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Market Analysis: BTC, ETH & LINK - The evolution of the market during the past week was mostly negative with nonetheless a test of the important level of USD 32,000. Bitcoin is now trading just below level of USD 29,600. What can we expect next? We'll break this down later in the article but first let's go over the main industry news.

Market Analysis: BTC, ETH & LINK

The evolution of the market during the past week was mostly negative with nonetheless a test of the important level of USD 32,000. Bitcoin is now trading just below the level of USD 29,600. What can we expect next? We’ll break this down later in the article but first, let’s go over the main industry news.


NEWS

News is one of the factors that impact cryptocurrency prices. It is important for every trader to stay up-to-date with the latest developments in the sphere. We’ve hand-picked some of the most interesting ones for you:

New Japanese law may allow seizure of stolen crypto

Japan’s Justice Ministry is reportedly considering a revision of an asset seizure law relating to organized crime to include a stipulation that crypto can be commandeered in such instances.

If the reports are found to be true, a potential revision of the Act on Punishment of Organized Crimes and Control of Proceeds of Crime (1999) would enable law enforcement officers and courts to take control of crypto assets used in criminal activity such as money laundering.

According to reports from local media outlets such as the Yomiuri Shimbun on June 4, the Justice Ministry will first need to engage in talks with the Legislative Council on the issue before proceeding forward. While it will also need to iron out important details such as how officers can go about obtaining a criminal’s private keys.

Source: https://cointelegraph.com/news/new-japanese-law-may-allow-seizure-of-stolen-crypto

Hong Kong’s Securities and Futures Commission warns of nonfungible token risks

On Monday, Hong Kong’s Securities and Futures Commission (SFC) released a statement warning investors about the risks of nonfungible tokens, or NFTs, which have soared in popularity in recent years. The regulatory body wrote:

“As with other virtual assets, NFTs are exposed to heightened risks, including illiquid secondary markets, volatility, opaque pricing, hacking, and fraud. Investors should be mindful of these risks, and if they cannot fully understand them and bear the potential losses, they should not invest in NFTs.”

However, it appears that the SFC’s specific concern lies in the securitization of NFTs. “The majority of NFTs observed by the SFC are intended to represent a unique copy of an underlying asset such as a digital image, artwork, music or video,” which do not require regulation by the SFC.

Source: https://cointelegraph.com/news/hong-kong-s-securities-and-futures-commission-warn-of-nonfungible-token-risks

Solana developers tackle bugs hoping to prevent further outages

Developers have fixed the runtime bug that caused the latest outage of the Solana network on June 1.

According to a report published by Solana Labs on June 5, Solana’s fifth outage of 2022 was caused by a bug in the “durable nonce transactions feature” which caused the network to stop producing blocks for roughly four and half hours.

The term durable nonce transactions refer to a type of transaction on Solana that is designed to not expire, unlike a normal transaction on the network which usually has a short lifetime of around 2 minutes before a block hash becomes too old to be validated.

Source: https://cointelegraph.com/news/solana-developers-tackle-bugs-hoping-to-prevent-further-outages


Bitcoin Analysis

Bitcoin Analysis

After nine weeks of uninterrupted decline, BTC finally managed to close up, just slightly but still in the green. It is also important to note that the candlestick shape is rather positive for the future, as BTC closed in the shape of an inverted hangman.

Prices are currently holding above the USD 28,500 level but have once again failed to break back above the USD 32,000 level.

Until this level is breached, BTC will remain at risk and we will not open a long position.


Ethereum Analysis

Ethereum Analysis

As usual in this market, when Bitcoin moves in a certain way, Ethereum follows and this time is no exception.

ETH is now sitting on the USD 1,710 level as the last bastion before a more pronounced fall that could potentially send us back to the USD 1,000 – 1,300.

It is of course too early to tell and as long as the support holds, nothing to report. Regarding the opening of a long position, we will wait for a recovery to the USD 2,000 level.


Altcoin of the week: LINK

Altcoin of the week: LINK

The LINK/USDT pair is currently trading in a technical triangle pattern. If prices manage to break the upper bound for a long time, we will open a long trade on a retest of the support.

If on the other hand, LINK breaks its support zone from below, we will open a short trade on a retest of the latter as well.


Conclusion

Market sentiment can reverse very easily on cryptos as we just saw this week again. Careful though, as long as we don’t have confirmation, we must base our decision on fact and for now we must be patient.

There is nothing more important for success in trading. Plan the trade and trade the plan! As simple as that. In fact, don’t be tempted to take dangerous positions and wait for confirmation.

I’ll see you next week, take care of yourself!

Have a great week everyone!

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