Amid Recession Fears, Bitcoin, Ethereum, and Dogecoin Experience Growth.
Major cryptocurrencies were trading in the green on Tuesday evening, with Bitcoin climbing above the $27,000 mark, despite concerns of a looming recession caused by the ongoing debt ceiling negotiations in Washington. The global crypto market capitalization stood at $1.13 trillion, an increase of 0.75% over the last day. While the US stock market closed with losses as investors were worried about potential default, cryptocurrency continues to be a steady investment stream. Pseudonymous crypto analyst Credible Crypto warned investors that altcoin pumps in the coming weeks may end up being traps since Bitcoin is prepping for the next leg up. Founder and CEO of Morgan Creek Digital, Mark Yusko, reaffirmed his prediction of an impending digital asset bull market and predicted that a surge in the crypto market, or “crypto summer,” would take place in mid-June. Crypto analyst Justin Bennett suggested there could be a correction in the near future as numerous long liquidations in the ETH market could lead to a drop in price. Overall, even with the potential threat of recession, cryptocurrency seems to be holding strong in terms of investment and profitability.