Here is our quick update on June 2021 performance:
With majority of the cryptocurrencies trading in red, this month has been again another rollercoaster for digital currencies. Bitcoin closed its worst trading quarter in three years with a 41% decline.
- OneBit average investor return on spot trading is -3.2% (May 6.0%), first time in loss since July 2020.
June Profit/ Loss on Popular Coins
- -10.0% (May -31.2%) average return for Bitcoin (BTC)
- -20.3% (May -20.2%) average return for Ethereum (ETH)
- -24.8% (May -39.3%) average return for Litecoin (LTC)
- -33.4% (May -23.9%) average return for Ripple (XRP)
- -27.1% (May -29.3% average return for Bitcoin Cash (BCH)
As we still keep a cautious eye, there has been very little movement from OneBit trading bot in June, except a few quick attempts at the month end, only to prove futile in the volatility.
Below chart reflects our near to nada activities in this market.
What the World is Doing?
1. Having been denied electricity by local authorities in China, BTC world’s 5th largest mining pool announced the successful relocation of it’s machines to Kazakhstan.
2. Despite all the issues that the blockchain industry is facing as regards energy, UN experts believes that the technology powering blockchain can serve as solution to climate change.
3. Mexico’s third richest man Ricardo Salinas Pliego has just doubled his support for the flagship cryptocurrency as he revealed plans to create the first BTC friendly bank in the country.
4. The past few months have seen the Indian Crypto ecosystem faced with the threats posed by regulatory actions of the government. Despite the uncertainties, crypto investments in the country is seen to have surged 600% in a year.
5. In its attempt to bolster crypto ecosystem in the country, El Salvador government will airdrop $30 worth of Bitcoin to every adult.
6. And again, Tesla CEO Elon Musk says the company will start accepting Bitcoin payments once there’s confirmation that miners are utilizing clean energy.
p.s. Personally, we think it has become a joke that whenever Elon tweets, cryptos go to the roof. The hype from his “passion” toward meme coins is just as ridiculous. Here is what we see a real world joke:
We hope you enjoy our fundamental analysis above to have a brief understanding of the crypto world. At OneBit, we strive through technical analysis, but we also love good stories behind the charts that move the world.