_Blog_ecac62c744.png)


*Important Notice: Any news, opinions, research, analyses, prices, or other information contained on this feed are provided as general market commentary and do not constitute investment advice or solicitation for a transaction in any financial instrument or unsolicited financial promotions. All material published on the website is intended for informational purposes only. The market commentary has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and therefore, it is not subject to any prohibition on dealing ahead of dissemination. We do not make any warranties about the completeness, reliability, and accuracy of this market commentary. Past performance is not an indication of possible future performance. Any action you take upon the information on this feed is strictly at your own risk, and we will not be liable for any losses and damages in connection with the use of this feed.*

*Risk Warning: Cryptocurrencies are highly volatile and trading can result in the loss of your invested funds. Before investing you should be aware that cryptocurrencies may not be suitable for all investors. You should therefore carefully consider whether trading or holding digital assets is suitable for you in light of your financial condition and not invest money that you can not afford to lose.*


Fasten your seatbelts because we’re taking a look at the super-fast, Solana! Continue reading to learn all about Solana and its native coin, SOL in the NAGAX Blog today!

Solana: A Crypto Slayer in Disguise? | NAGAX Blog

Read the latest Crypto news & gain insights from analysis of what's currently happening in the markets around the world.

NAGAX Blog | Crypto

Crypto

Fasten your seatbelts because we’re taking a look at the super-fast, Solana! Continue reading to learn all about Solana and its native coin, SOL.

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Solana: A Crypto Slayer in Disguise?

Bitcoin, Ethereum, and the rest of the altcoin markets did their part particularly well spending most of the day yesterday in the green, 🟢 but closing the day at lower points 🔻giving the market ‘breathing room’. 

Also, out of the top 50 cryptocurrencies, one altcoin led the charge; [Shiba Inu (SHIB)](https://twitter.com/shibaofficiel) adding 20% on the day yesterday 🚀. Today, however, cryptos are underperforming so far with Bitcoin currently at just under $20,500 and nearing back to that psychological support level. 

Although we have reached good levels these last few days, there is some pessimism throughout investors about this week's rally and whether it will hold and continue or break back down to previous lows. All eyes 👀 today will be on the [speech](https://www.federalreserve.gov/newsevents.htm) by the Federal Reserve Chair, Jerome Powell, to see if there's any more evidence that the economy has taken a more upturn.

![btc (7).png](https://s3.eu-west-1.amazonaws.com/blog.naga.com-storage/btc_7_1ba2a8b421.png)

As of writing, [Bitcoin](https://nagax.com/price/bitcoin-btc) is currently just holding above the psychological support level of $20,000; after performing well yesterday hitting highs 🟢 of just above $21,600. Selling pressure is increasing, however, and a break below $20k could spark off another similar downturn 🌪️ to which was seen last Saturday. 

![NAGAX-BTC-USDT-Chart](https://s3.eu-west-1.amazonaws.com/blog.naga.com-storage/NAGAX_BTC_USDT_Chart_57aa6cea82.png)
*The current BTC chart on a 1hour time frame shows the support level of $20k and the previous low of around $17,600 last Saturday. Will it return?*

[Santiment](https://santiment.net/) (on-chain analytics data platform) [tweet’d](https://twitter.com/santimentfeed/status/1539312042934292480?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1539312042934292480%7Ctwgr%5E%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fwww.benzinga.com%2Fmarkets%2Fcryptocurrency%2F22%2F06%2F27805724%2Fbitcoin-ethereum-mixed-dogecoin-soars-can-an-apex-coin-short-squeeze-finally-revive-batter) 🐤 yesterday that the ratio of Bitcoin’s supply continues to stay low at levels last seen in November 2018. They continue to say, “*This is a good signal of limited future selloff risk. In the meantime, Tether (USDT) supply continues skyrocketing on exchanges, indicating greater buying power*”. This adds to the fairly bullish sentiment that the crypto market very much needs right now. 




*Santiment’s fairly bullish Tweet yesterday*

Finally, it's important to mention the event happening later today which is the Chair of the Fed Reserve 🏦, Jerome Powell will be giving a testimony today, which many are looking forward to clarification within the US economy, in regards to the recent interest rate hikes and to suggest if there's any evidence that the economy may have some positive days coming, or if it really is ‘doom and gloom’. This will affect the traditional markets to which Bitcoin is closely correlated to!

![altcoins.png](https://s3.eu-west-1.amazonaws.com/blog.naga.com-storage/altcoins_5bf01ea7fb.png)

The second-largest crypto by market cap, [Ether](https://nagax.com/price/ethereum-eth), was trading at almost $1200 🟢 at one stage yesterday and is now floating around the $1k level. 

![NAGAX-ETH-Crypto-Chart](https://s3.eu-west-1.amazonaws.com/blog.naga.com-storage/NAGAX_ETH_Crypto_Chart_636f0dfaf8.png)
*The ETH/USDT 1 hour candle chart*

The real winner and surprising mover in the last 24-hours 🚀 has been Shiba Inu (SHIB) 🐕 which is one of the very few in the top 50 coins to be in the green! The meme-based tribute to Dogecoin (DOGE) is still performing with more than a 15% move in the last 24-hours while most alts are in the red. This price pump came after the new assurances from [Tesla’s CEO Elon Musk](https://twitter.com/elonmusk/status/1538406040374595585) supporting DOGE, which is also in the green.

![Global Markets.png](https://s3.eu-west-1.amazonaws.com/blog.naga.com-storage/Global_Markets_a3f38eee71.png)

📊 Cryptos' price increases were, as usual, correlated with a pump in equity markets, which rose amongst investors' likely temporary return to riskier assets. The tech-focused Nasdaq climbed 2.5% and the S&P 500 rose just under 2%.
 
🏛️ However, economists have upped their prediction of a recession from 15% to 30%. Investors will be awaiting 🔎 the U.S. Central Bank Chair, Jerome Powell's, testimony before Congress today (as well as tomorrow) to see Powell’s latest stance and if any clues will be given to boost confidence in investors, or increase further fear.
 
🙌 To end on some lighter announcements, Colombia’s new president, Gustavo Petro, seems to be a fan of Bitcoin! Petro has previously made positive statements in favour of cryptocurrencies and with taking office this August, many are expecting him to join other world leaders who also have spoken in favour of crypto adoption and have enacted policies on crypto! 
With El Salvador accepting Bitcoin as legal tender, and Panama approving a crypto adoption bill, will Colombia follow? Well, with more than 52 million people living in Colombia, the country is one of the most active in crypto trading in the region!

![Line NAGAX Blog.png](https://s3.eu-west-1.amazonaws.com/blog.naga.com-storage/Line_NAGAX_Blog_ecac62c744.png)

## Summary: 

- After having a great day yesterday, Bitcoin is currently crawling back towards the $20k support level.
- Ether and the alts are following Bitcoin, however a surprise move from Shiba Inu (SHIB) has outperformed all in the last 24 hours.
- Data from ‘Santiment’ indicates there is more buying power in the markets. 
- All eyes on the Fed testimony by Powell to judge the confidence (or lack of) the current economy.
- Columbia’s new president Gustavo Petro is pro-crypto!

![Line NAGAX Blog.png](https://s3.eu-west-1.amazonaws.com/blog.naga.com-storage/Line_NAGAX_Blog_ecac62c744.png)

*Important Notice: Any news, opinions, research, analyses, prices, or other information contained on this feed are provided as general market commentary and do not constitute investment advice or solicitation for a transaction in any financial instrument or unsolicited financial promotions. All material published on the website is intended for informational purposes only. The market commentary has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and therefore, it is not subject to any prohibition on dealing ahead of dissemination. We do not make any warranties about the completeness, reliability, and accuracy of this market commentary. Past performance is not an indication of possible future performance. Any action you take upon the information on this feed is strictly at your own risk, and we will not be liable for any losses and damages in connection with the use of this feed.*

*Risk Warning: Cryptocurrencies are highly volatile and trading can result in the loss of your invested funds. Before investing you should be aware that cryptocurrencies may not be suitable for all investors. You should therefore carefully consider whether trading or holding digital assets is suitable for you in light of your financial condition and not invest money that you can not afford to lose.*


Bitcoin, Ethereum, and the rest of the altcoin markets did their part particularly well spending most of the day yesterday in the green. Continue reading the NAGAX Daily Market Analysis for more.

Crypto Crawling Back To Critical Levels After Brief Rally | Daily News 22/6/22  | NAGAX Blog

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Crypto Crawling Back To Critical Levels After Brief Rally | Daily News 22/6/22

> “For those properly prepared, the bear market is not only a calamity but an opportunity”  -Sir John Templeton, Investor, Fund Manager and Philanthropist

Newcomers to the cryptocurrency space and even some veterans 🗝️ might be unsure with what their next move should be as the market has become more volatile. Bitcoin (and its counterparts, the altcoins) have been caught in a cascading downward momentum, the worst it's seen in years. Analysts and investors alike are going through many indicators and metrics to see at which point the market may potentially turn back to being bullish once again! 

As of writing, Bitcoin is currently down about 70% from its all-time high in 2021, falling to as low as $17,600 last Saturday putting it below the average investor cost base of $23,500. This means prices have dropped enough to test even the long-term holders who, up until now in the crypto winter of 2022, were mostly in profit with their investments. 

Now, in order to learn how to fight off the bears (*not literally of course!*), we must learn to understand what a bear market 🐻 is.

![Line NAGAX Blog.png](https://s3.eu-west-1.amazonaws.com/blog.naga.com-storage/Line_NAGAX_Blog_ecac62c744.png)

## Bear Market 101

A ‘bear market’ is simply a term used to identify a direction/sentiment of a market. To put it into more context, it is when falling prices of stocks or crypto markets decline 📉 over a considerable amount of time with losses of at least a 20% drop from recent highs. When a prime asset such as Bitcoin falls in price, the small and medium-cap altcoins also experience bearish price losses due to being correlated to BTC. 

When in a bear market, you will find that supply is greater than the demand, the [confidence of investors](https://app.nagax.com/academy/articles/what-is-the-crypto-fear-and-greed-index-15393352?lang=en) is low and prices start a downtrend pattern. Bear markets can be tricky for inexperienced or new traders. It can be relatively difficult to predict when the end of a bear market is happening 🔮 or to find the exact price bottom to ‘buy 🛒 the dip’.  

So here’s a crucial question: *What makes today’s crypto market a bear market?*

## The bears are in control!

The 🌐 global crypto market cap is currently down from its all-time high (ATH) of $3 trillion to currently sitting at just over $900 billion as of writing. The number one cryptocurrency, Bitcoin, is down by approximately 70% from its ATH made in November last year and [Ethereum](https://app.nagax.com/staking) (the top altcoin) is down by 78% from its ATH of $4847.

So it seems that all cryptocurrency holders are indeed in a full-blown bear market! The whole crypto market had recently been experiencing double-figure percentage losses 😬 with Bitcoin dipping to as low as $17,600 briefly, on 18th June for the first time since November 2020! Taking into account the bearish market sentiment, many investors are understandably worried! 

But it is not as ‘doom and gloom’ as it first seems and it doesn't mean you can't survive in a bear market, after all the crypto market never stops or sleeps! So what are some things you could consider doing in a bear market to survive this cycle’s crypto winter?

## Why bear markets are not as bad as they first seem

Bear markets can seem scary and intimidating 👻 for novice investors, and even those that are experienced, as nobody really enjoys watching the value of their portfolios go down; but on the flip side of the coin 💰 (pardon the pun), bear markets can also provide good opportunities to put your money to work for the long haul while cryptos are trading at low prices!

Usually, newcomers to the space embark on their crypto journey based on hype via social media such as ‘crypto twitter’ or out of FOMO (fear of missing out), leading them to buy the tops and sell the bottoms; however, bear markets can provide a great opportunity to enter the market as most coins trade at a lowered price. Additionally, bear markets can provide good opportunities for traders to short their assets 🔻 as prices see large swings. Please note, since the crypto markets can be very volatile, shorting assets is something mainly experienced traders take up because while shorting the market can be profitable, it comes with its risks! 

## So how can you take advantage of a bear market?

Well first, the most important thing to do is always be prepared for any eventuality, whether in a bull or bear market. For example, never invest more than you can afford to lose. Also, try to keep your emotions out of it (bears can smell fear), that instinct may have your total balance in the red!

Now, as for some strategies? For starters, consider thinking long-term ⌛ with your investments! This will always help get you through a bear market. Remember, markets bounce back eventually. That being said though, many new investors often make the mistake of exiting too early from their positions by selling due to fear (also known as having ‘paper hands') 🛑 and seeing their invested amount reduced, which can be a bad way to go about bearish environments.
 
Unfortunately, there are no ways for certain to tell when a bear market is finishing, however, there are signs you can look out for 🕵🏼 like looking at the global economy and seeing if that is showing any bullishness or signs of recovery. You should also consider learning how to do crypto analysis, at least at a basic level to better understand the market’s movements.
 
👉 Master the art of cryptocurrency with [NAGAX Academy](https://app.nagax.com/academy/articles) and learn all the basics of blockchain today!
 
Some other strategies that investors and traders use in bear markets are first and foremost, taking advantage of the firesale 🔥, and buying crypto at discounted prices. One day in the future when Bitcoin is at a very different price point, whether you bought at $10k, $20k or $50k won't seem like such a big deal! A popular way of taking advantage of the discounted market is to add to your chosen asset by dollar cost averaging (DCA). This is a strategy where a buyer invests a total sum of money in small increments over time instead of all at once. The goal here is to take advantage of market downturns without risking too much capital at any given time. This will alleviate the stresses of trying to find that perfect price to buy in but will also leave you less exposed to the ⚠️ risk of market volatility.
 
🔐 [Staking](https://nagax.com/earn) is also another great example of how to grow your portfolio with little effort and risk in a bear market. Instead of just holding your crypto coins, put them to work! Staking allows you to earn interest, similar to how a bank account works. Your deposited coins are used to verify transactions, and for doing so you will get rewarded! Why not check out our explanation video [here](https://www.youtube.com/watch?v=gcSP9zaTLB0) on how staking works and see how you can earn up to **20% interest in rewards** with NAGAX safely, with no fees!
 
Lastly, trying to always catch the bottom 🍑 can be considered a pointless exercise in a market as volatile as the crypto space. Sometimes a bear market ends as soon as the bottom has been reached. But try to catch the bottom or buy that final dip, you could end up investing at a higher price when the assets start to recover 🤦🏻‍♂️. That being said, in the end, it is undeniable that bear markets can be slow and unpredictable and are usually influenced by many external factors such as economic growth, investor psychology, and world news or events (as we have recently seen!). As there are an abundance of recommendations on how to invest in bear markets in every corner you look at, it is always crucial to DYOR (do your own research)!

![Line NAGAX Blog.png](https://s3.eu-west-1.amazonaws.com/blog.naga.com-storage/Line_NAGAX_Blog_ecac62c744.png)

## Summary

- We are in confirmed bear market 🐻 territory
- Although bear markets are not great for the markets in the short-term, there are ways to benefit from them in the long-term
- Thinking long-term with your investments is key, but strategies like staking and DCA can help…if done carefully
- DON'T try to catch the bottom, take advantage of the dips

![Line NAGAX Blog.png](https://s3.eu-west-1.amazonaws.com/blog.naga.com-storage/Line_NAGAX_Blog_ecac62c744.png)

*Important Notice: Any news, opinions, research, analyses, prices, or other information contained on this feed are provided as general market commentary and do not constitute investment advice or solicitation for a transaction in any financial instrument or unsolicited financial promotions. All material published on the website is intended for informational purposes only. The market commentary has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and therefore, it is not subject to any prohibition on dealing ahead of dissemination. We do not make any warranties about the completeness, reliability, and accuracy of this market commentary. Past performance is not an indication of possible future performance. Any action you take upon the information on this feed is strictly at your own risk, and we will not be liable for any losses and damages in connection with the use of this feed.*

*Risk Warning: Cryptocurrencies are highly volatile and trading can result in the loss of your invested funds. Before investing you should be aware that cryptocurrencies may not be suitable for all investors. You should therefore carefully consider whether trading or holding digital assets is suitable for you in light of your financial condition and not invest money that you can not afford to lose.*


Your Bear Market guide has arrived! Read on to discover ways to enhance your trading experience in this downfall of a crypto market with NAGAX Blog today.

How To Survive A Bear Market | NAGAX Blog

Your Bear Market guide has arrived! Read on to discover ways to enhance your trading experience in this downfall of a crypto market.

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How to Survive a Bear Market

The cryptocurrency world 🌐 is showing a good healthy pulse at the moment, being in the green 🟢 across the board! Bitcoin is leading this resurrection by keeping its head above water (the psychological $20k level) after dipping under previous cycles’ all-time highs of $17,600 last Saturday. 

Although there is still some division between those who believe we have found the bottom and those that think we still may go a little lower, we can at least have some more confidence and positivity in the hands of the bulls 🐂. Is the bear market over? Potentially, not yet, but the worst could just be in. Let's look into it further.

![btc (7).png](https://s3.eu-west-1.amazonaws.com/blog.naga.com-storage/btc_7_1ba2a8b421.png)

Bitcoin is currently priced at just over 🟢 $21,100 as of writing, showing a nice and steady recovery from its lows just a few days ago. As you can see from the hourly chart below ⬇️, we are steering away from that $20k support and breaking a light resistance level. To maintain this bullishness, we need to see buying pressure keep at it, to maintain over that $21k level and above the 20-week moving average (blue line) that we are above right now.

If we are to see further downside and see a break of the $20k level again, then a break and close of the $17,600 level could start the next level of a downtrend 📉. Many traders are looking at these levels very closely and are ready to make trades based on these simple technicals alone. If you want to learn more about the markets and how to use NAGAX, why not look at our [NAGAX Academy](https://app.nagax.com/academy/articles).

![BTC1hr_DailyMarketAnalysis.png](https://s3.eu-west-1.amazonaws.com/blog.naga.com-storage/BTC_1hr_Daily_Market_Analysis_a93dc04afc.png)
*The BTC 1hr chart, climbing higher into relief levels.*

With the basic technicals out of the way, what else has been driving BTC up? Well, a very important metric 📑 that has caught our attention is the number of addresses holding at least one Bitcoin is at all-time highs according to data from [Glassnode](https://studio.glassnode.com/metrics?a=BTC&category=&m=addresses.Min1Count&s=1278892800&u=1653782400&zoom=)! Similarly, the number of addresses holding at least 0.1 Bitcoin has also witnessed a sharp rise. This is of big importance as it shows many people, especially recently, have decided to add and accumulate 🛒 even more Bitcoin acknowledging these have been great prices to buy at! 

![NAGAX Blog_glassnode Addresses.png](https://s3.eu-west-1.amazonaws.com/blog.naga.com-storage/NAGAX_Blog_glassnode_Addresses_1604dd2acc.png)
*The number of addresses holding at least 1 Bitcoin is at an ATH!*

Finally, we need to look at the bigger picture 🖼️ when it comes to Bitcoin. Have we hit the complete bottom for its price? Maybe not, but as the old saying goes, “when in doubt, zoom out”. Even if you were to dollar cost average (DCA) here and add to your portfolio, or if you are buying for the first time; try not to worry about catching the complete bottom! Chances are you won’t. But from a macro perspective, these are certainly great opportunities!* 

**This is not financial advice, so please do your own research and be responsible when investing.*

![altcoins.png](https://s3.eu-west-1.amazonaws.com/blog.naga.com-storage/altcoins_5bf01ea7fb.png)

ETH is also climbing back up 🟢 from dipping below another psychological level of $1000 as we explained yesterday. A good positive to look for with Ether is that on the day the bears pulled that price down, the bulls really went shopping, buying up the dip as can be seen with the fairly long wick of that day’s candle.

![ETH1d_Daily Market Analysis_NAGAX Blog.png](https://s3.eu-west-1.amazonaws.com/blog.naga.com-storage/ETH_1d_Daily_Market_Analysis_NAGAX_Blog_3e31c6b70d.png)
*Strong buying pressure from the bulls on the day ETH dipped below $1000, its psychological support level.*

The price increase and buying pressure could also be down to the news from [Nethermind’s tweet](https://twitter.com/nethermindeth/status/1538888411456716802?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1538921699130892288%7Ctwgr%5E%7Ctwcon%5Es3_&ref_url=https%3A%2F%2Fcointelegraph.com%2Fnews%2Fethereum-testnet-beacon-chain-launched-and-ready-for-trial-merge), mentioning that Ethereum’s second public chain-merge is just around the corner.



🟢 As for other altcoins, everything is following suit with the top performers being **Polygon (MATIC)**, **Chainlink (LINK)**, and **ApeCoin (APE)** - all averaging about a 15% increase 📈 in the last 24 hours. This time in the market has clearly shown that many are adding to their bags and although we believe it is certainly a good time to do so (or at least dollar-cost averaging in); be mindful as to which altcoins you choose! The bear markets are synonymous with wittering out the corn from the weeds. Meaning a lot of the weak projects may not be around in the next upcoming bull cycle.

**This is not financial advice, so please do your own research and be responsible when investing.*

![Global Markets.png](https://s3.eu-west-1.amazonaws.com/blog.naga.com-storage/Global_Markets_a3f38eee71.png)

🌎 A global macroeconomic perspective is also certainly vital to look at in these times of crazy interest rates, dreaded inflation and geopolitical wars! 

🗠 Stock futures rose early this morning following a brutal week last week as investors calculated the situation of the Federal Reserve's aggressive strategy and the rising chance of inflation. Investors and traders will continue to monitor data including the existing home sales report (released later today) to gauge the health of the US economy. This is something that many Forex traders are going to be looking at assessing the global economic situation and of course, the aftereffects will certainly hit and affect the crypto market!

💵 The DXY (Dollar Currency Index), which is used to assess the strength of the US dollar, is continuing to show more weakness for the currency. If this continues in conjunction with the equities markets carrying on with their upward momentum; this will certainly be the lift that Bitcoin, and the whole cryptocurrency space, needs! 

![Line NAGAX Blog.png](https://s3.eu-west-1.amazonaws.com/blog.naga.com-storage/Line_NAGAX_Blog_ecac62c744.png)

## Summary: 
Bitcoin is currently up over 20% since its recent lows, showing strength in its rebound
Ethereum and the rest of the alt market is up following Bitcoin’s move
Great on-chain data showing accumulation of crypto by addresses are great stats to look at in times like these
Equities futures markets are up and US dollar weakening, good news for crypto! 

![Line NAGAX Blog.png](https://s3.eu-west-1.amazonaws.com/blog.naga.com-storage/Line_NAGAX_Blog_ecac62c744.png)

*Important Notice: Any news, opinions, research, analyses, prices, or other information contained on this feed are provided as general market commentary and do not constitute investment advice or solicitation for a transaction in any financial instrument or unsolicited financial promotions. All material published on the website is intended for informational purposes only. The market commentary has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and therefore, it is not subject to any prohibition on dealing ahead of dissemination. We do not make any warranties about the completeness, reliability, and accuracy of this market commentary. Past performance is not an indication of possible future performance. Any action you take upon the information on this feed is strictly at your own risk, and we will not be liable for any losses and damages in connection with the use of this feed.*

*Risk Warning: Cryptocurrencies are highly volatile and trading can result in the loss of your invested funds. Before investing you should be aware that cryptocurrencies may not be suitable for all investors. You should therefore carefully consider whether trading or holding digital assets is suitable for you in light of your financial condition and not invest money that you can not afford to lose.*


Is the bear market going to stick around long? Continue reading the NAGAX Daily Market Analysis for more on all things Bitcoin, Ethereum and the Crypto market.

Crypto Rising Steadily - Bull-ish or Bull-trap? | Daily News 21/6/22 | NAGAX Blog

Is the bear market going to stick around long? Continue reading the NAGAX Daily Market Analysis for more.

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Crypto Rising Steadily - Bull-ish or Bull-trap? | Daily News 21/6/22

Check out the juiciest upcoming economic and crypto-related events happening this week that we believe you should definitely keep your eye on 👁️. Let's have a look at what we have coming up…

![Line NAGAX Blog.png](https://s3.eu-west-1.amazonaws.com/blog.naga.com-storage/Line_NAGAX_Blog_ecac62c744.png)

## NFT.NYC
- **Date & Time:** Monday 20th - 23rd June
- **Influenced Assets:** ETH and other chains supporting NFT’s
- **Previous Figures:** N/A
- **Prediction:** N/A

**Why Our Traders Care:**
Since 2018, NFT.NYC 🖼️ has been an avenue for the emerging NFT community, which includes artists and creators. This expansive event currently has over 1,000 speakers all coming from different aspects of the Web3 space. This could potentially be that great little kick 🦶 that ETH needs to keep it from spiralling, as the majority of NFT’s are most often found on the Ethereum Blockchain. Meaning ETH will be used as the transaction currency in most cases. Overall, great publicity for the web3.0 space! 🚀

![Line NAGAX Blog.png](https://s3.eu-west-1.amazonaws.com/blog.naga.com-storage/Line_NAGAX_Blog_ecac62c744.png)

## European Central Bank President Lagarde Speaks 

- **Date & Time:** Monday 20th June, 4pm GMT+3
- **Influenced Assets:** EUR 
- **Previous Figures:** N/A
- **Prediction:** N/A

**Why Our Traders Care:**
The 🏦 European Central Bank’s President, Christine Lagarde is set to speak. As head of the ECB which controls short term interest rates, she has more influence over the euro's value than any other person. Traders watch her speeches closely 👀 as they are often used to drop subtle hints regarding future monetary policy and interest rate shifts. Her comments tend to determine a short-term positive or negative trend. 
ECB President Lagarde is to testify in front of the European Parliament in Brussels on Monday and likely to be closely questioned about progress on the bank’s new crisis-fighting tool since its announcement last week. Some analysts and traders think the new tool may allow the central bank scope to implement more aggressive rate hikes if needed so a close eye on how this will affect the dollar and therefore crypto will be set.

![Line NAGAX Blog.png](https://s3.eu-west-1.amazonaws.com/blog.naga.com-storage/Line_NAGAX_Blog_ecac62c744.png)

## Existing Home Sales Report

- **Date & Time:** Tuesday 21st June, 5pm GMT+3
- **Influenced Assets:** USD and global markets
- **Previous Figures:** 5.61 million
- **Prediction:** 5.40 million

**Why Our Traders Care:**
This report is a leading indicator of economic health because the sale of a 🏠 home triggers a wide-reaching ripple effect. For example, renovations are done by the new owners, a mortgage is sold by the financing bank, and brokers are paid to execute the transaction. 

The results of this report is expected to show that the sales of existing homes will have slowed down 🐢 in comparison to previous months. This is partly due to the mortgage rates continuing to rise which will potentially lead to a greater lack of affordability, and ultimately a lack of investing in the financial markets.

![Line NAGAX Blog.png](https://s3.eu-west-1.amazonaws.com/blog.naga.com-storage/Line_NAGAX_Blog_ecac62c744.png)

## Consumer Price Index (year on year) UK

- **Date & Time:** Wednesday 22nd June, 9am GMT+3
- **Influenced Assets:** GBP, EUR and global markets
- **Previous Figures:** 9%
- **Prediction:** 9.1%

**Why Our Traders Care:**
This is considered the UK’s most important inflation data because it is used as the central bank's inflation target. Consumer prices account for a majority of overall inflation which is important to currency valuation because rising prices lead the central bank to raise interest rates. The Bank of England warns that as the cap on gas prices increases in October, headline CPI could reach 11%. After rebounding in April, the British consumer is being forced to slow down. This is important data to traders 🤓, especially in forex trading, as volatility will be evident on the release of the reports.

![Line NAGAX Blog.png](https://s3.eu-west-1.amazonaws.com/blog.naga.com-storage/Line_NAGAX_Blog_ecac62c744.png)

## Federal Reserve Chair Jerome Powell Speaks

- **Date & Time:** Wednesday 22nd June, 4.30pm GMT+3
- **Influenced Assets:** USD and Global Markets
- **Previous Figures:** N/A
- **Prediction:** N/A

**Why Our Traders Care:**
Just as the speech from the President of the ECB 🏦 on the previous Wednesday, Powell, Head of the US Central Bank, which also controls short-term interest rates in the states, has more influence over the nation's currency value than any other person. Traders here will also scrutinise his public engagements as they are often used to drop subtle clues regarding future monetary policy, which can be traded on his remarks.  

Last Wednesday, the Fed hiked rates by 75 basis points and flagged a faster pace of future rate hikes 🤯. Powell said the Fed cannot control all the factors that contribute to higher inflation, like the war in Ukraine which has pushed up energy prices. Market participants fear that the Fed’s aggressive rate hike path risks pushing the economy into recession and with signs of slowing growth and U.S. stocks now in bear market territory, Powell may be pressed for more details on how the Fed can curb inflation without causing too many disturbances in the economy and markets.

![Line NAGAX Blog.png](https://s3.eu-west-1.amazonaws.com/blog.naga.com-storage/Line_NAGAX_Blog_ecac62c744.png)

## Crypto Expo Milan

**Date & Time:** Thursday 23rd June - 26th June
**Influenced Assets:** Cryptocurrency Market
**Previous Figures:** N/A
**Prediction:** N/A

**Why Our Traders Care:**
A crypto event worth checking in Europe this week is the Crypto Expo Milan! This event will be 4 days dedicated to Bitcoin, Cryptocurrencies, Blockchain, DeFi, Web3.0, and NFTs. Events like this always keep the sentiment and confidence up of those attending or following online, generating a buzz with new and exciting developments. With many community partners and top sponsors attending, there will also be workshops to attend as well as the main conference.

![Line NAGAX Blog.png](https://s3.eu-west-1.amazonaws.com/blog.naga.com-storage/Line_NAGAX_Blog_ecac62c744.png)

*Important Notice: Any news, opinions, research, analyses, prices, or other information contained on this feed are provided as general market commentary and do not constitute investment advice or solicitation for a transaction in any financial instrument or unsolicited financial promotions. All material published on the website is intended for informational purposes only. The market commentary has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and therefore, it is not subject to any prohibition on dealing ahead of dissemination. We do not make any warranties about the completeness, reliability, and accuracy of this market commentary. Past performance is not an indication of possible future performance. Any action you take upon the information on this feed is strictly at your own risk, and we will not be liable for any losses and damages in connection with the use of this feed.*

*Risk Warning: Cryptocurrencies are highly volatile and trading can result in the loss of your invested funds. Before investing you should be aware that cryptocurrencies may not be suitable for all investors. You should therefore carefully consider whether trading or holding digital assets is suitable for you in light of your financial condition and not invest money that you can not afford to lose.*


Hot off the presses! Continue reading the NAGAX Blog to discover this weeks economic events that may affect the crypto markets.

Upcoming Economic Events & Forecast | 20th June, 2022 | NAGAX Blog

Hot off the presses! Continue reading to discover this weeks economic events that may affect the crypto markets.

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Upcoming Economic Events & Forecast | 20th June, 2022

Well, what a weekend for the whole crypto space! Bitcoin returned up back over the $20k level 🚀, after gaining about 17% from its lows of Saturday where BTC dropped to $17,600 🍑! We haven't seen Bitcoin hit these levels since December of 2020.

However, the fact that Bitcoin returned back to over $20k shows the resilience and optimism of the bulls even though there has been some pretty bearish news circulating the scene. Many are accumulating into the dump, seeing a correlation with the 2018 bear market. Let's dive in further:

![btc (7).png](https://s3.eu-west-1.amazonaws.com/blog.naga.com-storage/btc_7_1ba2a8b421.png)

Bitcoin is currently holding at just over $20k having recovered from its aptly named ‘relief’ rally back up. The heavy support level was broken early on Saturday where the price dipped to as low as $17,600, a level that is lower than Bitcoin’s last all-time high in the previous cycle 😧. 

![btc1hr.png](https://s3.eu-west-1.amazonaws.com/blog.naga.com-storage/btc1hr_e98fa03436.png)
*The BTC 1hr chart, just holding over $20k support - where do you think we’re going from here?*

All eyes 👀 will be on how Bitcoin develops this week which will affect crypto as a whole. If Bitcoin can remain ☝️ above $20k and hold momentum, a bottom (even a temporary one for now) could potentially be found. However, if we head 👇 sub $20k, then it will be interesting to see if we break lower lows (circa $17,600), or if the market can still hold on to that bullishness. One thing is for certain, many are accumulating right now, whether it be to add to their dollar cost average strategy or simply believe we have found a complete bottom. Time (as always) will tell! 

📰 Global macroeconomics is also something that is being looked at with open eyes, and many in the crypto universe are now starting to learn more about and adjust to how they analyse the market as this is something that certainly plays out and determines strength (or weakness) in the crypto market. Why? Well, let's take an example; if your mortgage rates increased and so did your everyday spending, it would be harder to consider investing into assets for the long term at the moment. Equally, the same would work for the opposite. 

![feargreed.png](https://s3.eu-west-1.amazonaws.com/blog.naga.com-storage/feargreed_3f5aff560d.png)
*The crypto fear and greed index, taken from [alternative.me](https://alternative.me/crypto/fear-and-greed-index/)*

We also saw the [Fear and Greed Index](https://app.nagax.com/academy/articles/what-is-the-crypto-fear-and-greed-index-15393352?lang=en) (click 👈 for more information) hit for the first time ever, all time lows of 6 on Saturday following the latest crypto drop. Now although on the surface this may seem bearish…consider some time with this infamous quote; 

👁️‍🗨️ “Be fearful when others are greedy, be greedy when others are fearful” by Warren Buffet, businessman, investor and philanthropist.

This idea comes from understanding 🧠 market psychology. On average, investors are driven by emotions like fear and greed. If markets are rising, greed can keep people buying and hiking up prices, hoping for larger profits. This can ultimately lead to asset ‘bubbles’, which eventually pop. And of course the same mentality happens with the opposite side and effect! 

![btc (6).png](https://s3.eu-west-1.amazonaws.com/blog.naga.com-storage/btc_6_3a36bb3a69.png)

🟢 **Ethereum (ETH)** followed Bitcoin to break support levels but actually recovered faster than BTC, currently up almost 13% in the last 24 hours (in comparison to just over 9% for Bitcoin). This has led to a fairly good bounce from most of the altcoins out there. **Solana (SOL)**, **Avalanche (AVAX)** and **Litecoin (LTC)** are the top performers here, all hitting positive double-digit price changes in the last 24 hours. 

Of course, this could all be a reactionary bounce to the drop earlier in the weekend, but it is showing again that there is still buying pressure 💪 and that we are quite possibly in a good zone to accumulate for the long term!*

**This is not financial advice, so please do your own research and be responsible when investing.*

![Global Markets.png](https://s3.eu-west-1.amazonaws.com/blog.naga.com-storage/Global_Markets_a3f38eee71.png)

🏦 The S&P 500 closed its 10th week (out of the last 11) in the red 🔴, proving its well and truly sitting in bear market territory and the NASDAQ and QQQ, all showing similar trends. However, looking at the DXY (the Dollar Currency Index), we are seeing the 💲 finally start to weaken over the last few days. If this momentum continues, then we could see the general markets, and more specifically the crypto markets, start to build strength and recover once again.

Not a lot is scheduled to happen this week news wise, apart from a couple of public engagements from Fed Chair Jerome Powell that could really make an impact in the markets. If the dollar can keep its head down 💨 from the general news this week, we could get to see a fairly good recovery in the markets which would be welcomed.

👉 In this brief pause of breath in the market, why not take this opportunity to read up on our Academy 📖 articles, as there is always time to sit back and invest in ourselves as well as our portfolios. 💡 Check out the [NAGAX Academy](https://app.nagax.com/academy/articles) today! 

![Line NAGAX Blog.png](https://s3.eu-west-1.amazonaws.com/blog.naga.com-storage/Line_NAGAX_Blog_ecac62c744.png)

## Summary: 
- The cryptocurrency market dropped to levels lower than the highs of last bull market, indicating we could finally have found the bottom
- Bitcoin dipped below its psychological support of $20k over the weekend, but surged back over yesterday and today
- Ethereum and the rest of the alts have all performed well in recovery in the last 24 hours, but is it too sharp of a recovery?
- The U.S. Dollar is starting to show some relative weakness over the last few days, can this continue and bring some strength back to the crypto markets?

![Line NAGAX Blog.png](https://s3.eu-west-1.amazonaws.com/blog.naga.com-storage/Line_NAGAX_Blog_ecac62c744.png)

*Important Notice: Any news, opinions, research, analyses, prices, or other information contained on this feed are provided as general market commentary and do not constitute investment advice or solicitation for a transaction in any financial instrument or unsolicited financial promotions. All material published on the website is intended for informational purposes only. The market commentary has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and therefore, it is not subject to any prohibition on dealing ahead of dissemination. We do not make any warranties about the completeness, reliability, and accuracy of this market commentary. Past performance is not an indication of possible future performance. Any action you take upon the information on this feed is strictly at your own risk, and we will not be liable for any losses and damages in connection with the use of this feed.*

*Risk Warning: Cryptocurrencies are highly volatile and trading can result in the loss of your invested funds. Before investing you should be aware that cryptocurrencies may not be suitable for all investors. You should therefore carefully consider whether trading or holding digital assets is suitable for you in light of your financial condition and not invest money that you can not afford to lose.*


Check out how the crypto markets performed over the weekend! Which came in high, and which missed the market. Read on in the daily Market Analysis with NAGAX today!

Bitcoin Breaks Below $20k, Moon or No Launch Next? | Daily News 20/6/22 | NAGAX Blog

Check out how the crypto markets performed over the weekend! Which came in high, and which missed the market. Read on today!

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Bitcoin Breaks Below $20k, Moon or No Launch Next? | Daily News 20/6/22

Crypto market is becoming more volatile, but it’s critical you have the right advice, tools, and information from your crypto partner to navigate market dynamics. That's why we're here.
We provide a weekly crypto-news feed to inform you about how markets are moving 👇🏻

![btc (7).png](https://s3.eu-west-1.amazonaws.com/blog.naga.com-storage/btc_7_1ba2a8b421.png)

**Bitcoin has dropped almost 30% in the last week**

The sell-off in cryptocurrencies over the past few weeks has got so bad that calling it a mere “crash” apparently doesn’t quite cut it any more. 

The total market cap of all cryptocurrencies has declined by more than $2 trillion since the peak last fall, while flagship cryptocurrency Bitcoin is now down almost 70% from its all-time high, and has fallen more than 30% in just the last week, to just around $21,000.

[Trade BTC/USDT](https://exchange.nagax.com/trade/BTC-USDT)

![btc (6).png](https://s3.eu-west-1.amazonaws.com/blog.naga.com-storage/btc_6_3a36bb3a69.png)

**ETH must clear $1,280 to start a steady upward move**

Ethereum (ETH) started a fresh decline below the $1,100 level. The price traded to a new multi-month low and almost tested the $1,000 support zone.

A low was around $1,013 before the price started an upside correction. A clear move above the $1,280 resistance zone may perhaps start a decent upward move. The next major resistance is near the $1,420 level. Any more gains could start a move towards the $1,550 resistance.

[Trade ETH/USDT](https://exchange.nagax.com/trade/ETH-USDT)

![btc (4).png](https://s3.eu-west-1.amazonaws.com/blog.naga.com-storage/btc_4_785cf1482a.png)

**Crypto’s total market cap slips below $1 trillion**

Amid a wider crypto market route, the total market capitalization of all cryptocurrencies dropped below $1 trillion. This happened for the first time since January 2021. 

Investors in the cryptocurrency market are having a tough time with heightened volatility and strong selling pressure as the bears have tightened their grip on the market.

However, bear markets can be challenging for investors, but they can be seen as a good investment opportunity to buy at lower prices.

[Read More](https://nagax.com/news-and-analysis/articles/united-we-stand-divided-we-fall-two-bitcoin-giants-are-facing-billions-in-unrealized-losses)

![btc (5).png](https://s3.eu-west-1.amazonaws.com/blog.naga.com-storage/btc_5_7bfb97a58f.png)

**Introducing the NAGAX Mobile App for iOS & Android!**

We are excited to announce you can download the NAGAX Mobile App for iOS and Android! The NAGAX App will help traders and investors stay on top of the crypto market 24/7. We've combined all the main desktop functions and added some more features to make your mobile trading experience more productive. You can now enjoy an intuitive interface for high-precision cryptocurrency trading, savings and rewards.

[Download the NAGAX app now!](https://onelink.to/7r7nne)

**We hope this information is important to you! 😉 See you next week!**


Crypto market is becoming more volatile, but it’s critical you have the right advice, tools, and information from your crypto partner to navigate market dynamics. That's why we're here.

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NAGAX Weekly Recap 13 June - 17 June

Crypto’s brief relief rally got overtaken by the bears letting the market know not to get too excited just yet! After Thursday’s bounce back redeeming what is lost due to the announcement of higher interest rates by the Fed, general investors' worries about the incoming potential recession have increased once again.

*Are we stuck in a new range and consolidating? Or are we going to break lower?* We will look into it below 🤓, but one thing’s for sure; it's never to be underestimated! Every bear market in history has always proved one thing…it becomes a long distant memory when a new bull cycle hits! So let's get started 👇

![btc.png](https://s3.eu-west-1.amazonaws.com/blog.naga.com-storage/btc_e5f37423de.png)

Bitcoin recently went down to just above $20,300 which is about 10% in the last 24-hours, giving the bears that clawing power 🐾 to try to break that $20k support and hit more liquidations. *But, just how strong is this ‘support’ at $20k?* Well pretty damn strong 🦾! You may have noticed how we have called it a strong ‘psychological’ support level and what we mean by this is because of two main reasons:

1. Because it was the previous market cycle’s all-time high (ATH)
2. Because it is a nice round number which novice traders mainly use to place orders, stop losses, etc. as it's easily accessible!

Although a quick run below the $20k level could very well happen (otherwise known as a stop loss run 🛑), it is possible that it could be shortlived. Mainly because of the fact that historically, once Bitcoin sets a new ATH (in our current case, about $70k), it has never taken out the prior ATH. So dropping below $20k would technically be a first in Bitcoin’s history! 

If Bitcoin can hold its support of $20k, then this could mainly indicate we have hit a bottom and could just go up from here. But unless you are a fortune teller with an advanced crystal ball 🔮, there is no way to tell for certain. With this in mind, many traders and investors are ‘buying at a discount’ right now and adding to their portfolios.

![NAGAX-BTC-USDT-Trading-Chart](https://s3.eu-west-1.amazonaws.com/blog.naga.com-storage/NAGAX_BTC_USDT_Trading_Chart_32165c2796.png)

*The BTC 4hr chart that investors all over the world are looking at - that $20k support level!*

One last thing to mention regarding Bitcoin to keep you ‘bulls’ satisfied, is that we have seen the largest purchase since February with about 116,000 Bitcoins being bought by whales! This points us to the fact that we may very well see a pretty big relief rally soon as the addresses that bought big buys tend to buy in bulk after serious corrections!

![NAGAX-Bitcoin-Netflow-Whales](https://s3.eu-west-1.amazonaws.com/blog.naga.com-storage/NAGAX_Bitcoin_Netflow_Whales_3d820f8b32.jfif)

*Taken from IntoTheBlock’s Tweet yesterday*

The platform IntoTheBlock quoted, “Yesterday we spotted the largest inflow since Feb with 116k $BTC, pointing to a potential bottom in price as these addresses tend to buy in size following significant correction”. 

*So are you feeling any more bullish readers? Or has this done little to where you stand?*

![altcoins.png](https://s3.eu-west-1.amazonaws.com/blog.naga.com-storage/altcoins_5bf01ea7fb.png)

As expected, altcoins are closely following suit to their founder Bitcoin, but of course, some are doing better (and worse) than others. Altcoins are mostly back in the red 🔴 for the most part with the ‘Queen of Crypto’ Ether still eyeing up that $1k support and **Polkadot (DOT)** and **Solana (SOL)** both being hit the hardest 👊 in the last 24 hours. 

When it comes to bear markets, attention generally does tend to go towards Bitcoin, especially when it comes to seeing how the overall market will perform. 

Bear markets are also a good time to consider accumulating positions in the alts, to be ready for when ‘Alt Season’ comes around. **Alt Season** is basically when alternative coins outperform bitcoin and have seen to be lucrative which is why many get that crypto-bug, looking for their next 100x coin.
 
Now, alt season is not exactly round the corner, as it happens when Bitcoin is enjoying a strong bull-run; however as this is a time where investors are accumulating or averaging down their positions, this could be a time *to look to add to your ‘alt-bag’ in the coins you believe will be a future hit! 

*DISCLAIMER - This is not financial advice, so please do your own research and be responsible when investing.*

Also, as we mentioned in yesterday’s blog, if you are just sitting on your ‘bag’ of coins - you could consider making them work for you and accumulate more by staking?! 👉 [Click here](https://nagax.com/earn) to stake with NAGAX where you can earn up to 20% interest in rewards safely with no fees! 

![Global Markets.png](https://s3.eu-west-1.amazonaws.com/blog.naga.com-storage/Global_Markets_a3f38eee71.png)

🏦 The traditional markets are all pretty much in the same boat at the moment, with that ‘sinking’ feeling, but what is worth mentioning is that the Dollar Currency Index (DXY) dropped about 2% yesterday but is now bouncing back up. If we can continue to see the dollar weaken, it will really be at that point where Bitcoin, and thus the whole crypto market, can possibly start to see further strength! 

![Line NAGAX Blog.png](https://s3.eu-west-1.amazonaws.com/blog.naga.com-storage/Line_NAGAX_Blog_ecac62c744.png)

**Summary:**

- Bitcoin still holding strong after having its strong $20k support tested yesterday.
- Data shows huge amounts of Bitcoin being purchased by whales…opportunity or accumulation?
- Altcoins also not doing great but many are still holding and adding to their positions at these discounted prices.
- Can we finally see a break of $20k downside or see a big correction on the cards

![Line NAGAX Blog.png](https://s3.eu-west-1.amazonaws.com/blog.naga.com-storage/Line_NAGAX_Blog_ecac62c744.png)


*Important Notice: Any news, opinions, research, analyses, prices, or other information contained on this feed are provided as general market commentary and do not constitute investment advice or solicitation for a transaction in any financial instrument or unsolicited financial promotions. All material published on the website is intended for informational purposes only. The market commentary has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and therefore, it is not subject to any prohibition on dealing ahead of dissemination. We do not make any warranties about the completeness, reliability, and accuracy of this market commentary. Past performance is not an indication of possible future performance. Any action you take upon the information on this feed is strictly at your own risk, and we will not be liable for any losses and damages in connection with the use of this feed.*



After a short break, the cryptocurrency market is back in the spotlight. Just a few weeks ago there was talk of bubbles bursting, fortunes lost and even a long crypto-winter ahead. Here's what you need to know!

Is The Bear Market Ready To Hibernate Yet? | Daily News 17/6/22 | NAGAX Blog

After a short break, the cryptocurrency market is back in the spotlight. Just a few weeks ago there was talk of bubbles bursting, fortunes lost and even a long crypto-winter ahead.

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Is The Bear Market Ready To Hibernate Yet? | Daily News 17/6/22

The crypto market seemed to have had a well sought after rally 🐂 yesterday on the news of the Fed Reserve interest rate hikes. Everything from Bitcoin to smaller and even lesser-known altcoins pushed prices higher breaking an albeit uncomfortable drop at the start of the week! 

For the first time in almost 2 weeks, Bitcoin and Ether gained over 6% in price at one stage where the general consensus was that the opposite effect would happen (and still could). A popular explanation for this could be that the interest rate hike forecast and speculation had already been priced into the market. In any case, the positive price action was certainly welcomed by all and could be another indication of the crypto market finally finding a bottom level 🚀🤔

Let's take a look at the markets in further detail 👀

![btc.png](https://s3.eu-west-1.amazonaws.com/blog.naga.com-storage/btc_e5f37423de.png)

We saw Bitcoin lead the crypto market charge on a nice relief rally yesterday after the news of interest rate hikes was released by the Fed. After 8 days of price decline due to selling pressures, we saw Bitcoin close yesterday in the green 🟢 having pumped to almost $23,000! 

This was a very welcome bit of price action for the crypto market as a whole, as everybody's eyes were on the markets, most expecting volatility across the board. Especially as we’ve seen some not-so-great developments; such as several crypto firms announcing layoffs and the Terra/UST collapse. But with all this having happened, we do see Bitcoin (and crypto in general) in the process of evolving to a more mature state as an asset class!

This image below is the Bitcoin Dormancy Flow which for us, gives us another indication as to why Bitcoin is at a discount right now! 🛒

![NAGAX-Glassnode-BTC](https://s3.eu-west-1.amazonaws.com/blog.naga.com-storage/NAGAX_Glassnode_BTC_3bcd444343.png)
*The Bitcoin Dormancy Flow Chart indicates we could potentially see more positive upside soon!*

The dormancy flow chart is used as a tool to time market lows and assess whether we could potentially see a big push up in price by the bulls. As you can see here with the 🟡 yellow highlighted circles, <u>every single time</u> the dormancy flow (orange line) hits the green shaded area, Bitcoin makes a new push up in price (black line)! And as you can see, we are currently sitting comfortably well in the green area. Could history repeat itself once again and this be just another nugget of proof that bullish sentiment is returning? One thing we can be certain about is that $20k is certainly a hard support level to break! 💪

**What Can We Expect For BTC?**

- Well if BTC can maintain above the $20k support level and the bulls take control, we could potentially be seeing price having found its bottom! 
- If this is the case, this could be an opportunity to dollar cost average in (DCA) or use the ‘buying the dip’ strategy certainly play out well!
- But we do need to still keep our eyes on that psychological support of $20k, as if it breaks then we could see continuous bearish momentum (or what we like to call ‘buying more at discount prices!’)

![altcoins.png](https://s3.eu-west-1.amazonaws.com/blog.naga.com-storage/altcoins_5bf01ea7fb.png)

Altcoins have certainly done well 🎉 alongside Bitcoin in the last 24 hours here with many alts having moved to double-digit positive figures in price action! Ethereum, being the 2nd largest cryptocurrency and leader of the alts, did well reaching almost $1250, regaining many investors' confidence in the markets.

The clear winner (well, best performed anyway) in the altcoin space 🥇 is **Tron (TRX)** having moved up in price by 25% in the last 24 hours! This was primarily due to breaking through an important resistance point in price and as its stable coin USDD regained closer to peg, easing investors' fears of another stablecoin collapse! This, with the addition of the market-wide bullish reaction to the Fed’s policy decision that we’ve seen across all crypto - has helped it become the top gainer in the alt market! Find out more about Tron (TRX) at NAGAX [here](https://nagax.com/price/tron-trx).

![NAGAX-USDT-TRX-Chart](https://s3.eu-west-1.amazonaws.com/blog.naga.com-storage/NAGAX_USDT_TRX_Chart_997ddd5941.png)
*Tron (TRX) broke a major resistance level yesterday - the top performing altcoin in the last 24hrs!*

![Global Markets.png](https://s3.eu-west-1.amazonaws.com/blog.naga.com-storage/Global_Markets_a3f38eee71.png)

🌪️ Well as we’ve mentioned, it's been a whirlwind 24 hours with one of the most important and awaited announcements of the year yesterday as the Federal Reserve unleashed its biggest rate hike in 28 years upon its battle of super-high inflation! 

🏦 The Fed raised interest rates by 0.75 percentage base points which has been the largest jump since 1994 😲 and it's very likely not going to be the last increase we see this year either. **But what does this all mean?** Well, raising the rates helps to reduce inflation by increasing the cost to borrow money = **slows down spending!** 

🤷‍♂️ **What does this mean for crypto?** Well due to the slowing down of spending and other loans tied to the ‘prime rate’ increasing such as mortgages and credit cards, people will be more focused on trying to clear and pay off their debts and start saving! This means some people for the time may be less likely to invest into other assets. 

However, if Bitcoin and the alts have really found their bottom price 🍑 (or at least near it), then we could see sentiment change to be more positive as big institutional investors buy and accumulate their positions! This could be just ‘what the doctor ordered’ for the market to tip the scales and drive more interest for the average investor. 

🔎 What are some strategies that our analysts are currently using? (Not financial advice)

- 📊 DCA (dollar cost average) into the market. ie: buying smaller amounts at certain intervals like every Monday as an example, as opposed to buying all at once! This is a good and less risky way to increase position size whilst still protecting from extreme volatility when there is still uncertainty of the direction in the market. 
- 🔐 Staking! Instead of just holding your crypto coins, put them to work! Staking allows you to earn interest, similar to how a bank account works. Your deposited coins in a staking pool are used to verify transactions, and for doing so you get rewarded! Why not check out our explanation video [here](https://www.youtube.com/watch?v=gcSP9zaTLB0) on how staking works and see how you can earn up to 20% interest in rewards with [NAGAX](https://nagax.com/earn) safely, with no fees!


So with all that being said, let us know what your thoughts are on the recent events with the crypto rally. Are you 🐂 bullish or 🐻 bearish? What are your strategies? Later today, we will also have an article on how to survive a ‘bear market’ so keep your eyes peeled! 🧅

![Line NAGAX Blog.png](https://s3.eu-west-1.amazonaws.com/blog.naga.com-storage/Line_NAGAX_Blog_ecac62c744.png)

**Summary:**
- The crypto markets had a brief rally yesterday upon the Fed results
- Bitcoin still showing that the psychological level of $20,000 is holding strong
- The US dollar is back to climbing to the upside and could be the tipping point for BTC to drop under $20k
- Many are DCA’ing and ‘buying the dip’ with data backing up the idea of bulls might be regaining control

![Line NAGAX Blog.png](https://s3.eu-west-1.amazonaws.com/blog.naga.com-storage/Line_NAGAX_Blog_ecac62c744.png)


*Important Notice: Any news, opinions, research, analyses, prices, or other information contained on this feed are provided as general market commentary and do not constitute investment advice or solicitation for a transaction in any financial instrument or unsolicited financial promotions. All material published on the website is intended for informational purposes only. The market commentary has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and therefore, it is not subject to any prohibition on dealing ahead of dissemination. We do not make any warranties about the completeness, reliability, and accuracy of this market commentary. Past performance is not an indication of possible future performance. Any action you take upon the information on this feed is strictly at your own risk, and we will not be liable for any losses and damages in connection with the use of this feed.*

*Risk Warning: Cryptocurrencies are highly volatile and trading can result in the loss of your invested funds. Before investing you should be aware that cryptocurrencies may not be suitable for all investors. You should therefore carefully consider whether trading or holding digital assets is suitable for you in light of your financial condition and not invest money that you can not afford to lose.*

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Crypto Proving Its ‘Down, But Not Out’ | Daily News 16/6/22 | NAGAX Blog

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