Fundamentals and expected events: week 26
Crypto markets:After bottoming at $17,500 last Sunday, an 18-month low, the primary cryptocurrency began its recovery on Monday and quickly reclaimed the coveted $20,000 line. It dipped below a few times in the next couple of days but stood north of it for longer periods. Similar to Bitcoin, most altcoins remained relatively calm during the weekend. Nevertheless, the start of this week brought some good news for Ethereum as it managed to break its longest negative streak of 11 consecutive weekly candles in the red.
Stock and commodity markets:The first half of the year is coming to an end. Stocks have been hurt by strengthening inflation fears and the tightening of monetary policy by central banks. Stocks in the United States started the week lower. The main contributors were large growth stocks sensitive to interest rates, such as Amazon, Microsoft and Alphabet. So far, all three major indices appear on track to post two consecutive quarters of losses for the first time since 2015, and are also on track to post a loss for the full month of June. That would mean three straight months of declines for the Nasdaq, which would be the longest losing streak since 2015. Oil prices rose by two percent, gold closed in the red, silver, on the other hand, was in a slight plus.
Fundaments and important events: G7 leaders announced continued support for Ukraine. The price cap mechanism on Russian oil was also mentioned during the meeting, which should reduce the Kremlin’s ability to fund the war. OPEC+ lowered its estimate for the 2022 oil surplus to 1.0 mbpd from the original 1.4 mbpd. Indirect negotiations between the US and Iran will resume in the coming days, with the EU acting as a mediator. The EIA said that despite earlier announcements, it would not release data on US crude oil inventories due to hardware and server problems.
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Cryptomarkets and marketcap: week 26
BTC / USD
ETH / USD
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