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Market update: what risks remain with stablecoins – what trend is bitcoin showing?

 


Investors in the crypto markets have been suffering since the beginning of the year because the market has only known one direction so far. The crash of Terra caused additional distrust in Bitcoin, because for many market participants it is difficult to differentiate which crypto assets are exposed to the same risks as Terra due to the media treatment.


A justified distrust of stablecoins has led to a minor bank run in recent weeks, but USDT has digested it well. This shows that an important pillar of the market is particularly resilient, although further bad news could lead to the situation tipping over. This makes stablecoins a topic that investors should continue to monitor closely.


It will be particularly interesting here how quickly and in what form the supervisory authorities intervene. The Terra debacle should encourage them to regulate the market even more, and in such a situation there are always winners and losers.


Is Bitcoin's Macro Range Still Intact?

When Bitcoin fell back to $30,000 for the first time this year, it was brought up in different places. The so-called macro range has its bottom at $30,000 and the ceiling at $64,000 on the daily chart.


However, supporters of this theory must face the fact that a bottom with much stronger support could be formed in the summer of 2021. Because in the daily chart it can be seen from the pronounced wicks, among other things, that the "dip" was repeatedly bought up on the respective trading days. A situation that has recently been repeated, but not between $28,000 and $34,000.


Instead, it shows that there was similarly strong buying interest between $25,000 and $29,000 on May 12, 2022. Bitcoin has thus recently fallen out of the discussed range and the only hope that remains is that this is a temporary deviation. However, to confirm this thesis, BTC would need to return to the range and preferably establish itself above the $37,500 level. Otherwise there is a chance that it is only a short-term rebound that runs the risk of being sold off again immediately.


FOMC meetings will set the tone

Two meetings of the Fed's FOMC are scheduled for June and July. So far, many investors have shied away from the risk, and with each step-by-step increase in interest rates, prices have fallen a little more.


So it will have to be seen in mid-June whether Bitcoin is drifting south again or whether the market has become insensitive to further increases. Many market watchers have been targeting the top of the 2017 bull market for quite some time. Among them Arthur Hayes, who in his recent blog post confessed to wanting to buy Bitcoin at $20,000.


However, he also admitted that such a purchase order should be submitted with a quick prayer. Because the risks such as a renewed strengthening of the corona pandemic, an escalation of the war in Ukraine or a possible collapse of the supply chains in Asia do not create the necessary trust for many investors to afford an investment in cryptocurrencies.

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