Weekly changes: BTCUSD -7.66%
This week, the value of bitcoin rose above 40,000 USD, but the coin failed to gain a foothold at this level. The value of the leading cryptocurrency has been declining for the last three days. As of 20 June, bitcoin is trading at 35,500 USD, and its capitalization is 669 billion USD, according to CoinGecko.
Over the same period, altcoins also fell in price. For example, Ethereum has dropped in price by almost 10% in three days. The rate of Binance coin fell by 6%, and Cardano by 7%.
Currently, the market maintains a balance of supply and demand, and no one is in a hurry to sell, which supports bitcoin. However, buyers are still timidly gaining positions. A situation where the power of sellers and buyers are in balance is called an effective market or a sideways market.
The markets do not have enough positive or negative information to determine a future trend. Central banks and governments of developed countries continue demonstrating a negative attitude towards digital assets and strengthening market regulation. We can say that the growth cycle for the crypto market is over, as the attack on cryptocurrencies by the largest countries (China, the United States, the United Kingdom, and others) is just beginning. In the future, the pressure on the crypto market will only increase.