NAGAX Weekly Recap 30 May - 3 June
Have you heard about all the hot crypto news this week?
If you haven't, then catch a selection of the most important stories of the crypto world. 👇🏻
Bitcoin back at $30,000 after a 2-day tease for the bulls
In the last 24 hours, we saw Bitcoin (BTC) return to its price range of around $30,000 after its 2-day rally, hitting local highs of around $32,500. Bitcoin made a wobbly start for the beginning of June, indicating that the bears have not lost hope or lower prices just yet!
Crypto geometry: is Polygon the next big figure in crypto space?
Despite all its technological advantages and prospects, the Ethereum network is experiencing a number of challenges. Crypto users often struggle to use the blockchain of the largest altcoin by capitalization, due to high transaction fees and general network congestion. In anticipation of updates, market participants are looking for alternative options for fast, reliable, and cheap transactions. The Ethereum-compatible Layer 2 network, Polygon, has become one of them.
What is the NFP (non-farm payroll) & how does it impact the crypto markets?
The U.S. non-farm payroll report is key data indicating the strength of the U.S. economy. We tend to see markets respond to the release of this data with subsequent huge moves; so for this reason, understanding how the NFP impacts the global and crypto markets is a great skill for traders and investors alike!
Cryptocurrencies are also considered a commodity/safe haven and although traders do not usually trade the NFP like the forex traders, the NFP does have an eventual impact on the value of Bitcoin! Historically, when the U.S. dollar weakens, Bitcoin generally gains, thus leading to the NFP report ultimately being important to Bitcoin investors.
We hope this information is important to you! 😉 See you next week!
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