Cryptocurrencies edge lower as bullish sentiment fades

Recent developments in Russia pushed risk assets down on Monday. Geopolitical concerns soured risk sentiment, halting the cryptocurrency rally.

Crypto markets surged last week on reports that large financial services institutions have announced major crypto initiatives. BlackRock, the largest asset manager in the world applied what would be the first-ever spot bitcoin ETF in the U.S. In addition, Crypto exchange EDX Markets, which is backed by Citadel, Fidelity, and Schwab, launched operations on Tuesday. Renewed interest in the crypto industry has helped to offset the negative news from Binance and Coinbase, fuelling a cryptocurrency rally last week. The bullish sentiment faded on Monday however, and major cryptocurrency prices began to slip.

The U.S. Federal Reserve kept its interest rate steady at its June meeting to a target range of 5.00% to 5.25%. The Fed signaled, however, that its tightening cycle is not over yet and that its peak rate might be higher than anticipated. Risk sentiment sank as the Fed showed signs of maintaining its hawkish stance, halting the rally of cryptocurrencies.

Bitcoin price edged lower on Monday, dropping to $30,200. If the BTC price declines, support can be found near $29,600, while resistance may be encountered near $31,400. 

Ethereum price dipped on Monday, touching $1,850. If Ethereum's price declines, it may encounter support near $1,713, while if it increases, resistance may be encountered near $1,940.

BTC/USD 1h Chart

ETH/USD 1h Chart

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Written by:
Myrsini Giannouli

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