[](/u/XBTFX/)
MARKETS week ahead: June 25 – July 1
[CRYPTOCAP:TOTAL](/symbols/TOTAL/)Crypto Total Market Cap, $
Last week in the news
The US equity market entered into a short reversal on Friday, after a strong push for the last two months.On the other side, the crypto market is back on its track, with more positive news coming from German largest bank, Deutsche bank.Bitcoin is back at $30K level, Ether is following the increased investors optimism, ending the week modestly below $1.9K.
Fed Chair Powell held a speech to a Senate banking panel on Wednesday, touching several currently important topics.He noted that the US economy still holds strong, however, inflation pressures are persistent, in which sense, it could be expected that further rate hikes will occur by the end of the year.He perceives the jobs market still as tight, with some signals that the conditions are loosening.
Still, in order to get inflation at a targeted 2%, the US economy would need to slow down, as per his comments.One of the questions imposed by the Senate members was related to de-dollarisation currently occurring in some parts of the world, to which Powell answered that US dollar as a reserve currency is very important to the FED, and he believes that US dollar would remain a world reserve currency also in the future period.One of the important questions for the crypto community was FED`s standing on the crypto currencies, with focus on stablecoins.Powell noted that the FED perceives stablecoins as a form of money and that the US should not allow private money creation.
Mainstream companies are not ready to give up on Bitcoin.Considering the latest developments, they acted like “white knights” for the crypto industry.
Two weeks ago, the crypto market stopped its downtrend after it was announced that BlackRock, a largest US asset manager, filed with SEC for its first BTC based ETF.During the previous week Deutsche bank, the largest bank in Germany, announced that the bank had applied to gain a license from local regulators to manage a custody service for digital assets, including crypto currencies.
With this move, Deutsche bank is strategically moving toward building up its digital assets and custody business.Markets were more than thrilled with such positive news, and Bitcoin price ended the week swiftly reaching the level of $30K.
At the State of Crypto Summit held in New York last week, a head of strategic partnership in BlackRock, Joseph Chalom, noted the importance of counterparty identification as a critical point in order for large institutions to involve in decentralized finance, or DeFi.Crypto analysts are now discussing potential BlackRock involvement in setting the mainstream for regulation of the crypto industry, considering the size of a company as well as its recent involvement into BTC ETF`s.
News is reporting that one of the largest investment banks in the US, JPMorgan, is bringing its settlement of JPM Coin to the next level with expanding it to euro-denominated payments.With over $300 billion in conducted transactions over the last four years, the JPMorgan institutional clients will now be able to make settlements also in euros using the same blockchain technology.
Crypto market cap
It seems like a new dawn emerged on the crypto market, however, not for all coins.Last few weeks were quite critical, considering moves from the US SEC, aimed to get crypto companies to align with regulation, jeopardizing the whole crypto ecosystem.However, on a positive side was a comment from SEC Chair Gary Gansler, that not all coins on the market fall under securities, mentioning that there are only few which fall under the term of real crypto currencies, without mentioning which coins are in question.
From two weeks ago, the market started to get a glimpse of what he meant with his statement, when the largest asset manager in the US, BlackRock, filed with the SEC for its first BTC exchange traded fund.During the previous week, the crypto market regained confidence when the largest German bank and important player on the world scene, Deutsche bank, applied with the German regulator for the license to conduct a custody service for digital assets, including crypto currencies.
This news pushed the crypto market to the upside, gaining on the weekly level total $108B in market capitalization, increasing its cap by 10%.Daily trading volumes were increased to the level of $80B on a daily basis, from $60B traded the week before.Total crypto market capitalization increase since the beginning of this year jumped to 51%, where it has added a total $388B to the market cap.
Total crypto market capitalization gained $108B during the previous week, still, almost 90% of this amount belongs to Bitcoin and Ether.BTC was the winner of the week, by increasing its cap by $80B or 15.6%.
Ether followed the up-path with a gain of $19B or almost 9% during the week.
Other coins gained significantly but in relative terms.Bitcoin Cash was also in the spotlight of investors, as it managed to gain $1.5B or even 74% w/w, and was a winner of the week when it comes to percentage increase in value.Some other significant gainers were Ethereum Classic, with an increase in the market cap of almost 19%, OMG Network was up by a significant 37%, Litecoin, Link, NEO and Monero were up by more than 14% w/w.Binance Coin was in the group of rare losers of the week, as its value dropped by 4.2%, losing $1.6B in market cap.
Surprisingly, Tether lost 0.4% of its coins in circulation, decreasing its market cap by this amount.Major changes in circulating coins relates to XRP, which gained 0.5% in circulating coins, while Polkadot`s and Filecoin`s coins were up by 0.3%
Crypto futures market
The optimism from the spot market was reflected also on the crypto futures market, however, not with equal expectations for BTC and ETH.Based on the long term price moves for ETH, it seems that investors are still reluctant to be more optimistic on the future prices of this coin.During the previous week, ETH short term futures were up by around 14% on average with futures maturing in December this year ending the week at level of $1.923.
Longer term futures were up by more than 13%, where last trade for December 2024 futures was at price $1.962.Expectations of investors are mixed, but evidently, there is no strength to push longer term prices to the higher levels.The price difference between futures maturing in June this year and those maturing in December 2024 is only 39 points.
As for BTC futures, the situation is a bit different.Short term futures were traded higher by more than 18% compared to the week before, with futures maturing in December this year ending the week at level of $31.185.Long term futures were traded more than 20% higher on the weekly basis, with December 2024 ending the week at level of $32.425.The market continues to make a significant difference on the price expectations between BTC and ETH.
The US equity market entered into a short reversal on Friday, after a strong push for the last two months.On the other side, the crypto market is back on its track, with more positive news coming from German largest bank, Deutsche bank.Bitcoin is back at $30K level, Ether is following the increased investors optimism, ending the week modestly below $1.9K.
Fed Chair Powell held a speech to a Senate banking panel on Wednesday, touching several currently important topics.
He noted that the US economy still holds strong, however, inflation pressures are persistent, in which sense, it could be expected that further rate hikes will occur by the end of the year.He perceives the jobs market still as tight, with some signals that the conditions are loosening.Still, in order to get inflation at a targeted 2%, the US economy would need to slow down, as per his comments.One of the questions imposed by the Senate members was related to de-dollarisation currently occurring in some parts of the world, to which Powell answered that US dollar as a reserve currency is very important to the FED, and he believes that US dollar would remain a world reserve currency also in the future period.One of the important questions for the crypto community was FED`s standing on the crypto currencies, with focus on stablecoins.Powell noted that the FED perceives stablecoins as a form of money and that the US should not allow private money creation.
Mainstream companies are not ready to give up on Bitcoin.Considering the latest developments, they acted like “white knights” for the crypto industry.Two weeks ago, the crypto market stopped its downtrend after it was announced that BlackRock, a largest US asset manager, filed with SEC for its first BTC based ETF.
During the previous week Deutsche bank, the largest bank in Germany, announced that the bank had applied to gain a license from local regulators to manage a custody service for digital assets, including crypto currencies.With this move, Deutsche bank is strategically moving toward building up its digital assets and custody business.Markets were more than thrilled with such positive news, and Bitcoin price ended the week swiftly reaching the level of $30K.
At the State of Crypto Summit held in New York last week, a head of strategic partnership in BlackRock, Joseph Chalom, noted the importance of counterparty identification as a critical point in order for large institutions to involve in decentralized finance, or DeFi.Crypto analysts are now discussing potential BlackRock involvement in setting the mainstream for regulation of the crypto industry, considering the size of a company as well as its recent involvement into BTC ETF`s.
News is reporting that one of the largest investment banks in the US, JPMorgan, is bringing its settlement of JPM Coin to the next level with expanding it to euro-denominated payments.With over $300 billion in conducted transactions over the last four years, the JPMorgan institutional clients will now be able to make settlements also in euros using the same blockchain technology.
Crypto market cap
It seems like a new dawn emerged on the crypto market, however, not for all coins.Last few weeks were quite critical, considering moves from the US SEC, aimed to get crypto companies to align with regulation, jeopardizing the whole crypto ecosystem.However, on a positive side was a comment from SEC Chair Gary Gansler, that not all coins on the market fall under securities, mentioning that there are only few which fall under the term of real crypto currencies, without mentioning which coins are in question.From two weeks ago, the market started to get a glimpse of what he meant with his statement, when the largest asset manager in the US, BlackRock, filed with the SEC for its first BTC exchange traded fund.
During the previous week, the crypto market regained confidence when the largest German bank and important player on the world scene, Deutsche bank, applied with the German regulator for the license to conduct a custody service for digital assets, including crypto currencies.This news pushed the crypto market to the upside, gaining on the weekly level total $108B in market capitalization, increasing its cap by 10%.Daily trading volumes were increased to the level of $80B on a daily basis, from $60B traded the week before.Total crypto market capitalization increase since the beginning of this year jumped to 51%, where it has added a total $388B to the market cap.
Total crypto market capitalization gained $108B during the previous week, still, almost 90% of this amount belongs to Bitcoin and Ether.BTC was the winner of the week, by increasing its cap by $80B or 15.6%.Ether followed the up-path with a gain of $19B or almost 9% during the week.Other coins gained significantly but in relative terms.Bitcoin Cash was also in the spotlight of investors, as it managed to gain $1.5B or even 74% w/w, and was a winner of the week when it comes to percentage increase in value.
Some other significant gainers were Ethereum Classic, with an increase in the market cap of almost 19%, OMG Network was up by a significant 37%, Litecoin, Link, NEO and Monero were up by more than 14% w/w.
Binance Coin was in the group of rare losers of the week, as its value dropped by 4.2%, losing $1.6B in market cap.
Surprisingly, Tether lost 0.4% of its coins in circulation, decreasing its market cap by this amount.Major changes in circulating coins relates to XRP, which gained 0.5% in circulating coins, while Polkadot`s and Filecoin`s coins were up by 0.3%
Crypto futures market
The optimism from the spot market was reflected also on the crypto futures market, however, not with equal expectations for BTC and ETH.Based on the long term price moves for ETH, it seems that investors are still reluctant to be more optimistic on the future prices of this coin.
During the previous week, ETH short term futures were up by around 14% on average with futures maturing in December this year ending the week at level of $1.923.Longer term futures were up by more than 13%, where last trade for December 2024 futures was at price $1.962.Expectations of investors are mixed, but evidently, there is no strength to push longer term prices to the higher levels.The price difference between futures maturing in June this year and those maturing in December 2024 is only 39 points.
As for BTC futures, the situation is a bit different.
Short term futures were traded higher by more than 18% compared to the week before, with futures maturing in December this year ending the week at level of $31.185.Long term futures were traded more than 20% higher on the weekly basis, with December 2024 ending the week at level of $32.425.The market continues to make a significant difference on the price expectations between BTC and ETH.
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