After ending June in the red with a drop of more than 7%, Bitcoin had an impressive start to July with a strong rebound, returning close to the $ 64,000 threshold.
BTC price chart – 1 month | Source: TradingView
US stocks
Stock market futures rose in overnight trading on Sunday as Wall Street looks ahead to the second half of 2024.
Futures contracts tied to the Dow Jones industrial average added 55 points, or 0.1%, while S&P 500 and Nasdaq futures rose 0.2%.
Wall Street is coming off a losing session after a strong first half. Continued excitement around artificial intelligence and stocks like Nvidia helped the S&P 500 lead the way with a 14.5% gain, while the Nasdaq Composite jumped 18.1%. The Dow Jones Industrial Average underperformed in the second quarter, rising 3.8%.
For the quarter, the S&P and Nasdaq gained 3.9% and 8.3%, respectively, while the Dow Jones lost 1.7%. Nasdaq recorded its third consecutive positive quarter for the first time since a five-quarter streak ending in 2021.
Some expect the tech-driven momentum to persist at least through the summer, despite some concerns that the market has peaked.
King Lip, chief strategist at BakerAvenue Wealth Management, expects the sector to encounter some resistance during a period of seasonal weakness and profit-taking in September-October, as well as around the election .
Monday kicks off a holiday-shortened trading week, with markets closed on Thursday, July 4. Investors will get clues on the state of the labor market on Friday with the June jobs report.
June PMI and ISM manufacturing data will be released on Monday, along with May construction spending data.
Bitcoin and Altcoins
On the weekly timeframe, BTC has printed 3 consecutive red candles.
After hitting a local bottom at $58,402 on June 24, BTC also had a strong weekend, pushing the price back up to near the $64,000 area at the moment.
BTC price chart – 1 week | Source: TradingView
According to a text okay release on June 24, Mt. Gox, the cryptocurrency exchange that was hacked for 850,000 Bitcoin in 2014, will begin refunding in BTC and BCH to affected users from July 2024. BTC price plummeted immediately after the announcement due to concerns concerned about increasing selling pressure in the market.
Altcoins turned around and recovered strongly after a series of down days.
Leading the way was Ethereum Name Service (ENS) as the token surged more than 28% yesterday alone.
Followed by memecoin Mog Coin (MOG) with an 18% increase, bringing the total growth in the past 7 days of this memecoin to 112%.
Ethena (ENA), Fantom (FTM), Beam (BEAM), Ondo (ONDO), dogwifhat (WIF), Render (RNDR), Immutable (IMX) are also projects that performed very well in the last 24 hours with profits profit over 10%.
Source: Coinmarketcap
Ethereum (ETH) also closed June in the red with a decrease of more than 8%.
However, the market has begun to show signs of recovery after officially recording green this week, ending a streak of 4 consecutive weeks of decline.
ETH bulls are currently attempting to reclaim the $3,500 threshold with over 4% growth in the past 24 hours.
ETH price chart – 1 month | Source: TradingView
You can see coin prices here.
Viet Cuong
Bitcoin Magazine
