June 2024 Crypto Assets Market Monthly Review

Market Overview

In June 2024, the Crypto Assets market experienced significant fluctuations and changes. The performance of Bitcoin and Ethereum was noteworthy, influenced by various factors. At the same time, the altcoin market showed different trends, with some performing exceptionally well while others faced challenges.

Bitcoin Performance

June is an important month for Bitcoin, with significant improvements in price and market sentiment. Investors continue to accumulate Crypto Assets, and institutional participation is on the rise. A university has established a Bitcoin research institute, and a financial institution has announced plans to launch Bitcoin financing services.

In terms of politics, some politicians have expressed support for the Crypto Assets industry and proposed some positive policy suggestions. Reports indicate that senior government officials have begun to engage with representatives of the Crypto Assets industry in an attempt to improve relations. These developments have had a positive impact on the Bitcoin market.

Ethereum ETF Approved

At the end of June, the Ethereum ETF was approved and began trading, marking an important milestone. The ETF's first day performance exceeded expectations, with net inflows surpassing $100 million and total trading volume exceeding $1.1 billion. Although there were some net outflows the following day, overall, ETH's performance was better than market expectations. This development drove up Ethereum's price and improved market sentiment.

Altcoin Market

In June, the performance of the altcoin market was mixed. Some coins such as MANTRA, HNT, and JUP saw significant increases, primarily driven by positive news within their respective ecosystems. However, there were also some coins like FLR, FTM, and LDO that experienced price declines.

It is worth noting that the monthly trading volume of the decentralized exchange (DEX) has reached a historical high compared to the centralized exchange (CEX), and this trend deserves attention.

Macroeconomic Environment

stock market

In mid-June, major stock indices experienced a significant correction. Despite a strong rally at the beginning of the month, the sell-off in mid-month brought volatility. The market is currently at a crossroads, with signals of economic slowdown coexisting with strong business conditions, coupled with political uncertainty, which has kept investors in a cautious stance.

Federal Reserve policy

The Federal Reserve Chairman stated that no decision has been made regarding a possible interest rate cut in September. The Federal Reserve is closely monitoring economic indicators to balance its dual mandate. Employment market data shows some conflicting signals, which increases uncertainty about future policy directions.

China policy

China has recently implemented a slight interest rate cut, showing the government's cautious approach to stimulating the economy. The policy focus has shifted towards "quality growth" and technological innovation, including attention to web3 and blockchain technology. This reflects China's long-term strategic layout in the fields of economy and innovation.

Japan Trends

Japan is set to launch its first Crypto Assets ETF, marking an important development in the crypto market. At the same time, the Bank of Japan has raised interest rates for the first time in nearly 20 years, a move that has caught the market's attention and could impact global financial markets.

Conclusion

In June 2024, the Crypto Assets market presents a complex pattern. Bitcoin and Ethereum are driven by positive factors, while the altcoin market has mixed feelings. Changes in the macro environment, including adjustments in central bank policies and shifts in regulatory attitudes, have had a profound impact on the market. Looking ahead, the market may continue to remain volatile, but it also contains opportunities. Investors should closely monitor market dynamics and manage risks effectively.