On June 5, Asian time, the new week of trading began with Bitcoin (BTC) rising 0.1% to $27,109 and Ethereum (ETH) falling slightly to $1,890.
BitBull Capital’s Joe DiPasquale said he expects the week to dip and stay flat ahead of the release of the FOMC minutes next week, June 14.
“We were expecting a drop and a flat between $25,000 and $27,000, which is the level we have seen over the past month,” he told CoinDesk.
“While it didn’t test the $30,000 mark, it’s not surprising that it did test other key resistances.”
Mark Connors, head of research at digital asset manager 3iQ, noted that despite the hostile regulatory environment in the US, the crypto market remains impressive. This is all because the market is watching an unprecedented amount of US Treasury issuance.
“As equity and bond markets worry about how new Treasury bond issuance will affect liquidity and, in turn, market prices, crypto assets are taking matters into their own hands.”
Despite all the attention this year on rising bitcoin dominance and skyrocketing transaction fees amid a tight regulatory environment, Connors said the post-merge performance of the Ethereum blockchain, for example, staking’s “announcement,” has been on the rise. He said that the unexpectedly small impact of the “lock”, increased staking demand, and the realization of deflationary expectations due to the “burn” of over 250,000 Ethereum have attracted market attention.
“In short, the fate of the $500 trillion stock and bond markets depends on central banks and Treasurys providing the liquidity they need, while leading cryptocurrencies Bitcoin and Ethereum It’s on its own and the market is reacting to it, even though financial institutions and regulators are different,” Connors told CoinDesk.
｜Translation: coindesk JAPAN
｜Editing: Takayuki Masuda
| Image: CoinDesk
｜Original: First Mover Asia: Why Did Bitcoin’s Price Hold Above $27K Over the Weekend? Two Analysts Expect Continued Resilience