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

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. 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 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

Well as of writing ✍️, literally moments ago; Bitcoin 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!

The 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?

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Ethereum 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) and 🔴 Polygon (MATIC) are the lowest-performing alts in the past 24 hours declining to double digits in the red.

🟢 However, our very own NAGA Coin (NGC) 🍾🥇 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 to see all the benefits, including the ability to earn up to 20% staking! Great performance within the current market don't you think? 🎇🎆

📉 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 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!

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!

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