Weekly Market Roundup: It Was A Bearish Week As Top Coins Shed Gains
Last week was the worst for Cryptosphere since the market recovery in April. For the first time in months, all top 10 coins were not profitable for the entire seven days.
While there were ups and downs, most coins experienced double-digit losses, resulting in most of them shedding gains from previous weeks. At midnight on Sunday GMT+4, total Market Cap dropped from $275 billion to $234 billion, representing a deterioration of $41 billion for the week.
Monday was a green day for traders who cashed in, but Tuesday experienced moments of pimento red. On Wednesday, the markets showed signs of recovery, but they could not gather the needed moment and sunk again.
Thursday and Friday brought no better luck as the market swung like a pendulum. Bitcoin fell as much as 5%, and the price lowered to the $7500 territories.
Experts began making bearish forecasts that were scary. Crypto Thies of Market God even predicted that the price of the pioneer Cryptocurrency would undergo a 30% downtrend if his observations from previous years are accurate.
There were hopes on Saturday that the week would end on a good note since there were some notable pumps here and there. However, there was not enough drive throughout Sunday as the deterioration continued unabated.
Last Week In The Press
Binance CFO Wei Zhou confirmed on Thursday that Binance will create its stablecoins. At a panel discussion at Money 20/20 Europe, he said that they are currently testing a stablecoin pegged to British Pounds which is set to launch in the future.
CEO of Tron foundation and BitTorrent, Justin Sun, has paid $4.6 million to have lunch with Warren Buffet. This was part of the annual charity auction for lunch with the billionaire.
Portuguese Football Club, SL Benfica has boosted the Crypto adoption drive by announcing to accept online payments with Bitcoin and ETH. “In partnership with UTRUST, the most innovative digital payment solution, Benfica now offers its supporters the option of using cryptocurrencies to buy match tickets and the entire range of Benfica products at the official online store,” a statement on the team’s website indicated.
OKCoin, one of the biggest Crypto exchanges, has extended its wings to Europe. “OKCoin users outside of the U.S. can now deposit and withdraw euros. Starting at 8:00 pm PT, June 4th, all OKCoin users can participate in euro spot trading for leading digital assets, such as Bitcoin, Ethereum, and Bitcoin Cash,” OKCoin said in an official post on Medium.
Privacy-centric Samourai Wallet has received a $100,000 investment to expand its scope. It was its first round of venture funding.
Top 10 Markets Updates At Midnight On Sunday
EOS was hit hardest with the downward market trend in the last seven days. The dApp platform took a 19.48% beating, closing the market on Sunday night with $6.17 price.
Bitcoin Cash bled 13.95% in contrast to its 4.97 per cent growth rate in the last weekly rankings. The big blocks Crypto registered a price rate of $381.17.
Second-placed Ethereum recorded the 3rd greatest decline on the top 10. The price was $233.09, and it was down 13.30 percentage point.
At the end of the week, XRP fell 12.84% to sell at $0.388266. It was a far cry from the previous review where it garnered 10.41% profits.
XLM lost 12.54% of its community’s investment in a week that can aptly be described as a lost one. The price on the exchanges was around $0.119915.
Almighty Bitcoin’s price plunged to $7688.08 when this report was being filed at midnight on Sunday, representing an 11.62 per cent drop.
Controversial Bitcoin SV lost 9.48% and was selling for $185.37. Recall that last week it surprisingly jumped into the top 10 with over 80% surge.
The token of the world’s biggest exchange, Binance sold at $30.56. Sadly, it took a dive of 7.12%.
Litecoin’s 6.55% pump at the end of the last week of May was not sustained as it fell off by 6.28% this week. The Silver of Bitcoin had a price of $115.13
Tether posted almost no loss, declining only 0.03% and closed the week with a $1 selling rate.
It was a tortuous week for the community but keep hodling. Better luck on the markets this week.