The cryptocurrency markets have not been able to capitalize on the rally seen in the United States equities market on June 2, which was primarily spurred by the nonfarm payrolls in May surpassing economists’ expectations. As the stocks rallied, interest in the crypto markets remained subdued, with Galaxy Digital CEO Mike Novogratz attributing this to the lack of institutional buying.
Bitcoin’s historical performance in June has not been very clear-cut in terms of advantage for bulls or bears. For investors, it’s important to watch for any indications of a strong recovery in Bitcoin and select altcoins. Furthermore, the current sideways movement in the market suggests a potential dull period, with several altcoins finding it challenging to break through critical resistance levels.
On the other hand, Ether has managed to rebound off the 20-day EMA ($1,855), which could potentially indicate a shift in sentiment from selling rallies to buying on dips. This comes as the bulls have continuously staved off attempts to pull Ether back into the falling wedge pattern.
However, the general view on CBDCs is that they may not be a compelling priority in the short to medium term, as Kenya’s central bank recently revealed in its statement. It is likely that the crypto market will continue to face headwinds in the form of regulatory concerns, investor indifference, and ongoing price volatility.
Overall, the current state of the cryptocurrency markets is one of uncertainty and caution. Investors should keep a close eye on market developments and remain vigilant in their decision-making processes. While it is true that some investors have grown more skeptical, there is ample opportunity for cryptocurrencies to recover and prove their value in the long run. In the meantime, the market will continue to test the patience and resolve of investors and enthusiasts alike.
Source: Cointelegraph
