- Bitcoin and the entire crypto market closed down for 9 weeks in a row
- Today the situation has begun to improve and the charts are “greener”
- Let’s see if there is reason for optimism
May has become a difficult period for the cryptocurrency market. Against the backdrop of the collapse of the UST stablecoin, the rates of all tokens fell. Last week was the ninth week in a row that BTC closed with a red candle (fall). This happened for the first time in the history of cryptocurrencies.
Today, however, we saw green again.
Bitcoin has passed the important mark of $30,000. Now 1 BTC is worth about $30,000, which means an increase of more than 5%. The main cryptocurrency returned to the rate of a week ago.
1 ETH is trading at $1900. This is as much as 7% more than yesterday. But Ethereum is still 8% cheaper than it was 7 days ago.
So far, this does not improve investor sentiment much. A few hours ago — at $29,363 per 1 BTC — the fear and greed index reached 10, which means extreme fear.
Reasons for growth
Recent news from China contributed to the revival in the markets. The country announced the gradual lifting of quarantine measures in Shanghai and Beijing. They are preparing a 50-point plan to stimulate Shanghai’s economy.
Amid such activity, Asian stocks and US futures began to rise. And as Bitcoin corrects with the stock markets, it too is capitalizing on the positive news.
Important news calendar
This week, investors should watch out for the following news:
- Monday, Wednesday and Thursday. Statement by representatives of the US Federal Reserve.
- Tuesday. The ECB will publish data on inflation in the Eurozone. Perhaps they will decide on further increases in interest rates.
- Tuesday and Wednesday. China publishes PMI data (purchasing index). These are important indicators for the second strongest economy in the world.
- Friday. Report on the labor market in the US (data on unemployment).
We will be monitoring the situation closely. Subscribe to Telegram so you don’t miss anything.
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