Bitcoin and Cryptocurrency Price Movements: A Monthly Analysis

The cryptocurrency market's capitalization has dropped by another 0.8% during the past day, returning to $1,128 from last Friday. The top altcoins are mostly down, with the exception of Litecoin, which is up 3%. Bitcoin is down 1.4%, Ether is down 0.8%.

With gains since the start of the year, Bitcoin ended the month down 7.6% at $27.0K. The movement toward the $25.5-26.0 region merits a thorough examination with continued decreases. Near the lower boundary, there is a 50-week average, and on May's dips, bitcoin found support at the top.Ethereum retreated to $1850 after failing to maintain positions above its 50-day moving average. The next level of technical support costs $1800.

There will probably be a larger sell-off in altcoins if Bitcoin and Ether make a strong move below these levels.

In terms of seasonality, June is regarded as a reasonably prosperous month for BTC. Bitcoin has completed the month with gains seven times (up 16.7% on average) and losses five times (-19.2% on average) over the past 12 years.

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The top banks in the world, including Standard Chartered, Nomura, and Charles Schwab, are building cryptocurrency trading platforms, according to the Financial Times.

Institutional investors are still interested in purchasing digital assets, but they only have confidence in the major banks.

Roger Ver, a veteran of the blockchain business and a backer of Bitcoin Cash, thinks that Ethereum, although having a lesser market cap, has become "a driving force for cryptocurrency adoption worldwide." He claims that ETH has revolutionized the market by introducing NFT, smart contracts, scalability solutions, and other advancements.

For his vow to reject any sort of cryptocurrency prohibition, probable US Republican presidential contender Ron DeSantis has the backing of the Binance exchange.

Binance, the biggest cryptocurrency exchange in the world, intends to let off a fifth of its workforce in June, according to Wu Blockchain.

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