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Crypto inflows hit $2B in June, Ethereum sees best week since March with $69M
Digital asset investment products started positively in June with almost all providers seeing inflows and recording an overall inflow of $2 billion.
On June 10, CoinShares published its weekly fund flows report, highlighting that crypto investment products gathered over $2 billion in inflows. According to CoinShares, June’s initial inflows brought digital asset products’ five-week total to $4.3 billion.
In addition, the asset manager reported that trading volumes for exchange-traded products (ETPs) catapulted to $12.8 billion for the first week of June, a 55% increase compared to the previous week.
Almost all ETP providers saw inflows
Apart from the overall inflows, CoinShares also highlighted that almost all providers of crypto ETPs saw inflows in the first week of June. The asset manager described the pattern as unusual and shared that it may be a response to weaker macro data. CoinShares wrote:
“We believe this turnaround in sentiment is a direct response to weaker than expected macro data in the U.S., bringing forward monetary policy rate cut expectations.”
The asset manager added that positive price action pushed the total assets under management (AUM) to rise above $100 billion for the first time since March 2024.
Among the digital asset investment product providers, only Grayscale Investments and CoinShares XBT recorded outflows for the week.
Of those that recorded inflows, iShares exchange-traded funds (ETFs) in the United States recorded the most inflows, with $948 million, while Fidelity ETFs followed in second place, recording $680 million.
Ethereum products see “best week” of inflows
While Bitcoin continued to dominate the ETP space with $1.97 billion for the week, Ether -based products also broke records. CoinShares reported that Ethereum investment products saw a total inflow of $69 million for the week, their best record since March.
The asset manager believes this is likely a response to the recent approval of Ether-based spot ETFs. On May 23, the Securities and Exchange Commission officially approved several spot ETH ETFs in the U.S.
Meanwhile, altcoin-based ETPs saw minor activities, with Fantom and XRP showing inflows of $1.4 million and $1.2 million, respectively.
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Why is Bitcoin price down today?
Bitcoin (BTC) price has dipped by approximately 3.25% in the last 24 hours to reach $3,690 on June 8. The BTC/USD pair is outperforming the broader crypto market, whose valuation has dropped 3.75% in the same period.
Among the top catalysts driving Bitcoin's lower prices today are better-than-expected job data in the United States and a slight depletion in the BTC supply held by its richest whales.
Rising bond yields hurt traders' appetite for Bitcoin
Bitcoin's price decline today came primarily on the heels of a strong U.S. employment report for May.
Nonfarm payrolls surged by 272,000 in the past month, surpassing all 77 estimates in Bloomberg's economist survey. Treasury yields surged following the release, with both two-year and 10-year yields rising by approximately 12 basis points.
Stocks declined, with the benchmark S&P 500 Index down around 0.3%. Meanwhile, the dollar strengthened.
Rising yields often indicate higher borrowing costs and can lead to reduced risk appetite. As a result, investors tend to move away from riskier assets like stocks and cryptocurrencies in favor of safer investments.
Richest Bitcoin whales cashing out?
Today, Bitcoin's price decline coincides with a slight dip in the BTC supply held by its richest holders.
Notably, the Bitcoin supply held by "whales" with at least 100,000 BTC (black) in holdings has dipped 0.2% in the last 48 hours. In other words, these investors are either redistributing their holdings into smaller addresses or cashing out altogether.
Nonetheless, lower Bitcoin supply cohorts, such as the 10,000-100,000 BTC and the 1,000-10,000 BTC ones, have been accumulating in recent months.
Bitcoin is unable to break past $70K
From a technical viewpoint, Bitcoin's decline today has started after testing its interim resistance level at around $70,000. The cryptocurrency has been failing to close decisively above the said level since mid March.
However, this resistance level appears to be the neckline of Bitcoin's prevailing inverse-head-and-shoulders (IH&S) pattern. This classic bullish reversal setup resolves when the price breaks above the neckline and rises by as much as the maximum distance between the pattern's lowest point and the neckline.
Bitcoin's primary upside target for July is over $90,000 if the IH&S pattern plays out as intended. Conversely, a pullback from the neckline risks sending the BTC price toward its 50-day exponential moving average (50-day EMA; the red wave) at around $66,740.
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BTC price dips 1.8% as Bitcoin tackles ‘schizophrenic’ new US jobs data
Bitcoin saw flash downside volatility into the June 7 Wall Street open as United States payrolls data surprised markets.
Bitcoin wobbles on highly mixed U.S. jobs data
Data showed a $1,300 BTC price dip within a single hourly candle before a rebound entered.
Bitcoin joined a knee-jerk reaction to U.S. nonfarm payrolls data, which vastly beat expectations to suggest that the labor market was coping with tight fiscal policy better than forecast.
This, in turn, pushed back the odds of the Federal Reserve lowering interest rates — a key prerequisite for a liquidity influx into risk assets and crypto.
“It does close the door on July rate cut,” economist Mohamed El-Erian responded, quoted by Bloomberg.
The Federal Open Market Committee (FOMC) was due to meet on June 12 to discuss rates, with markets now seeing little prospect of a cut resulting from the next three such meetings.
Per data from CME Group’s FedWatch Tool, the odds of a minimum 0.25% decrease stood at 0.6%, 8.8% and 50.8% for the June, July and September FOMC meetings, respectively, at the time of writing.
Other reactions noted the curious contrast between strong payrolls and unemployment, which at the same time rose to 4% — 0.1% above the predicted level.
“The US labor market looks completely schizophrenic,” commentator Holger Zschaepitz wrote in a post on X.
“While the Establishment survey by BLS reports 272k new jobs for May, the Household survey shows a large drop in the number of employed, down 408k jobs. This is why the US unemployment rate has risen from 3.9 to 4% despite a lower labor participation rate.”
BTC price stays wedged in “tight area”
Turning to BTC price action itself, market participants chose to take a backseat, while volatility resolved itself.
Popular trader Daan Crypto Trades noted that BTC/USD remained below key resistance, as before the data prints, while fellow trader Skew said that spot bidders were needed to fuel the uptrend.
“Tight area here generally with previous highs & resistance ($71.6K),” he added in one of various X posts.
Data from monitoring resource CoinGlass showed thickening liquidity both above and below spot price, with $72,600 now a focus for resistance — up from $71,900 earlier on the day.
“Still consolidating between the two major support & resistance levels at $67K & $72K,” Daan Crypto Trades concluded.
“The longer price consolidates below this resistance, the more likely it is to break in my opinion. We’ll just patiently wait :)”
An accompanying chart showed recent higher highs, lower highs, lower lows and higher lows for BTC/USD, highlighting the overall sideways trading environment.
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Tether CEO warns of new wave crypto airdrop scam emails, CoinGecko potentially affected
Cryptocurrency users should exercise extreme caution, as a prominent industry leader warns of a potential new wave of crypto airdrop scam emails.
A prominent email list management provider widely used by crypto firms was allegedly compromised in a data breach, according to Paolo Ardoino, the CEO of Tether.
Ardoino warned his 234,000 followers in a June 5 X post:
“We received now 2 independent confirmations that a prominent vendor used by crypto companies to manage mailing lists might have been compromised.”
While Tether’s CEO has not disclosed the name of the breached company, he promised more details after the completion of the investigation:
“Not making names yet until investigation is completed, but please beware of any emails suggesting crypto-airdrops received since 24 hours ago.”
Supply chain email breach confirmed by CoinGecko co-founder
Minutes after Ardoino’s initial warning, the attack was confirmed by a third company, namely cryptocurrency tracking site CoinGecko.
The breach has affected a crypto email newsletter vendor used by several companies, according to Bobby Ong, the co-founder and COO of Coingecko.
Ong warned users that CoinGecko was potentially affected, according to a June 5 X post:
“We at CoinGecko may be potentially affected and are actively working with our vendor to investigate further to determine the extent of this breach. We have seen phishing CoinGecko emails being sent from other client accounts. There is no CoinGecko token being planned so don't be duped by the phishing emails.”
Ong warned users not to click on any links related to a fraudulent CoinGecko token — which is not being planned — nor any emails promising new token launches.
Crypto scams and hacks remain a major industry concern
Crypto scams and hacks remain one of the most pressing concerns of the cryptocurrency industry.
Over $574 million worth of digital assets were lost across 30 individual crypto hacks during the month of May 2024, according to a June 1 X post by PeckShield.
The $574 million represents an approximate month-over-month increase of 666% from the $385 million lost to crypto hacks in April.
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Why is Bitcoin price up today?
Bitcoin price rallied to $65,150 after the Wall Street open on May 15, as markets reacted to the Consumer Price Index data and its implications for potential interest rate cuts in 2024.
Data revealed that the BTC price rose 6.61% from a low of $61,299 to an intraday high of $65,129 on May 15.
Several key factors are propelling Bitcoin’s price upward today, including a lower-than-expected CPI print, have further boosted investor confidence.
Bitcoin rallies on softer-than-expected CPI data
Bitcoin price reacted to the April Consumer Price Index (CPI) print, which came in lower than expected at 0.3%, according to data from the U.S. Bureau of Labor Statistics (BLS). The year-on-year rate climbed to 3.2%, compared to estimates of 0.4% and March’s 0.4%.
According to BLS’ official release, rising shelter and gasoline costs “ contributed over seventy percent of the monthly increase in the index for all items. ”
Immediately after the CPI data were released, market participants began debating whether the Federal Reserve would lower rates in 2024.
According to the CME’s FedWatch tool, traders are betting on a June rate cut at just 3.1% at the time of writing. This means market participants are betting that the U.S. central bank will hold rates steady in June and July, with the first possible cut expected in September at 53%.
The Kobeissi Letter shared information on CPI data, saying that the inflation rate fell to 3.4%, “marking the first decrease in CPI inflation over the last three months.”
On whether the Fed is likely to begin cutting interest rates, the account noted,
“The Fed will remain in wait-and-see mode.”
Spot Bitcoin ETF inflows turn positive
Positive inflows into the spot Bitcoin ETFs are also driving the latest bullish sentiment from investors. The U.S. spot Bitcoin ETFs returned a daily net inflow of $100.5 million on May 14, with the ARK 21Shares’ Bitcoin ETF (ARKB) recording the largest inflows on the day, overpowering the usual outflows from the Grayscale Bitcoin Trust.
According to data from Farside Investors, approximately $133.1 million flowed into ARKB, bringing its cumulative net inflow to $2.28 billion.
Conversely, GBTC witnessed another $50.9 million flow out of the product, bringing its cumulative net outflows to $17.68 billion.
Roughly $11.84 billion in cumulative net inflows have entered the U.S. spot Bitcoin ETFs to date.
However, data from The Block reveals that spot Bitcoin ETF flow volumes have been in a continuous decline since peaking on March 5.
In related news, the State of Wisconsin Investment Board revealed that it holds roughly $164 million in spot Bitcoin ETFs.
This points to an increased institutional appetite for Bitcoin investment products, which is a positive catalyst for the BTC price.
Bitcoin flashes bullish signals on multiple timeframes
Bitcoin’s latest rally saw the price breach the resistance at the 50-day exponential moving average (EMA) of $63,352.
Note that the price has been continuously rejected near this barrier since dropping below it on April 30. A daily candlestick close above this level could be a sign that bulls are ready to sustain higher levels.
The RSI’s sharp recovery from 45 on May 14, crossing the midline to the current value of 54, suggests that the recovery is gaining momentum.
Bitcoin price also flipped the 200-day EMA back to support in the four-hour timeframe. Popular analyst Crypto Daan Trades mentioned this possibility in an earlier post on X, saying that once the flip happened, there was a “good chance that this would lead to some low/mid timeframe trend up after being rejected so many times.”
Fellow analyst Ali Martinez observed that the TD Sequential indicator had presented a buy signal on BTC’s hourly chart and could be possibly followedby a “price rebound.”
“Biggest move ahead. Good night bears.”
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Bitcoin could top $100K but only if ‘high-yield rate’ falls below 7% — Analyst
One analyst says only one main indicator is necessary to predict whether Bitcoin can surpass its all-time high of $73,700 later in 2024, and it all rests on the shoulders of the United States Federal Reserve.
“The U.S. high yield rate is a great indicator, and it really needs to drop below 6 or 7% for a sustainable all-time high,” Timothy Peterson, Cane Island Alternative Advisors founder and investment manager, told. He explained that the primary measure he looks to for Bitcoin price action is interest rate movement.
At the time of publication, the U.S. high yield rate — which represents the rate of high-yield corporate bonds because of their higher risk of default — is 7.54%, according to YCharts data.
Peterson predicted that if yield rates fall within the “6 or 7%” range, Bitcoin could see the much-anticipated $100,000 price tag by the fourth quarter of 2024 or, at the latest, the second quarter of 2025.
Typically, the Federal Reserve lowering interest rates leads to the high-yield rate following suit, something that nearly two-thirds of economists surveyed predict will happen in September, according to a recent survey conducted by Reuters.
Interest rates are perceived as an important indicator for crypto traders, as lowering rates typically leads to less yield for investors in safe-haven securities such as bonds and term deposits.
As a result, more investors turn to riskier assets such as Bitcoin to achieve better returns on investment.
Peterson argued that overall markets are generally “flat and volatile” between September and October.
“Not always, but many times,” he commented. However, with the upcoming U.S. election, he claimed the “uncertainty will be higher through October” ahead of the election day, currently slated for Nov. 4.
Meanwhile, crypto analyst Scott Melker, also known as “The Wolf of All Streets,” declared that the Fed cutting interest rates isn’t always favorable for assets outside of fixed-income investments.
“There is a wildly popular theory that a Fed pivot is good for markets,” he stated in a May 14 post on X.
“Rate cuts generally precede major dips,” he commented on the wider overall market.
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Tether freezes $5.2M in USDT linked to phishing scams
Stablecoin issuer Tether froze $5.2 million of its stablecoin Tether linked to phishing scams on May 14. This USDT was stored in 12 Ethereum wallets tagged as “USDT Banned Address.”
On-chain analytics firm SlowMist’s chief security officer said that the addresses were being used for laundering funds from phishing scams without elaborating further.
Tether, the world’s largest stablecoin issuer, has frozen billions of dollars of assets linked to hacks, exploits and scams. In an X post, Tether CEO Paolo Ardoino said the firm has blocked more than $1.3 billion since it launched, with approximately $1.6 million related to terrorist financing.
In January 2022, Tether added three Ethereum addresses holding more than $150 million worth of USDT to its blacklist. In October 2022, Tether froze $8.2 million in USDT on Ethereum and added 215 Ethereum-based USDT addresses to its blacklist.
In late 2022, Tether had frozen over $360 million in assets. In October 2023, the stablecoin issuer froze $817,000 in USDT linked to terrorist activity in Ukraine and Israel. A month later, it froze $225 million in USDT linked to romance scammers.
The stablecoin issuer has also worked with 24 law enforcement agencies across more than 40 countries. The firm collaborated on 198 requests from law enforcement agencies to block wallets in the last 12 months and 339 in the last three years.
Tether also offered secondary market controls to freeze activity connected with sanctioned persons on the United States Office of Foreign Assets Control Specially Designated Nationals list. Any company or individuals controlled or owned by sanctioned countries are included on the list.
The use of decentralized ledger technology allows crypto firms to monitor funds on-chain, and the centralized nature of stablecoins allows its issuers to freeze assets linked to illicit activities on requests of law enforcement agencies.
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New daily Runes etched on Bitcoin falls 99% from post-halving peak
The number of new Runes etched on Bitcoin daily has fallen below 250 for the last six days, with 157 Runes etched on Monday marking a 99% fall from its peak in late April.
The fall comes after a highly successful streak that came a week after launch, which saw an average of 14,700 new Runes etched each day between April 26-30, including a record 23,061 etched on April 26, according to a Dune Analytics dashboard created by RUNES.IS.
Runes is a new token standard that launched at the fourth Bitcoin halving block on April 20. The protocol allows memecoin and nonfungible token enthusiasts to inscribe and etch their favorite artwork, images, audio and videos onto the Bitcoin network.
It initially provided a much-needed revenue boost for Bitcoin miners looking to mitigate the impact of the recent halving, which saw the block subsidy halve to 3.125 Bitcoin (BTC) — worth $196,800 at current prices.
However, the 157 Runes etched on May 13 only contributed $3,835 in transaction fees to Bitcoin miners, far less than the hundreds of thousands of dollars that miners were receiving every day in late April.
A total of $4.5 million in transaction fees have been paid to Bitcoin miners since Runes launched on April 20 — coming out at about $189,00 each day.
A little over 91,200 Runes have been etched on Bitcoin so far.
Runes still make up the bulk of transactions
Despite the fall in the number of Runes etched, Runes transactions continue to make up the majority of transactions in May, which were largely taking place on marketplaces such as Magic Eden, OKX, Ordinals Wallet, and UniSat.
Runes was launched by Ordinals inventor Casey Rodarmor, which aims to utilize blockspace more efficiently than its main competitor, BRC-20s, according to Binance Research.
Unlike BRC-20s, Runes are compatible with Bitcoin’s unspent transaction output (UTXO) model where
UTXOs can hold balances of arbitrary fungible tokens like Runes.
However, Rodarmor stressed in a recent interview that Runes are not the “future of finance” — but rather something degens can use to have fun on Bitcoin.
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North Korean hackers deploy ‘Durian’ malware, targeting crypto firms
North Korean hackers are reportedly utilizing a “striking” new malware variant dubbed “Durian” to launch attacks on South Korean crypto firms.
The North Korean hacking group Kimsuky used the new malware in a series of targeted attacks on at least two cryptocurrency firms so far, according to a May 9 threat report from cybersecurity firm Kaspersky.
This was done through a “persistent” attack by exploiting legitimate security software used exclusively by crypto firms in South Korea.
The previously unknown Durian malware acts as an installer that deploys a continued stream of malware, including a backdoor known as “AppleSeed,” a custom proxy tool known as LazyLoad and other legitimate tools such as Chrome Remote Desktop.
“Durian boasts comprehensive backdoor functionality, enabling the execution of delivered commands, additional file downloads, and exfiltration of files,” wrote Kaspersky.
Additionally, Kaspersky noted that LazyLoad was also used by Andariel, a sub-group within fellow North Korean hacking consortium Lazarus Group — suggesting a “tenuous” connection between Kimsuky and the more notorious hacking group.
First emerging in 2009, Lazarus has established itself as one of the most notorious groups of crypto hackers.
On April 29, independent blockchain sleuth ZachXBT revealed that the Lazarus group had successfully laundered over $200 million in ill-gotten crypto between 2020 and 2023.
The Lazarus Group is accused of stealing over $3 billion in crypto assets in the six years leading up to 2023.
Lazarus was credited with stealing over 17% — a little over $309 million — of the total stolen funds in 2023. Throughout 2023, more than $1.8 billionworth of crypto was lost to hacks and exploits, according to a Dec. 28 report by Immunefi.
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Binance and KuCoin Granted Approval by India's Anti-Money Laundering Unit
The Financial Intelligence Unit of India (FIU-IND) revealed on May 10 that Binance and KuCoin successfully registered with the regulatory body on May 10.
It should be noted that these two exchanges were among several offshore entities that were banned last year, which included Huobi, Kraken, Gate.io, Bittrex, Bitstamp, MEXC Global, and Bitfinex.
Crypto Exchanges Gain Credibility in India
Vivek Aggarwal, the head of FIU-IND, said the approval marks a credibility shift for the cryptocurrency industry within the country.
Aggarwal said that the unit plans to establish a working group in collaboration with the industry to review compliance guidelines related to anti-money laundering laws for virtual digital asset service providers.
According to Aggarwal, the legitimacy and credibility of the industry lie in the hands of the parliament and the government as a whole.
He believes that safeguarding the Indian economy and preventing financial crimes can help businesses operating in the cryptocurrency sector gain more credibility and legitimacy within the system.
KuCoin, the first crypto entity to pay the penalty amounting to $41,000, has already resumed its operations.
On the other hand, Binance is yet to resume its operations as it is expected to settle its penalty after a hearing with the FIU.
According to sources familiar with the matter cited by The Economic Times, Binance is likely to face a $2 million fine.
Prior to its ban, Binance reportedly held a dominant market share, accounting for nearly 90% of the estimated $4b in cryptocurrency holdings among Indian citizens.
Negotiations have begun between the regulator and other sanctioned platforms such as Kraken, Gemini, and Gate.io.
Meanwhile, OKX and Bitstamp have submitted plans to exit the Indian market.
Binance, KuCoin and 46 Other Crypto Entities Registered in India
Aggarwal revealed that a total of 48 crypto entities are now registered as reporting entities under India's Prevention of Money Laundering Act.
The meeting with financial journalists was the first official interaction between the FIU and the crypto industry.
It followed a prior meeting between Aggarwal and other FIU officials with representatives of all 48 entities.
India's stance on cryptocurrencies has been somewhat ambiguous. The imposition of strict crypto taxes in 2022 and the crypto market downturn led Indian traders to switch to international exchanges, negatively impacting the local crypto industry.
Trading volumes shifted back to Indian exchanges after the ban on offshore entities, however.
India has made it a priority to achieve global consensus on framing crypto policies as part of its G20 presidency in 2023.
The country successfully obtained agreement from all G20 members on global guidelines.
India faced criticism for pushing for global consensus without having its own legislation in place, however.
The Indian government has kept a crypto bill on hold since 2021 and is expected to decide its position in the coming months.
A senior lawmaker previously mentioned that the bill is unlikely to be introduced before mid-2025.
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Jack Dorsey Forecasts Bitcoin Will Surge to $1 Million By 2030
Tech leader Jack Dorsey is betting big on Bitcoin, forecasting a price explosion to over $1 million by 2030.
As Pirates Wires’ Mike Solana asked for his take on Bitcoin’s future value, Dorsey said: “I don’t know. Over… at least a million. I do think it hits that number and goes beyond.”
Still, the crypto asset’s price itself takes a backseat for Dorsey, who reiterated his core fascination with Bitcoin lies in other aspects.
“The most amazing thing about Bitcoin, apart from the founding story, is anyone who works on it, or gets paid in it, or buys it for themselves — everyone who puts any effort in to make it better — is making the entire ecosystem better, which makes the price go up,” he said in the interview published Thursday. “It’s a fascinating ecosystem and movement, more than anything else. It taught me a lot.”
Dorsey isn’t alone in foreseeing Bitcoin reaching remarkable levels. Ark Invest CEO Cathie Wood also sees a $1m valuation for Bitcoin by 2030. Additionally, Jurrien Timmer, director of global macro at Fidelity Investments, has projected a seven-figure range for Bitcoin estimating it to fall between $1m and $10m in 2030.
Dorsey Ditches Bluesky For Repeating Twitter’s ‘Mistakes’
This week, Dorsey, the one-time Twitter CEO, revealed he stepped down from Bluesky’s board. The platform, envisioned in 2019, aims to be a decentralized social media alternative.
“Everything we wanted around decentralization, everything we wanted in terms of an open source protocol, suddenly became a company with VCs and a board,” he told Pirates Wire. “That’s not what I wanted, that’s not what I intended to help create.”
He attributed his departure to Bluesky’s path, saying it was “literally repeating all the mistakes [Twitter] made as a company.”
Dorsey further revealed his true focus lies with Nostr, another decentralized platform challenging Twitter. He said he wanted to support Nostr’s development as a genuine open-source protocol.
Jack Dorsey’s Block Announces Strategic Monthly Bitcoin Purchases
Dorsey is currently head of payments firm Block, which is doubling down on Bitcoin. Last week, the firm announced a new strategy to invest 10% of its Bitcoin product profits into buying more Bitcoin every month.
Block was one of the first public companies to invest in Bitcoin, with a $220m investment in 2020. The company’s Bitcoin holdings have surged 160% to reach $573m by the end of Q1 2024.
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Bitcoin ETFs sucked up 2 months of BTC mining supply in first week of June
Spot Bitcoin exchange-traded funds (ETFs) in the United States acquired the equivalent of around two months’ worth of the cryptocurrency’s mining supply in the first week of June.
With inflows of approximately $1.83 billion, the 11 ETFs bought 25,729 Bitcoin in the trading week between June 3 and 7 — around eight times more than the 3,150 new BTC mined over the same time, according to data from HODL15Capital.
The amount of Bitcoin acquired in the week alone was almost as much as the entire of May, 29,592 BTC, per HODL15Capital’s count, and is the biggest week of buying since mid-March when Bitcoin hit its current all-time high of $73,679.
The 11 ETFs have seen $15.69 billion in net inflows since their January launch, including the $17.93 billion in net outflows from Grayscale’s fund, with total assets under management (AUM) of around $61 billion.
Bitcoin proponents have long touted cryptocurrency as “digital gold” due to its built-in scarcity mechanism, which sees only 21 million BTC ever being issued.
ETF Store president Nate Geraci noted in a June 9 X post that Bitcoin ETF AUM is around 60% that of the country’s gold ETFs, despite gold ETFs being around for 20 years and Bitcoin ETFs for only five months.
Bitcoin touched a high of $71,093 on June 5 amid the surge of inflows to the U.S. Bitcoin ETFs, the first time the asset has been above $71,000 since May 21.
The cryptocurrency has struggled to pass its current high, as its price is “more heavily influenced by macroeconomic factors and geopolitical events,” crypto exchange co-founder “Radar Bear” told on June 7.
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Binance reaches 200M users with $100B in assets under custody
Binance, the largest cryptocurrency exchange in the world by daily volume, announced on June 8 it had reached 200 million global users.
To the best of our knowledge, no other exchange can boast near as many users. However, it bears mention that these figures are self-reported.
In true celebratory fashion, Binance marked the occasion across its social media platforms by framing the 200 million user mark as a milestone on the company’s quest to onboard a billion, or one in every eight people on Earth.
Per a post from the Binance account on X.com:
“Today, we celebrate 200 million – and it's all because of YOU! Your support is the heartbeat of our journey to 1 billion users. Here's to the stars of our story – you!”
As recently as 2022, Binance only had approximately 130 million users. In 2023 the exchange added 40 million users to bring its total count to 170. In the time since, just six months into 2024, it’s already added at least 30 million more. This puts Binance on pace to reach 300 million users by 2026, assuming trends remain the same for both the company and the industry.
The global cryptocurrency consumer installation base reached 562 million people in 2024, up 142 million over 2023’s 420 million users, according to research from Triple-A. These numbers indicate that Binance users account for approximately 36% of the global cryptocurrency user base.
Binance’s 200 million user milestone comes on the heels of another cryptocurrency industry record for the company. As Cointelegraph reported back in March, Binance reached a total of $100 billion in user assets under custody. That averages out to about $500 worth of assets in custody per user.
The company’s legal woes are also largely in the rearview. With founder and former CEO Changpeng “CZ” Zhao currently serving a fourth month sentence on fraud charges, it appears as though Binance has emerged relatively unscathed.
CZ, for his part, is reportedly apologetic for his actions and dutifully serving his time in a minimum-security facility in California.
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Bitcoin volatility hovering within 6% of record low levels
Bitcoin's price had such little movement over the 15 days leading up to the sharp decline on June 7 that it approached historic lows seen across all 15-day periods in Bitcoin's history.
The period between May 24 and June 7 was in the “bottom 6% of occurrences” for volatility, according to Swan Bitcoin chief investment officer Rapha Zagury.
“The horizontal blue line is the latest 15-day rolling volatility number of 23%. It certainly looks close to the lower level,” Zagury explained in a June 7 poston X, pointing to the extended period of time that Bitcoin was “stuck in a range.”
After the 15-day period, during which it traded within a 7% range, fluctuating between $66,936 and $71,656, Bitcoin's price sharply declined by 3.33% to $69,264, according to CoinMarketCap data.
The plummet followed the United States Employment Situation Summary Report publishing stronger job growth than expected, an indication that inflation rates may not be cut by the U.S. Federal Reserve on June 11 — a closely monitored metric for Bitcoin price predictions by analysts in recent times.
At the time of publication, Bitcoin is trading at $69,246.
However, Zagury highlighted the outcomes of Bitcoin's price during previous periods of similarly low volatility or lower. Over the next 30 days, the average return stood at 20.95%, with the minimum return declining a further 32.06%, while the maximum return at 218.40%.
When looking at the course of 365 days following previous similar low volatility periods, the outcomes are even more significant. Although the minimum return for this period stands at 55.59%, the average return is 820.82%.
Zagu reiterated though it isn’t any indication for the future, he just believes there is “value in learning from the past.”
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BTC price settles at $69K after dip wipes $1.3B Bitcoin open interest
Bitcoin circled $69,000 on June 8 as traders licked their wounds from a snap sell-off.
Bitcoin, Ether stay lower after flash crash
Data showed BTC price behavior stabilizing into the weekend.
The largest cryptocurrency had endured sudden volatility at the prior Wall Street open thanks to what was labeled “schizophrenic” United States employment data.
This was then compounded by a rout in altcoins, which came courtesy of market reactions to a livestream by pseudonymous investor Roaring Kitty.
BTC/USD saw local lows of $68,450 on Bitstamp, while largest altcoin Ether briefly fell below $3,600.
Responding to the past 24 hours’ events, trading firm QCP Capital called the U.S. session “doubly strange.”
“It was confusing enough to trigger a risk-off ahead of US inflation numbers and FOMC next Wed,” it wrote in part of its latest update to Telegram channel subscribers.
QCP referenced next week’s macro data prints, which include the Consumer Price Index, or CPI, along with the Federal Reserve meeting to determine interest rate policy.
“Followed by a Roaring Kitty live stream which had almost a million viewers, during which GME stock price crashed,” it continued.
“It was probably not a coincidence that Alts and Memecoins started collapsing as well with over $40 billion wiped in market cap.”
The firm nonetheless saw local lows on BTC and ETH as “a good opportunity to buy the dip” based on future Fed moves potentially benefiting risk assets.
Key BTC price levels emerge
Eyeing key levels, crypto market analysis looked to the monthly open around $67,500 as the level to hold as support should weakness continue.
“Lots of coins are at do or die levels IMO, these are the types of trades I like,” popular trader Crypto Chase wrote in part of one of his latest posts on X (formerly Twitter).
“If we lose all these levels, we lose the current HTF bullish bias to a degree IMO. BTC holding 64-65K would be the last hope before destruction.”
A potential silver lining came in the form of a leverage flush across Bitcoin and Ether.
“Bitcoin Lost approximately $1.3B in Open Interest on this flush. $ETH Also lost about $800M for a total of well over $2B for just BTC & ETH combined,” fellow trader Daan Crypto Trades noted.
Previously reported on global liquidity trends already supporting a BTC price breakout to all-time highs.
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Bitcoin may retest $69K next as shorts keep BTC price below all-time high
Bitcoin stuck rigidly to $71,000 into June 7 as analytics tools began to call for a retest of lower levels.
Bitcoin bulls “save” daily close after exchange sell-off
Data showed Bitcoin price action bouncing higher after hitting intraday lows of $70,120 on Bitstamp before the daily close.
The latest moves continued a theme throughout the week with trips toward resistance below all-time highs and heavy downside wicks. Another such wick on June 5 took BTC/USD to $69,600 before a rebound set in.
Commenting, trading resource Material Indicators suggested that markets were now calling for a more demonstrative return to key support of around $69,000.
“Both Trend Precognition algos are showing new #TradingSignals indicating that it may be time to retest local support,” it wrote about signals from its proprietary trading indicators in a post on X.
“For me, a move back to $71.6k invalidates, and a hot Unemployment Report in the morning could be a catalyst for a move like that.”
Material Indicators co-founder Keith Alan added that he would be “very happy” to see $69,000 — a significant psychological line in the sand — get tested as part of a resistance/support flip by bulls.
“With the 21-Day Moving Average hovering around $68.8k technical support is strong, but a cooler than expected Unemployment Report or a rug pull could send prices lower and punish late longs,” he concluded.
Allen referenced upcoming United States macroeconomic data on unemployment, which is often known to have a noticeable impact on BTC price volatility.
During the June 6 U.S. trading session, meanwhile, popular trader Skew noted considerable BTC sales from major exchanges Binance and Coinbase.
On Coinbase alone, Skew noted, 2,000 BTC was sold, as he queried “who’s cashing out $100M +.”
Bulls nonetheless provided a lifeline in time for the daily close, avoiding a continuation of “weakness” that Skew warned could have longer-lasting consequences for the BTC price trend.
BTC price "heavily ready” for breakout
Zooming out, Michaël van de Poppe, founder and CEO of trading firm MNTrading, said that Bitcoin had yet to break out from its established range — even with its latest signs of strength.
“Bitcoin is still stuck within the range, but very heavily ready for a breakout upwards to a new all-time high,” he summarized on X.
“Slowly, but surely, the altcoins are rolling along. It’s a good time.”
Alan meanwhile placed the responsibility for slow progress toward all-time highs with whales. These large-volume investors, he argued, were deliberately holding the market back in order to protect their short positions.
In one of his latest X responses, Alan described “a heap of shorts” between $71,500 and $75,000, with whales “suppressing price to avoid getting liquidated.”
The latest data from monitoring resource CoinGlassmeanwhile showed $71,900 as the most interesting nearby focus for liquidity above spot price at the time of writing.
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63 US banks on the brink of insolvency: Why Bitcoin's next target is $100K
At least 63 U.S. banks are on the brink of insolvency
At least 63 U.S. banks were on the brink of insolvency in the first quarter of 2024, up from 52 banks on the "Problem Bank List" during the third quarter of 2023, according to the Federal Deposit Insurance Corporation’s (FDIC) quarterly report published on May 29.
Moreover, the banks are collectively sitting on $517 billion worth of unrealized losses, up $39 billion from the previous quarter, which marks the ninth consecutive month of “unusually high unrealized losses,” according to FDIC’s report, that wrote:
“Higher unrealized losses on residential mortgage-backed securities, resulting from higher mortgage rates in the first quarter, drove the overall increase. This is the ninth straight quarter of unusually high unrealized losses since the Federal Reserve began to raise interest rates in the first quarter of 2022.”
The health of the U.S. banking system has been a growing concern since March 2023 after the sudden collapse of Silicon Valley Bank (SVB) and the voluntary liquidation of Silvergate Bank. Signature Bank was also forced to close operations by New York regulators on March 12, two days after Silvergate Bank’s liquidation.
In response to the collapses, the Federal Reserve created the Bank Term Funding Program (BTFP) — offering banking loans of up to a year in return for them posting “qualifying assets” as collateral.
This emergency measure was what started the Bitcoin bull run in 2023, according to BitMEX co-founder and former CEO Arthur Hayes.
Hayes argued that this led investors to seek fixed-supply assets such as Bitcoin, during a Sep. 5 keynote speech at Korea Blockchain Week:
“Me and the rest of the market rightly saw through this as basically them admitting that they caused this problem — the structure of the banking system — and this is one of the ways you can fix it, which is: print more money.”
Bitcoin then climbed 26% from $21,900 to $28,054 during the week of March 13, 2023.
What’s more, the price of BTC rose over 148% since the beginning of the banking crisis in March 2023, to trade at around $70,000 today.
The FDIC’s report has further validated the price action model of Jamie Coutts, chief crypto analyst at Realvision, who expected Bitcoin to find solid support above the $63,000 mark before further upward momentum.
Coutts wrote in a June 4 X post:
“After some nice coiling pricing action since March, my boring Bitcoin Trend model triggers. DXY down, Yields and Corp Spreads are lower. Can you smell that, son? That's the smell of central bank liquidity in the air…”
BTC breakout targets $100K
On the daily chart, Bitcoin price has continually printed higher lows since the beginning of May. If this chart pattern continues, Bitcoin price could break out to new all-time highs in the next few weeks, based on the chart below.
Based on historical chart patterns, Bitcoin price could be gearing up to a breakout to the $100,000 mark. For instance, crypto analyst Trader Tardigrade, wrote in a June 5 X post:
"I'm not surprised that Bitcoin has broken out the recent Bull Pennant after the Breakout of Bull Flag. Both Bull Pennant and Bull Flag are promising chart patterns. The next surge could reach over $100k."
Bitcoin ETF inflows are back
Inflows from the United States spot Bitcoin exchange-traded funds (ETFs) could also contribute to Bitcoin’s upward momentum. As of June 4, U.S. Bitcoin ETFs recorded their fifteenth consecutive day of net positive inflows.
Institutional inflows from ETFs were a significant part of the current Bitcoin rally to new all-time highs. By Feb. 15, Bitcoin ETFs accounted for about 75% of new investment in the world’s largest cryptocurrency as it surpassed the $50,000 mark.
However, Bitcoin faces significant resistance at the $72,000 mark. A break above the $72,000 mark would liquidate over $922 million worth of cumulative leveraged short positions, according to Coinglass data.
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Bitcoin analysis sees $74K next as BTC price tries to hold 7.5% gains
Bitcoin circled $66,000 on May 16 after United States macro data sparked a risk-asset surge.
BTC price jump yield mixed reactions
Data followed BTC price action as bulls attempted to cement 7.5% gains from the day prior.
These had come as the April print of the Consumer Price Index (CPI) narrowly beat expectations, fueling bets of easier financial conditions for crypto and risk assets going forward.
Some immediate reactions were suspicious, with market observers pointing to rapidly increasing open interest as one of several signs that Bitcoin’s move might be unsustainable.
Popular trader Credible Crypto described the post-CPI conditions as what “we don’t want to see on a rise” in the price of Bitcoin
“The 62-63k regions is key- if we are going to avoid 59-60k we should hold there,” he continued in his latest analysis on X, considering likely support should BTC/USD reverse.
“Lose that and we go straight back to 59-60k. Not sure which of the two scenarios we will get atm so preparing for both.”
“Some massive orders placed above price. Most of it sitting between $66K-67K, which totals to over $400M+ in orders,” he noted on May 15.
“If price starts eating into these, it often ends up with a quick fill of most of orders.”
Meanwhile, the latest data from monitoring resource CoinGlass showed the bulk of potential short liquidations clustering at $67,000 at the time of writing.
Trading firm sees BTC price returning to all-time highs
Adopting a more optimistic position, veteran trader Peter Brandt doubled down on Bitcoin continuingto climb in the longer term.
“I have shown this chart many times in the past in slightly different iterations and it remains my preferred interpretation,” he told X followers.
Michaël van de Poppe, founder and CEO of trading firm MNTrading, saw a “calm upwards period” for Bitcoin, with altcoins potentially outperforming.
“Clearly, Bitcoin has held range low strongly at $60.5K. The breakout upwards took place, through which a calm, upwards period seems inevitable,” he concluded.
“This period is where I think Altcoins will start to accelerate, as confidence comes back into the markets.”
In the latest market update sent to Telegram channel subscribers, trading firm QCP Capital entertained a return to new all-time highs for Bitcoin.
“We expect bullish momentum here that could take us back to the highs of 74k,” it revealed, adding that the “stars seems to be aligning on this breakout with significant sovereign and institutional adoption, abating inflation and upcoming US elections.”
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Why is Bitcoin price stuck?
Bitcoin's price has been confined within a descending triangle range since reaching a new record high of around $74,800 on March 14.
Over the past two months, the cryptocurrency has repeatedly attempted to break decisively above the triangle's upper trendline and below the lower trendline, but each effort has been rejected. This ongoing pattern indicates that traders remain uncertain about the market's next direction.
As of May 15, BTC's price was up 2% to reach an intraday high of around $63,000, accompanying lower trading volumes and thus indicating an extended period of consolidation within the triangle's range.
Supply redistribution among BTC whales
Bitcoin's consolidation phase coincides with a slight increase in the supply held by entities with a balance of 1,000-10,000 BTC (yellow) and 10,000-100,000 BTC (orange).
At first glance, it appears that these whale cohorts have been accumulating Bitcoin over the past two months. However, this increase in their BTC supply corresponds with slight declines in the supply held by entities with balances of at least 100,000 BTC (red).
This trend suggests that the lower cohorts are absorbing the supply being sold by the larger holders, resulting in an approximate equilibrium between buying and selling in the Bitcoin market.
Such behavior is common after strong price moves, as illustrated in the chart below.
From a technical perspective, descending triangle formations during a bull trend are considered bullish continuation patterns. They resolve after the price breaks above the upper trendline and rises by as much as the maximum distance between the upper and the lower trendline, as illustrated below.
This sets BTC's upside target for May at approximately $73,840, up 17.5% from the current price levels.
Conversely, if the price breaks below the triangle's lower trendline, it could decline by an amount equivalent to the triangle's height, potentially dropping to around $49,000 in a rare descending triangle reversal scenario.
2020 Bitcoin halving fractal
Bitcoin's current price consolidation phase aligns with its fourth halving, and resembles the price patterns seen around the third halving in 2020.
Furthermore, in both cases, the daily relative strength index (RSI) is inside the 30-70 neutral zone, indicating stable conditions without extreme bullish or bearish sentiment.
This recurring trend suggests that the halving events, which reduce the reward for mining new blocks, typically influence the market to enter a period of price stabilization as investors adjust to the new supply dynamics.
Bitcoin's open interest is stabilizing
Bitcoin's open interest (OI), a measure of the value of outstanding derivative contracts, has significantly decreased from its recent peak.
On March 29, OI was over $39 billion, but it subsequently fell to around $30 billion and has since stabilized at this level. This stabilization indicates that the market is taking a breather after a period of significant volatility.
Meanwhile, Bitcoin's funding rate reached 0.037% per week on May 15, though it remains below its March peak of 2.03% per week.
Paired with the stabilizing open interest, this indicates that while traders anticipate a price rise, their trading actions are not aggressive. Simply put, general confidence in current pricing reflects uncertainty about future price movements beyond the short term, leading to flat spot Bitcoin market.
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Bitcoin will stay in $55K to $75K zone for now: Novogratz
Bitcoin’s (BTC) price will continue to range between $55,000 and $75,000 over the next month, potentially bouncing higher toward the end of Q2, according to Mike Novogratz, the founder and CEO of Galaxy Digital.
Speaking on Galaxy Digital’s Q1 earnings call, during which the firm reported record quarterly revenue, Novogratz said crypto markets are currently in a “consolidation phase” and predicted that prices will bounce higher towards the end of the current quarter.
“Bitcoin, Ethereum, and everything else, Solana will consolidate. What does that mean? It means probably somewhere between 55 and 75 until the next set of circumstances, the next set of market events brings us higher,” he said.
Spot Bitcoin ETFs initially debuted with ravenous demand from institutional investors — generating more than $13.9 billion in volume in their first work — but inflows have waned significantly in recent months amid a wider tumble in price for the underlying asset.
According to TradingView data, Bitcoin is down 16.5% from its new all-time high of $73,700, which it notched on March 13.
Novogratz said he wasn’t too worried by the dwindling inflows for spot Bitcoin ETFs nor did he seem concerned by Bitcoin’s recent downward slide, noting a broader trend of adoption among traditional financial institutions.
Galaxy Digital and pattern firm Invesco, issue their own spot Bitcoin ETF which sports the ticker BTCO. Since inception, the fund has attracted just $268 million in inflows — the second lowest total inflows of all funds excluding Grayscale Bitcoin Trust.
“We continue to see adoption growing [...] big players are just now starting to put it through their system,” he said.
“That whole process of wealth managers selling it to their clients isn’t an overnight process.”
Notably, Novogratz said many of the tailwinds that drove price action at the start of this year will continue to stick around for the next few months and looked to several catalysts for crypto market price action moving forward.
He said crypto asset prices could begin to pick up when the United States Federal Reserve eventually begins cutting rates “because the economy finally slows” or alternatively we see a favorable outcome from the upcoming U.S. presidential election.
“We get through the election and I think the election will bring clarity, one way or the other, to the crypto regulatory landscape,” Novogratz said.
Galaxy Digital posted a net income of $421.7 million for the first quarter, climbing 40% from the last quarter of 2023. Income was buoyed by record revenue from mining operations and management fees.
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Bitcoin hash rate dips as miners turn off unprofitable ASICs post-halving
Bitcoin hash rate saw a decline as Bitcoin mining firms have started turning off unprofitable mining rigs after the fourth Bitcoin halving.
The Bitcoin network’s hash rate fell to an over two-month low of 575 exahash per second (EH/s) on May 10 before making a small recovery to the current 586 EH/s, according to data from blockchain.com.
The hash rate drop can be attributed to the fact that “miners are beginning to turn off unprofitable rigs,” according to a May 13 X post by James Butterfill, the head of research at CoinShares.
The temporary drop was predicted by an April 19 report by CoinShares, which expects hash rate to surge during the next year. According to the report:
“Our model forecasts the hash rate rising to 700 exahash by 2025, although after the halving, it could fall by up to 10% as miners turn off unprofitable ASICs.”
The temporary reduction is attributed to the increased costs of Bitcoin mining due to the halving, along with rising electricity costs, according to the report:
“Key mitigation strategies include optimizing energy costs, increasing mining efficiency, and securing favorable hardware procurement terms.”
Infrastructure and energy costs remain key for BTC mining profitability
Yet, according to Nazar Khan, the co-founder and COO of TeraWulf, only smaller mining operations with less energy-efficient equipment will be endangered after the 2024 halving. In an interview, Khan said:
“If you are a firm that just owns a bunch of machines and you are not profitable, you will be challenged. If you are a company that owns quality infrastructure that can deliver low-cost power, that's a real asset and if anything the underlying value of that asset [BTC] has increased…”
TeraWulf is the world’s eighth largest Bitcoin mining company, worth over $670 million, according to Companiesmarketcap, planning to further expand its mining operations this year, despite the halving of block rewards.
However, the profitability of mining operations largely depends on the cost of electricity the companies are paying. The S19 XP and M50S++, two of the older ASIC models, operate at a loss with electricity costs above $0.09/kWh (Kilowatt-hour), according to a May 2 X post by Hashrate index.
“S19 XP & M50S++ will operate at a loss if the hash cost rises >$0.09/kWh. >$0.08/kWh k Pros & M50S+ will be unprofitable. And at $0.06-$0.07/kWh the S19j Pro+, j Pros, and M30S++ will struggle.”
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El Salvador Launches Bitcoin Treasury Website For its $360 Million BTC Reserves
El Salvador, renowned for its move to adopt Bitcoin as legal tender in September 2021, has now introduced a cutting-edge online platform for tracking the country’s Bitcoin Treasury.
The initiative, spearheaded by The Bitcoin Office, a Salvadoran government agency dedicated to overseeing Bitcoin-related projects, aims to offer public access to data on the country’s BTC investments through a specialized mempool.
El Salvador Launches Public Platform for Transparency on Bitcoin Holdings
The official announcement from the Bitcoin Office stated,
“EL SALVADOR NOW HAS ITS @MEMPOOL WHERE ANYONE CAN CHECK OUR BITCOIN TREASURY HOLDINGS.”
The introduction of this platform signifies a significant step towards enhancing the financial transparency of government operations in El Salvador. The newly launched website, akin to a mempool, offers public access to data regarding El Salvador’s BTC investments.
According to the website, the country holds 5,748.76 BTC, valued at over $352.8 million. The platform also reveals that the Salvadoran government acquired an additional 31 BTC in the past month and 7 BTC in the previous week.
The recent addition to its BTC reserves aligns with President Nayib Bukele’s visionary strategy, announced in November 2022, in which El Salvador aims to accumulate “1 bitcoin per day.” By actively increasing its Bitcoin reserves, El Salvador continues to position itself as a leader in Bitcoin and blockchain technology.
With the launch of this new website, El Salvador continues to lead the way in embracing Bitcoin and blockchain technology. Some proponents speculate that these strategic initiatives could position El Salvador as one of the wealthiest and most innovative nations globally within the next few decades, fueled by Bitcoin adoption.
El Salvador’s Bitcoin Experiment: A Steadfast Journey Amidst Volatility
El Salvador made headlines in September 2021 by becoming the first country to adopt Bitcoin as legal tender. The move aimed to foster financial inclusion, streamline remittance payments, and promote financial innovation.
President Nayib Bukele’s decision faced criticism, particularly after Bitcoin’s price plunged from its all-time high of $69,000 in November 2021. Despite volatility, El Salvador has remained steadfast in its Bitcoin strategy, dollar-cost-averaging into the cryptocurrency since 2021, with an average buying price of $43,097 per BTC.
With Bitcoin currently trading above $62,000, El Salvador’s holdings have yielded an unrealized profit exceeding $57.4 million, per the Nayib Bukele Portfolio Tracker website.
In a recent commentary, Bukele, who secured reelection in February, has aimed at mainstream media narratives surrounding the government’s economic policies. He criticized the media’s focus on El Salvador’s Bitcoin holdings, highlighting the contrast in coverage between periods of low and high Bitcoin market prices.
Bukele emphasized the significant increase in Bitcoin’s market value, suggesting that if El Salvador were to sell its holdings now, it would realize a profit of over 40%. He reiterated the government’s stance of holding onto Bitcoin, emphasizing that “1 BTC = 1 BTC” regardless of market fluctuations. Bukele pointed out the silence of media critics who previously highlighted potential losses during lower Bitcoin prices.
Despite the attention garnered by El Salvador’s embrace of Bitcoin, it stands as a singular example among nation-states in adopting a “Bitcoin standard.” While rumors circulate about other countries potentially following suit, no official
announcements have been made.
However, there are speculations that if Bitcoin reaches $100,000, El Salvador could pay off its loans to the International Monetary Fund, paving the way for financial independence.
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It’s ‘clear’ the US government is going after Tether — Ripple CEO
Ripple CEO Brad Garlinghouse says it is “clear” that the United States government is “going after” stablecoin issuer Tether — which could have an unpredictable impact on the crypto markets.
Garlinghouse said on a May 10 episode of the World Class podcast there would “100%” be another crypto-related black swan event like the collapse and subsequent uncovering of fraud perpetrated by FTX’s executives.
“The U.S. government is going after Tether, that is clear to me,” he said without elaborating and stopping short of suggesting any possible U.S. action against Tether would be the next black swan. He instead called it an “interesting one to watch.”
“I view Tether as a very important part of the ecosystem,” the Ripple boss said. He added he doesn’t know how to predict what impact potential U.S. regulatory action against Tether would have on the crypto ecosystem.
Garlinghouse’s comments come as Ripple plans to launch its own stablecoin in 2024.
Tether Holdings is the parent company of a web of similarly named subsidiaries incorporated worldwide responsible for various operations in issuing and managing the Tether stablecoin — the world’s largest by market capitalization.
In October 2023, U.S. Senator Cynthia Lummis and Representative French Hill urged the Department of Justice in a letter to “carefully evaluate the extent to which Binance and Tether are providing material support and resources to support terrorism.”
Tether responded to the letter, saying it had “always assisted law enforcement” when asked and was “fully committed” to continuing work with authorities globally.
Bloomberg reported in November 2022 that New York-based U.S. Attorney Damian Williams took over an earlier Justice Department probe into Tether’s alleged concealment of crypto-linked funds from banks it used to move cash.
The company has also been criticized for its lack of transparency regarding the reserves backing USDT and, in recent years, has published quarterly third-party audits.
In October 2021, it paid a $41 million fine to the Commodity Futures Trading Commission after the regulator said Tether “misrepresented to customers” its reserve holdings and found it held sufficient fiat reserves to back USDT for “only 27.6% of the days” between June 1, 2016 to Feb. 25, 2019.
Ripple has plans to launch a U.S. dollar stablecoin later in 2024, with Ripple chief technology officer David Schwartz telling Cointelegraph in April that it would back its token with dollar deposits, short-term government Treasurys and “other cash equivalents.”
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Bitcoin halving 'danger zone' has 2 days left with BTC price retesting $60K
Bitcoin (BTC) challenged $60,000 support into the May 10 daily close as the classic post-halving “danger zone” spooked bulls.
BTC price gives up gains above $60,000
Data showed intraday BTC price lows of $60,190 on Bitstamp.
A sudden drop foiled attempts to hold levels around $63,000, with explanations mixed as to the impetus behind it.
“Monthly open has been swept again as well monthly buyers taken out. If bulls want higher & want to break this downtrend its here imo,” popular trader Skew wrote in part of his latest market coverage on X (formerly Twitter) after the bulk of the downside.
“Specifically key area for bulls to do something is $60.8K - $61K (also happens to be range low).”
Commenting on the events, trading resource Material Indicators suggested that large-volume institutional players may be at work.
“Speculating that some institutional entity may not want to see Bitcoin breakout over the weekend while the BTC ETF market is closed,” part of an X post read.
An accompanying chart showed order book liquidity on the largest global exchange, Binance, including a new block around $62,500, which Material Indicators predicted could be lifted after the weekly close.
“I won't be the least bit surprised if this sell wall moves lower to push price down. I also won't be surprised if we see a roof pull after the W candle closes on Sunday,” the post continued.
"Danger zone" ends with Bitcoin weekly close
Updating his perspective of BTC price behavior following last month’s block subsidy halving, meanwhile, popular trader and analyst Rekt Capital called time on current weakness.
BTC/USD has tended to drop in the weeks following a halving event, and this “danger zone” is now coming to an end.
At the end of April, Rekt Capital predicted a major bout of downside for Bitcoin within a two-week period — something which ultimately came true in the form of a trip to two-month lows $56,500.
“Bitcoin indeed downside wicked below the Re-Accumulation Range Low just like in 2016. Thus price-wise, the Post-Halving ‘Danger Zone’ purple has been satisfied,” he stated on the day.
“Time-wise however, the ‘Danger Zone’ officially ends in 2 days.”
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Bitcoin still lacks $60K support as BTC price nears $100M liquidity zone
Bitcoin returned to $63,000 on May 10 as overhead liquidity thickened past $100 million.
Bitcoin liquidity battle heats up
Data showed BTC/USD spiking to local highs of $63,876 on Bitstamp before consolidating.
BTC price action improved overnight after seeing lows under $61,000 — a weakness that persisted despite hot United States unemployment figures.
Analyzing the status quo on order books, trading resource Material Indicators flagged a significant build-up of ask liquidity immediately above the spot price.
Between $63,000 and $65,000, this totaled more than $100 million on the day, per data from its FireCharts proprietary trading tool.
“Historically, the side with the highest concentration of liquidity wins these intra-trend battles,” part of commentary added on X (formerly Twitter).
The day prior, Material Indicators co-founder, Keith Alan, offered extended analysis of potential support levels should Bitcoin see another downward slump.
“Obvious targets take us first to the historical consolidation range of $58k - $60k,” he wrote.
“Order book data in FireCharts shows that there isn’t currently a lot of bid liquidity at $60k, but there is a more at $58k. If price holds there, it would create a higher low which is what bulls want to see.”
Alan stressed the significance of the 21-week simple moving average (SMA), currently at $56,127, with $52,000 coming into play should that level fail to hold.
“A move that low would represent a 30% correction from the all time high. A good chunk of the bid liquidity that was forming support in that range was moved up to $58k this week and that provides a clue that sentiment is shifting upward, at least for now,” he continued.
“Of course, nothing changes sentiment like price movement so, if bears manage to push price below $58k we will either see sentiment strengthen in the $50k - $52k range or start shifting towards the mid $40s.”
BTC price "simply holding range low"
Summarizing the current landscape, meanwhile, popular trader and analyst Rekt Capital saw little signs of upheaval.
“Bitcoin is still simply holding the Range Low as support, following the downside wick from last week,” he told X followers.
An accompanying chart provided context for BTC price moves in light of April’s block subsidy halving, with Rekt Capital previously suggesting that this year’s event did not fundamentally differ from previous halvings.
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Bitcoin could soon ‘BLOW higher’ on bullish candle hammer: Glassnode execs
Bitcoin traders are pointing to a “bullish candle hammer” that has emerged on Bitcoin’s weekly price chart — which they say could signal a possible reversal of the past month’s downtrend.
“Bitcoin still looks like it is about to BLOW higher,” market intelligence firm Glassnode founders Jan Happel and Yana Allemann wrote on their shared X account “Negentropic” in a post on May 9.
They noted that the Bitcoin price chart closed on May 5 with a bullish hammer — the name given when there is a small body above a thin long line, referred to as a “wick.”
“Bitcoin weekly bullish hammer candle…reversal is imminent,” added pseudonymous crypto trader Mister Crypto.
It could signal a reversal as traders pushed prices down significantly during the 7 days, but buyers managed to aggressively close it near the candle open, suggesting a shift in sentiment.
“This week’s pullback hence seems like a healthy correction before higher. Corrections often pull back either 50% or 61.8% of the previous impulse move,” Negentropic said.
Pseudonymous crypto trader Rekt Capital explained that long downside wicks have often been key to ending more than 20% corrections for Bitcoin “for the past year and a half,” in a May 9 X post.
Bitcoin closed the week ending May 5 at $64,109, as per CoinMarketCap data. A 20% increase from this level would take it beyond its current all-time high, reaching $76,822.
At the time of publication, Bitcoin’s price is $62,830.
However, crypto trader Mags anticipates that it may come up slightly short of that estimate, though not by much.
“If price holds the current levels, the next stop would be a range high of $72,000,” they stated to their 73,300 X followers on May 9.
Although this single candle pattern is seen as a bullish signal to traders, most wait for confirmation of the change of direction in the following candle.
So, traders will be watching how Bitcoin’s chart closes for the week of May 12.
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