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After a rough spell that included two bear runs the preceding week, the crypto market made gains on June 30 following the expiration of CME future contracts.
2018 continues to be a volatile year for cryptocurrencies. June alone has seen several major downswings, including the latest on June 29 (PST), which saw Bitcoin trading as low as $5,838.97, according to CoinMarketCap.
[Ed note: Investing in cryptocoins or tokens is highly speculative and the market is largely unregulated. Anyone considering it should be prepared to lose their entire investment.]
But leading up to June 30, the cryptocurrency market saw a sharp surge, with the Bitcoin price climbing 9.6 percent in a six-hour bull run before consolidating -- a price action mirroring (but surpassing) a similar bull run on June 24.
7-day Bitcoin price action
Disclosure: I own some Bitcoin, Ether, Bitcoin Cash, and actively trade other cryptocurrencies.
Other major cryptocurrencies have followed suit, with several top-10 coins (by market cap) seeing double-digit percentage gains on the day (at the time of this writing), including: Bitcoin Cash (BCC), Cardano (ADA), Litecoin (LTC), and Stellar (XLM).
24-hour market gains for global cryptocurrency market
As reported in CoinTelegraph, this negative price action was due in part to the expiration of CME contracts on June 29:
Read Again Broooh https://www.forbes.com/sites/jessedamiani/2018/06/30/crypto-market-bounces-back-with-20b-gain-btc-eth-bcc-and-other-major-coins-up-over-8-today/Data from Cointelegraph’s price index and Coin360.io show Bitcoin continuing a trend of declines in the run-up to futures expiration dates.
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