Read the latest news, market data and expert analyses from the world of crypto and macroeconomics - all the information you need to support your investment decisions.
During the last week, the crypto market has been on a strong move up. The price of the largest cryptocurrency bitcoin rose by approximately eight percent, the price of the second largest cryptocurrency ether by approximately five percent, and the total value of the rest of the crypto market by approximately seven percent.
As Kvarn Pulse takes a slightly altered publishing schedule for July, in this newsletter we would like to offer some of our views on the prospects of the crypto market in the coming weeks.
The last week has gone in a clear downward direction on the crypto market. The price of the largest cryptocurrency bitcoin (BTCUSD) fell by about seven percent, and the price of the second largest cryptocurrency ether (ETHUSD) by about five percent.
Wednesday saw a particularly interesting day in macroeconomics. Consumer Price Index, which indicates about the development of consumer prices in the United States during May, was published in the afternoon, and later in the evening, the US Federal Reserve's Open Market Committee (FOMC) gave the latest decision regarding the central bank's interest rate.
As expected, the European Central Bank announced on Thursday that it will lower its key interest rate. It was the ECB's first policy rate cut since 2019, and this decision can be seen as definitively ending the historic cycle of steep interest rate hikes, which was triggered by steep rise in inflation, triggered by the stimulus measures stemming from the corona pandemic.
This time we look at the bull market of the last year and a half from a slightly different angle, through the lens provided by the relationship between the euro and the US dollar.
The market reacted to the CPI figures with rally, and both the S&P 500 stock index and the Nasdaq index, which indicatess the performance of technology stocks, rose to new highs. The crypto market also reacted strongly positively, with bitcoin price rising about seven percent in 24 hours.
The past week has seen crypto markets move sharply downwards. The price of the largest cryptocurrency bitcoin fell by about ten percent, the price of the second largest cryptocurrency ether by about seven percent, and the total value of the rest of the crypto market by about six percent.
The last week has seen a slightly upward trend on the crypto market. The price of the largest cryptocurrency, bitcoin, rose by approximately five percent, the second largest cryptocurrency, ether, by approximately six percent, and the total value of the rest of the crypto market by approximately ten percent.
During the last week, the crypto market has been in a strong downward direction. The price of the largest cryptocurrency bitcoin fell by approximately 12 percent, the second largest cryptocurrency ether by approximately 15 percent, and the total value of the rest of the crypto market also by 15 percent.
Bitcoin's strong price rally of the past few weeks reached a significant milestone on Tuesday, as the price briefly crossed the previous all-time high (ATH) of $69,000.
