Is the crypto bear run over?

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Calm Bear Or Dead Cat?

Will it stay the course? That’s the biggest question plaguing Bitcoin investors. For the first time in three weeks, Bitcoin briefly touched $32,000 levels on Wednesday. It slid the mark and is now trading at ~$31,533 levels (when we published). It also gained ~7% over the week. But it's a rocky road ahead.

All the vibesThere is a rising optimism in the market about Bitcoin.

1. Like Fidelity Investments, which is hiring 200+ people for its crypto trading arm.

2. Whales continue their HODLing spree, latching onto 1,000+ Bitcoins since 2021.

3. Individual holding is on the rise. Santiment says that investors holding anywhere between 100-1,000 Bitcoins are on the upswing.

But the general market sentiment is one of trepidation. And this has been its longest run under its shadow since March 2020. While that provides a lucrative buying opportunity, many experts still do not expect an immediate recovery in BTC prices. But all in all, this supposed crypto winter won't be as harsh.

BTC’s Real ValueWhat’s the next big trading milestone for Bitcoin? Analysts have mixed feelings:

• JPMorgan Chase is betting on a $38,000 level for Bitcoin, post price recovery.

• Coin Price Forecast is predicting $49,065 for the crypto asset by year-end.

• Analyst Venturefounder is calling 2022 Bitcoin’s year to ‘capitulate’. Meaning that the price will sink to ~$14,000 levels and then rise back to ~$40,000.

There is a heavy interest in buying the dip. We are no astrologers. But for now, the market forecasts $40,000 to be the next target for Bitcoin.

ETH Not Optimistic?

More than 1 million transactions on the Ethereum blockchain failed in May. That's 200,000 more failures over April. The worrying bit is that the drops have stayed above the 1 million mark since March.

What’s really happening?

1. Senders don’t have enough funds.

2. The transaction is not verified.

3. There are not enough funds to pay for gas fees.

Overall gas fees have also been soaring, though there have been attempts by the network to plug the rise.

Not very hopefulThe Ethereum discussion is incomplete without Optimism. The token powering Ethereum’s layer-2 scaling failed to live up to its listing hype. Optimism dropped ~70% from its listing price to ~$1.40 levels. This is even as the token saw an overwhelming demand for its airdrop.

Missed A Step

Crypto app STEPN has hit the Great Wall of China. Literally. In just over a month, its move-to-earn token will not be valid in the communist country. With services being disabled, its token is bearing the brunt.

Hitting stop STEPN’s GMT Token is down ~20% since May 26. It was hovering at $1.15 levels in late evening trade Wednesday IST.

It’s a lose-lose for the crypto project because:

1. Users are losing interest rapidly.

2. Its token price is constantly sliding.

3. NFT trades have declined ~74% in 24 hours as of Wednesday.

The worst part is that users will have to figure out what to do with their in-app assets.

Some winners in the game Blockchain-backed games aren’t a total washout either. Axie Infinity’s AXS token rallied 19%. The euphoria was on the back of a new builder programme launch. The token corrected from its highs and is now trading at ~$23.5 levels.

M&M’s Turbo Charged

Sales are hitting new records, and profits have multiplied. Thanks to these green signals, M&M hit a new 52-week high on Wednesday.

What’s working?For starters, the Covid-led sales decline is history. M&M posted stellar vehicle sales numbers for May:

• Total sales rose over 200%.

• Exports were up ~5%.

• Tractor sales climbed 48%.

M&M also has high sales expectations for its Scorpio-N model. To be launched on June 27, this SUV will position itself between the Thar and XUV700.

Zooming profitsD-Street’s green signal to M&M was also on the back of its Q4 numbers. The dual factors aiding the push are:

1. Profit: The automaker’s standalone profits rose ~5X to ~Rs 1,200 crore compared to a year ago.

2. Revenue: Sales grew 28% to ~Rs 17,000 crore compared to a year earlier.

For now, it looks like the effects of the pandemic are over.

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Who are we? There is a lot happening in our world. Everything has layers, and each layer has to be carefully peeled so you, the reader, know how the world of money is changing every day. That’s our promise. Help you unpeel the onions, which are the public markets in the US, India, and crypto, so that you know just a little more.