Cryptocurrency Market Overview on 04/06/2022

The main cryptocurrencies weakened during yesterday’s trading, which many analysts associate with hawkish statements by Federal Reserve Governor Lael Brainard. Taking into account the consistency of such statements, the effect will be short-lived.

The weakening of most stock markets is also associated with the possibility of aggressive tightening of monetary policy by the US Federal Reserve to combat inflation. US Treasury yields reached a multi-year high after Brainard’s promise to significantly reduce the Fed’s balance sheet.

Singapore is tightening restrictions for crypto companies that register there but do not have a physical presence in the city-state.

Last night, Bitcoin quotes were trading below the round level of 45.000, after the bulls failed to consolidate above the level of 47.000 during yesterday’s trading. Thus, the quotes still remain within the boundaries of the horizontal channel between the levels of 45.000 and 48.000. Despite the absence of strong fundamental factors affecting Bitcoin quotes, it is worth considering that in case of a repeated breakdown at the 45.000 level, quotes can continue the downward movement to the area of the 41.000 and 43.000 levels.

Iron Fish
Daily market analysis with Love to Crypto.