Cryptocurrency Market Overview: Bitcoin Aims for $100K, Ripple Experiences Challenges with Stablecoin and ETF Development
This past week has been less turbulent than the initial month's chaotic events, where BTC's price plummeted to a five-month low. Instead, cryptocurrency is currently moving with a calmer, more optimistic vibe.
Remember when bitcoin shattered the $90,000 milestone on April 22 and kept climbing, challenging $96,000 multiple times, although it was turned back each time? Well, the subsequent corrections weren't as brutal as the early April price crashes.
Since then, BTC has been trading within a tight range of $93,000 as a lower boundary and $96,000 as an upper one for several days. The bears have been attempting to push it below the support line, but their efforts have been met with immediate buying pressure, preventing another breakdown. In fact, bitcoin went on the offensive again yesterday, spiking above the upper boundary and climbing to a new multi-month peak of over $97,000 as of today. This rise was triggered due to the formation of a familiar pattern, which historically initiates immediate gains.
Additionally, miner data indicates that Bitcoin's bull run has resumed. BTC's price recently dropped to a local bottom compared to the average miner cost of production.
So, BTC is still hovering just above $97,000 with everyone's eyes on the $100,000 target. For the week, BTC has gained 3%, performing better than most large-cap altcoins, aside from ETH, HYPE, AAVE, and XMR. As a result, its dominance continues to chart new multi-year peaks.
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For now, BTC is just inches away from $100,000. Here's a quick rundown of the current market data:
- Market Cap: $3.133T
- 24H Vol: $82B
- BTC Dominance: 61.6%
Here's the latest crypto news you won't want to miss:
Market Headlines You Can't Afford to Miss
Movement Labs Co-Founder Suspended Amid Market Maker Scandal
Movement Labs' co-founder, Rushi Manche, was suspended by the team following allegations of a questionable market-making deal, resulting in a massive $38 million token dump.
Bitcoin's Next Move: 3 Scenarios to Watch in 2025
Following the impressive price surge for BTC, where the asset gained over $20,000 in just a few weeks, CryptoQuant presented the three most likely scenarios to play out by the end of the year. Surprisingly, the bearish one is the least expected.
Rejection of Ripple's $5 Billion Acquisition Offer by Circle
As the title suggests, Ripple faced some setbacks this week. One of them involves the rejection of a colossal $5 billion takeover offer to acquire Circle, the company behind the second-largest stablecoin. According to sources, the offer was deemed too low.
SEC Delays Decision on Spot Ripple, Dogecoin ETF Applications
This wasn't a surprising development, given the SEC's habit with the first BTC and ETH ETF applications. In true form, the US SEC postponed making a decision on Franklin Templeton's XRP ETF proposal, while Bitwise's DOGE ETF faced a similar fate. The new deadlines are set for June 17 and June 15, respectively.
Advice to Buy Bitcoin and Altcoins from Arthur Hayes
During this week's major conference in Dubai (Token2049), Arthur Hayes stated that the real bull market is just getting started. He recommended investors to "go long on everything."
Massive BTC Whale Accumulation Spree
Perhaps following Hayes' advice, BTC whales went on a spending spree in recent weeks, accumulating approximately $4 billion worth of the asset.
For a comprehensive chart analysis of Ethereum, Ripple, Cardano, Hype, and Solana, click here.
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[1] Rekt Capital (2022). https://twitter.com/rektcapital/status/1507166173611328539
[2] TradingView (2022). https://www.tradingview.com/chart/MkW7chmd/
[3] Hampel, V. (2021). https://cointelegraph.com/news/bitcoin-200k-price-forecast-power-law-model-and-gold-correlation
[4] Leichtmann, T. (2021). https://www.cnbc.com/2021/03/10/bitcoin-1-5-million-price-prediction-jeff-booth.html
[5] TradingView (2022). https://www.tradingview.com/chart/prjCtAu5/
- After the initial chaos of the first month, where bitcoin's price plummeted to a five-month low, the cryptocurrency market is moving with a calmer and more optimistic vibe.
- In contrast to the early April price crashes, subsequent corrections weren't as brutal as expected.
- Since then, bitcoin has been trading within a tight range, being repeatedly pushed by the bears to break the support line but met with immediate buying pressure each time.
- Miner data indicates that Bitcoin's bull run has resumed, with bitcoin's price recently dropping to a local bottom compared to the average miner cost of production.
- For the week, BTC has gained 3%, performing better than most large-cap altcoins, aside from Ethereum, HYPE, AAVE, and XMR, causing its dominance to continue to chart new multi-year peaks.
- The Movement Labs' co-founder, Rushi Manche, was suspended by the team following allegations of a questionable market-making deal, resulting in a massive $38 million token dump.
- During this week's conference in Dubai, Arthur Hayes recommended investors to "go long on everything," indicating that the real bull market is just getting started.
