Nobel laureates warn of economic instability and legal concerns if Donald Trump is re-elected, impacting US and global economic standing.
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VanEck files for the first US Solana ETF, driving SOL prices up nearly 10% as the market reacts positively.
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The Bitcoin halving hype has long passed, and this month’s massive options expiry provides insight into the future of the current BTC bull market.
A total of $9.25 billion in Bitcoin (BTC) options is set to expire on the morning of June 28. June’s monthly expiry is especially important given that it marks the end of the first half of 2024 and historically is the second largest expiry in every market, including the traditional finance industry. Investors are especially concerned after the $3 trillion tech giant NVidia traded down 12% since its all-time high on June 20.
It has been two months since the Bitcoin halving, which likely explains why 57% of the bullish bets have been placed at $70,000 or higher. But, in reality, the market displayed weakness in the past two weeks, making those call (buy) options essentially worthless. If Bitcoin remains near $61,500 on June 28 at 8:00 am UTC, the rights to buy BTC at $62,000 and $64,000 will not take part in the expiry. Similarly, put (sell) options at $58,000 and $60,000 are rendered null.
Bitcoin bulls have weak macroeconomic data on their side, which favors a more aggressive rate cut and monetary stimulus campaigns from the United States Federal Reserve and Department of Treasury. Sales of new U.S. single-family homes dropped to a six-month low in May, down 11.3% from the prior year. More concerningly, at the current sales pace, it would take 9.3 months to clear the new houses supply, up from 8.1 months in April.
George Latimer's win in the NY primary, backed by a pro-crypto super PAC, highlights the growing influence of crypto in politics.
The post George Latimer defeats anti-crypto Jamaal Bowman in NY primary with crypto PAC support appeared first on Crypto Briefing.
Bitcoin price snaps back above $62,000, but technical traders are unsure whether the BTC downtrend is over.
Bitcoin (BTC) price hit a six-week low on June 24 before buyers stepped in to send the price back above $62,000 less than 24 hours later.
Analyzing the current market structure, popular trader Jelle acknowledged that some buyer interest was returning at the lows, as the $60,000 zone acted as support.
“If #Bitcoin can lock in a lower-timeframe higher low today, I think we run it back to $63,500 before the week is out,” the analyst wrote in a June 25 post on x.
Several AI tokens, including Fetch.ai, Ocean Protocol, and SingularityNET, gain ground despite market challenges.
The post AI tokens FET, AGIX, OCEAN, and ARKM surge despite market sell-off appeared first on Crypto Briefing.
Bitcoin derivatives data suggests that macroeconomic and crypto-specific factors are behind BTC’s recent drop below $60,000.
Bitcoin (BTC) price dropped 5.8% between June 23 and June 24, reaching its lowest level in seven weeks at $59,700. Despite a modest recovery to $60,400, a total of $153 million in leveraged long BTC futures was forcefully liquidated due to insufficient margin. This movement caused derivatives metrics to shift to a neutral sentiment, ending a bullish trend that had lasted five weeks.
Traders are now questioning whether the worsening crypto market conditions indicate a longer bear market or a momentary panic due to miners being forced to cover expenses amid lower profitability and the potential sale of large stashes by known entities. Should traders wait for a dip to $57,500 or increase their positions during this period of fear, uncertainty, and doubt?
Some analysts raised concerns after the failed exchange Mt. Gox bankruptcy estate announced the imminent repayment in Bitcoin. Anonymous influencer fejau stressed that the disbursement announcement could have been anticipated by insiders, which explains the recent price weakness. However, fejau is puzzled by Bitcoin’s performance given the constructive macroeconomic scenario.
Investors withdraw $1.2 billion from crypto funds, with the US leading the outflows and altcoins like Solana seeing renewed interest.
The post Investors withdraw $1.2 billion from crypto funds as Fed rate cut hopes diminish appeared first on Crypto Briefing.
The analysis examines recent approvals of Bitcoin and Ethereum ETFs and suggests that these products could destabilize the financial system.
The post South Korean researcher sees risks with spot crypto ETFs appeared first on Crypto Briefing.
TON, PEPE, KAS, and JASMY could attract buying if bears fail to pin Bitcoin below $64,602.
Bitcoin (BTC) extended its decline by more than 3% this week as bears maintained their selling pressure. Although the price dipped below the short-term holder realized price (STH-RP) of $64,230, the bears could not deepen the correction. This suggests that the bulls are trying to defend the STH-RP, the aggregate cost basis of Bitcoin holders — wallets storing Bitcoin for 155 days or less.
According to Farside Investors data, Bitcoin’s weakness has resulted in sustained outflows from the spot Bitcoin exchange-traded funds since June 13. This suggests that Bitcoin investors are nervous about the near-term prospects.
Independent analyst Willy Woo said in a post on X that Bitcoin’s recovery is likely to start after the “weak miners die” and the hashrate recovers. In 2020, the hashrate recovered in 8 days; in 2017, the recovery took 24 days. Woo added that miner capitulation is taking a lot of time post-halving this year, possibly due to “ordinal inscriptions boosting profits.”
