24 Jun: The Plunge!


Price: $61,250 | Last Year: $30,708

"Bitcoin is powered by chaos." - Michael Saylor, 21 Rules for Bitcoin

Crypto markets shed $70 Billion overnight as Bitcoin fell to 6-week lows, trading under $62K as long-awaited Mt. Gox repayments to begin in July; more than 140,000 $BTC from Mt.Gox hack to be repaid and that puts downward pressure on the market. Those selling today are contemplating the effect of more than 140,000 $BTC hitting the market in less than one month. Putting that number in perspective, it would be just less than the immediate liquidation of Fidelity Investments's spot bitcoin ETF, which at last check held 167,375 bitcoin.

In addition, the short-term holder realized price is currently higher than Bitcoin's spot value, suggesting a significant downturn according to historical data; whales and retail BTC holders are also selling the coin, potentially putting downward pressure on the price. Bitcoin derivatives data suggests that macroeconomic and crypto-specific factors are behind BTC’s recent drop below $60,000.

However, many "analyst" are reporting on the indicators for Bitcoin and it appears the sentiment is remaining quite bullish despite the Bull Crab action. RSI and Bollinger Bands are signaling potential upside action. Of course not all the analyst feel this way. Some believe that the rebound has been dampened and pointed to July 8th as the next major low.

"Technically, bitcoin appears to follow a double top formation, whereas the support level is being tested. This chart formation should be our base case unless it becomes invalidated. This formation could easily see a drop to $50,000—if not $45,000," Markus Thielen, founder of 10x Research

BTFD: "Metaplanet plans to increase its bitcoin holdings by purchasing an additional $6 million worth of $BTC, adding to its existing $9 million investment; the funds for the purchase will come from an upcoming bond issuance on Wednesday. Stock prices jumped 12% following the statement." -Coindesk

Michael Saylor believes Bitcoin dominance dwarfs other assets with its stunning performance; offering ‘economic immortality’ and will reach $10M per coin. Raoul Pal says Crypto is approaching the "banana zone" when risk assets utterly rip. Luke Gromenpoints to Argentina-style inflationary period understand as money flees to Gold, Bitcoin, and stocks.

Meanwhile, Bitcoin miners' $2B sell-off continues to impact Bitcoin's price and may cause second negative monthly close. Meanwhile, the sector is attracting a wave of investor interest following Core Scientific's deal with artificial intelligence (AI) company CoreWeave, according to J.P. Morgan. Bitcoin and Ether transaction fees have declined to their lowest levels in several months as the crypto market experienced one of its bloodiest weeks of 2024. The tech-focused investment manager Coatue Management will make a $150 million investment into the Bitcoin miner Hut 8 Corp. as investors continue to capitalize on the artificial intelligence (AI) boom. Bitcoin miner Riot Platforms, Inc. (RIOT) dropped its proposal to buy peer Bitfarms (BITF) and is looking to overhaul the board before engaging in further takeover attempts.

Wolf of All Streets

Podcast of the Day: Set Your Business Up With Bitcoin Unit of Account with Luke Thibodeau, CFO of Prospera hosted by Stephan Livera


OTHER NEWS

While long term Bitcoin holders appears to be selling, the opposite is true for Ethereum holderes. In addition, $ETH appears to be showing bullish sentiment if you consider the Market Value to Realized Value (MVRV) indicator. Ether traders buy $4K calls in anticipation of record high. Of course not all are bullish: Ethereum prices may tank following any potential spot exchange-traded fund launches, according to a prominent industry analyst Andrew Kang.

Coinbase is the most impersonated crypto brand by scammers.

 

How do you rate this article?

43


TheCryptoCurator
TheCryptoCurator

I've been aware of Bitcoin since 2011 and my desire is that you will be better informed about the digital asset industry by reading my daily post.


The Crypto Curator
The Crypto Curator

I've been exposed to the world of crypto since 2011. Now I use my knowledge to curate the most relevant news articles, podcast, videos, blogs and social media information to help you be in the know in Crypto!

Send a $0.01 microtip in crypto to the author, and earn yourself as you read!

20% to author / 80% to me.
We pay the tips from our rewards pool.