臭名昭著的加密交易所Mt. Gox已開始以比特幣（BTC）和比特幣現金（BCH）向重建債權人償還債務。這些償還通過指定的加密交易所進行，遵守重建計劃。根據MtGoxBalanceBot的X貼文，Mt. Gox受託人持有94,457 BTC，自這些地址中已移動了47,288 BTC。 快速看點 重建債權人通過指定的交易所從Mt. Gox獲得比特幣和比特幣現金的償還。 償還將在確認賬戶有效性和債權人接受代理收據協議後進行。 比特幣價格在7月5日因償還消息和市場恐懼下跌超過5%。 分析師預測可能進一步下跌，但長期看漲前景依然存在。 Mt. Gox的興衰 Mt. Gox由Jed McCaleb於2010年創立，曾是最大的BTC交易所，處理了全球70%的BTC交易。2011年，McCaleb將交易所賣給了Mark Karpelès。然而，在2014年初，Mt. Gox因技術問題暫停了所有BTC提現，隨後透露出長期的安全漏洞導致約850,000 BTC的損失。該交易所在2014年2月申請破產，案件在2018年轉為民事重建。2019年，Karpelès因偽造財務記錄被判有罪。 Reddit用戶報告收到BTC、BCH償還 Reddit用戶確認Mt. Gox償還的例子 | 來源：Cointelegraph 一些Reddit用戶報告，他們的賬戶已收到BTC和BCH的償還。一位用戶分享了一封來自Mt. Gox的電子郵件，詳細說明了可償還BTC/BCH金額的區塊鏈轉賬，作為基本償還和提前一次性償還或中期償還的一部分。電子郵件列出了"MtGox Co., Ltd."作為重組債務人，並列出了律師Kobayashi Nobuaki作為重組受託人。 Mt. Gox的償還條件 Mt. Gox關於BTC、BCH償還的官方確認 | 來源: Mt. Gox 剩餘的重組債權人將在滿足若干條件後收到償還金額。這些條件包括確認賬戶的有效性以及債權人接受指定交易所的代理收款協議意圖。此外，重組受託人和交易所之間的償還程序必須完成，以確保交易的安全和安全性。 在Mt. Gox償還過程中，比特幣下跌超過5% BTC/USDT 價格圖表 | 資料來源: KuCoin 比特幣面臨巨大的市場壓力，因為Mt. Gox的償還觸發了一次大規模的清算。7月5日，比特幣價格下跌5%，在KuCoin上觸及53600美元的低點。交易員現在專注於52000美元的支撐位，這是比特幣在每週時間框架內的超級趨勢指標的關鍵點。 知名交易員馬修·海蘭指出，這一支撐位自3月中旬比特幣達到73800美元的歷史高點以來一直是比特幣價格的基礎。使用平均真實範圍來劃分買入和賣出階段的超級趨勢線，自2022年底以來一直將BTC/USD保持在其上方。 閱讀更多: 比特幣下跌至59,000美元以下，隨著Mt. Gox償還開始：是時候買入跌幅了嗎？ 分析師警告不要對下跌反應過度 BTC/USD 圖表 | 來源：Rekt Capital Blockstream 創辦人兼 CEO Adam Back 建議投資者保持冷靜並增加對比特幣和 MicroStrategy 股票的敞口，他強調歷史上的牛市曾經有過多次 30% 的回調。同樣，分析師 Rekt Capital 觀察到目前的回調在深度上是平均的，但在持續時間上是高於平均水平的，這表明比特幣的價格歷史正在重演。 比特幣的長期看漲前景依然存在 儘管短期內看空情緒濃厚，但一些分析師對比特幣的長期前景仍持樂觀態度。來自 eToro 的 Josh Gilbert 指出，聯邦儲備利率的減少以及美國證券交易委員會（SEC）批准的以太坊 ETF等潛在催化劑可能會大幅推動加密市場。Swyftx 分析師 Pav Hundal 也贊同這種看法，強調儘管短期前景可能具有挑戰性，但長期宏觀條件仍然積極。 結論 Mt. Gox 的還款過程標誌著這個曾經主導市場的交易所在復甦方面邁出了重要一步。雖然市場的即時反應波動較大，但比特幣的長期前景依然積極，並且有潛在的催化劑即將出現。隨著加密市場應對這些發展，建議投資者保持資訊靈通，並考慮短期風險和長期機會。
本週有幾個重大事件將對加密市場產生重大影響。關鍵發展包括聯邦公開市場委員會（FOMC）會議紀要的發布、Etherfi 的空投第三季度的開啟，以及其他幾個可能影響去中心化金融（DeFi）部門和更廣泛加密產業的重大事件。 快速要點 聯邦公開市場委員會（FOMC）會議紀要和六月的非農就業數據的發布對加密市場至關重要。 Etherfi 宣布的其 ETHFI 空投第三季度是 以太坊 網絡參與者的一件大事。 SUI 代幣和其他主要代幣如 ENA 和 DYDX 的解鎖將影響各種代幣經濟。 FOMC 會議紀要和美國六月非農就業數據 本週，加密市場正準備迎接幾個宏觀經濟數據的發布，尤其是 FOMC 會議紀要和六月的非農就業數據。分析師預計六月新增18萬個就業崗位，失業率保持在4%，為自2022年2月以來的最高。五月新增了27.2萬個就業崗位，最初增強了對經濟的信心，儘管有放緩的跡象。 如果數據低於預期，投資者對美國經濟勢頭的擔憂可能會增加。六月的數據顯示，持續失業申請人數達到184萬人，為2021年11月以來的最高點，突顯了求職者的困難。焦點還將放在平均每小時收入增長上，預計將降至疫情後的最低水平，即6月份同比增長3.9%。 BTC 價格表現：觀察流動性水平 - $62,500 至 $63,500 BTC/USDT 價格圖 | 資料來源：KuCoin 分析師認為這些見解將對 比特幣（BTC） 和更廣泛的加密市場產生重大影響。據加密分析師 CrypNuevo 說，比特幣顯示出潛在市場運動的初步跡象。 CrypNuevo 觀察到兩個關鍵的流動性區域：$62,500 至 $63,500（主要短期流動性區域）和約 $67,100（重要的中期區域）。此外，CrypNuevo 注意到相反方向存在一個長影線問題，這可能會被填補以平衡未平倉利率差距。 “所以我最終提出了這個預測：不一定是針對接下來的一周，時間範圍更像是 2-3 週。衝動性上漲到清算高槓桿空頭頭寸，然後回落到填補 50% 的影線。形成一個潛在的積累範圍，”CrypNuevo 寫道。 閱讀更多：比特幣價格反彈至 $63,000：是否會在 7 月達到 $70,000？ Etherfi 宣布 ETHFI 空投第三季 Etherfi 是一個在以太坊網絡上提供流動再質押服務的協議，已經宣布了有關第三季 ETHFI 空投的詳細信息。Etherfi 承諾將分發 2500 萬個 ETHFI 代幣。這些代幣的分配將根據每個社區成員的參與程度和參與度來進行。 第三季於 7 月 1 日開始，預計將持續到九月初。季結束後，空投分發將會進行。 SUI 和其他主要代幣解鎖 以太坊上的合成貨幣協議 Ethena (ENA) 將解鎖 1489 萬個原生代幣 ENA，這些代幣專門用於生態系統發展。這些代幣佔 ENA 流通供應的 0.92%，價值約為 762 萬美元。 除了 ENA 之外，DYDX 和 SUI 也在本週早些時候進行了代幣解鎖。 閱讀更多: DYDX, IO, SUI 和其他 2024 年 7 月值得關注的主要代幣解鎖 zkSync 在 3.0 路線圖中引入彈性鏈 zkSync，一個以太坊第二層 (L2) 網絡，在其最新 zkSync 3.0 路線圖中引入了一個新的 “彈性鏈” 功能。v24 升級將 zkSync 從單一 ZK 鏈轉變為彈性鏈。這個彈性鏈由 zkSync 生態系統內的多條鏈組成，為用戶提供使用單一鏈的體驗。 Matter Labs 是 zkSync 背後的團隊，他們將彈性鏈描述為一個無限可擴展的 ZK 鏈網絡。這些鏈包括 rollups、validiums 和 volitions。這些鏈由數學證明保護並無縫互操作，提供統一、直觀的用戶體驗。 Parcl 即將推出的 PRCL 質押計劃 Parcl，一個在 layer-1 區塊鏈 Solana 上的現實世界資產 (RWA) 代幣化協議，將在本週展示其即將推出的 PRCL 質押計劃。質押將有效解鎖 Parcl 生態系統中的所有參與，包括治理、現有和未來的協議激勵以及 Parcl Labs 數據 API 訪問。 Epochs 是質押時間的一個基本原則，一個 epoch 相當於七天。第一個 epoch 將在不久後公佈。 Zero1 Labs 公佈新的社區計劃 Zero1 Labs，一個去中心化的 AI 解決方案，宣布了一項針對 Zero1 社區的重大激活計劃。這項計劃涉及超過 25 個著名社區，旨在進一步去中心化其原生代幣 DEAI。 新的社區計劃旨在促進加密社區內更多的參與，並將 Zero1 Labs 擴展為最大的AI 加密社區。通過與頂級社區項目建立戰略聯盟，它為新的支持者提供獨家獎勵。 與知名社區合作，Zero1 Labs 為用戶提供了分享 200 萬美元 DEAI 獎池的機會。參與者可以通過與社區互動並撰寫關於 Zero1 Labs 的獨特內容來獲得獎勵。他們可以通過完成各種社交任務，如在 X 上關注、加入 Discord 社區以及在 X 上討論 DEAI 來增加獲得更多獎勵的機會。 社區計劃將於 2024 年 7 月 3 日正式啟動。為了確保公平參與，將在公告前一天對特定社區進行快照。這個快照將確定資格，給予參與者有限的時間參與社交活動並最大化獎勵。 NATIX 代幣發行和上市 NATIX Network 將於 7 月 2 日發行其代幣 NATIX。同一天，包括 KuCoin 和 Gate.io 在內的主要加密交易所將在其各自平台上上市 NATIX 代幣。 此次發行預計將為交易者和投資者提供重大機會，因為它將在知名交易所上市。NATIX 是一個由去中心化物理基礎設施 (DePIN) 和駕駛員社區增強的 AI 動態地圖。 結論 本週的新聞突顯了加密領域的重要里程碑和潛在的市場變化。投資者應密切關注 FOMC 會議記錄的釋放和宏觀經濟數據，因為它們可能會影響比特幣和更廣泛的市場。參與 Zero1 Labs 的社區計劃和 Etherfi 的 ETHFI 空投第三季可能會提供豐厚的機會。NATIX 代幣的發行和主要代幣如 SUI 和 ENA 的解鎖可能會帶來交易機會。此外，zkSync 的 Elastic Chain 和 Parcl 的 PRCL 質押計劃可能意味著 DeFi 部門的重要發展。保持信息靈通，參與這些事件，並準備好應對新興趨勢，以最大化您的投資潛力。
Week 26 saw a significant decline in the crypto market, with Bitcoin shedding around 16% of its value. Bitvavo's detailed analysis attributes this downturn to a general atmosphere of uncertainty rather than specific events. Quick Take Bitcoin experienced a significant decline, losing 16% of its value in Week 26, attributed by Bitvavo to a general market uncertainty. Weekend trading volumes for Bitcoin have reached historic lows, and the impending Mt. Gox repayment could further increase selling pressure. On-chain indicators suggest profit-taking among investors, but Bitcoin's 200-day average remains stable, with potential bullish reversal targets at $64,770. Bitcoin's price has been stagnant recently, with investors closely monitoring inflation metrics and anticipating potential Federal Reserve actions. Analysts predict rough waters ahead, with several bearish indicators suggesting increased selling pressure in July. Mt. Gox Repayments of 140,000 BTC Start in July A significant bearish event in June was the announcement of Mt. Gox repayments. Starting in early July 2024, Mt. Gox will repay 140,000 BTC (worth around $9 billion) to its creditors. This long-awaited repayment follows a decade after the exchange's collapse. Analysts fear this distribution could lead to increased selling pressure, further impacting Bitcoin's price. Read more: Will $10 Billion in Bitcoin Repayments From Mt. Gox Weaken BTC Price? Bitcoin’s Weekend Trading Drops to 16% in 2024 Bitcoin's trading volume on weekends has dropped to its lowest level in history, according to TheBlock. In 2019, up to 28% of Bitcoin trading occurred on weekends; in 2024, this figure has fallen to 16%. Kaiko's report suggests that the launch of spot Bitcoin ETFs contributes to this decline, as ETF trading only occurs during the stock market's open hours on weekdays. Consequently, the last hour of market trading has become a popular time for Bitcoin trading. The closures of crypto-friendly Signature and Silicon Valley banks in March 2023 have also influenced market dynamics, as per a news report on Cointelegraph. These banks operated 24/7 networks, allowing large buy and sell orders for crypto. Since their closures, market makers have been less inclined to provide liquidity in a low-volume environment. Runes Activity Sees 90% Drop on Bitcoin Network Runes daily transactions on Bitcoin network | Source: Dune Analytics Recent data from Dune Analytics reveals a dramatic decrease in activity for the Runes token standard on the Bitcoin blockchain, with daily transactions plummeting by over 88% from their peak in June. Between June 22-28, average daily Runes transactions dropped to 37,820, a 90% decline from the 331,040 recorded between June 9-15, and on June 24, transactions hit a low of 23,238, the lowest since the protocol’s launch on April 20, 2024. This decline has significantly impacted Bitcoin miner fees, with Runes contributing less than 2 Bitcoin in fees over the past six days, down from 884 Bitcoin on April 24. The Runes protocol, created by Ordinals' Casey Rodarmor, was intended to efficiently create new tokens on the Bitcoin network, but recent data shows Runes transactions now account for only 4.9% to 11.1% of all Bitcoin transactions in the past week. The reduction in network fees, coupled with Bitcoin’s price decline, has led to a near-record low in Bitcoin’s hash price, a key indicator of miner revenue, and Bitcoin miner reserves have fallen to 1.90 million Bitcoin, the lowest level in over 14 years. Increased Profit-Taking Among Bitcoin Investors? Here’s a look at key on-chain indicators from a report in Cointelegraph and what they reveal about Bitcoin investors’ preferences: Bitcoin’s 30-day average aSOPR | Source: Cointelegraph Profit-Taking: On-chain indicators reveal increasing profit-taking among Bitcoin investors. The 30-day average of Bitcoin's Adjusted Spent Output Profit Ratio (aSOPR) has risen from 1 to 1.03 since May, indicating more investors are selling at a profit. This trend often precedes market corrections. Net Unrealized Profit and Loss (NUPL): The NUPL metric suggests potential upside exhaustion among Bitcoin buyers. A NUPL reading over 0 indicates investors are in profit, with an increasing trend hinting at a market correction. Currently, the 30-day average NUPL stands at 0.54. Increased Bitcoin Ownership: Glassnode data shows a consistent rise in the number of wallet addresses holding at least one Bitcoin. Over a million wallets now hold at least one Bitcoin, supporting a bullish outlook. Read more: Bitcoin’s Price Plummets to $61,000: Key Factors Behind the Recent Decline Bitcoin Technical Analysis: Bullish Reversal to $64,770 or Drop to $56,000? BTC/USDT price chart | KuCoin Bitcoin's 4-hour chart indicates a possible breakdown of a bull pennant. This pattern, formed during a price consolidation following a strong downward move, suggests a potential drop to around $56,000 if the lower trendline is breached. Conversely, a bullish reversal could target $64,770 if Bitcoin breaks above the 50-4H EMA at around $61,925. Bitvavo's Bitcoin Price Prediction: Breakout Past $76,000 on the Cards? Bitvavo highlights that Bitcoin's drop to $57,000 marks the second time it has reached the bottom of a price range that has persisted for nearly four months. This consolidation period mirrors that observed last summer, with Bitcoin's price stabilizing for over half a year. Despite recent fluctuations, Bitcoin remains above its 200-day long-term average. Bitvavo predicts a potential breakout above $76,000, albeit with caution given the market's unpredictability. The recent decline in Bitcoin's value is attributed to a global atmosphere of uncertainty. Investors face mixed economic signals and unpredictable market movements, leading to increased concerns and volatility. This nervousness underscores the importance of thorough market analysis and a thoughtful investment strategy. Other Analyst Predictions for BTC Indicate Gains Quinten Francois, an analyst and trader, predicts a 2016-2017 style bull run for Bitcoin, fueled by gains observed in previous post-halving cycles. Another analyst, @therationalroot, identifies Q3 as a crucial period for Bitcoin price gains. Conclusion The last week of the first half year, week 26, of 2024 highlighted the volatile nature of the crypto market, with significant factors influencing Bitcoin's price movements. While bearish indicators suggest potential challenges ahead, the long-term outlook remains cautiously optimistic, with analysts predicting possible bullish reversals and significant gains in the upcoming months.
The long-anticipated repayment of $10 billion worth of Bitcoin to Mt. Gox creditors is set to begin in July. While many fear this could lead to a flood of Bitcoin hitting the market, analysts suggest the impact may not be as severe as expected. Quick Take Analysts predict the scheduled repayment of $10 billion worth of Bitcoin may not significantly impact prices. Experts believe much of the expected selling pressure from Mt. Gox repayments is already reflected in current market conditions. Many Mt. Gox creditors are long-term holders, less likely to sell immediately despite significant gains. Bitcoin is approaching crucial support levels, indicating potential stabilization or further declines. Mt. Gox, a Japanese cryptocurrency exchange, collapsed in 2014 after a massive hack. The exchange lost around 940,000 BTC, worth approximately $64 million at the time. Over the years, Mt. Gox recovered 141,687 BTC to return to its creditors, which is now valued at $10 billion. These repayments are scheduled to start in early July. Read more: Bitcoin’s Price Plummets to $61,000: Key Factors Behind the Recent Decline Analysts Expect Only Around 50% of the BTC to Hit Markets in July Tony Sycamore, an analyst at IG Markets, estimates that around half of the total Bitcoin — worth roughly $5 billion — could be set to hit the market in July. However, Sycamore believes much of the expected sell pressure is already priced into the current market conditions. He points out that the repayments have been anticipated for a long time and are occurring amidst deteriorating market sentiment, technical selling, and outflows from Bitcoin ETFs. Galaxy Research suggests that only 65,000 of the total 141,000 BTC might actually hit the market. The firm predicts that about 75% of creditors will opt for an early payout, sacrificing 10% of their repayment, resulting in an approximate 95,000 BTC hitting the market initially. Additionally, 20,000 BTC is owed to claims funds, and 10,000 BTC to Bitcoinica BK, leaving just 65,000 BTC for regular creditors. Will Mt. Gox Creditors HODL Their Bitcoins? Sam Callahan, senior analyst at Swan Bitcoin, believes the impact on Bitcoin's price from Mt. Gox distributing Bitcoin is likely overblown. He argues that creditors who wanted to sell their Bitcoin have had more than ten years to do so through selling their bankruptcy claims to more convicted, long-term investors. Callahan also highlights that most creditors will likely hold their Bitcoin because their cost basis is less than $700 per Bitcoin. Despite the fears, some observers believe that the concerns about the sell pressure from Mt. Gox repayments may be overblown. Alistair Milne, CIO of Altana Digital Currency Fund, noted that distressed or urgent sellers likely sold their claims years ago. He suggests that the remaining creditors are not under pressure to sell immediately. Bitcoin to Test Levels Between $55k and $75 Bitcoin has been consolidating within a descending parallel channel since its bull run in March 2024. Analysts are closely watching the psychological support level of $60,000 and the 200-day exponential moving average at around $58,000. Independent market analyst Teddy Cleps anticipates Bitcoin could slide towards $61,000, which aligns with historical support levels. BTC/USDT price chart | Source: KuCoin The announcement of Mt. Gox repayments has led to increased demand for short-term BTC put options, indicating renewed interest in downside protection. BTC's market dominance fell by 1.8% to 54.34%, reflecting investor apprehension about the potential impact of the repayments. While Bitcoin's price continues to face downward pressure, some analysts remain optimistic. Michael Novogratz of Galaxy Digital Holdings predicts that Bitcoin will trade within the $55,000-75,000 range throughout Q2 2024, driven by new market events and regulatory clarity. Read more: Bitcoin Price Prediction 2024 Conclusion The upcoming Mt. Gox repayments have stirred significant concern among Bitcoin investors. However, many analysts believe the impact may be less dramatic than feared. Much of the expected sell pressure appears to be already priced into the market, and many creditors are likely to hold their Bitcoin rather than sell immediately. As Bitcoin approaches crucial support levels, the market's reaction in the coming weeks will be critical in determining its short-term trajectory.
In the past 24 hours, the cryptocurrency market has experienced a significant downturn. Major tokens, including Bitcoin (BTC), Ethereum (ETH), Cardano (ADA), and Solana (SOL), have all seen sharp declines. This market slide has led to over $150 million in bullish bets being liquidated. Quick Take Major cryptocurrencies experienced a sharp decline of up to 7.5% in the past 24 hours, affecting Bitcoin, Ethereum, Cardano, and Solana. Bitcoin's 3% price drop led to over $150 million in bullish bets being liquidated, causing widespread market concern. The decline is attributed to large sales from Bitcoin miners and the German government moving significant amounts of BTC to exchanges. Bitcoin prices are approaching critical support levels, indicating potential further declines if these levels are breached. Bitcoin Takes a Hit Bitcoin has been at the forefront of this downturn, losing 3% of its value. This decline has erased the gains made last week, causing concern among traders and investors. The drop in Bitcoin's price is attributed to several factors, including large sales from Bitcoin miners and the German government moving significant amounts of BTC to exchanges. BTC/USDT price chart | Source: KuCoin Altcoins Also Suffer Altcoins have not been spared in this downturn. Ethereum, Cardano, and Binance Coin (BNB) registered similar losses to Bitcoin. Solana's SOL dropped 7%, trading at nearly $120 on Monday morning. Memecoins Dogecoin (DOGE) and Shiba Inu (SHIB) also fell by nearly 5%. Why Is Bitcoin Price Sliding Down? Here’s a look at some of the key factors driving Bitcoin prices lower: Sales from Bitcoin Miners: Bitcoin miners have been under pressure to sell due to higher breakeven prices post-halving. This has resulted in miner BTC holdings dropping to their lowest level in the past 14 years. Singapore-based QCP Capital highlighted that miner BTC reserves are lower by 50,000 from the start of the year. Miners have been selling due to the higher breakeven prices post-halving. QCP Capital noted that this has led to a significant drop in miner BTC holdings, contributing to the market decline. German Government's BTC Sales: The German government allegedly sold around 3,000 BTC recently, with plans to sell another 47,000. This large pool of supply entering the market has spooked investors, contributing to the market decline. The German Federal Criminal Police Office (BKA) moved tens of millions worth of BTC to exchanges like Coinbase and Kraken last week. This move has created additional downward pressure on the market. Whale Activities: Bitcoin whales, entities with large holdings of the coin, sold over $1 billion worth of BTC in the first two weeks of June. This activity has added to the market's bearish sentiment. Broader Market Sentiment: The overall market sentiment has been negatively impacted by these movements, causing a broader sell-off. The CoinDesk 20, which tracks major tokens minus stablecoins, slumped just over 4%. Impact on Liquidations: The market's sharp decline has resulted in significant liquidations. Over $150 million in bullish bets (long positions) were liquidated, while bearish bets (short positions) saw a smaller $9 million in losses. Liquidation occurs when an exchange forcefully closes a trader's leveraged position due to a loss of the trader's initial margin. Read more: MicroStrategy Buys 11,931 BTC More, Total Bitcoin Holdings Worth Around $15B Is Bitcoin Getting Ready to Test Support at $60,000? Bitcoin is now heading toward crucial support levels, including the psychological support level of $60,000 and the 200-day exponential moving average (200-day EMA) at around $58,000. Market analysts are closely watching these levels to gauge Bitcoin's next move. Bitcoin Price Predictions: $50,000 or $75,000? Market analysts have varying predictions for Bitcoin's price movement. Some believe Bitcoin may find support around the $60,000 level, while others predict further declines to $50,000. Independent market analyst Teddy Cleps anticipates a slide toward $61,000, citing historical support at the 21-weekly EMA. Bitcoin price chart exhibits double top pattern | Source: 10x Research on X Bullish Scenarios: Despite the current bearish sentiment, some analysts remain optimistic. Michael Novogratz of Galaxy Digital Holdings predicts that Bitcoin will trade within the $55,000-75,000 range throughout Q2 2024. He believes new market events could drive prices higher after the current stagnation. Read more: Bitcoin Price Prediction 2024 Conclusion The recent market downturn has highlighted the volatility and sensitivity of the cryptocurrency market to large-scale movements and external factors. While Bitcoin and other major tokens have experienced significant declines, the market's next move will depend on how it reacts to key support levels and upcoming economic data. Investors and traders should remain cautious and closely monitor market developments in the coming days.
MicroStrategy, a Nasdaq-listed software firm, has made waves again by acquiring an additional 11,931 Bitcoin (BTC) for $786 million. This purchase boosts their total holdings to 226,331 BTC, valued at just under $15 billion at current prices. Michael Saylor, the company's Executive Chairman, continues to lead the charge in Bitcoin accumulation, having begun this strategic move in 2020. Quick Take MicroStrategy acquires 11,931 BTC for $786 million, bringing its total holdings to 226,331 BTC worth nearly $15 billion. Winklevoss twins donate $2 million in Bitcoin to support Donald Trump, highlighting the intersection of crypto and politics. Institutional interest in Bitcoin is growing, with analysts predicting prices could reach $100,000. MicroStrategy’s Bold Move: Adding 11,931 BTC MicroStrategy's latest purchase price averaged $36,798 per Bitcoin. This follows an $800 million convertible note offering to institutional investors. Initially set at $500 million, the offering size increased due to high demand, finally closing at $800 million. Earlier, in March, the company acquired 9,245 BTC for $623 million through a similar debt issuance. Saylor's strategy aims to encourage other corporations to adopt Bitcoin as a reserve asset. While a few companies have added Bitcoin to their balance sheets, the most notable is Semler Scientific (SMLR). Recently, Semler not only acquired Bitcoin but also tapped capital markets to purchase more, echoing MicroStrategy's approach. Read more: MicroStrategy's Bitcoin Holdings and Purchase History: A Strategic Overview Market Reactions and MSTR Share Performance MSTR stock price | Source: TradingView Since MicroStrategy started buying Bitcoin, its shares have soared nearly tenfold. Semler's shares have also risen by over 60% since their first Bitcoin acquisition in late May. Recently, brokerage firm Bernstein set a $2,890 price target for MicroStrategy shares, giving them an outperform rating. Currently, MSTR is trading at $1,507, up 2% premarket. Winklevoss Twins Donate $2 Million in Bitcoin to Support Donald Trump In a notable development, cryptocurrency billionaires Tyler and Cameron Winklevoss have each donated $1 million worth of Bitcoin to support Donald Trump’s 2024 campaign. This significant contribution highlights their alignment with Trump's pro-crypto stance. Tyler Winklevoss expressed his support, citing Trump's favorable policies towards Bitcoin, crypto, and business. The donations are intended for the Trump 47 Committee, a joint fundraising committee. The Winklevoss twins' support marks a shift in Trump’s position on cryptocurrencies. Once a skeptic, Trump has embraced Bitcoin, positioning it as a defense against Central Bank Digital Currencies (CBDCs). This support from influential crypto figures like the Winklevoss twins underscores the growing intersection of cryptocurrency and politics. Bitcoin Miners Diversify Into Trending Sectors Bitcoin miners are increasingly diversifying into the booming artificial intelligence (AI) sector. The transition is driven by reduced mining rewards and the high demand for energy-intensive data centers by AI firms. This shift reflects miners’ efforts to boost revenue through new channels. Bitcoin Trades Around $65,000, Analysts Prediction $100,000 BTC/USDT price chart | Source: KuCoin Bitcoin, trading around $65,715, has seen a slight increase, sparking cautious optimism. Notably, a crypto whale recently bought 6,070 BTC worth approximately $395 million, marking their first significant purchase in over 18 months. This whale's strategic buys and sells in previous market cycles indicate renewed faith in Bitcoin’s future. Crypto analysts remain optimistic about Bitcoin's trajectory, with some forecasting a rise to $100,000. Ali Martinez notes that over 70% of open Bitcoin positions on Binance are bullish. Another analyst, Jelle, highlights Bitcoin's support levels and suggests that a bounce could propel the price to $72,000 soon, setting the stage for a potential climb to $100,000. Increasing Institutional Interest in BTC Institutional investors are increasingly eyeing Bitcoin, signaling broader acceptance and integration into mainstream finance. According to CoinCodex, Bitcoin's price could rise by 30% to over $85,000 in July, despite current bearish technical indicators. This potential disconnect between market sentiment and price action underscores the complex dynamics at play. Bitcoin Faces Selling Pressures in the Short-Term Despite bullish Bitcoin price predictions, some traders and analysts point out challenges. CryptoQuant's data shows significant selling by long-term holders and miners, with over $1.2 billion worth of BTC sold in the past two weeks. This selling pressure, coupled with stablecoin liquidity slowing, indicates some hesitance among large holders. Spot Bitcoin ETF Performance Expectations for a rate cut in September | Source: CME FedWatch U.S.-listed Bitcoin ETFs have seen net outflows, with $600 million withdrawn last week. The CME FedWatch Tool shows a 35.9% chance of the Fed maintaining interest rates in September, affecting Bitcoin demand. Future Outlook Despite recent price dips and selling pressures, Bitcoin's long-term outlook remains positive. Institutional interest, strategic corporate purchases, and bullish analyst predictions suggest a potential for significant price gains. As market dynamics evolve, Bitcoin's role as a reserve asset and investment vehicle continues to grow. Conclusion MicroStrategy's latest Bitcoin purchase underscores the company's commitment to Bitcoin as a strategic asset. This move, along with bullish market sentiment and growing institutional interest, paints a promising picture for Bitcoin's future. However, market watchers should stay alert to potential challenges and shifts in investor behavior.
MicroStrategy has announced its plan to raise $500 million through the sale of convertible senior notes to buy more Bitcoin. This move highlights the company's strategic focus on the leading cryptocurrency. Let's dive into what this means for the crypto world. Quick Take MicroStrategy aims to raise $500 million, with an option to increase by $75 million, through convertible senior notes maturing in 2032. The company currently holds 214,400 BTC, valued at approximately $14.52 billion, representing over 1% of Bitcoin's total circulating supply. The bond sale underlines MicroStrategy's ongoing strategy to invest heavily in Bitcoin, spearheaded by its founder and chairman, Michael Saylor. The notes provide flexibility in managing debt while benefiting from potential equity appreciation. This move could influence other companies to incorporate cryptocurrency into their treasury strategies. MicroStrategy’s New Bond Offering MicroStrategy plans to sell $500 million in convertible senior notes, due in 2032, to qualified institutional buyers. These notes, unsecured and senior obligations, will bear interest semi-annually. Investors can convert them into cash, MicroStrategy class A common stock, or both. This offering is subject to market conditions and might not be completed as planned. The funds raised will be used to purchase additional Bitcoin, continuing MicroStrategy's aggressive investment in the cryptocurrency since 2020. This strategy has seen the company amass 214,400 BTC, making it the largest public-listed holder of Bitcoin. Read more: MicroStrategy's Bitcoin Holdings and Purchase History: A Strategic Overview Redemption of 2025 Convertible Notes MicroStrategy also plans to redeem $650 million worth of its 2025 convertible senior notes on July 15, 2024. Holders can convert these notes into MicroStrategy shares at a conversion rate of 2.5126 shares per $1,000 principal amount, with a conversion price of $397.99 per share. MicroStrategy and Michael Saylor’s Bitcoin Acquisition Strategy MicroStrategy has previously used debt financing to acquire Bitcoin. For instance, in March, the company raised $600 million through a similar convertible note offering, leading to the acquisition of 9,245 BTC. In another instance, they purchased 12,000 BTC for $821.7 million using funds from a convertible debt offering. These moves reflect the company’s belief in Bitcoin as a valuable treasury reserve asset, a stance strongly advocated by Michael Saylor. Broader Market Implications BTC/USDT price chart | Source: KuCoin MicroStrategy's actions signal a growing trend among businesses to incorporate cryptocurrency into their financial strategies. The move to raise funds through convertible notes for Bitcoin purchases highlights the increasing institutional interest in digital assets. Michael Saylor has been a vocal proponent of Bitcoin, viewing it as a hedge against inflation and a superior store of value compared to traditional assets. By holding over 1% of Bitcoin’s total circulating supply, MicroStrategy positions itself as a significant player in the crypto market. While this aggressive strategy can lead to substantial gains if Bitcoin's value appreciates, it also exposes the company to high market volatility. The price of Bitcoin can fluctuate significantly, impacting the value of MicroStrategy's holdings and its stock price. Conclusion MicroStrategy's latest move to raise $500 million through convertible notes to buy more Bitcoin underscores its unwavering commitment to the digital currency. This strategy, led by Michael Saylor, has positioned the company as a major Bitcoin holder and highlights a broader trend of integrating cryptocurrencies into corporate treasury strategies. Investing in Bitcoin and other cryptocurrencies involves substantial risks due to their volatile nature. Investors should be aware of these risks and conduct thorough research before engaging in such investments. MicroStrategy’s significant investment in Bitcoin showcases its confidence in the cryptocurrency’s future but also highlights the potential risks associated with such a strategy.
The latest Federal Open Market Committee (FOMC) meeting has sparked significant interest among cryptocurrency investors, particularly for Bitcoin (BTC) holders. The U.S. Federal Reserve's decisions on interest rates and economic projections can substantially influence Bitcoin's price. Here’s a look at the potential impact of recent macroeconomic events on Bitcoin and what investors should watch for in the coming months. Quick Take Benchmark rate held at 5.25%-5.50%: The Federal Reserve decided to maintain its benchmark fed funds rate range. This decision was widely anticipated by the market. Expectations of a single 25 basis point rate cut this year: The Fed's economic outlook now calls for just one rate cut in 2024, down from the previously expected three cuts. Slight improvement in inflation: The Fed noted modest progress toward its 2% inflation target, marking a change from earlier concerns about a lack of progress. May CPI data shows unexpected slowdown: The Consumer Price Index (CPI) for May indicated a slowdown in inflation, with core CPI rising just 0.2%, lower than expected. Bitcoin and other assets react: Bitcoin saw an initial rise following the CPI report but later lost momentum after the Fed's economic projections were released. Bitcoin Price Swings After CPI Data and Fed Decision BTC/USDT price chart | Source: KuCoin Bitcoin initially reacted positively to the CPI report, which showed a lower-than-expected inflation increase. BTC surged to $69,400, up nearly 4% over the past 24 hours. However, the subsequent release of the Fed's economic projections tempered this enthusiasm. By 19:00 UTC, Bitcoin had settled back to $67,300, reflecting a cautious market stance. Bitcoin's price often shows sensitivity to U.S. economic data and Federal Reserve meetings. Historically, BTC has experienced price pullbacks leading up to Fed decisions, only to resume its uptrend after the events. This pattern was evident in recent months when Bitcoin fell from its all-time high above $73,000 in March to below $57,000 in May due to hotter inflation figures and diminished hopes for rate cuts. Spot Bitcoin ETFs Record Outflows of $200M U.S.-listed spot Bitcoin ETFs have also seen significant outflows ahead of key macroeconomic reports. For instance, on Tuesday, ETFs recorded $200 million in net outflows, reflecting a risk-off sentiment among traders. Grayscale’s GBTC accounted for the majority of these outflows, highlighting the cautious approach investors are taking in response to the Fed's announcements. Long-Term Bullish Outlook Holds for Bitcoin Despite the short-term headwinds, some analysts remain bullish on Bitcoin's long-term prospects. 10x Research maintains a positive outlook, expressing confidence that Bitcoin's rally will resume. Their analysis suggests that lower CPI figures tend to lift Bitcoin prices, and they anticipate this trend will continue as inflationary pressures ease. "Our recommendation remains unchanged: to stick with the winners (Bitcoin) and avoid others (such as Ethereum). Our previous analysis has shown that a lower CPI number tends to lift Bitcoin prices, and we anticipate this trend will continue," Markus Thielen, founder of 10x Research. Other Factors to Drive Volatility in Bitcoin’s Price Fed's Dot Plot: The Fed's "dot plot," which shows FOMC members' interest rate projections, is crucial for understanding future rate expectations. Any indications of more rate cuts could positively impact Bitcoin and other risk assets. Global Central Bank Policies: Contrasting the U.S. outlook, several key central banks globally have started lowering benchmark rates. This divergence in monetary policy could influence the U.S. dollar index and, by extension, Bitcoin's price. U.S. Treasury Secretary's Speech: Janet Yellen's upcoming speech could also impact risk assets, including cryptocurrencies. Market participants will closely monitor her comments for any hints on economic policy changes. ETF Flows: The flow of funds into and out of Bitcoin ETFs will be a critical indicator of investor sentiment. A return to positive inflows could signal renewed confidence in Bitcoin's price trajectory. Conclusion The interplay between macroeconomic events and Bitcoin's price remains complex and dynamic. The latest FOMC meeting and CPI report have shown how sensitive Bitcoin is to U.S. economic data. While short-term volatility is expected, the long-term outlook for Bitcoin remains positive, especially as inflationary pressures ease and the potential for future rate cuts grows. Investors should stay informed about upcoming economic indicators and central bank policies to navigate the crypto market effectively. Bitcoin's resilience and its response to macroeconomic events underline its growing importance as an asset class. As always, keeping a close eye on market developments and economic trends will be crucial for making informed investment decisions.
Bitcoin (BTC) is under pressure as the market anticipates significant events that could impact its price. The U.S. Consumer Price Index (CPI) report and the Federal Reserve meeting are set to provide critical insights into inflation and monetary policy. Here's what to watch for and how these events could affect Bitcoin. Quick Take Core Inflation: Expected slight decrease to 3.5% from 3.6%. This slight reduction is anticipated due to a more normalized month-over-month increase of 0.2%, down from the previous 0.3%. Housing Rent: Anticipated decline in rent prices could influence the Federal Reserve's decisions. Lower rent growth, especially in Owners' Equivalent Rent, could contribute to a decrease in core inflation, making a stronger case for potential rate cuts by the Fed. CPI Report and Fed Meeting: The CPI report will be released hours before the Federal Reserve's meeting, setting the stage for market reactions. Analysts expect the CPI to show a 0.1% increase in May, maintaining an annual inflation rate of 3.4%. Bitcoin Price Behavior: Historical patterns show that Bitcoin often experiences price pullbacks before Fed meetings, only to resume its uptrend post-event. Recently, Bitcoin dropped over 5% to around $67,350, reflecting market caution ahead of these key economic indicators. Exchange Withdrawals: Significant BTC withdrawals from Coinbase, with the total BTC balance on Coinbase Pro decreasing by 14,420 BTC ($972 million) within 24 hours. Core Inflation and Housing Rent Investment banks predict a slight decrease in core inflation, excluding food and energy, to 3.5% from 3.6% in April. A decline in housing rent, a major component of core CPI, is expected to ease inflation pressures. RBC economists suggest that a slower increase in core services ex-rent measure, closely watched by the Fed, could boost hopes for a rate cut. ING economists also foresee a reduction in Owners' Equivalent Rent, which holds a 40% weight in the core CPI basket. Easing shelter price pressures could support Fed rate cut expectations, potentially weakening the dollar and boosting risk assets like Bitcoin. CPI Report and Fed Meeting Wednesday will be pivotal as the Labor Department releases the CPI report just hours before the Federal Reserve's meeting. The CPI is expected to show a 0.1% increase in May, maintaining the annual inflation rate at 3.4%. The core CPI is forecasted to rise by 0.3%, matching April's pace. The Fed is expected to keep the benchmark borrowing cost unchanged between 5.25% and 5.5% and publish the interest rate dot plot chart. The CPI data will influence the dot plot projections and Fed Chair Jerome Powell's post-meeting statement. Potential Scenarios Lower-than-Expected Core CPI: If the core CPI comes in lower than expected, it could strengthen the case for a Fed rate cut, leading to a weaker dollar. A weaker dollar typically supports a rally in risk assets, including Bitcoin. Higher-than-Expected Core CPI: A core CPI above 0.4% month-over-month could bolster the dollar, putting additional pressure on Bitcoin. Such a scenario would dampen expectations for rate cuts, likely impacting Bitcoin negatively. Bitcoin's Historical Behavior Around Fed Decisions BTC/USDT price chart | Source: KuCoin Bitcoin has historically experienced price pullbacks leading up to Fed meetings, only to resume its uptrend after the event. As BTC traded near $67,350 recently, it had lost over 5% since Friday. The dollar index also rose by 1% to 105.20 during this period. According to data from Cointelegraph Markets Pro and TradingView, BTC's price action has steadied as markets brace for the CPI report and Fed meeting. However, Bitcoin's price fell to $66,000 the day before, leading to long liquidations totaling over $50 million. Market Reactions and Expert Insights Traders have noted Bitcoin's weak price behavior ahead of these key events. Popular trader Follis pointed out that BTC has been trading in a range for three months, and some analysts predict further downside if market dynamics do not change. Rekt Capital, a well-known trader and analyst, highlighted that Bitcoin was unable to break out early in the post-halving period, as historical trends suggested. Liquidity is building around $65,700 to the downside, with $67,700 forming a key resistance level. Exchange Withdrawals and Market Sentiment On-chain data captured ongoing exchange withdrawals, particularly from Coinbase. The total BTC balance on Coinbase Pro decreased by 14,420 BTC ($972 million) in 24 hours, contributing to the lowest overall exchange balances in seven years. Glassnode reported a net transfer volume of 17,967 BTC ($1.21 billion) from exchanges on June 11. U.S. Spot Bitcoin ETFs Witnessed net outflows of $200 million U.S. spot Bitcoin exchange-traded funds (ETFs) experienced net outflows of $200 million on Tuesday, following a record streak of net inflows. Grayscale's GBTC witnessed the largest net outflows, totaling $121 million, while BlackRock's IBIT recorded zero flows on the same day. Markets are now anticipating key economic indicators from the U.S., with the Federal Open Market Committee (FOMC) meeting results and CPI data set to influence Bitcoin's price. Conclusion The upcoming U.S. CPI report and Fed meeting are crucial events that could significantly impact Bitcoin. A lower-than-expected core CPI could strengthen the case for a Fed rate cut, potentially boosting Bitcoin. Conversely, a higher-than-expected core CPI could bolster the dollar and put pressure on Bitcoin. As Bitcoin navigates these macroeconomic events, traders and investors should stay vigilant and monitor key levels and market dynamics. The ongoing exchange withdrawals and historical price patterns suggest a complex interplay between economic indicators and Bitcoin's price trajectory.
Bitcoin starts a new week wrestling with its old 2021 all-time high of $69,000. This marks a crucial resistance level as the price action shows a battle between bulls and bears. Recent volatility in June has made trading interesting yet unpredictable. U.S. macroeconomic data has shown its power to flip Bitcoin’s trajectory swiftly. Quick Take Bitcoin is currently challenging its 2021 all-time high of $69,000, facing significant resistance at this level. U.S. macroeconomic data and Federal Reserve decisions are driving considerable volatility in Bitcoin's price. This week’s Consumer Price Index (CPI) release and Federal Reserve meeting are expected to significantly influence Bitcoin's market dynamics. Bitcoin ETFs have accumulated over 1 million BTC, highlighting strong interest from institutional investors. Bitcoin whales are actively re-accumulating BTC, indicating expectations of medium-term price increases. BTC Price Range Struggle BTC/USDT price chart | Source: KuCoin The $69,000 mark has become a focal point in the market. Data from Cointelegraph Markets Pro and TradingView indicates that Bitcoin’s price has been stuck in this range, with liquidity thickening around this spot price. Monitoring resources like CoinGlass suggesta potential for more volatility. Market Reactions and Predictions Popular trader Skew noted liquidity firming up around $70.5K to $71K and bid liquidity around $68K to $68.5K. Another trader, Daan Crypto Trades, pointed out the CME Group Bitcoin futures market’s closing price guiding Bitcoin’s price into the new week. He emphasized that the price action remains “as usual” around it. Michaël van de Poppe, founder and CEO of MNTrading, described Bitcoin as “consolidating between the two crucial levels.” He stated that breaking out at $71.7K would be significant, but it’s wise to remain conservative during CPI week. Key Macro Events This week, two major macro events will dominate the landscape: the Fed’s interest rate decision and the May Consumer Price Index (CPI) release. Both are set to happen on the same day, June 13. The Kobeissi Letter highlighted the importance of this Fed meeting, with all eyes on Fed guidance. Last week’s U.S. employment data caused a stir, briefly sending BTC/USD down nearly 2%. Popular trader CrypNuevo outlined two potential scenarios for Bitcoin’s reaction to this week’s data. The market believes that the Fed will not cut rates this month, but future meetings could see changes. Whale and ETF Activity Bitcoin whales are re-accumulating BTC for medium-term profits. Research from CryptoQuant’s Cauê Oliveira shows that large-volume BTC investors are loading up on coins. This pattern of accumulation and distribution directly impacts pricing. Additionally, Bitcoin exchange-traded funds (ETFs) have shown significant activity. In the first week of June, U.S. Bitcoin ETFs bought 25,729 BTC, nearly eight times more than the 3,150 BTC mined in the same period. This inflow is the biggest since mid-March when Bitcoin hit its current all-time high of $73,679. Michael Saylor, Chairman of MicroStrategy, highlighted that 34 Spot Bitcoin ETFs now hold over one million BTC. This milestone marks a huge achievement in the cryptocurrency market, indicating strong institutional and retail investor interest. Weekly Close and Future Prospects The latest weekly close for BTC/USD was significant, being the second-highest ever recorded at $69,630. Despite a last-minute dip into the weekend, buyers managed to reverse some of the losses. Daan Crypto Trades suggested that a weekly close above $69,000 would be a good start to leaving this price range behind. Rekt Capital, a popular trader and analyst, pointed out that Bitcoin has turned a major resistance area into new support on monthly timeframes. This resistance zone between $58,600 and $61,300, which defeated bulls in 2021, now acts in their favor. Conclusion Bitcoin continues to face a significant resistance level at $69,000, creating a tug-of-war between bulls and bears. This week’s macro events, particularly the Fed’s interest rate decision and the CPI release, will play a crucial role in determining Bitcoin’s short-term future. Meanwhile, the strong institutional interest in Bitcoin, evidenced by significant ETF inflows and whale activity, provides a bullish outlook for the medium term.
Bitcoin ETFs are experiencing significant inflows, with $880 million recorded on June 4 alone. This marks one of the highest single-day inflows since the launch of spot Bitcoin ETFs in January 2024. Following this, another $488.1 million flowed in on June 5, underscoring strong investor interest. Quick Take Bitcoin ETFs saw record inflows of $880 million on June 4 and an additional $488.1 million on June 5. Despite these inflows, Google searches for Bitcoin ETFs remain low, indicating potential future growth. Fidelity's Wise Origin Bitcoin Fund and BlackRock’s iShares Bitcoin Trust are at the forefront of these inflows. Bitcoin's price has surpassed $70K, but retail engagement is lower than in previous bull runs. Crypto analysts highlight the disparity between inflows and search trends, suggesting untapped potential. Bitcoin ETFs See Record Inflows Leading the charge was Fidelity’s Wise Origin Bitcoin Fund, which attracted $220.6 million on June 4. Meanwhile, BlackRock’s iShares Bitcoin Trust saw a substantial inflow of $350 million on June 6, highlighting its competitive edge in the market. Low Search Interest: A Surprising Trend Google search comparison: Bitcoin vs. BTC vs. Bitcoin ETF | Source: Google Trends Despite the substantial inflows, Google search data reveals a strikingly low level of interest in Bitcoin ETFs compared to previous market peaks. Terms like “Bitcoin” and “btc” scored 41 and 17 out of 100, respectively, while “bitcoin etf” scored less than 1 globally. This suggests that while institutional investors are actively participating, retail investors are not as engaged. Crypto analyst Miles Deutscher noted a significant drop in YouTube views for crypto-related content. In 2021, Bitcoin at $70K garnered 4 million views per day. In 2024, the same price point is attracting only 800K views daily. This indicates that retail investors have yet to fully re-engage with the market. Market Sentiment and Future Potential BTC/USDT price chart | Source: KuCoin The positive sentiment surrounding Bitcoin ETFs is not fully reflected in retail engagement. However, this could be a bullish indicator for future growth as retail investors might enter the market later, potentially driving prices higher. Bitcoin’s price has remained above $71,000, showing resilience and steady growth. However, the price has faced resistance around $72,000. Analysts suggest that the continued inflows into Bitcoin ETFs could provide the necessary support for breaking this resistance level. Analyst Insights Crypto analysts believe the current market dynamics are complex. Despite significant inflows and strong institutional interest, retail engagement remains subdued. This discrepancy could lead to future market rallies as more retail investors become aware of and participate in Bitcoin ETFs. Additionally, Bitcoin whales have been accumulating large amounts of BTC, contributing to the overall bullish sentiment. Over the past month, whales have amassed over 70,000 BTC, indicating strong confidence in Bitcoin’s future price performance. Conclusion Bitcoin ETFs are witnessing unprecedented inflows, driven by institutional investors. However, retail investor engagement remains low, as evidenced by Google search trends and YouTube viewership data. This presents a potential opportunity for future growth as retail investors re-enter the market. The current inflows and market dynamics suggest that Bitcoin ETFs are poised for continued success. As more investors, both institutional and retail, recognize the potential of these investment vehicles, Bitcoin's price could see further gains.
Key Highlights $69,000 Resistance: Key level for BTC this week. US Unemployment Data: Crucial economic indicators coming up. Breakout Potential: BTC set for a historic move. Mining Activity: Miners adjusting to new conditions. Kraken Withdrawal: Significant BTC outflow from Kraken. Bitcoin heads into June strong, with key resistance levels back in focus. Analysts are increasingly confident that BTC is gearing up for a historic breakout. According to news on Coin Telegraph, here's what you need to know this week. $69,000 Forms the Week’s Key Level BTC/USDT 5D price chart | Source: KuCoin Bitcoin saw some volatility over the weekend, but BTC/USD is back above $69,000. Traders see this level as crucial. Popular trader Skew notes that the market needs to sustain above $69,000 for continued upward momentum. Unemployment Data Precedes FOMC Week The week kicks off quietly in terms of macroeconomic data. However, U.S. jobless claims on June 6 and further unemployment numbers the day after could spark volatility. These figures are closely watched, as they influence the Federal Reserve's policy decisions. The next Federal Open Market Committee (FOMC) meeting will provide more clarity on interest rates. BTC Price Preps Breakout from ‘Longest Consolidation Yet’ Bitcoin is aligning with the U.S. M1 money supply, hinting at a significant breakout. Popular analyst TechDev highlights that Bitcoin has historically seen major surges after such alignments. This breakout follows the longest consolidation period in Bitcoin's history, suggesting a uniquely volatile move ahead. Mining Activity and Network Fundamentals Bitcoin’s network fundamentals are recovering after a dip in May. The difficulty level is set to increase by 1.7% on June 6, following a previous 1.5% rise. Despite these improvements, Bitcoin miners are facing tough conditions, selling off BTC post-halving. Miner balances have decreased by 2,500 BTC in the last 30 days. Kraken Sees Giant 48,000 BTC Withdrawal Kraken experienced nearly 50,000 BTC ($3.44 billion) withdrawals on May 30 and 31. This marks one of the largest daily withdrawals from Kraken. Market observers see this as a potential supply shock, suggesting a bullish outlook for BTC. Bitcoin is showing strong potential for a historic breakout. Key resistance levels, upcoming economic data, and significant network activity all point to an exciting week ahead. Keep an eye on these developments as the week progresses.
Robert Kiyosaki, the famous author of "Rich Dad Poor Dad," made headlines with his bold prediction about Bitcoin price. As per a news report on Benzinga, he believes Bitcoin will reach $350,000 by August 2024. Quick Take Robert Kiyosaki, renowned author of "Rich Dad Poor Dad," predicts that Bitcoin will hit $350,000 by August 2024. This projection has captured the attention of the crypto community and investors worldwide. Kiyosaki continues to invest heavily in cryptocurrencies, including Bitcoin, Ethereum, and Solana. He believes these assets will see significant value increases. Despite Bitcoin’s bullish trends, experts consider Kiyosaki's prediction unrealistic. Bitcoin has grown by 70% year-to-date, but reaching $350,000 would require a nearly 5X increase from its current price. BTC/USDT price chart | Source: KuCoin TradingView Kiyosaki's Bold Projection On Wednesday, Kiyosaki took to social media platform X to share his staggering prediction. He stated, "It's a prediction. It's speculation, it's an opinion, but it's not a lie." He expressed confidence that Bitcoin will hit $350,000 sometime in 2024, calling it a target, dream, and wish. Kiyosaki's Continued Crypto Investment Kiyosaki mentioned he is buying more Bitcoin, Ethereum, and Solana. He believes these cryptocurrencies will continue to soar in value. He also criticized President Joe Biden, Treasury Secretary Yellen, and Fed Chair Powell, dubbing them the "3 Stooges." "What I am confident of is the incompetence of our leaders, President Biden, Treasury Secretary Yellin, and Fed Chair Powell. Protect your self from the 3- Stooges." Market Reactions Kiyosaki has a history of making bold predictions. Earlier this year, he predicted Bitcoin would hit $100,000 by June 2024. With Bitcoin's price trajectory, this seems unlikely now. His latest prediction of $350,000 by August 2024 suggests a nearly 5X jump from its current price. Experts view this forecast as unrealistic. Despite bullish catalysts like spot Bitcoin ETFs, Bitcoin has grown just 70% year-to-date. However, steady growth is expected due to demand from permanent holders and whales, according to Julio Moreno, Head of Research at CryptoQuant. Kiyosaki's predictions continue to stir the crypto community. While his bold forecasts attract attention, market experts remain cautious. Keep an eye on Bitcoin's performance as these predictions unfold.
Key Highlights Bitcoin recently reached a crucial price level of $70,000. After a previous correction to $56,500, BTC rebounded to $69,100. Chamath Palihapitiya forecasts Bitcoin could reach $500,000 by October 2025. Significant price increases typically occur within 6-18 months post-Halving. Bitcoin could become a primary store of value and transactional utility. Adoption as a dual-currency asset may drive demand for BTC. According to a news report on News BTC, Bitcoin (BTC) recently hit the crucial $70,000 level after several sessions of range-bound trading. This has been a significant hurdle for its price consolidation. Despite reaching a new all-time high (ATH) of $73,700 in March, BTC saw a 20% correction to around $56,500 in early May. However, this correction triggered renewed bullish momentum, with BTC now trading at approximately $69,100. Chamath Palihapitiya, a venture capitalist and market expert, remains optimistic about Bitcoin's future. In a recent episode of the All In Podcast, Palihapitiya discussed BTC’s historical patterns concerning the Halving event, which occurs every four years and reduces the block reward for miners. Palihapitiya noted that after a halving, investors usually spend the first three months reassessing the price and market situation. Historically, significant price appreciation occurs within six to 18 months. Bitcoin Price and Halving Analysis BTC’s price prediction for the next 18 months after The Halving. Source. All In Podcast, Chamath Palihapatiya The first Bitcoin halving on November 28, 2012, reduced the block reward from 50 BTC to 25 BTC. Bitcoin was priced at $13 then and peaked at $1,152 within a year. The second halving on July 16, 2016, reduced the block reward to 12.5 BTC. Bitcoin’s price at that time was $664, and it peaked at $17,760 within a year. The third halving on May 11, 2020, reduced the block reward to 6.25 BTC. Bitcoin was priced at $9,734, and within a year, it reached an ATH of $69,000. Palihapitiya suggests that if Bitcoin follows its past performance, it could skyrocket to around $500,000 by October 2025. He believes Bitcoin could replace gold and serve as a transactional utility for hard assets. This potential, combined with concerns about fiat currency debasement, presents intriguing opportunities for Bitcoin. Increased Demand for BTC? Palihapitiya argues that as more countries adopt a dual-currency approach, recognizing Bitcoin alongside their local currency, the demand for BTC will increase. This shift will occur as people see the need for Bitcoin in daily transactions and as a store of value for permanent assets. Overall, Palihapitiya’s analysis of Bitcoin’s historical patterns following the halving events provides an optimistic outlook. The potential for Bitcoin to reach $500,000 by October 2025 and its growing recognition as a dual-currency asset alongside fiat currencies offers renewed prospects for investors and the broader cryptocurrency market.