Main Takeaway: Leaving May & June In The Dust
The crypto markets are up once again, clocking in a 3% return d-o-d and brushing off concerns over Tesla’s sale of Bitcoin. The last two work weeks have ended in the green, only to be halted by a volatile weekend. Next week the US Fed will be determining its next rate hike, so that’ll be the main indicator to watch over the coming five days. The markets are praying that July will post higher lows and reverse the downtrend in crypto.
Key Stories: JP Morgan Says The Worst Of May & June Are Over
JP Morgan recently made two claims, first that despite a volatile past few weeks and news of Tesla selling, retail crypto investors seem to be having a rise in interest. This is bullish as the markets are getting hammered by institutional leverage, selling, and miner capitulation. At the end of the day, retail investors are the biggest and most important factor for long-term cryptocurrency adoption and growth.
Secondly, JP Morgan said the intense deleveraging phase seems to be over, as those who were exposed are now gone, and those who were forced to sell have sold. Main takeaway is let’s see how the next week performs to verify this bullish news.