Weekly Crypto Roundup 6/4
Talks of a crypto winter continue yet venture capital funds are flowing in. Check out this week’s highlights.
Let’s start as always by taking a look at a roundup of crypto news for the week.
BTC’s prices rose by 10% on Tuesday but unfortunately, we’re still in the midst of historic lows. Analysts debate where we’re headed as stocks and crypto have decoupled. Meanwhile, institutional money, such as from Andreessen Horowitz and Crypto Valley Venture Capital. continue to “buy the dip.” JP Morgan remains optimistic about the length of a winter.
It’s now been a month since the Terra ecosystem crash so where are they now? At the end of last week, Terra Founder Do Kwon greenlighted the LUNA revival, or LUNA 2.0. Big names are backing the forked crypto yet market confidence is low. This week, Japan is the first major country to introduce a legal framework around stablecoins specifically in response to last month’s crash.
Making headlines this week, OpenSea marketplace’s former product manager Nathaniel Chastain was arrested for insider trading.
Solana had a great week beating out ETH in daily volume for the first time ever. In other news, Chipotle announces it’s now accepting crypto in stores in the U.S. and SpaceX is now taking DOGE as payment.
Here’s an overview of how the top five coins by market cap are doing.
The current price of BTC sits at $29,832.91. While the last day has been bullish, BTC has now fallen down the list of global base money, now sitting at #9 in the world.
Today, ETH’s price is at $1,801.61, down slightly from last week. Ethereum faced some technical troubles with its upcoming update this week, falling 8% as a result.
USDT’s price is still just shy of its $1 peg at $0.999. With its recent Polygon launch, Mexico expansion, and a new blog post about the coin’s resiliency, Tether continues to try to distinguish itself as a truly stable stabecoin.
USD Coin (USDC)
USDC is stable at $1.0002 at the time of writing, a bit over its $1 peg in fact.
The price of BNB currently sits at $301.69, down slightly from this time last week.
Here are some top tips for navigating this down market cycle:
- Steady the course — Don’t get swept up in the panic, naysaying, or even FOMO.
- Trade (and diversify) within your means — Keep your financial goals top-of-mind and follow good principles.
- Don’t let the pessimism cloud your sight — Look out for dip-buying, short selling, staking, or other opportunities.
And lastly, tip #4: Join Alpha Impact’s social trading platform. Why navigate the down cycle alone when you can weather it and HODL with a community of both experienced and novice traders? Don’t let this resource go untapped — learn more today.
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Crypto Made Easy.
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