June 2024 round up
All the latest from the crypto markets in June
June was a volatile month for Bitcoin after pumping to $72,000 while in the last week hitting the low of $58,500 as the crypto markets dragged everyone on an emotional rollercoaster.
Crypto Markets are typically boring sideways during the summer months. Still, as the US stock market continued to hoover up all the liquidity left in the economy it was Bitcoin that suffered.
We have previously warned that summer months can be the most testing times in the market. After hitting all time high the frustration of dropping and chopping sideways causes impatience, anger, and ultimately investors leaving the space. Macro continues to dominate with CPI Inflation, FOMC and rate predictions all being used to manipulate these moves.
After a very busy 6 months and a number of Seed Round and early round investments CC Pro released our Top Low Risk Coins to help members bring some balance to their portfolios.
We put this list together to help members de-risk their portfolio if they feel they are heavy on low cap/seed round investments. This should also be useful for new members who perhaps aren't comfortable with the risk associated with some lower cap altcoins.
We will put $1k into each of these coins and while the market is up pretty high already we have full confidence these still have big gains to come. Remember Crypto investors talk about multiples when talking about returns when most investors are happy with a 10% per year return.
In June we also saw the return of a lot of FUD (fear, uncertainty and doubt) as the news was used to try and shake investors out of positions. Talk of Mt Gox selling $9bn of Bitcoin, Germany selling some seized Bitcoin and the US government dumping their holdings. All these stories always seem to show up when prices are down and are designed to force investors to sell in a loss and institutions can scoop up cheap coins.
The main positive in June was the ETH ETF had been approved and the SEC dropped its case arguing ETH is a security. With no confirmed date for trading, we expect the ETH ETF to begin trading sometime in Q3.
CC Pro Members had full updates on $MV, SwissBorg introduced its own meme coin thematic and DRIFT has some huge updates on its roadmap and the utility of the token.
Overall despite the volatile price action June was actually a typical summer month chopping sideways and frustrating investors who after a year of up only expect Bitcoin to continue much higher. People begin to lose focus and make bad decisions at times like this acting on emotions rather than knowledge. We tried to bring a number of mindset posts to members to keep everyone laser focussed.
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