Last Week in Crypto: Highlights in the World of Cryptocurrencies
As we kick off another exciting week on Monday, June 3rd , 2024, at 9:00:05 AM EST (3:00:20 PM CET), we delve into the latest price action of the top ten cryptocurrencies, as per Coin Market Cap. Join us as we analyze these figures and anticipate how the market will unfold throughout the week. Subsequently, we will compare these prices with the closing figures of Friday, June 7th, 2024, at 6:00:00 PM EST (12:00:00 AM CET), to gain insights into the week’s market trends and fluctuations.
| CRYPTO | INITIAL | % CHANGE | FINAL |
|---|---|---|---|
| BTC | $67,564.03 | 2.40% | $69,183.14 |
| ETH | $3,784.03 | -2.46% | $3,690.79 |
| BNB | $630.63 | 7.99% | $681.03 |
| SOL | $166.48 | -2.34% | $162.58 |
| XRP | $0.5179 | -3.61% | $0.4992 |
| TON | $6.6793 | 9.14% | $7.29 |
| DOGE | $0.1599 | -6.82% | $0.1490 |
| ADA | $0.4482 | 0.40% | $0.4500 |
| AVAX | $36.36 | -7.59% | $33.60 |
Bitcoin Bulls Gear Up for $69K Retest Amid Exchange Sell-Off Frenzy
Bitcoin’s price action saw a sharp sell-off before a surprising bounce, maintaining its recent volatility. With BTC hovering near $70K, analysts predict a potential retest of the crucial $69K support level. Material Indicators’ trading signals and comments from co-founder Keith Alan suggest that a dip to this psychological threshold could solidify a bullish resistance/support flip, despite macroeconomic uncertainties like the U.S. unemployment report.
Recent heavy selling on major exchanges like Binance and Coinbase raised eyebrows, with notable traders questioning the motives behind the significant cash-outs. Despite this, Bitcoin’s resilience at the daily close prevented further downside pressure.
Prominent trader Michaël van de Poppe remains optimistic, seeing Bitcoin poised for an upward breakout to new all-time highs. Meanwhile, market whales are speculated to be stalling BTC’s progress to protect their short positions, creating a challenging landscape for bulls aiming to push past the $71,900 liquidity zone.
Solana ETF Approval Hinges on 2024 U.S. Election Outcomes
With the SEC’s recent nod to spot Ether ETFs, speculation is mounting about the next potential altcoin ETF. Solana is a strong contender, but the approval process faces significant political hurdles, particularly the 2024 U.S. presidential election. SEC Chair Gary Gensler has indicated that further altcoin ETF approvals may be slow, with market integrity and regulation being key concerns.
Analysts suggest that a shift in political leadership, particularly a pro-crypto administration, could accelerate the approval of altcoin ETFs like Solana. Current market conditions, including Solana’s centralization issues and the need for robust futures trading data, add to the complexity. However, institutional demand and changing regulatory landscapes keep the crypto community hopeful for future ETF developments.
Hong Kong Eyes Staking for Ethereum ETFs by Year-End
Animoca Brands Chairman Yat Siu reveals that Hong Kong may introduce staking for spot Ethereum ETFs this year. Asset managers, including HashKey and Blockdaemon, are drafting proposals and exploring staking services, aiming to boost ETF appeal and secure regulatory approval. While U.S. regulators remain hesitant, Hong Kong’s proactive stance could give it a competitive edge in the global crypto market, especially as it seeks to attract investors from both East and West. This move could address the current underperformance of Hong Kong’s crypto ETFs compared to their U.S. counterparts.
Ether ETFs Set to Trigger $4 Billion Supply Shock, Says K33 Research
K33 Research predicts that upcoming Ethereum-based exchange-traded funds (ETFs) in the U.S. could attract up to $4 billion in inflows within the first five months, significantly impacting ETH supply and potentially driving its price higher. These ETFs are expected to accumulate around 1 million ETH, equating to roughly 0.7%-1.05% of the total supply, leading to a substantial supply crunch. Despite the exclusion of staking, K33 suggests this won’t hinder inflows, challenging JPMorgan’s stance. With the U.S. SEC approving key filings, these ETFs may start trading by late June or early July. Following this launch, ETH is anticipated to outperform Bitcoin after two and a half years of lagging, as institutional demand surges.
Robinhood to Acquire Bitstamp for $200 Million, Expanding Crypto Reach
Robinhood has announced its agreement to purchase European cryptocurrency exchange Bitstamp for $200 million. This move marks the US retail broker’s significant expansion into international and institutional markets. Bitstamp, one of the oldest crypto exchanges, will help Robinhood enhance its crypto business amid rising demand for digital assets and the recent approval of spot Bitcoin ETFs. The acquisition is also strategic as Robinhood navigates intense US regulatory scrutiny, especially following the collapse of FTX. Robinhood’s general manager, Johann Kerbrat, stated that the acquisition positions the company to expand outside the US and attract institutional clients. Bitstamp, founded in 2011 and headquartered in Luxembourg, ranks as the 16th-largest crypto exchange by trading volume.
Sources:
https://cointelegraph.com/news/us-elections-solana-etf-sec
https://cointelegraph.com/news/web3-dev-loses-40k-github-key-leak
https://www.ft.com/content/c427bdfa-61a9-449a-a9ae-b2749b6db8de
