June 2019 Crypto Market Review
CoinMetro’s XCM has doubled in value, while Bitcoin is hitting some high notes at over $11k. This month was full of highs and lows. From the Coinbase crash to Facebook’s Libra announcement, here’s a recap of the biggest crypto market stories in June.
Before we dive into the big news stories or speculate on the causes of the BTC bull run, here’s how some other crypto market leaders did this month.
An action-packed month for BTC
In last month’s crypto market review, we reported Bitcoin at a record high of $8,905. This month, BTC not only reached but surpassed both the $12,000 and $13,000 thresholds in a matter of hours on June 27.
But just as BTC holders started cheering, the price plummeted by $1,400 in minutes the same day. The cause? Crypto trading platform Coinbase crashed, likely under the pressure of the bull market run, and set the finance world ablaze with stories about BTC displaying its volatility once again.
Regardless of the recent scare, BTC is up 37% this month, and unlike the consumer-driven bull run last year, this time the rising interest comes from the business world.
This BTC bull run is fueled by corporate demand
Unlike the wave of mass consumers endeared by the “Bitcoin-rich” dream in 2016, institutional investments in crypto are on the rise.
This month, Facebook’s Libra token was announced as a part of their new and somewhat decentralized financial payment system. The Libra Association includes Uber, Mastercard, Visa, among other established institution in finance and beyond.
Do brands have the power to influence cryptocurrency value?
Well, the biggest BTC boom of the month did happen after the Libra announcement. While it’s tough to determine if this was a causal relationship, they are definitely correlated.
Our conclusion: we’re pretty optimistic about the impact of big brands on crypto markets, especially as more and more companies pursue crypto ventures. If this month’s market news make you want to ride the BTC bull run, why not sign up and trade on CoinMetro? We’re fully licensed in the European Union, easy to use, and you get 20 XCM for joining.
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