The Crypto Market Has Strengthened, Beware of Profit Taking Actions

Liputan6.com, Jakarta Even though it had experienced a decline in the first two weeks of June 2023. The crypto asset market has recovered quickly which is reflected in the total crypto asset market capitalization which has rebounded to increase by more than 20 percent.

Ajaib Kripto Financial Expert, Panji Yudha explained that the crypto asset market is recovering driven by several positive news, such as BlackRock submitting Bitcoin ETF Spot trading documents to the Securities Exchange Commission (SEC).

Then, the EDX crypto exchange built by Citadel and Fidelity officially operated, and the statement by the Governor of The Fed, Jerome Powell, stated that stablecoins are a form of money so they need to be regulated. This gives positive sentiment to crypto asset investors.

“Bitcoin’s increase was also followed by several altcoins such as BCH shot 105 percent, and PEPE Coin rose 60 percent in the last 7 days,” said Panji, in a discussion of the July 2023 Bitcoin Projection, Tuesday (27/6/2023).

Examine This Issue

However, Panji reminded crypto asset investors to also pay close attention to a number of potential issues that could hold back the price of Bitcoin, such as fears of the potential increase in US interest rates which are predicted to increase twice until the end of the year. Investors also need to pay close attention to profit taking in this condition.

According to Panji, sentiment for crypto assets based on the “Bitcoin Fear and Greed Index” is currently around level 59 which shows the psychology of the market is being greedy. At this level, Panji revealed that traders tend to take profits.

In addition, investors will be watching this week for the US Personal Consumption Expenditure Index (PCE), the Fed’s preferred inflation indicator due for release on Friday. The price index for personal consumption expenditure (PCE) on an annual basis is predicted to grow to 4.6 percent in May, higher than the previous month’s report of 4.4 percent.

“A number below consensus could push up crypto prices. However, if the release number is above the prediction, it has the potential to stop the increase in crypto prices,” explained Panji.

Meanwhile, from Asia, it was reported that Hong Kong and Shanghai Bank Corporation (HSBC), the largest bank in Hong Kong, has enabled its customers to sell and buy Bitcoin ETFs and Ethereum ETFs that are listed on the Hong Kong Stock Exchange.

Disclaimer: Every investment decision is in the hands of the reader. Study and analyze before buying and selling Crypto. Liputan6.com is not responsible for profits and losses arising from investment decisions.