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Over the past month, the cryptocurrency market has experienced a mix of volatility and consolidation. Several key events and developments have influenced market sentiment, leading to fluctuations in prices and overall market trends.
One notable occurrence during this period was the release of the Consumer Price Index (CPI) data, which rose 0.04% over April and 5% from the prior year (not to mention the U.S. debt ceiling standoff).
This year, digital assets may lose value as central banks all over the world raise interest rates to combat increasing inflation.
This sentiment was also driven by regulatory institutions that are cracking down on the cryptocurrency industry. There are reports of stricter regulations being considered or implemented in various jurisdictions, which dampened investor confidence and lead to a sell-off in the market. Cryptocurrencies experienced a notable correction, with prices retracing their recent highs.
Despite the recent volatility, the long-term prospects for cryptocurrencies remain positive. The increasing interest from institutional investors, the development of decentralized finance applications and the ongoing technological advancements continue to shape the industry’s growth trajectory.
The past couple of weeks have seen the digital asset industry experience both ups and downs. While regulatory concerns and inflationary considerations have temporarily impacted market sentiment, the overall trend towards mainstream adoption and innovation in the cryptocurrency space remains intact.
Track Through Previous Reports: Looking for how cryptos performed over the last one month. Take a look back at where Bitcoin, Bitcoin Cash, Litecoin, TRON, Ripple and Ethereum and compare their price movements and where they may be headed this month with last month’s Issue 3 – 2023 Crypto Live Casino News.
Crypto Price Watch
(Issue 4 – 2023 Crypto Live Casino News)
- Bitcoin (BTC) – This is a big week for economic news coming out of the U.S. Investors and traders should keep a careful eye on these developments because they may have an impact on market sentiment and cause large variations in the price of Bitcoin (and the market in general). The major events are New Home Sales, FOMC Meeting and Unemployment Claims and these will have a strong impact on the price of BTC. In the last month BTC options volume has dropped, indicating a preference for bullish options. BTC has dropped 4% in the last month to $26,655 USD, and appears to be pushing lower. The digital asset is seeing resistance at $27,250 USD and support at $26,000 USD.
- Bitcash (BCH) – Bitcoin Cash had a brief surge in price last week on its run-up to a new upgrade release. The mainnet upgrade caused the price of BCH to jump 6% to $118 USD but has since come off and is currently at $114 USD. Market analysts continue to push BCH because of its scalability – borderless, secure and faster than BTC… and transaction fees are significantly lower, believing this cryptocurrency is on the verge of another bullish run.
- Litecoin (LTC) – LTC has managed to buck the bearish trend in the cryptocurrency world by increasing 14% in the last week. The jump in price could be due to the upcoming “halving” which will happen in 2 months. The hype behind the halving event (every 4 years) comes from previous events which increased the price of LTC. The coin is currently trading at $90 USD and is experiencing resistance at $92.45 USD.
- TRON (TRX) – The founder of TRON, Justin Sun suggested on May 11th that the company may start trading in memecoins. Since the announcement, the coin is up over 10% and is trading at $0.075 USD, hitting a year to date high. Bullish targets are $0.078 USD and then $0.083 USD if the upside trend continues, but with the looming U.S. economic data coming out this week, it could delay the run.
- Ripple (XRP) – Ripple is another coin that is showing resilience in a volatile market. The coin is up almost 10% in the last 2 weeks and is currently trading at $0.46 USD. The latest surge could be attributed to their ongoing court case with the SEC, where the judge ruled that the “Hinman emails” be made public as early as June 6th. These documents are internal discussions in the SEC concerning cryptocurrencies and whether they are considered securities and should be treated as such. The outcome of the XRP case will be a monumental decision that will affect all coins going forward and seems to be leaning toward a positive outcome for XRP.
- Ethereum (ETH) – Ethereum has rallied over 50% since the start of the year and is currently trading at $1,802 USD… down from a yearly high of $2,120 USD achieved last month. Bear traders predict that the altcoin is in a downward trend and could see support levels as low as $1,775 USD. On the other side of the discussion, bulls believe that the current sideways movement is a refusal to break down and the resistance level is at $2,000 USD which could be realized in the next 2 weeks.
Disclaimer: Always be sure to check the current crypto prices in real time using a professional cryptocurrency website. Cryptos are highly volatile with prices from one day to the next often changing. For a list of online casinos that accept cryptos, check out the casino sites reviews here. It contains live dealer platforms accepting cryptocurrency for Evolution, Ezugi, Pragmatic Play and ALG live dealer games.
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