Investing.com – Despite the recent tweets of American business magnate Elon Musk, it appears that they are no longer mobilized, while the largest cryptocurrencies are still orbiting in the levels between $ 30 thousand and $ 35 thousand.
On the other hand, despite the intraday rises achieved by Elon Musk Sheba and Dogecoin coins, following the recent tweets, the coins of the founder of Tesla (NASDAQ:) are still diving into their weekly losses.
Bitcoin is trading during those moments of today’s trading at levels of 33.11 thousand dollars, while the largest cryptocurrencies fluctuated between the levels of 30.18 thousand dollars, the bottom and the top of 33.3 thousand dollars.
According to a recent report by JPMorgan, the institution does not expect the price of Bitcoin to rise in the medium term based on the volatility of Bitcoin vs.
As the price of Bitcoin (BTC) failed to hold its breath above $35,000, JPMorgan (NYSE:) expects a general bearish movement below the critical price level based on Bitcoin’s volatility against gold.
JPMorgan explained its reasons for putting the fair value of Bitcoin between $23,000 and $35,000 over the medium term. JPMorgan analysts also said that China’s crackdown on mining operations will have a positive impact on Bitcoin in the medium term, “because it is accelerating the shift away from China’s high share of BTC hashrate, which reduces focus.”
They continued, “More than a month after the cryptocurrency crash on May 19, the price has continued to bleed, even as the flow of ETFs into the gold market has stopped.”
This indicates, from the analyst’s point of view, that institutional investors, who tend to invest via regulated means such as exchange-listed Bitcoin funds or CME Bitcoin futures, are still showing little desire to buy lower Bitcoin.”
According to JPMorgan, another major factor preventing a potential rally is the end of a six-month shutdown period for the Gray Scale Bitcoin Trust, which saw an inflow of nearly $4 billion in December and January.
July 19 will mark the most significant day for the unlock, with 16,000 bitcoins worth around $627 million being issued.
And amid weak trading during Sunday’s trading, Ethereum rose 3% to levels of 1859 dollars, while recording weekly declines of about 15%.
With a slight decline, Binance Coin comes at levels of $ 280, while the currency is down by about 17% during a week’s trading, and its market value is about $ 43 billion.
Cardano rose slightly by less than 1% at levels of $1.28, while recording 10% weekly declines, and its market value is about $41 billion.
Despite Elon Musk’s tweets, the Dogecoin recorded a weekly decline of about 14%, while it rose during those moments by 0.2% at levels of $0.2448.
Elon Musk tweeted about Sheba Cryptocurrency.
He wrote: “My Chiba currency will be called the ‘Floki’.
Floki: The name of a Viking fighter, a name denoting strength.
On the other hand, the Shiba Inu currency, which Elon Musk tweeted, is declining by about 5% during the week’s trading, while it is now rising by about 3% at levels of $0.000007398.
Although it rose more than 4% during those moments, it is still recording weekly declines of more than 17%, while it is trading at $0.6215 levels.
The article does not express a recommendation or nomination, but merely a monitoring of market fluctuations, as trading in digital currencies involves high risks, including the risk of losing some or all of the investment amount, knowing that it is not completely subject to financial authorities and markets.
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