Latest Status in Bitcoin and Cryptocurrency Markets
Bitcoin is trading above the $106,300 level for the first time in a long time. This level had not been permanently exceeded before. However, the stable closures in recent days indicate that this level has become a strong base. If BTC surpasses $108,300, it could continue price discovery towards all-time record levels.
On the other hand, the tax law in the US has made progress by receiving sufficient support from the Senate. This development means a flow of liquidity into the market, especially due to the advantages it provides to lower income groups. This is a positive signal for the crypto markets.
Next week, developments regarding tariff agreements between the US and the EU are expected to create a positive atmosphere as well. Despite the harsh statements made by Trump last Friday, there was no retaliatory response from the European Union that would escalate tensions. This strengthens the possibility of a compromise between the two sides.
Market Assessment
As June comes to an end, altcoin investors still have not seen the performance they expected. The first seven months of the year have been quite volatile due to sudden declines despite significant developments. The scenario outlined by Trump's trade secretary months ago is largely coming to fruition:
quarter: Collapse due to tariffs
quarter: Negotiation process
quarter: Agreements and recovery
quarter: Possible rise
The tariff rates announced in April have been significantly softened. If the expected agreements are realized, the markets may be convinced that they have entered a recovery process.
However, there is an important threshold to be cautious about: falling below $105,800 and experiencing closures at this level could trigger a downward trend that may lead the price to decline to $100,165.
General Overview of Cryptocurrencies
The total value of the cryptocurrency market has reached $3.3 trillion again. However, due to it being Sunday, trading volumes have decreased by 30% to $65 billion. Bitcoin is trading at $107,387 while maintaining its market dominance. Ethereum continues to trade below $2,500.
In recent weeks, China's statements regarding the Paris Agreement had brought BTC prices close to rising above $3,000. However, the Iran-Israel war disrupted this optimism. Although a ceasefire has been achieved, prices have not yet returned to their former levels.
Highlights of the Week
A new attempt to rise in the markets is expected due to the impact of tariff agreements. Additionally, the acceptance of the tax law is considered a positive development for crypto. The most notable coin of the week was PENGU, which showed an increase of about 60%. Alongside this, SEI, SYRUP, and FARTCOIN recorded increases between 30% and 44%.
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