Hello HODLers!
The past week has seen notable movements in the cryptocurrency market, with Bitcoin, Ethereum and Solana taking center stage. Let's go and analyze them together!
Bitcoin (BTC)
Earlier in the week, Bitcoin suffered a sharp fall, going from $63,000 to $58,000 in less than 24 hours. In the following days, the price of Bitcoin remained stable, fluctuating between $60,000 and $62,000. However, over the past three days, BTC has regained momentum, approaching $64,000, thanks to a 3% increase from the previous day.
Forecasts for the future remain uncertain: Bitcoin has been trapped in a range between $60,000 and $70,000 since the beginning of March. Experts suggest that the situation could be unblocked with a change in the macroeconomic scenario, such as a cut in interest rates by the FED.
Ethereum (ETH)
Ethereum has shown signs of recovery over the past couple of days. Interest is focused on the imminent start of trading of spot ETFs, approved in mid-May. According to Bloomberg's Eric Balchunas, the SEC could clear these ETFs early next week. Ethereum price recently rebounded from $3,300 to nearly $3,500.
The impact of ETFs on the price of Ethereum is uncertain in the short term, with the possibility of both upward and downward movement. In the long term, VanEck predicts that the price of Ethereum could reach $22,000 by 2030, thanks also to incoming financial instruments.
Solana (SOL)
Solana stood out as "crypto of the week", not only for its excellent price performances, with an increase of 19% compared to the previous week, but also for the announcement of the VanEck fund that it had requested the SEC's approval of a spot ETF on Solana. This could lead to debates and, if approved, could increase Solana's value to nine times its current value, according to GSR Markets.
General consideration
The week is crucial for Bitcoin and the cryptocurrency market, with a particular focus on the possible postponement of the start of trading of Ethereum ETFs, initially scheduled for July 2nd. From a macroeconomic point of view, the date to keep an eye on is July 11th, when data on American inflation will be published. A slowdown in inflation could lead to an interest rate cut by the Fed by the end of the month, spurring a market recovery.
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