After 3 consecutive days of increasing points, Bitcoin (BTC) continued to decline when it plummeted below $62,000.
BTC Price Chart – 1 Day | Source: TradingView
US stocks
US stock futures traded little changed on Tuesday evening, after the S&P 500 closed above 4,500 for the first time.
Futures linked to the S&P 500 edged down 0.1%. Dow Jones futures and Nasdaq 100 futures also edged lower.
Paramount Global shares rose nearly 7% in after-hours trading following reports from The Wall Street Journal and The New York Times that Skydance Media has reached a preliminary agreement to acquire National Amusements, the entertainment giant’s majority shareholder.
The S&P 500 rose 0.62% in Tuesday’s main trading session, closing above 4,500 for the first time. The Nasdaq Composite rose 0.84% to close at a record, and the 30-stock Dow edged up 0.41%.
The continued rise of the S&P 500 has raised concerns across Wall Street that the rally will not last. The question of when the Federal Reserve will start cutting interest rates is also weighing on investors. Speaking at a central bank forum on Tuesday, Fed Chairman Jerome Powell said that although the central bank has made some progress in reducing inflation, it is not yet ready to cut interest rates.
Scott Chronert, head of equity strategy at Citi Research, said a pullback could be imminent in the coming months.
Several new economic data releases are scheduled for Wednesday ahead of the July 4 holiday. ADP private payrolls data for June, along with weekly jobless claims data, are also due. The U.S. trade deficit for May, the S&P Global U.S. purchasing managers index and the ISM non-manufacturing index for June are also important data this week.
Minutes from the June meeting of the Federal Open Market Committee (FOMC) will also be released.
The New York Stock Exchange will end trading early on Wednesday and will be closed on Thursday for Independence Day.
Bitcoin and Altcoins
Bitcoin continues to lose ground below $62,000 after failing to push prices above $64,000 during a rally on July 1.
BTC has lost nearly 2.5% of its value on the day, plunging below $62,000 and is currently trading around $61,500.
BTC Price Chart – 4 Hours | Source: TradingView
Bitcoin prices fell amid concerns about increased selling pressure, after the Mt Gox exchange said it would begin distributing Bitcoins stolen in a 2014 hack in early July, returning tokens to customers.
Traders speculate that Bitcoin recipients will be inclined to sell as BTC prices have grown exponentially over the past 10 years. Such a scenario would create massive selling pressure on the flagship asset.
Altcoin market was mixed yesterday.
On the downside, Bittensor (TAO) was the worst performing project. The token of Bittensor, a decentralized artificial intelligence network, fell sharply amid reports of a possible security breach. The price of TAO has fallen more than 15% in the past 24 hours, from $281 to around $235 at press time.
Other major projects in the top 100 such as Brett (BRETT), Aave (AAVE), dogwifhat (WIF), Lido DAO (LDO), Ondo (ONDO), Ethereum Name Service (ENS), Akash Network (AKT), Stacks (STX), Kaspa (KAS), Notcoin (NOT), Wormhole (W), Bitget Token (BGB), Pepe (PEPE),… lost 2-7% of their value.
On the contrary, Floki (FLOKI), Oasis (ROSE), zkSync (ZK), Pyth Network (PYTH), THORChain (RUNE), Solana (SOL), Toncoin (TON), Cardano (ADA), Beam (BEAM), Jupiter (JUP), Injective (INJ), Sei (SEI), MultiversX (EGLD), NEAR Protocol (NEAR), Conflux (CFX),… increased from 2-6%.
Source: Coin360
Ethereum (ETH) has failed to hold above $3,500 following its recovery on July 1.
The top-cap asset has pulled back nearly 2% over the past 24 hours, falling back just below $3,400 and is currently trading around $3,485.
ETH Price Chart – 1 Day | Source: TradingView
You can see coin prices here.
Viet Cuong
Bitcoin Magazine
