June’s crypto market remains in stagnation as pressures from political, financial and consumer markets collide. The Fed and its interest-rate plans, the US and its presidential debates and the dollar with its above-105% value all play into the collision we see unfolding.
Here’s a better look at the global opportunities in June’s crypto market.
1. Voters In the UK Shout “Crypto Market!”
With a “labor party” wanting to take over, the Brits are debating the value of crypto. After a long, 14-year stint, the conservatives have held the power, but now, change might come.
The outcome of July 4th’s election has put cryptocurrencies on the minds of investors, enthusiasts and spectators alike. Roughly a third of younger voters in the UK have actual concerns about how crypto will be handled in the near future.
The country’s loudest-political advocates of crypto are soon leaving parliament, and this mass exodus of sorts is what has crypto-minded voters on edge.
The plot continues to thicken, however.
You see, initially, PM Sunak’s government claimed to support open-crypto policies and even offered up infrastructure plans. However, it appears that Prime Minister, Rishi Sunak is pulling a bait and switch, leaving policies undone until election.
2. Leading Countries With the Biggest Crypto Market
Don’t be surprised to hear that one of the biggest holders of Bitcoin is none other than the U.S. government. That’s right; in its many raids and confiscations on criminal enterprises, the federal government of the United States was, until recently, the largest Bitcoin nation.
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Just imagine a 1% stockpile of BTC or 213,543-individual tokens.
It was only in March of 2024 that MicroStrategy took that lead from the Fed.
German Berlin is next in line—along with China and the U.K. All three hold impressive stashes of Bitcoin with Germany staged to liquidate even more of its confiscations.
In an effort to add more capital into its own money reserves, Germany sold nearly 900 BTC around the strike price of $60,000. Some investors even blame BTC’s stagnation on this dump.
The estimated $54 million it made from that sale is pale in comparison to what the U.S. sold.
In the same week, the US sold 3,940 BTC, leading to selling pressure on the grand-daddy of crypto. For those less inclined to understand, Bitcoin prices were high, being a time for profits.
As the U.S. government released its BTC, it cleaned out $236 million from the crypto market.
3. If Bitcoin’s Price Is Waiting for the Election …
There are two political developments likely to pressure BTC investors. The U.K. is ending theirs, but the United States has only started a long string of debates and political outcries.
Let’s keep in mind Tuesday’s presidential debate in the United States.
Be it with stocks or gold, these events have always stalled the market.
Alongside election news, the U.S. Dollar is currently sitting within a strong supply zone.
Holding at a steady-105% value, the U.S. Dollar is showing its usual correlation with Bitcoin though this dynamic hasn’t been seen for some months now. Overall, based on historical data, as the Dollar rises, Bitcoin will fall, but as Bitcoin rises, the U.S. dollar will fall.
This correlation leaves us all in a limbo while we wait for what will happen next.
We’re currently looking at Bitcoin’s 10-day period where it bounces off and out of the $60,000 range each time it enters. Whatever is happening, the market isn’t committed to a BTC plunge … yet.
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