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Author Topic: Crypto Market Outlook Downgraded to ‘Uncertain’ in New SFOX Volatility Report  (Read 1631 times)

Magician

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The current outlook for the cryptocurrency market has been downgraded from mildly bullish to uncertain, SFOX’s latest volatility report concluded on June 6.

While the report acknowledged that crypto prices recovered substantially last month, the authors described overall sentiment is at a tipping point — and warned it was unclear how much of the growth is due to FOMO (fear of missing out).

SFOX echoed recent comments made by Digital Currency Group founder, Barry Silbert, and said bitcoin’s (BTC) rally on Monday, May 13 may have been linked to developments in the trade war between the United States and China.

According to its report, last month’s Binance hack, which saw cyber-thieves steal 7,000 BTC, appears to have little impact on bitcoin price. However, the sale of 5,000 BTC for $6,200 apiece on Bitstamp — well below market rates — may have been the cause of a “flash crash” on May 17. SFOX notes:

“That the Binance hack didn’t crash BTC’s price demonstrates that the crypto market’s infrastructure has matured since the days of major hacks such as Mt. Gox  —  but the Bitstamp order shows that the market still has a way to go in terms of a single exchange’s outsized impact on the asset class.”

Overall, BTC price increased by 57% over the course of May — and the five other crypto assets tracked by SFOX, including ether (ETH) and litecoin (LTC), also ended the month in green territory.

SFOX adds that conferences, further trading developments and the expirations of bitcoin futures may “potentially impact volatility more than usual” for the rest of June.

Source

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Niteroy

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No one knows exactly what caused the Bitcoin rally on May 13th. There are many possible reasons, but I think that the main thing is that the price of Bitcoin is kept at a high level and does not fall below $7,600, so there is a chance to see continued growth.

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We do not even need any reports to conclude that the bitcoin price behavior in the cryptocurrency market is absolutely unpredictable. As I recall, the main price ups and downs in 2017 and 2018 were also not clearly predictable. Therefore, the current situation is just as poorly predictable. Bitcoin is unlikely this year to fall strongly in price, including it should not grow much yet and price. There will be just a slight increase and by the new year the price of Bitcoin will be at the level of 10,000 - 12,000 dollars. This is also not bad.
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