The Crypto Weekly Market Update
The first week of June is almost in the books, here’s this week’s crypto market update:
Bitcoin Having Hard Times At $10K While Wall Street Breaking Records: The Crypto Weekly Market Update
To say that this week has been a wild ride is definitely an understatement. Bitcoin’s price went nuts and kept everyone on edge. In the span of 24 hours, BTC went to surge from $9,400 to almost $10,500 and then back to $9,400 and even lower down to $8,600 on BitMEX. This whole ordeal saw an insane amount of both short and long positions getting liquidated.
Interestingly enough, all of this comes as the legacy markets are flying. The S&P 500 is up almost 6% this week alone, while Nasdaq 100 is up about 4%. The latter is currently trading at its all-time high and has surpassed the previous record before the COVID-19 pandemic. Airline companies were also surging today as Delta Airlines (DAL) opened at above $37 and even though it retraced, it’s still 8.5% up.
The last seven days were quite the experience on the entire cryptocurrency market. While Bitcoin was bouncing on and off, some altcoins managed to increase their value substantially. Ethereum went on to touch $250 before getting rejected to where it currently trades at around $243.