iGaming Crypto Watch June 2023 – How are the Markets Looking?

Stay up-to-date with iGaming Crypto Watch in June 2023 for the latest on Bitcoin, Ripple, Bitcoin, Cash, Litecoin, TRON, and Ethereum prices. (Image from Pierre Borthiry at unsplash.com)

Many leading global economic think tanks predict that inflation is still not under control and interest rates will continue to rise in the U.S. This ongoing problem has many negative factors related to it… rising real estate prices, unaffordable cars, sky-high food prices, restrained commercial sector expansion and perhaps, a recession. Surrounding all the negativity is the reality that the global economy is tied to the U.S. dollar and when the American economy falters, it drags its global partners with it.

Many countries are now in the process of shifting away from using the American dollar in trade settlements. There are currently 9 Asian countries that are seeking to break away from the “militarization of the USD” and start to promote a multipolar world. One alternative is cryptocurrency, but many feel that crypto will not replace fiat currencies.

The crypto market is still finding its legs and is very volatile and susceptible to global economic fluctuations. While there have been many crypto scandals and impediments in recent memory, it is evident that the ecosystem of future digital money is likely to include cryptocurrency.

This week’s report will review the movements of Bitcoin, Bit Cash, Litecoin, TRON, Ripple and Ethereum and where they may be headed.

iGaming Crypto Watch: If you want to compare the current market with how it looked in May, then check out the iGaming Crypto Watch May 2023 update here.

iGaming Crypto Watch June 2023 Updates

Bitcoin (BTC) – The U.S. raised the debt ceiling, which means that liquidity will tighten and we can expect that the crypto market will suffer a downturn. Since breaking $30K USD last April, BTC has dropped to almost $25K last week. BTC has dropped 9% in the last month and is showing technical signs of pushing lower. Market analysts expect that this downturn will be short-term and may go as low as $23K before retesting $27,250 USD in the coming weeks. BTC was trading at $ 25,549.90 USD at the time of writing.

BitCash (BCH) – Bitcash has weathered the negative economic news in the last two weeks and held up against Bitcoin. BCH lost 5%, holding up against BTC and is currently trading at $104.32 USD. Crypto insiders believe that the cryptocurrency will not be able to withstand the ensuing market downturn and coins will be at the mercy of bear traders in the coming days.

Litecoin (LTC) – All eyes are on Litecoin at the moment. The coin has surged 5% in the last month as the halving event closes in, anticipated to be August 6th. Analysts believe that LTC is currently consolidating and that a price rally is imminent. LTC needs to break above the $94 USD resistance to break out to new highs. Although the coin has had a history of wide price fluctuations, it is expected that the current rally will continue until the end of June.

TRON (TRX) – TRON broke through to a new year high a few days ago. TRX hit $0.082 USD and looks to break out to highs if the coin breaks through the $0.084 resistance level. TRX has rallied 48% since the beginning of the year and continues to expand its ecosystem and network capacity. TRX is currently processing 7m transactions a day, whereas Ethereum only does around 1 million. The recent surge can be attributed to the launch of the BitTorrent bridge. This enables users to seamlessly move their TRX coins across the Ethereum and Tron blockchains and it has the potential to encourage users of Ethereum to embrace TRX more widely.

Ripple (XRP) – Consensus in the crypto world seems to be siding with XRP in their ongoing court case with the SEC. The lawyer for XRP stated that there is a 3% chance the SEC will win the suit. Another reason XRP supporters are positive is the possibility of a Ripple IPO. These two matters have rallied XRP up 58% since January 1st and up 11% since last week. The coin is currently trading at $0.47 USD and seeing resistance at $0.5407 USD.

Ethereum (ETH) – While Ethereum has come off 6% in the last month, it has recovered 3% and is currently trading at $1,668.64 USD. After a dramatic start in January, the coin rallied 56% but has faltered since April and is in a sideways pattern. Crypto analysts are bearish on ETH and that it will stay below $1,900 USD due to multiple issues. The European Union with regulate crypto assets through Markets in Crypto-Assets (MICA) from next year and the number of deposits has drastically decreased as a result of rising gas fees are driving DApp developers away from Ethereum. These two factors alone will make it difficult for ETH to break $1,900 USD any time soon.

Disclaimer: We are not cryptocurrency investment experts and recommend you seek the advice on investments from expert crypto sites. Our aim is to provide crypto iGaming enthusiasts with information regarding cryptocurrencies, something you can find out more about in our crypto in online casinos help guide.