{"id":67871,"date":"2023-06-21T17:01:35","date_gmt":"2023-06-21T11:31:35","guid":{"rendered":"https:\/\/mudrex.com\/blog\/?p=67871"},"modified":"2023-06-21T17:01:37","modified_gmt":"2023-06-21T11:31:37","slug":"mudrex-crypto-market-outlook-20th-26th-june-2023","status":"publish","type":"post","link":"https:\/\/mudrex.com\/blog\/mudrex-crypto-market-outlook-20th-26th-june-2023\/","title":{"rendered":"Mudrex Crypto Market Outlook | 20th-26th June 2023"},"content":{"rendered":"\n<h2 class=\"wp-block-heading has-medium-font-size\" id=\"h-synopsis\">Synopsis<\/h2>\n\n\n\n<ul>\n<li>Market chaos persists, but technicals suggest a potential relief rally.<\/li>\n\n\n\n<li>The Federal Reserve\u2019s decision to pause interest rate hikes is expected to calm the volatility in the crypto market.<\/li>\n\n\n\n<li>Regulatory crackdowns continue to influence the market, with possible expansion into the DeFi sector.<\/li>\n\n\n\n<li>Blackrock\u2019s application for the Bitcoin ETF could indicate brewing troubles for Grayscale.<\/li>\n\n\n\n<li>Tether (USDT) is under renewed regulatory scrutiny. If any regulatory concerns take shape, it could pose a potential risk to the market.<\/li>\n<\/ul>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full is-resized\"><img fetchpriority=\"high\" decoding=\"async\" src=\"https:\/\/mudrex.com\/blog\/wp-content\/uploads\/2023\/06\/unnamed.png\" alt=\"\" class=\"wp-image-67888\" width=\"800\" height=\"453\" srcset=\"https:\/\/mudrex.com\/blog\/wp-content\/uploads\/2023\/06\/unnamed.png 512w, https:\/\/mudrex.com\/blog\/wp-content\/uploads\/2023\/06\/unnamed-300x170.png 300w\" sizes=\"(max-width: 800px) 100vw, 800px\" \/><figcaption class=\"wp-element-caption\">Figure 1: Total Crypto Market Capitalization\u00a0<\/figcaption><\/figure><\/div>\n\n\n<h2 class=\"wp-block-heading has-medium-font-size\" id=\"h-key-observations\">Key Observations<\/h2>\n\n\n\n<p>Technicals suggest that the market is prepared to make a move higher. The total market cap seems to be breaking out of a trendline on the daily timeframe. On a closer look, the weekly timeframe presents a more bullish picture.<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-9-16-wp-has-aspect-ratio\"><div class=\"wp-block-embed__wrapper\">\n<iframe title=\"Crypto Market Update June 20 | Mudrex\" width=\"696\" height=\"392\" src=\"https:\/\/www.youtube.com\/embed\/sxATETna8A4?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" allowfullscreen><\/iframe>\n<\/div><\/figure>\n\n\n\n<h2 class=\"wp-block-heading has-medium-font-size\" id=\"h-analysis\">Analysis<\/h2>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-regulatory-measures-and-crypto-market\" style=\"font-size:17px\"><strong>Regulatory Measures and Crypto Market:<\/strong><\/h3>\n\n\n\n<p>The Securities and Exchange Commission has come up with a proposal to change the legal definition of an \u2018exchange.\u2019 This is facing substantial criticism from the crypto community. The proposed change could bring decentralized exchanges (DEXes) under the legal purview of the SEC.<\/p>\n\n\n\n<ul>\n<li>&nbsp;With regulatory measures on centralized crypto exchanges and projects, the market is demonstrating a degree of uncertainty. A potential expansion of these regulatory crackdowns into the DeFi sector is something to watch out for.<\/li>\n<\/ul>\n\n\n\n<p><strong>Federal Reserve puts rate hike on a pause<\/strong><\/p>\n\n\n\n<p>The current target for the interest rate has been kept unchanged at 5%-5.25%. But the Federal Reserve suggested that rates may go up to 5.6% by year-end if the inflation does not come under control.<\/p>\n\n\n\n<ul>\n<li>The decision to put a halt to interest rate hikes has proven to be a breather for the entire market. The total market cap has been able to hold the $1 Trillion mark.<\/li>\n<\/ul>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter is-resized\"><img decoding=\"async\" src=\"https:\/\/lh3.googleusercontent.com\/j7F3XUasAOAcEcBuRW1Ip3R3KubvsNamUlfBmCWkBMqzRaT8HzN-1j5Oyjr12MQxDoEO6NlEqZaZ0wotHTLNkVLfnO4r-NquOZKSzTN1jVmH44a1yiumGRy4rZ4qDij5eFxw_rdDF1DQb3h907leCHE\" alt=\"\" width=\"768\" height=\"435\"\/><figcaption class=\"wp-element-caption\">Figure 2: FED interest rate historical (Source: The Motley Fool)<\/figcaption><\/figure><\/div>\n\n\n<p><strong>Bankruptcy Processes and Market Impact<\/strong><\/p>\n\n\n\n<p>The aftermath of the Terra and FTX fallout has led to several crypto platforms and exchanges navigating bankruptcy processes. Despite this, these processes have not yet had a significant impact on the crypto prices.&nbsp;<\/p>\n\n\n\n<ul>\n<li>This situation is expected to evolve as Voyager is reportedly set to allow withdrawals from Tuesday.&nbsp;<\/li>\n\n\n\n<li>It is interesting to note that currently the correlation between the stock market and the crypto market is also pretty less.<\/li>\n\n\n\n<li>The overall sentiment in both the markets are different. Crypto participants are currently watchful, whereas stock market participants are displaying &#8216;extreme greed.&#8217;<\/li>\n<\/ul>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter is-resized\"><img decoding=\"async\" src=\"https:\/\/lh6.googleusercontent.com\/JJHVkwKInib5wG5rmDjrfOwn_HkgJFEytNATqUvxsmGm0Aku72LqZlZGbeJdW9a62eNegq2OI0yNU1fELckobNigZBWycZn7koJHn9kqSbAWtAm8fvQGKxznSoj9MNZmZqmRnDvH6nCtQti7I2e3afE\" alt=\"\" width=\"768\" height=\"437\"\/><figcaption class=\"wp-element-caption\">Figure 3: Stock markets displaying extreme greed<\/figcaption><\/figure><\/div>\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter is-resized\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/lh6.googleusercontent.com\/0qSx8hP0RG3YYe1Xnd1cAdUEd_zinEp2cW0TnYTNuLkQ-pgurDNktNvnOiHl9_prl-apjIdGmncavDEj2Boy-t2W8tXNHL4cHP559c_ZWzgLqC4juixDAPItM4Ky4d1KD2lM_HvNtaTO-bfRAoREpr0\" alt=\"\" width=\"800\" height=\"346\"\/><figcaption class=\"wp-element-caption\">Figure 4: Crypto market displaying a neutral sentiment<\/figcaption><\/figure><\/div>\n\n\n<p><strong>Grayscale and Blackrock:<\/strong><\/p>\n\n\n\n<p>The recent news of Blackrock\u2019s filing for a Bitcoin Trust raises questions about the financial stability of Grayscale, the largest Bitcoin Trust operator. It suggests that Grayscale might be encountering financial troubles, as their parent company, DCG, is known to be strapped for cash.<\/p>\n\n\n\n<ul>\n<li>Interestingly, Blackrock\u2019s ETF filing has led to a rally in the price of Grayscale Bitcoin Trust (GBTC) shares, which were earlier trading at a 40% discount.<\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-image is-resized\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/lh4.googleusercontent.com\/auY3z9_FDuYVYsSL4prcJJvz0-Ja6qDUCUV985S-dPbt4RMCwGs1g2_PRuQyFLgd_SbRI0aPRSrd65S5iE30LVvnrTRBjzc5mFDOARrmQH9xEj2E_Jv5_blmrFhwMaDS21HvBGqgVZuyFw-MzY2I4ng\" alt=\"\" width=\"1096\" height=\"394\"\/><figcaption class=\"wp-element-caption\">Figure 5: GBTC premium vs. asset holdings vs. BTC\/USD chart (Source: CoinGlass)<\/figcaption><\/figure>\n\n\n\n<p><strong>Potential Issue for USDT:<\/strong><\/p>\n\n\n\n<p>Tether (USDT) is attracting renewed scrutiny due to fears of a significant deviation from its peg. Given USDT\u2019s role in leveraged trading, any issues could cause unwanted liquidations and serious market damage.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter is-resized\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/lh6.googleusercontent.com\/LDUk0eROtSdoffH7WFIcUymtOa_9p9iOtuAdrXf2f25Z2ndx_-tNUGwZUrCf8GdYFyGxFF1qlX01THT73HM_8GCDvLLt7ObDiNqas3NDM8wLyz7aBVlMOPmFW-VsYT1Zc0mxx69lKf3jIw_AWp_4DuE\" alt=\"\" width=\"715\" height=\"292\"\/><figcaption class=\"wp-element-caption\">Figure 6: Tether\u2019s price action<\/figcaption><\/figure><\/div>\n\n\n<h1 class=\"wp-block-heading\" id=\"h-deep-dive-into-the-top-gainer-and-loser\">Deep Dive into the Top Gainer and Loser:<\/h1>\n\n\n\n<p>We closely analyze the performance of the top 50 coins by market capitalization, and take a closer look at the best and the worst performers of the week.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-top-gainer-of-the-week-aptos-apt-up-by-10-22\">Top gainer of the week: Aptos (APT) up by 10.22% \u2b06\ufe0f<\/h2>\n\n\n\n<p>Aptos is one project which has received some serious funding from some of the most renowned investors, including venture capital firm Andreessen Horowitz (a16z), Tiger Global, Multicoin Capital and Binance Labs.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter is-resized\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/lh5.googleusercontent.com\/OVGmJe-UEF106HHYvwxHPA6BpsianX5vNMmM2j1VwGFXuVWJOYBG5YgdbfrWy_dcjOkEARZG0KxfEJ-ZxCigXJxygvs55hTE-hyhTL3_Av68zaW4bdX8CrgDH0Wzt8xTxxsV_X6ksd7o4UxvgGxHfJk\" alt=\"\" width=\"768\" height=\"435\"\/><figcaption class=\"wp-element-caption\">Figure 7: APT technical analysis<\/figcaption><\/figure><\/div>\n\n\n<p><strong>Opinion:<\/strong><\/p>\n\n\n\n<p><strong>Fundamental analysis:<\/strong> For investors who have a strong belief in the promising future of the Aptos project and intend to hold their positions for medium to long-term durations, or even for those who align with both categories simultaneously, the buying zone of $6 to $7 appears favorable.<\/p>\n\n\n\n<p><strong>Technical analysis: <\/strong>The low trading volumes do not match the steadily rising price. It indicates that some large buyers might be pulling the price higher. Therefore, one should wait for the consolidation phase to get over and then make a move.<\/p>\n\n\n\n<p>Oscillator indicators: 1 bearish, 9 neutral, 1 bullish&nbsp;<\/p>\n\n\n\n<p>Moving Average indicators: 10 bearish, 1 neutral, 4 bullish<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-biggest-loser-of-the-week-toncoin-ton-down-by-8-44\">Biggest loser of the week: Toncoin (TON) down by 8.44% \u2b07\ufe0f<\/h2>\n\n\n\n<p>The surprising classification of the Toncoin to be a security by the SEC has brought attention and sellers to this token. The classification considers it as investment contracts, subjecting it to securities regulations.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter is-resized\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/lh5.googleusercontent.com\/jyi-Mt6JD8Hr89dvdeEjTzsJh4KvancgRTAgpFVHQdCbNX4fwOb6qJ4fsXlPsZm4UBbL0qz1KUNGr9Ij803kv4Awz2IDWNviA1fS20LdAH3FvhhhD0dcNP0C676cNCR7ArjqBPPntjX7pDubOdfPe7M\" alt=\"\" width=\"768\" height=\"435\"\/><figcaption class=\"wp-element-caption\">Figure 8: TON technical analysis<\/figcaption><\/figure><\/div>\n\n\n<p><strong>Opinion:<\/strong><\/p>\n\n\n\n<p><strong>Fundamental analysis: <\/strong>It is a good time to take a pause and let the market make its move. Once the SEC \u2018security classification\u2019 dust settles, it would be a good time to re-look at Toncoin.<\/p>\n\n\n\n<p><strong>Technical analysis:<\/strong> After a retest of the trendline, the price has once again declined into the support zone provided by the weekly 50 Moving Averages (MAs). If it breaks down the 50 SMA line, a further decline toward the support level of $1.47 can be expected.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-conclusion\">Conclusion<\/h2>\n\n\n\n<ul>\n<li>Technical indicators suggest a potential relief rally in the crypto market, with the total market cap showing signs of breaking out of a trendline.<\/li>\n\n\n\n<li>Regulatory measures continue to impact the market, with the proposed change in the legal definition of an \u2018exchange\u2019 potentially bringing decentralized exchanges (DEXes) under the SEC\u2019s purview. Expansion of regulatory crackdowns into the DeFi sector remains a possibility.<\/li>\n\n\n\n<li>The Federal Reserve\u2019s decision to pause interest rate hikes has provided a breather for the market, with the total market cap holding the $1 Trillion mark.<\/li>\n\n\n\n<li>Bankruptcy processes for platforms affected by Terra and FTX are underway, and the market impact is yet to be fully realized. The upcoming ability to withdraw funds from Voyager will be closely monitored.<\/li>\n\n\n\n<li>Blackrock\u2019s filing for a Bitcoin Trust raises concerns about Grayscale\u2019s financial stability, as their parent company, DCG, is reportedly facing financial constraints.<\/li>\n\n\n\n<li>Tether (USDT) is under renewed regulatory scrutiny, and any issues with USDT\u2019s peg could lead to market damage and unwanted liquidations.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Synopsis Key Observations Technicals suggest that the market is prepared to make a move higher. The total market cap seems to be breaking out of a trendline on the daily timeframe. On a closer look, the weekly timeframe presents a more bullish picture. Analysis Regulatory Measures and Crypto Market: The Securities and Exchange Commission has [&hellip;]<\/p>\n","protected":false},"author":14,"featured_media":67899,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_eb_attr":"","footnotes":""},"categories":[1082],"tags":[],"_links":{"self":[{"href":"https:\/\/mudrex.com\/blog\/wp-json\/wp\/v2\/posts\/67871"}],"collection":[{"href":"https:\/\/mudrex.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mudrex.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mudrex.com\/blog\/wp-json\/wp\/v2\/users\/14"}],"replies":[{"embeddable":true,"href":"https:\/\/mudrex.com\/blog\/wp-json\/wp\/v2\/comments?post=67871"}],"version-history":[{"count":20,"href":"https:\/\/mudrex.com\/blog\/wp-json\/wp\/v2\/posts\/67871\/revisions"}],"predecessor-version":[{"id":67904,"href":"https:\/\/mudrex.com\/blog\/wp-json\/wp\/v2\/posts\/67871\/revisions\/67904"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mudrex.com\/blog\/wp-json\/wp\/v2\/media\/67899"}],"wp:attachment":[{"href":"https:\/\/mudrex.com\/blog\/wp-json\/wp\/v2\/media?parent=67871"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mudrex.com\/blog\/wp-json\/wp\/v2\/categories?post=67871"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mudrex.com\/blog\/wp-json\/wp\/v2\/tags?post=67871"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}