👇 Right now, the crypto dip buyers 🔖💲 are forming in masses with news of the big buys such as El Salvador acquiring an additional 80 BTC at $19,000 and Microstrategy purchasing an additional 480 BTC 💸 over the last two months! Of course, although there is hope 🤞 that news and price won't continue in the red, the big strategies are certainly telling a story! 

📕 Closing the month, yesterday showed us that selling pressure was clearly on a strong hold, dipping the price of Bitcoin by almost 7%, closing the month about 37% down 🔻! Ether and all the altcoins also followed suit as expected, as well as the equities market; notably the S&P 500 finishing the first half of the year with its biggest downturn since 1970! 😱

Although some traders and investors are speculating 🤔 there could be one more ugly plunge, some even saying to around the $10K area, such risks certainly aren't deterring the ‘El Salvador’s’ and the ‘Michael Saylor’s’ of the crypto space. Let's find out more! 

![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 trading in this new month at just over $19,600 after a rollercoaster of price action ↕️ as you can see in the hourly chart below! To give you a brief snapshot of the last 24 hours, BTC has been knocked off the ‘old’ block 5 days running, 🔴 dropping in price to almost ending the month at just over $18,500. However, in the final hours of the day, Bitcoin was able to rebound to almost $21k ⤴️, with this type of volatility usually expected on the month close! Only until retracing back to just over $19,600, which is where we currently are. At this pace, retracing back to over $18,500 is more of a possibility!

![BTC1hr.png](https://s3.eu-west-1.amazonaws.com/blog.naga.com-storage/BTC_1hr_18e39e718c.png)
*The BTC/USDT hourly chart shows we broke briefly the bearish trend line in blue, but more downside is likely to continue for now.*

Bitcoin is seeing its steepest price decline since Q3 of 2011 🤯 and activity on the blockchain is nose-diving with BTC’s spot volume, showing the total amount of coins transacted on the chain has dropped over 58% in the last 10 days! The main contributing factor to these drops is down to the 🌎 global macroeconomic state of the world; thanks to skyrocketing inflation and rising interest rates, the traditional markets are also getting pounded 🥊💫! These difficult economic times have led to mass amounts of layoffs, especially in the crypto sector, and proving that the crypto and equities markets are closely related; traders/investors need to see the bigger picture and not be so ‘crypto focused’ only! 

😎 Now time for the silver lining we are sure you’re ready to hear. 

🏰📜 Once upon a time, on exchanges far far away, investors were able to buy Bitcoin for $1 then $100. Heck, even $1000! But by the end of last year, BTC was valued at over 🟢 $69,000! For investors who entered late to the game, however, owning 1 whole BTC to join [Bitcoin's “21 Million Club”](https://nagax.com/news-and-analysis/articles/bitcoin-s-the-21-million-club) was out of reach for the average investor. As prices have dipped back to levels more affordable, data has shown us that wallets holding 1 BTC or more, increased over the last few weeks. Meaning that the ‘demand’ is VERY much alive ⏫ and many across the globe are snapping up these opportunities! 

👉 So let us know in the comments, are you buying more? Here’s a [resource](https://nagax.com/buy-crypto) you can use to learn how to lock-in that crypto you may want to buy!

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

[Ether](https://nagax.com/price/ethereum-eth), the second-largest cryptocurrency by market cap, also dropped 🔻 yesterday and dipped its toes ever so briefly under the $1,000 level, down almost 7% over the week. Other major altcoins also contained various shades of red since yesterday but most are on the up now, with [Avalance (AVAX)](https://exchange.nagax.com/trade/AVAX-USDT) tumbling down almost 5% in the last 24 hours and [Polkadot (DOT)](https://exchange.nagax.com/trade/DOT-USDT) over 3% down. 

The Sandbox (SAND) has been one of the 👍 better performers of the alts, up almost 13% since yesterday. For the second day running, our very own NAGA coin (NGC) 🏆 is leading the charge of the alts, up OVER 13% 📈 in the last 24 hours! 

💡 Have you got your hands on any NGC yet? [Read here](https://nagax.com/news-and-analysis/articles/naga-coin-the-newly-emerged-elephant-in-the-crypto-room) to see all the benefits, including the ability to earn up to 20% staking! Something we are certainly very excited about and making full use of in this current bear market! 

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

📉 Yesterday’s crypto drop went a bit further than the major stocks 💹, which closed with modest losses. The tech-focused Nasdaq fell 🔻 about 1.3%, while the Dow and S&P 500 each declined by less than a percentage point. But the S&P 500 as a whole finished the first half of this year with its biggest downside price drop 😮 since 1970, according to [CNBC Finance](https://www.cnbc.com/2022/06/30/stock-market-futures-open-to-close-news.html). 
 
## Yesterday’s Event: The PCE (Personal Consumption Expenditure)

📋 The PCE Index is one of the Federal Reserve’s favourite measures 👌 of inflation and yesterday, the report showed it had jumped up 6.3% ⤴️ in May from last year, remaining relatively unchanged from the previous month of April! The report provided the latest evidence that painfully high inflation is putting more pressure on American households and harming in particular 😓, families of low income.

Overall, these disturbances 💢 to labour supply & production, material shortages, etc. continue to put pressure on prices 💲. Also, the after-effects from the Russian invasion of Ukraine and the lockdowns in China carry on upsetting global supply chains while the Fed raises 🔺 borrowing rates. For consumers, rapidly rising prices is hurting income and knocking down the outlook’s confidence in the economy, which remains very uncertain. And this is why we have seen the financial markets crumble 📉 over the last few months! 
 
👉 Did you study 🕵️‍♂️ [this week's upcoming events](https://nagax.com/news-and-analysis/articles/upcoming-economic-events-and-forecast-27th-june-2022) that we listed for you last Monday? We do this weekly so bookmark and read it to keep you up to date with what is happening, what events to look out for, and how they will affect the global markets! 

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

## Summary: 
- Bitcoin closed the month with record lows - but the big buys keep coming in!
- Altcoins followed but are now recovering.
- NAGA Coin (NGC) is still one of the best performing alts right now; got yours?
- The S&P 500 finished the first half of the year with the biggest downside since 1970!
- PCE report yesterday added to the conclusion of the markets breaking down

![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 crypto market update is here! Get the latest crypto market analysis news you need with the NAGAX Blog today!

Bitcoin Drops the Ball in Memory of 2011 | Daily News 1/7/22 | 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

Your crypto market update is here! Get the latest crypto market analysis news you need from an experienced professional today!

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Bitcoin Drops the Ball in Memory of 2011 | Daily News 1/7/22

🏰 Historically, exclusive clubs have existed for centuries with one of the first-ever recorded founded in London in 1693, Mrs. White's Chocolate Shop. These clubs have appealed to people over the eons, mainly due to one’s desire and goal to be a part of something exclusive 🤴, meaning something hard to attain and therefore benefitting from; either in terms of making sought-after contacts in social circles 🍻 and/or making bank 💰! 

Thus, it was only a matter of time before some sort of ‘exclusive club’ would be attached to the crypto space. One that became popularised in a big way since 2017 was a club for Bitcoin known under a variety of names, with the most popular being 🎩 **“The 21 Million Club”**. Although, with Bitcoin getting to all-time highs of +$60k 📈, this club almost became a myth 🌫️. Well, till now! And as prices stabilise, or even drop more, murmurs of this elite group will surely resurface! (Watch this 👀 space!) 

This **21 Million Club** is only accessible to those 🎟️ who are fortunate enough to own 1 whole Bitcoin ₿ (otherwise known as being a wholecoiner), with each one costing around $20,000 at the time of writing. Bear in mind that membership to this club is purely a symbolic status and there is no badge 📌 to pin on your shirt, magic handshake 🤝, ancient rituals 🗣️, or venue to gather at 🏯. Well, as far as we know! 🙄

*So why is this so-called meta-club if you will, so exclusive?* Aside from the financial 💲 requirement that is.

The reason is, that there will **only** ever be just less than **21 million bitcoins** 🤖 in existence (20,999,987.5769 to be exact), with the last coins to be minted around the year 2140. However, if you factor in all the bitcoins that have been lost 🧭 forever via misspelt addresses, lost, damaged hardware wallets, or stolen funds; the actual number of coins in existence is considerably smaller. Some have even estimated that almost 4 million bitcoins have been lost out of the 19 million currently circulating in the market.

![lostbitcoins (2).png](https://s3.eu-west-1.amazonaws.com/blog.naga.com-storage/lostbitcoins_2_420d3a9592.png)
*The table above shows how many bitcoins are gone out of existence forever.*

## What else makes this status exclusive?

Well, we first have to take into account some of the 🐋 ‘Whale’ addresses. Starting with ‘original coins’ as listed in the image above, which is of the ‘father’ 🕺 of Bitcoin, Satoshi Nakamoto. This is the pseudonym given to the person or group behind the creation of Bitcoin. Nakamoto holds just over 1 million bitcoins, where there is speculation that they will never be spent! 
We must also factor in that there are many other 🐋 whale wallets to take into account, where massive amounts of bitcoins are held by individuals and/or institutions. Not to mention all the fractional accounts where plenty of people hold less than one bitcoin (known as ‘Satoshis’) which further increases the difficulty for the possibility of becoming a member of this so-called 🎩 club.
Therefore, in reality, the number of people who can gain access to this 21 Million Club is actually a LOT less than 21 million people, making it truly an exclusive club! In fact, it is speculated that the number of possible members of the club are estimated to be around 800,000 people only! 🏅 And when compared to the population of the world currently which is around 7.7 billion, it becomes arguably one of the most exclusive clubs to belong to 😏! 

## Want to level up further?

If all that is not enough to entice you 😳, there's another even **more** exclusive group called the **‘One in A Million Club’**. To join, all you need to own is 21 Bitcoins at a cost of $420,000, or more at the time of writing! *Now that would be something, wouldn't it?* 🤩
So what is all the fuss about then?

Well, in case you **haven't** noticed…Bitcoin is currently down 🔻 about 70% from its all-time high of almost $70,000! A lot of hopes and dreams ☁️ at that point in time for many new investors to ever own 1 BTC and join the elite group was simply a far-fetched dream and only for the very wealthy 🤵🧐. 

Since the kick-off of the bear market 🐾 and as prices started to decline fast 📉, many were dollar-cost averaging; buying more at cheaper prices to average in their own buy-in price! Now, thanks to ⛓️ on-chain data from companies like [glassnode](https://glassnode.com/), we can see that the number of addresses holding more than 1 Bitcoin is at the highest 🔝 it's ever been! 

![glassnode.png](https://s3.eu-west-1.amazonaws.com/blog.naga.com-storage/glassnode_bd9365671d.png)
*On-chain data from Glassnode shows the number of addresses holding at least 1 BTC at all-time highs.*

This just goes to show that there is still an ever-growing interest in Bitcoin, despite its 70% drawdown. Increasingly so! In fact, as the chart above shows, the lower the price gets - the more people/addresses achieve that status of joining 🎟️ The 21 Million Club! Meaning that as the price has declined, more and more people have been able to afford 1 whole Bitcoin. Sometimes, opportunity arises through patience! 😌

![bitcoinDistribution.png](https://s3.eu-west-1.amazonaws.com/blog.naga.com-storage/bitcoin_Distribution_df4c9cf403.png)
*Bitcoin distribution data from Bitcoin’s ‘Rich List’*

🕵️‍♂️ As you can see from the above table, there are now 724,484 addresses that have at least 1 BTC which is only 1.7% of all addresses out there. It is equally important to note that one address does not necessarily equal one person, but the figures are staggering nonetheless!  

## The BTC HODL’r List

🔎 Here are some further stats that put the whole thing into perspective: only about 6.5% of all Bitcoiner’s own more than 0.1 BTC and there are only around 2,111 wallets in the world that hold more than 1,000 coins.

When it comes to the uber rich, there are only around 90 wallets that have more than 10,000 bitcoins in them ✨. 

👉 If you want to take a look at the current Bitcoin ‘Rich List’ above, then you can see the top 100 wealthiest wallets [here](https://bitinfocharts.com/top-100-richest-bitcoin-addresses.html).

## So what does this all mean?

Well, in short, the “21 Million Club” is more of a 🙌 symbolic status than an actual physical club you join. However, the ideology behind this is that there are approximately 51 million ‘millionaires’ in the world and only a potential of 21 million Bitcoins that will ever exist (far less as we explained above). The idea here is to own at least one of the ‘21 million’ Bitcoins to be in circulation, and get ahead of the rest of the millionaires 👔 in the world as there will not be enough to go around!

At the end of the day, simple economics tells us the rarer 💎 an item is, the higher ⤴️ its value (mostly). Rising demand in the face of limited supply makes for sky-high prices. And, there’s only so much of the oldest cryptocurrency in the world, Bitcoin, to go around.

So, with all that being said, more and more people are slowly achieving their goals of owning 1 BTC, joining this 🎩 elitist group. And as price has dropped significantly from the start of the year, attaining this goal is getting far far easier. 

❓ Are you part of the 21 million club? Or are you on the way? 👉 Wherever you stand, read our awesome blog on the [‘top 5 reasons to be on NAGAX’](https://nagax.com/news-and-analysis/articles/top-5-reasons-to-be-on-nagax)! 




*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.*


Do you know what the 21 Million Club is? Bitcoin has its own exclusive club for some crypto holders. Read on to learn more with NAGAX and maybe even you could join!

Bitcoin’s “The 21 Million Club” | 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

Do you know what the 21 Million Club is? Bitcoin has its own exclusive club for some crypto holders. Read on to learn more and maybe even you could join!

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Bitcoin’s “The 21 Million Club”

After yesterday's chopping 👋 price movement for Bitcoin centered around its critical $20,000 support level, BTC has, as of writing broken to the downside 🔻 sitting around $19,300. The bears 🐾 are in full control at the moment with further potential downside to come. ETH and the alts have also dropped 📉 somewhat, but will follow BTC’s path even more in the hours to come.

We also have stock futures in the red 🔴 with the dollar index on the up ⤴️, all of which is telling us a consistent picture. All this after the heads of the central banks 🏛️, Lagarde, Bailey, and Powell spoke in a group panel discussion at the European Central Bank Forum on Central Banking, in Portugal [yesterday](https://www.ecb.europa.eu/pub/conferences/html/20220627_ecb_forum_on_central_banking.en.html). The biggest takeaway from this was Powell saying there is ‘no guarantee’ the Fed can avoid a hard landing.

A big twist we have also just seen is that the [Greyscale Trust](https://finance.yahoo.com/news/grayscale-sues-sec-over-spot-052610810.html) is suing the SEC after yet another rejection of a Spot Bitcoin ETF. And they have good grounds to do so. This is something of particular positive interest for cryptopians! Let's discuss more

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

Well as of writing ✍️, literally moments ago; [Bitcoin](https://nagax.com/price/bitcoin-btc) dropped in price 📉  breaking through the important anchor of a psychological support level of $20,000! BTC is currently trading around $19,300 and not showing much resistance against the bears just yet. The next immediate support level is just over $19,161 👀 and if we are to break that, then reaching our lows of $17k-$18k a couple of weeks ago is even closer to becoming a reality once again. As Mr. Snow 🐺❄️ once said, ‘Winter is coming’, well crypto winter is already here! 

![NAGAX-BTC-USDT-Crypto-Chart](https://s3.eu-west-1.amazonaws.com/blog.naga.com-storage/NAGAX_BTC_USDT_Crypto_Chart_8887bcaa4b.png)
*The [BTC/USDT](https://exchange.nagax.com/trade/BTC-USDT) hourly chart shows Bitcoin’s latest dip and attempts to the downside where many will be picking up some more Sats under the $20K level*

Bitcoin is currently down almost 12% 📏 from its recent highs of almost $22k just 5 days ago, closing the daily candles in red 🔴 each day. The news of the U.S Fed’s chief remarks yesterday on taming high inflation also didn’t provide much solace for crypto investors who are already struggling 🤯 with the ongoing global macroeconomic news and updates.

On the flip side, did you miss out on buying more BTC under $20,000? Did you kick 🦵 yourself for missing that ‘dip’ to add to your buys? 

👉 Well, as we are here giving you the latest and greatest everyday, [here’s a resource you can use to learn how to lock-in that crypto you may want to buy!](https://nagax.com/buy-crypto)

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

**[Ethereum](https://nagax.com/price/ethereum-eth)** is also following Bitcoin’s price action to the downside, 🔻 down almost 17% from its recent high; however, it is still holding above its important support level of $1000 and ETH is still outperforming Bitcoin over the last 7 days! 

As for the rest of the altcoin market 💹, it is expectedly red across the board but with some standing out from the rest. 🔴 **[Solana (SOL)](https://exchange.nagax.com/trade/SOL-USDT)** and 🔴 **[Polygon (MATIC)](https://exchange.nagax.com/trade/MATIC-USDT)** are the lowest-performing alts in the past 24 hours declining to double digits in the red. 

🟢 However, our very own **[NAGA Coin (NGC)](https://exchange.nagax.com/trade/NGC-USDT)** 🍾🥇 is one of the very few actually in the green in the last 24 hours, having an increase of nearly 1.5% in the last 24 hours. 💡 Do you know the benefits of holding NGC? [Read here](https://nagax.com/news-and-analysis/articles/naga-coin-the-newly-emerged-elephant-in-the-crypto-room) to see all the benefits, including the ability to earn up to 20% staking! Great performance within the current market don't you think? 🎇🎆

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

📉 For the 3rd consecutive day in a row, the S&P 500 and Nasdaq both closed in the red 🔴 once again whilst the U.S. Dollar strengthened slightly by about 0.7% as investors held the ‘safer’ dollar traded assets. 
 
🛤️ Both the Dow and S&P 500 are on track to reaching their worst 3 month quarter since Q1 of 2020, when 🤒 Covid lockdowns sent stocks falling. While the tech-heavy Nasdaq is down more than 20% over the last three months being its worst run since 2008! This data goes to show how unsettled 😖 the general markets really are due to the current state of the economy, and of course why we are also seeing the crypto markets decline rapidly! 
 
🗒️ We mention the global markets daily as it's **very** important for crypto investors to have, at the very least, a rough idea of what's going on with the world's economy! As you should have noticed by now, it's like a game of dominoes. You just need to connect the dots! 

## Yesterday’s GDP Index Recap:

📖 In the final revision of Q1 US GDP data, the US economy contracted at 1.6% indicating that pricing pressures 🔺 continue to be a challenge to the US economy. It also reinforced market expectations that the US is indeed headed for a recession! With the 1.6% contraction in Q1 2022, the economy will technically slip into a recession if it **does not** return to positive growth by the end of the Q2, which ends close of play today 🗓️.
 
🏛️ Federal Reserve Chair Jerome Powell proved to be no help either. Powell was in a group panel discussion with ECB’s, Lagarde, and BofE’s Bailey, at the European Central Bank event in Portugal and said that the Fed was running against the clock to beat inflation. The central bank had no choice but to keep 🔺 raising interest rates to achieve this, although there is no guarantee that it can provide a soft landing for the economy. 
 
🤔👀 He also went on to say “I think we now understand better how little we understand about inflation”. Not very reassuring is it?! 
 
Today we are awaiting to see results of the OPEC-JMMC meetings and more importantly the Core PCE Price Index to see how this will affect the markets further! 
 
👉 Did you study 🕵️‍♂️ [this week's upcoming events](https://nagax.com/news-and-analysis/articles/upcoming-economic-events-and-forecast-27th-june-2022) that we listed for you last Monday? We do this weekly so bookmark and read it to keep you up to date with what is happening, what events to look out for, and how they will affect the global markets! 

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

## Summary: 
- Bitcoin dropped through support levels and is on the way to its recent lows! 
- Altcoins will follow, and shows the market’s uneasiness with the global economy.
- Good time to accumulate more, DCA and stake.
- NAGA Coin (NGC) is one of the only few performing well in the market.
- The GDP Index reinforces that the US is headed for a recession! 

![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 Crypto Winter Finally Over? Continue reading the NAGAX Daily Market Analysis for your daily dose of crypto, blockchain, and other global market news here! 

Winter Is Coming…Crypto Responds ‘It’s Already Here!’ | Daily News 30/6/22 | NAGAX Blog

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Winter Is Coming…Crypto Responds ‘It’s Already Here!’ | Daily News 30/6/22

🙂 After we saw last week showing pretty positive signs for Bitcoin, the tides have changed once again 😣 as Bitcoin and the crypto market have fallen 🔻 for the last 3 days in a row! Bitcoin is currently down over 3.5% in the last 24 hours, and ETH is down almost 5.5%! 

📉 These drops in prices are considered to be primarily due to the latest information with not-so-encouraging data 📋 by the CB’s consumer confidence report released yesterday. Of course, the immediate reaction by the tech stocks like the S&P 500 and Nasdaq reacted by dropping a whole 3 and 3.5% respectively. Let's dive in! 

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

As of ✍️ writing, [Bitcoin](https://nagax.com/price/bitcoin-btc) has dropped 🔻 in price, dipping below the psychological support level of $20k 😱 it has been toying with us in the last couple of weeks but is now back over, sitting at $20,110! The next immediate support level is at around $19,760, indicated below if BTC was to continue dropping once again below this important support level of $20K! It seems like the bears 🧸 are now in control of the market, and all of the 🌎 global macroeconomic news and data is affecting BTC and the crypto market as a whole, as was to be expected. 

![BTC1hr (1).png](https://s3.eu-west-1.amazonaws.com/blog.naga.com-storage/BTC_1hr_1_c044465b60.png)
*The [BTC/USDT](https://exchange.nagax.com/trade/BTC-USDT) shows Bitcoin’s bearish momentum. Do you think we will hit $18K again?*

BTC has now 🔴 dropped almost 10% lower than its recent highs of almost $22,000 just 3 days ago. From here, if Bitcoin is to continue its bearish momentum 🐾 - then we can eventually expect to retest close to the lows of around $18,000 where there are many buy orders waiting.

The turnaround from upwards to downwards momentum in just days is evidence of these extremely 😧 anxious times in the markets as a whole. In contrast although **many** Bitcoin HODLr’s are still panicking, many are cool calm, and collected and are either adding more to their positions or waiting for a possible further dip - to take advantage of these ‘discounted’ 🏷️💲 prices. 

We are at a time now where it is finally more affordable to join the infamous 🎩 “21 Million Club”, a collection of Bitcoin holders holding at least **one bitcoin**! When BTC was near all-time highs just at the start of the year, many newcomers in the space could only dream ☁️ to hold 1 BTC. BUT, with the recent price drops, it is once again a more manageable possibility/goal. We will be releasing a 📑 blog on the “21 Million Club” later today, so keep those eyes 👀 peeled! 

One last thing we want to point out, is *always zoom out 👁️ when in doubt*! We are sure you’ve heard this expression before but it is always a nice reminder! Look at this chart:

![btczoomout.png](https://s3.eu-west-1.amazonaws.com/blog.naga.com-storage/btczoomout_f52ad87b48.png)
*This monthly chart shows the near bottoms of the previous two bear markets, and where we are today!*

Now after following the shorter timeframes and price action, then looking at the above chart - long-term holders' perspectives change and come back into focus 👓! This chart above shows we are near to this market’s bottom 🍑, although may have some more room to drop. Just remember, bear markets don't last forever! 🔃

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

Looking at the second 🥈 largest crypto by market cap, [Ethereum](https://nagax.com/price/ethereum-eth) is following Bitcoin’s path and has now dropped to just over $1120, being 7% down in the last 24 hours. We can expect to see ETH and the other alts follow Bitcoin’s price action. 

🔴 In regards to the rest of the alt coins, it is red across the board today according to [CoinMarketCap](https://coinmarketcap.com/), with [Decentraland (MANA)](https://exchange.nagax.com/trade/MANA-USDT), [The Sandbox (SAND)](https://exchange.nagax.com/trade/SAND-USDT), and [AAVE (AAVE)](https://exchange.nagax.com/trade/AAVE-USDT) leading the reds with an almost 12% decline in the last 24 hours. Of course, as the volatility is high at this current moment, these numbers will all be subject to change pretty quickly! 

🟢🔴 [Chainlink (LINK)](https://exchange.nagax.com/trade/LINK-USDT) is still holding up pretty well after being listed on Robinhood, although of course still dumping due to market conditions! And [Polygon (MATIC)](https://exchange.nagax.com/trade/MATIC-USDT) is also still holding up well. 

Many traders in this market will be looking at the point when Bitcoin will start to turn around once again for bullish 🐂 momentum, to then add to their alt bags and make even more bank 💲. ❗ Of course, as market conditions worsen, trading with caution is even more of a priority when it comes to the altcoins! 

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

📉 The S&P 500 closed yesterday down 3% and the Nasdaq closed just under 3% 🔻, but dropping a staggering 28% from its recent highs back in November 2021! These stocks have been significantly affected by the recent data reports released so far this week 📅, after Monday’s Census Durable Goods report 📋 showed orders in May rose higher than estimated which was evidence enough to prove that the economy was not getting in any better shape enough for the Fed to pull back its aggressive stance and actions! 
 
💲 The DXY (the U.S. Dollar Currency Index) is now rising 🟢 especially as many are expecting that the Fed’s Chair Jerome Powell’s talk later today will be more hawkish (aggressive in its stance towards inflation) as the prior interest rate hikes have failed ❌ to bring even a minor amount of positive impact on the inflation rate in the US economy! 

## Yesterday’s CB Consumer Confidence Recap

📖 The CB’s Consumer Confidence index tumbled 👎 more than expected on yesterday's data release, proving that general confidence in the markets is dropping as fears of a recession grows closer! 
 
📋 Data showed that the headline figure dropped from 103.2 to 98.7, well below its prediction of 100. This points to recession and soon enough will show lower earnings 📉 for companies. Due to these reports, it's increasingly becoming more difficult to justify buying into riskier assets hence why more value is getting parked into the U.S. Dollar rather than trading against the USD.
 
👉 If you still haven't looked 🕵️‍♂️ at [this week's upcoming events](https://nagax.com/news-and-analysis/articles/upcoming-economic-events-and-forecast-27th-june-2022) that we list for you **every Monday**; bookmark it and read it to keep you up to date with what is happening, what events to look out for, and how they will affect the global markets! 

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

## Summary: 

- The crypto market is back in ‘bear season’ with BTC down almost 10% from recent highs! 
- However, it's a great point to remind you to ZOOM OUT!
- Traditional markets have not fared well either, especially after two consecutive days of data pointing towards more hawkishness.
- Altcoins are also in the red across the board.
- The Consumer Confidence Report data wasn’t so confident! 

![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! Get the latest news in the crypto market for today, June 29th, 2022. Continue reading the NAGAX blog for more crypto, defi, and NFT content you need!

Crypto’s ‘Dawn of the Dip’ | Daily News 29/6/22 | NAGAX Blog

Hot off the presses! Get the latest news in the crypto market for today, June 29th, 2022. Continue reading to get the latest from a market professional today!

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Crypto’s ‘Dawn of the Dip’ | Daily News 29/6/22

Scaling and operability - two buzzwords that are discussed way too frequently in the crypto space. One of the main challenges that do not allow mass distribution of the blockchain in the world is that blockchains practically cannot interact with each other. They lack what is called "blockchain interoperability" or in *human* - "compatibility". This is exactly what [Polkadot](https://polkadot.network/) is trying to solve!

Polkadot has quickly become one of the most popular and certainly one of the largest cryptocurrency blockchains in the entire industry.💥

It seems that the hype around Polkadot is only increasing, so we took the liberty of putting together a comprehensive overview to help those who are less familiar with the project and what it is all about. 📖📚📝🧠

## Polkadot's Origins

The Polkadot story begins with the [Ethereum](https://ethereum.org/en/) project, or more precisely, one of the co-founders of Ethereum, Dr. Gavin Wood (PhD in Computer Science). He has over twenty years of experience as a software developer both, inside and outside the cryptocurrency space.‍

In January 2016, Wood left Ethereum to create a project that could meet the expectations that Ethereum had failed to meet 🛠️. He then founded the [Web3 Foundation](https://web3.foundation/projects/), which researches and develops decentralized technologies, including **Polkadot**.

Polkadot was first launched in May 2020 as a **Proof-of-Authority (PoA)** protocol. In PoA-based networks, transactions and blocks are verified by approved credentials known as ‘validators’. However, on June 18, 2020, the network quickly abandoned the Proof-of-Authority consensus algorithm and switched to the [Proof-of-Stake (PoS)](https://www.youtube.com/watch?v=wxL2bA1PhJE) protocol which many of us know well. 🥰

## What is Polkadot?

Simply put, Polkadot is a blockchain protocol that connects different blockchains. It is a platform where existing blockchains are created or integrated and data can be exchanged between networks quickly and securely. 

- 🎯 **Polkadot's mission** is to change the current structure of the internet to Web3: a fully decentralized web. To do this, Polkadot connects private and public blockchains so that it is possible to exchange any type of data between any type of network. 

## Dissecting Polkadot…

So how does Polkadot work? 🤔

The basis of everything - **Relay Chain** ⛓️ - is the base network of Polkadot, all blockchains are connected to it, which, by the way, are called **parachains**.

**Parachains** - short for "parallelized chain" - is any blockchain connected to Polkadot. There are also **Bridge chains**, which are designed to connect blockchains that do not use Polkadot governance protocols. For example, the well-known Bitcoin or Ethereum.

Last but not least, there are also **Parathreads** 🧵. *Para what?* Parathreads are similar to Parachains in terms of development and different from them in terms of economics. You can think of Parathread as a pay-as-you-go system where a project can deploy capital to access the security, connectivity, and scalability of the Polkadot blockchain for a specific period of time. In essence, Parathreads lower the barrier to entry for projects to gain access to the benefits of Polkadot’s shared security structure. With Parathreads, Polkadot becomes more accessible to projects that perhaps don't possess the startup capital or the community strength to bid for a Parachain slot. This essentially gives them the opportunity to join the Polkadot network and benefit from higher throughput functionalities, security, and liquidity. 

By the way, Polkadot has a test network called [Kusama](https://kusama.network/), which is a testing ground for all Parachains, updates, and everything else that will later appear on Polkadot. It can be said that Kusama acts as a kind of sandbox for developers who want to test early versions of new Polkadot projects. In a nutshell, Kusama functions as an ecosystem for innovation, while providing a test network environment.🚀

But we'll talk about Kusama in a separate article, so be sure to watch this space. 👀

Now, for the roles and responsibilities. The **Relay chain** - *the heart of Polkadot* - is essentially a blockchain that uses a special subcategory of Proof-of-Stake (PoS) called **Nominated Proof-of-Stake (NPoS)**. NPoS selects sets of validators, allowing nominators to choose the best validators based on past performance. This system is designed so that nominators can vote on which validators behave in a non-threatening manner. 

The Polkadot consensus is supported by four types of network members:

1. **Collators** - The blockchain production process starts with a Parachain collator. The collator is similar to the validators in any other blockchain, but the collators do not need to provide security guarantees, instead, Polkadot does. Each collator maintains the state of the relay chain and its Parachain and manages the queue of transactions passed between the parachain and the Relay Chain. 
2. **Validators** - Validators are randomly assigned to accept block candidates from Collators, verify the information in the block, and republish the block candidate to the Polkadot relay chain. Once a validator validates a block, it also validates and changes the block state of the relay chain, moving transaction data from the input queue of the source Parachain to the output queue of the destination Parachain. 
3. **Nominator** - Nominators are those who cannot directly participate in the transaction validation process, so they contribute tokens to the Validator of their choice. Nominators receive a proportional share of the validator's reward based on their share of the validator's bonds, so nominators have an interest in choosing the Validator most likely to receive the highest reward. 
4. **Fishermen** - their duty is to monitor the network and report bad behavior to the Validators. 👮

![Polkadot-Consensus_NAGAX Blog.png](https://s3.eu-west-1.amazonaws.com/blog.naga.com-storage/Polkadot_Consensus_NAGAX_Blog_d2413236cf.png)


❗ By the way, if a validator has not behaved according to the consensus rules, they will lose their staked tokens. In addition, nominators who entrusted their tokens to DOT will also lose their stake. This motivates choosing only decent and reputable validators and behaving according to the rules. 😇

## What is DOT?

*What is the $DOT token for?* The network's native token, DOT, performs three main functions:

⚖️ **Governance.** Essentially, DOT token holders have full control over the protocol, with privileges that on other platforms are reserved for miners. Determining the structure of transaction fees, decisions to change the protocol, adding or removing parachains, and so on. Polkadot's governance is based on the concept of weighted voting, where DOT owners vote their shares in referendums proposed by the community. All changes to Polkadot require majority approval. 

🔥 **Staking.** Proof-of-Stake consensus enables users to participate in staking, an activity that benefits them and the blockchain as a whole. By design, Polkadot rewards DOT token holders who play by the rules. 

🤝 **Bonding.** This is a key concept that can be translated as creating a strong "binding" relationship with the Proof-of-Stake network. You express your commitment to the network by blocking a certain amount of your network token for a certain period of time. You are signaling to the network that you are a trusted member of the network and that you accept the rules and regulations of the network.

## Is Polkadot a good investment?

There is no one-size-fits-all answer to this question. Whether or not you think DOT is a good investment depends on whether you think it will rise, and if so, by how much and how soon. Since cryptocurrencies are very volatile users should conduct their own research.

Polkadot is a unique asset that has quickly gained popularity in the cryptosphere. It uses revolutionary technology to further decentralize the blockchain and enable the creation of new circuits. 

Polkadot has distinguished itself by creating cross-chain functions to seamlessly connect different blockchains. Future projects and the use of Polkadot will ultimately determine the price.

Polkadot is a strong force in the crypto world and has limitless potential. 💪

## Polkadot in the Market Today

Polkadot is currently trading at $7.87 which is about 23% over its recent lows of $6.35 from just two weeks ago. As with most cryptocurrencies, these are the lows that have re-visited levels of December 2020. 

With the price being just over the immediate support level of $7.82, DOT will want to climb to its first major resistance of $8.45 to really cement in bullish momentum and rise higher. If the market as a whole has indeed seen its bottom, then we should continue to see upwards momentum. 

But of course this will be subject to how Bitcoin reacts to the global macroeconomy. If we are to see the opposite and price break down lower, the whole number support level of $7.00 will be what many traders will be keeping a close eye on. Eyes will also be on the ascending triangle that has formed as you can also in our chart below, to see which way price will breakout! 

![DOT_NAGAX Blog_What is Polkadot.png](https://s3.eu-west-1.amazonaws.com/blog.naga.com-storage/DOT_NAGAX_Blog_What_is_Polkadot_208ed91c8d.png)

## Polkadot at NAGAX

Despite the arrival of crypto winter, many investors believe there is plenty of room for future growth in the cryptocurrency market, especially when it comes to Polkadot. ⚡

With NAGAX's easy-to-use features, you can invest in crypto assets with ease. To buy [$DOT](https://app.nagax.com/wallet/DOT) on NAGAX, follow these three steps:

1. Sign up for a NAGAX account.
2. Buy DOT 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 $DOT with a credit/debit card or other cryptocurrencies (USDT, BTC, ETH)  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 Polkadot with NAGAX today! 🚀

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

## Summary

Polkadot's growth in popularity and profits has been staggering since its launch in May 2020. It has since become one of the top 15 cryptocurrencies by market capitalization, according to [CoinMarketCap](https://coinmarketcap.com/currencies/polkadot-new/).
Polkadot connects blockchains to each other. Polkadot is not a single token, but a growing collection of interconnected blockchains.
Polkadot could become a key component of the next-generation Web3 architecture.

![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 Polkadot the long-awaited project the crypto sphere needs as a bridge from blockchain to blockchain? Continue reading the NAGAX Blog to discover what exactly is Polkadot and DOT.

Connecting the Utopian Blockchain Dots with Polkadot | NAGAX Blog

Is Polkadot the long-awaited project the crypto sphere needs as a bridge from blockchain to blockchain? Continue reading to discover what exactly is Polkadot and DOT.

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Connecting the Utopian Blockchain Dots with Polkadot

📉 We have seen the crypto market dip in the last 24 hours but Bitcoin is still holding on strong 💪 above $20,950, being down just over 1%; still far enough from the $20k support it crossed just over a week ago! The second largest crypto Ether, also dipped slightly by almost 2% in the last 24 hours and is currently trading at just under $1220; a price it hasn't really deviated much from in a week proving traders are taking a more cautious approach to riskier assets with light trading. Finally, alt coins have been pretty stable over the last day or so, most slightly in the 🔻 red.

As for the 🌎 global markets, the Nasdaq and the S&P 500 dipped 🔻 yesterday both at around a percentage point after the S&P especially closed the week last week with its biggest single-day gain in two years 😲📈. This could go on to prove that consumers are slightly more optimistic about the future rate of inflation and showing small signs of economic cooling. However, bearish sentiment amongst investors has actually increased to 58.3% according to the AAII short-term investor optimism survey that market research firm Macro Hive has cited. 

![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) took a pretty big dip 🔻 midday yesterday being down almost 2% in the last 24 hours. BTC tested momentarily $20,500 a few times where it is now sitting in a range between there and $20,950. There is pretty strong resistance at $20,900 indicated in the chart below by the horizontal yellow-ray line that Bitcoin needs to break through to keep with its ➕ positive momentum it has carried since last week. But as of now, it is sticking to this channel between the red support line of $20,500 and $21,000.

![NAGAX-BTC-USDT-Chart](https://s3.eu-west-1.amazonaws.com/blog.naga.com-storage/NAGAX_BTC_USDT_Chart_fd8229068a.png)
*The [BTC/USDT](https://exchange.nagax.com/trade/BTC-USDT) 1 hour chart showing the price in the channel of $20,500-$21,000*

But if Bitcoin loses its bullish momentum 📉 and drops below the $20,500 support line above, then we could potentially see the price getting back to that big psychological support level of $20,000 🔴 by the end of the week. The bears will then have to prove their strength to see if they can bring the price back to the previous lows of $17,600. 

Many traders and investors are remaining bullish 🐂 due to the fact that the Relative Strength Index (RSI) has dipped below 30 for the third time in Bitcoin’s history showing BTC is very oversold; with the last two times occurring near the market bottom. However, the main question is, *how long can Bitcoin stay at these levels* if indeed, we have seen the bottom 🍑 of this bear market? Well historically, we have seen BTC trade in a choppy sideways range for up to several months before making strong recoveries. It’s good to remember something we always say: **History isn't always indicative of future performance, but it often rhymes!**

![NAGAX-BTC-RSI-Chart](https://s3.eu-west-1.amazonaws.com/blog.naga.com-storage/NAGAX_BTC_RSI_Chart_ffd21bdaaf.jpg)
*The history of Bitcoin’s RSI hitting lows in reflection of bear market bottoms*

To round up, the weakness in the crypto market has been apparent since the start of this year, but the real driving force behind the market crumbling 🔻 includes talks of inflation and rising interest rates! These rising interest rates 🧮 tend to be followed by market corrections, and given that the Fed intends to keep to the hikes, Bitcoin and other similar risk assets could look to correct even further. 

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

[Ethereum](https://nagax.com/price/ethereum-eth) is currently holding up 📈 pretty well despite market drops in the last 24 hours. Ether is currently priced at just over $1220 and is sitting above that 100-day moving average even though it is still on a downtrend. There is immediate resistance on the upside at around $1225 which it is very close to at the moment. If ETH can break this level, then we can see a further rise 🔺 to the upside as buying pressure increases.

![NAGAX-ETH-USDT-Chart](https://s3.eu-west-1.amazonaws.com/blog.naga.com-storage/NAGAX_ETH_USDT_Chart_d95012ae50.png)
*The [ETH/USD](https://exchange.nagax.com/trade/ETH-USDT) chart on the 1hr timeframe holding strong*

However, if Bitcoin is to continue with further movement to the downside, then ETH will be sure to follow! 

👀 Looking at the altcoins market, the majority have stabilised and some are dipping heavier in the red. [**Chiliz (CHZ)**](https://exchange.nagax.com/trade/CHZ-USDT) is currently up 🟢 about 10% in the last 24 hours, wiping out the previous day’s losses and continuing an aggressive trend that has lasted for more than a week. And [**ApeCoin (APE)**](https://exchange.nagax.com/trade/APE-USDT) is also up 🟢 just over 6% as of writing since two legendary rappers, Eminem and Snoop Dogg recently collaborated on a new song 🎵 “From The D 2 The LBC” and performed it at the ApeFest for Bored Ape Yacht Club (BAYC) holders. Since the performance, ApeCoin has seen a 30% hike in less than a week. Can it continue its bullish trend ⁉️ Or is it topping out?

🔴 The main two biggest losers right now in the market are [**Uniswap (UNI)**](https://exchange.nagax.com/trade/UNI-USDT) and **[Polygon (MATIC)](https://exchange.nagax.com/trade/MATIC-USDT)** both down 📉 about 7% respectively in the last 24 hours. This was to be expected as MATIC especially, was one of the biggest gainers last week!

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

💹 Large-scale stock indexes dropped slightly with the tech-heavy Nasdaq and S&P 500 both down about 1%. The latter closed Friday with its biggest single-day gain 💪 in two years amid a confident sentiment being more upbeat about the future rate of inflation and showing small signs of economic cooling that might have the U.S. central bank to scale back its monetary hawkishness 🦅 later in the year.

## US Census Durable Goods & Home Sales Report Recap

📖 The U.S. Census Bureau durable-goods report was released yesterday showing orders climbed higher than expected in May. We also saw a rise in the pending home sales report for the month, according to the National Association of Realtors countering this trend. This accounted for a small rise ⤴️ in the US Dollar Index, which is why the equities markets felt a bit 🔻 of a decline. This of course in turn has that domino effect we keep mentioning, leading to Bitcoin dropping also! 
 
👉 Don't forget to have a look 🕵️‍♂️ at [this weeks upcoming events](https://nagax.com/news-and-analysis/articles/upcoming-economic-events-and-forecast-27th-june-2022) that we list for you **every** Monday; keeping you up to date with what is happening, what events to look out for, and how they will affect the global markets! 

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

## Summary: 
- Bitcoin and the rest of the crypto market dipped yesterday after a pretty good run over the last week.
- The equities markets also dipped showing the correlation between Bitcoin and Tech Stocks.
- Chiliz and ApeCoin both lead the alts in the green, but the majority are in the red.
- The Durable Goods and Home Sales Report was released yesterday creating some volatility in the markets which led to the markets dipping while the US Dollar Index showed some growth.

![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 & Stocks Taking A Dip | Daily News 28/6/22 | NAGAX Blog

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Crypto & Stocks Taking A Dip | Daily News 28/6/22


📋 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](https://www.ecb.europa.eu/pub/conferences/html/20220627_ecb_forum_on_central_banking.en.html), 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](https://tachyon.xyz/) 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

📋 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.*



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

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.

thumbnail_What is Solana_NAGAX Blog.png

What is Solana_NAGAX Blog.png

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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thumbnail_NAGAX-SHIB-DOGE-BTC-Colombia

NAGAX-SHIB-DOGE-BTC-Colombia

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.