Bitcoin and Ethereum prices showing resilience amid positive macro factors. However, the market conditions remain bleak due to US SEC lawsuits against Binance and Coinbase and selling pressure on Cardano, Solana, and Polygon (MATIC).
Investors are bracing for the big week ahead with key events including US CPI, PPI data, and the US Federal Reserve’s monetary policy decision, as well as interest rate decisions by the European Central Bank and Bank of Japan.
Stock markets are inching toward fresh 52-week highs after new market forecasts indicate inflation cooled in May and the US Fed plans to “skip” rate hike in June. Chair Jerome Powell and key Fed officials also support skipping rate hikes. The CME FedWatch Tool shows an 80% probability of the Fed keeping its policy rate unchanged.
Moreover, US treasury yields remain firm and the US dollar slides, bringing some upward momentum in Bitcoin price. US Dollar Index (DXY) fell below 103.50 on Monday.
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Internal Problems Still Haunts Bitcoin and Ethereum Price
Despite positive developments on the macro front, Bitcoin and Ethereum prices fail to show strong price action due to uncertainty surrounding Binance and Coinbase lawsuits.
The key events for the crypto include a US House hearing on the digital asset industry and the draft stablecoin bill, Hinman documents becoming public, SEC’s Coinbase rulemaking response, and the Binance.US hearing on assets freeze. All are scheduled for Tuesday, June 13.
According to Kaiko data, Binance.US market depth is down a staggering 78% since the SEC lawsuit. Marker makers pulled out liquidity after Binance.US ended USD support on the exchange.
Moreover, Bitcoin and Ethereum prices will remain under pressure as the US Treasury Dept is expected to issue $1 trillion in treasury bills by the end of the third quarter.
BTC price is expected to bounce, but it will unlikely cross $30,000 before August due to several factors. BTC price jumped 1% in the last 24 hours, with the price currently trading near $26,000.
ETH price currently trades at $1747. The 24-hour low and high are $1722 and $1776, respectively. (Crypto Price Converter)
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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
