President Milei champions Bitcoin for Argentina's currency competition, signaling a shift towards broader crypto acceptance.
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Ether’s failure to respond to good news could be rooted in investors’ perception that macroeconomic conditions are worsening.
Ether (ETH) has been under pressure since June 7, when it lost the $3,800 support level. Despite a series of positive developments, its price remained below $3,600 on June 19, showing no weekly change.
Some analysts believe that the primary reason for the bearish momentum is a lack of institutional demand for cryptocurrencies. Others attribute it to regulatory uncertainty within the Ethereum ecosystem.
Noelle Acheson, author of the ‘Crypto is Macro Now’ newsletter, expressed surprise at Ether’s lack of positive momentum following Consensys's victory over the regulator. She also questions whether other regulatory issues related to staking could be deterring investor interest.
Bitcoin is struggling to bounce off $64,500, increasing the possibility of a deeper correction to $60,000.
Bitcoin (BTC) has been trading inside a large range between $56,552 and $73,777 for several days. It is difficult to predict the direction of the breakout with certainty, because trading inside the range can be random and volatile. Hence, it is better to wait for the price to break out before establishing large bets.
Traders are becoming cautious in the short term due to the uncertainty. According to Farside Investors data, Bitcoin exchange-traded funds have witnessed outflows for the past four days. Additionally, CoinShares’ “Weekly Asset Fund Flows” report showed outflows of $600 million from digital asset investment products, the largest since March 22.
However, Cointelegraph’s analysis of Deribit derivatives data shows that Bitcoin whales and market makers are not panicking and “remained optimistic during the dip.” Several analysts have also maintained a bullish view during Bitcoin’s drop below $65,000.
Bitcoin whales and miners remain cautiously optimistic, strengthening the bullish case for $64,300 support.
On June 18, Bitcoin's (BTC) price tumbled 5.6% over the course of the day to $64,300, reaching its lowest level in over a month.
The six-day downtrend coincided with macroeconomic data pointing to a slowdown in the U.S. economy, particularly in retail sales and employment. Meanwhile, the U.S. Federal Reserve has kept interest rates at their highest level in two decades. However, the resilience in the derivatives markets points to a potential BTC price recovery ahead.
U.S. retail sales increased a modest 0.1% from the previous month, below the economists' consensus of 0.3%, according to Yahoo Finance.
As Bitcoin's dominance surpasses 56% despite a market downturn, Ethereum's performance relative to Bitcoin has hit its lowest point.
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SOL price weakness can explained by Solana Network's activity and lack of appetite from derivatives traders.
Despite a brief rally to $151 on June 16, Solana’s native token SOL (SOL) has experienced a 24% correction since June 7. It has underperformed against the total cryptocurrency market capitalization that’s down 14% over the same period.
This suggests that SOL’s issues are more pronounced than the overall market’s reduced interest in cryptocurrencies.
Several indicators, including Solana Network’s on-chain activity and demand for leveraged positions, indicate that SOL's bearish momentum is likely to continue. If demand remains stagnant, this could lead to a retest of the $130 level or lower.
Bitcoin is facing intense selling pressure, but charts suggest strong support at $64,500 and again at $60,000.
The S&P 500 Index (SPX) has been trading near its all-time high, but Bitcoin (BTC) has gradually given up ground in the past few days. This suggests that supply exceeds demand in Bitcoin. According to Farside Investors data, spot Bitcoin exchange-traded funds have seen outflows for four of the five days since June 10.
However, analysts point out that long-term investors have not panicked and continue buying. Market intelligence firm Santiment shows that the number of wallets with 10 BTC or more has hit 16.6 million, the highest level since June 2022.
Although Bitcoin looks weak in the near term, it remains stuck inside a range and is likely to witness buying at the support. The longer the time spent in a range, the greater the force needed for the price to break out from it.
Binance is listing ZKsync (ZK) trading pairs and announced a token distribution program to address community concerns surrounding the ZK token airdrop, which has been criticized for its lack of measures to prevent Sybil attacks.
The post Binance to list ZKsync with token distribution program amid widespread criticism appeared first on Crypto Briefing.
Bitcoin price needs to rise above $68,000 to sustain buying in ETH, TON, UNI, and XMR.
Bitcoin (BTC) is down more than 4% this week, signaling that the bears are active near $70,000. However, Bitcoin investors seem to be viewing the dips as a buying opportunity. Market intelligence firm Santiment said in a post on X that Bitcoin’s dip to $66,600 saw a surge in buying while selling interest remained dormant.
Even as Bitcoin is trying to find a short-term bottom, Ether (ETH) is attempting a rebound off its recent drop below $3,400 on June 14. The solid demand at lower levels could be due to the expected launch of the spot Ether exchange-traded funds (ETFs). Bloomberg ETF analyst Eric Balchunas anticipates Ether ETFs to start trading as early as July 2.
Bitcoin’s recent weakness has increased selling pressure in several altcoins, which have dropped near or below their immediate support levels. However, if Bitcoin manages to stage a comeback, select altcoins are likely to witness solid buying at lower levels.
Bitcoin's resilience amid price drops indicates strengthening support at the $65,000 level.
Despite testing the $65,000 support on June 14, Bitcoin (BTC) hasn't closed below $66,000 since May 17. While BTC was unable to break above the $72,000 resistance during this four-week period, some events have improved regulatory sentiment and highlighted how little room the U.S. central bank has left to maneuver without triggering inflation. Favorable market conditions and resilience in Bitcoin derivatives metrics indicate that the downside is extremely limited.
On May 16, U.S. lawmakers passed a Congressional Review Act to explore a Securities and Exchange Commission (SEC) rule that requires listed companies, including banks, to record crypto assets as both assets and liabilities on the balance sheet. According to Senator Cynthia Lummis, this vote was a milestone as it was the first “standalone crypto legislation” passed by Congress.
The resolution was eventually vetoed by President Joe Biden, but the defiance from Democrats demonstrates the “growing number” and “rising influence of crypto participants" in U.S. politics, according to Craig Warmke, a Bitcoin Policy Institute fellow. While Biden’s veto presents a challenge, both chambers of Congress would need a two-thirds majority to overrule it.
