Bitcoin
Bitcoin Investors See Sideways Trading in June, With Focus Turning to Washington
Markets are approaching the official start of summer, but bitcoin could languish in June. The top cryptocurrency jumped 13% in May, according to Coin Metrics, its eighth monthly gain in the past nine months and its best month since February, when it soared 44%. This is due to last week’s ether-led rally ahead of the SEC’s approval of a rule change allowing ether ETFs in the US, when ether rose 20% in two days. Now, aspiring Ethereum ETF sponsors need to complete their S-1 registration forms for the individual funds. Until then, crypto doesn’t have a clear catalyst, with bitcoin ETFs and the halving in the rearview window. “Once these new products are fully approved by the SEC, possibly as early as the end of June, you can expect this to act as a catalyst for ether and the broader altcoin space, with bitcoin along for the ride,” said Antoni Trenchev. , co-founder of cryptocurrency exchange Nexo. BTC.CM=3M mountain Bitcoin has traded in a tight range since pulling back from its March record high usually precede wild moves – just look at the last halving year in 2020, when Bitcoin was stuck for five months before exploding upwards,” Trenchev added. Bitcoin has added $5,400 or 8.7% in the last three. months. June looks precarious for bitcoin – the cryptocurrency has an average monthly return of just 0.25% over the past 10 years, according to CoinGlass. Next month, investors will be paying close attention to the Federal Reserve’s next monetary policy meeting on June 11 and 12, especially after Friday’s reading of the central bank’s preferred inflation gauge the personal consumption expenditures price index. increased 0.2% in April, as expected. As a result, “bitcoin may continue to fluctuate within the descending channel,” said Yuya Hasegawa, crypto market analyst at Japanese bitcoin exchange Bitbank. Furthermore, “Bitcoin could quickly give up about half of its gains over the past two weeks and fall to around $65,000.” Fed policy aside, Washington “will continue to be the center of the world for crypto in June” with investors listening closely to messages from the US presidential campaign after the SEC’s adoption of ether ETFs highlighted changing fortunes crypto policy, Trenchev said. “The last month has witnessed the unlikely and unlikely sight of both sides of the US political divide warming up on crypto ahead of the US elections,” said Trenchev. “Witnessing the narrative continue to unfold in June will be a fascinating sport and will have huge implications for the long-term regulation of space.” Bitcoin miners face difficulties after halving. Elsewhere, Bitcoin’s price could come under some pressure from miner sales. Hasegawa said the average time it takes miners to find and process a new block is increasing, while the network’s hash rate – the combined computing power required by miners to mine bitcoin and process network transactions – is decreasing. This suggests that its profitability is weakening as its ability to mine new coins decreases. “This indicates that the profitability of bitcoin mining is decreasing and miners are struggling to mine,” Hasegawa said. “If the price continues to fall, they may have to sell their bitcoin holdings to [maintain] cash flow, which could cause a vicious cycle.” Market watchers predicted this would happen after the bitcoin halving in April, which cut off an important source of revenue – the block reward – for bitcoin miners. Julio Moreno , head of research at CryptoQuant, attributes its current struggle to a decline in transaction fees following the halving. That said, there has not yet been heavy selling by miners, he said.
Bitcoin has lost out on an asset rally fueled by positive comments from the Federal Reserve, while a tight US election race casts doubt on whether Donald Trump will get the chance to implement his pro-crypto agenda.
The digital asset fell 2.4% on Wednesday, following a Fed-fueled surge in an index of megacap tech stocks Magnificent Seven by one of the largest margins in 2024. The token retreated further on Thursday, changing hands at $63,750 as of 6:10 a.m. in London.
Bitcoin
‘This is huge’ — Billionaire Mark Cuban issues ‘incredible’ Bitcoin and crypto prediction amid price slump
Bitcoin
Bitcoin
came back with a vengeance this year when former President Donald Trump Cryptocurrency boosts US presidential election in November with ‘revolutionary’ plan.
The price of bitcoin has surged to more than its all-time high in recent months, surpassing $70,000 per bitcoin and triggering a wave of mega-optimistic predictions about the price of bitcointhough it fell again this week, falling below $65,000 after the Federal Reserve kept interest rates steady.
Now, as Elon Musk suddenly breaks his silence on bitcoin and cryptocurrenciesBillionaire investor Mark Cuban called a California plan to digitize 42 million car titles using blockchain an “incredible step forward” and “huge” for cryptocurrencies.
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Mark Cuban, famous Shark Tank investor and billionaire owner of the NBA team Dallas Mavericks, has… [+] called a cryptocurrency update “amazing” amid bitcoin’s price slump.
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The California Department of Motor Vehicles (DMV) has digitized 42 million car titles using blockchain, it was reported by Reuters, through technology company Oxhead Alpha on the Avalanche blockchain and designed to detect fraud and facilitate the securities transfer process.
“This is an incredible development for crypto,” Cuban, best known as an investor on TV’s Shark Tank and owner of the Dallas Mavericks NBA team, posted on X, joking that U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler could sue the state as part of his hostility toward cryptocurrencies and blockchain technology.
“The reason this is huge for crypto is because people who hold the tokens will have an app with an Avalanche wallet,” Cuban said. “Tens of millions of Californians having and using a crypto wallet in the next five years, or however long it takes, normalizes the use of wallets and crypto.”
John Wu, president of Avalanche developer Ava Labs, told Reuters that California’s DMV is “creating a wallet that you can download on your phone.”
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Bitcoin’s price has rallied this year, triggering a wave of bullish bitcoin price predictions from… [+] people like billionaire Mark Cuban.
Forbes Digital Assets
Last month, Cuban predicted that if the US dollar falls as the global reserve currency, bitcoin could become “a global ‘safe haven’” and a “global currency.” potentially sending the price of bitcoin to a much higher level.
According to Cuban, bitcoin could become what its most ardent supporters “envision” — a means “of protecting our economies… This is already happening in countries facing hyperinflation.”
The price of bitcoin has skyrocketed over the past year, largely due to the world’s largest asset manager, BlackRock, leading a bitcoin attack on Wall Street.
Bitcoin
Bitcoin (BTC) miner Riot Platforms (RIOT)’s second-quarter loss widens to $84.4 million as costs rise
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At a national bitcoin conference in Nashville, Donald Trump finally laid out some of his crypto policy proposals, including a long-awaited part of his plan — building a strategic bitcoin reserve. CNN’s Jon Sarlin explains what it is and why the crypto industry wants it.
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