June In Review, A Bad Month For Crypto
As June draws to a close and as we delve into the third quarter of the year, we want to skim over the markets to see how well crypto has performed. June certainly hasnât been a good month for short term investors, if anything, it has just seen an array of negative movements and backpedalling. Moreover, things arenât great for those long term investors either, many had planned to sell off by now yet they are still stuck in a wash of tepid values.
At best, June has at least provided us with some opportunities to buy in at a reasonable rate.
If we review the movements of Bitcoin, you can get a good idea of how the markets have performed overall. Bitcoin came into June with a value of $7,518.03, now, at the time of writing, Bitcoin is valued at $6,129.28. Bitcoin has lost around $1,400.00 in value just in a month and it is likely that Bitcoin will continue to sit at this low price as we enter July.
The rest of the markets have seen a similar trend, taking on big losses and in many cases, hitting lows that havenât been seen since the March depression.
Outside of the market, a few other big events have happened. The launch of the TRON mainnet was of course one such event and likewise, we did see the launch of EOSIO, the EOS mainnet. However, both events seem to have only had a negative impact on the value of both currencies.
This isnât because the projects failed by any means, itâs actually because the projects havenât been able to accrue value in the bear market. Nothing more, nothing less.
Hacks have made headlines. Once again, cryptocurrency exchanges have taken on big losses. South Korea have unfortunately been a bit of an epicentre for this, most recently seeing three hacks across two exchanges in a matter of weeks. The Coinrail and Bitthumb hacks have of course been used as a point of blame for todayâs falling market. Whilst we donât believe these hacks are the sole reason for declining values, we have seen evidence to suggest that these hacks have had some sort of an impact.
As we enter July, we sit on optimism. This negativity canât last forever, therefore, we can only expect July to be better than June, or kinder to the markets at least. As June draws to a close then, expect the markets to sit tight and remain in this tepid state. Likewise, this will no doubt continue into July for some time, eventually though, things will change and we may finally start to see figures climb. Our end goal? To see Bitcoin at $10,000.00 next month!