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Bitcoin Crashes To $65,000, Expert Unpacks Drivers Of Crypto Market Bloodbath

The cryptocurrency market has been experiencing a significant downturn, with Bitcoin leading the way by retracing to the $65,000 mark after failing to retest its all-time high of $73,700 reached in March.  Market expert Michael van de Poppe has shed light on the reasons behind this ongoing bloodbath, highlighting several key factors that have contributed to the current state of the market. Crypto Market Battles Uncertainties A key event highlighted by van de Poppe is last Wednesday’s release of the Consumer Price Index (CPI) data, which has a major impact on the Federal Reserve’s decision on interest rates.  The data, which came in lower than expected, favored risk assets. A lower-than-expected headline CPI of 3.3% (vs. 3.4% expected) and core CPI of 3.4% (vs. 3.5% expected) pointed to potential rate cuts or a positive outlook for future rate cuts, providing favorable market conditions. Related Reading: Red Alert For Polkadot (DOT): Double-Digit Drop Sparks Investor Fears Another significant event was the release of the Producer Price Index (PPI) data, which provides inflation data from the producer’s perspective. The data revealed a lower-than-expected regular PPI score of 2.2% (versus an expected 2.5%) and Core PPI Y/Y score of 2.3% (versus an expected 2.4%).  Additionally, the monthly data showed negative figures, further favoring risk-on assets. However, van de Poppe contends that despite these positive indicators, the crypto market has continued its downward trend. According to van de Poppe, the release of consumer sentiment data on Friday also impacted the market. Consumer sentiment is considered a market leader and a gauge of market strength or weakness. The data came in lower than expected, with a score of 65.6 (versus an expected 72.1).  This data signaled a lack of economic strength, potentially fueling bullish sentiments for risk-on assets and a shift toward crypto-native markets.  However, Federal Reserve Chairman Jerome Powell delivered an unexpectedly hawkish speech. Despite data pointing towards the need for rate cuts and worsening economic conditions, Powell maintained a hawkish tone and revised the potential rate cuts in 2024.  According to Michael van de Poppe, this outlook did not bode well for the markets, adding to existing uncertainties and the notorious price volatility seen in recent days. Bitcoin Price’s Struggle Continues As Bond Yields Drop The analyst further pointed out that Market indicators, such as Treasury Bond Yields, declined. The 2-year Treasury Bond Yield dropped to the lowest point in two months, while the 10-year Yield continued its fall to the lowest point since the beginning of April.  These indicators typically suggest favorable conditions for Bitcoin and risk-on assets, implying a higher probability of a potential rate cut. However, the strength of the US Dollar persisted due to the rate cut by the European Central Bank (ECB).  Van de poppe believes that this unexpected Dollar strength, driven by the ECB’s actions, further complicated the market dynamics, as rate cuts are usually necessary for economic stability. Related Reading: NEAR Protocol: From Recent Dip To Google Search Darling – Is $16 Next? In sum, the cryptocurrency market, particularly Bitcoin, has substantially declined as it struggles to regain its previous highs. Despite positive economic data pointing towards potential rate cuts and market indicators favoring risk-on assets, the market has failed to respond positively.  The ongoing uncertainties surrounding events, such as the listing of the Ethereum ETF, have contributed to the market’s weakness. With rate cuts on the horizon and the Dollar’s strength persisting, the upcoming weeks will likely be critical in determining the market’s direction. When writing, Bitcoin was trading at $65,280, down by 2% in the past 24 hours and over 5% in the past seven days.  Featured image from DALL-E, chart from

BIS Survey: 94% of Central Banks Exploring Digital Currency

BIS Survey: 94% of Central Banks Exploring Digital CurrencyThe latest Bank for International Settlements (BIS) survey reveals that 94% of central banks are exploring central bank digital currencies (CBDCs). There has been a notable increase in wholesale CBDC experiments, especially in advanced economies. Central banks are examining various factors for retail CBDCs, including holding limits and offline functionality. 94% of Surveyed Central Banks […]

Quiet Summer Ahead For Bitcoin, But Ethereum Holds Potential for Surprise — QCP Capital

According to the latest report by QCP Capital, options data reveals a plunge in trading volatility, particularly for Bitcoin, meaning cryptocurrency traders could be in for a tamer summer. The research firm, which is well known for spotting new market trends, points out that the data patterns in the charts suggest that we are likely to have a more shallow trading period for now. This comes as the market is still recovering from recent highs and lows, consigning traders in limbo trying to make sense of the next big play. Related Reading: Is The Crypto Surge Over? Bitcoin Stalls At $72,000 As Investor Enthusiasm Wanes Ethereum Is In For An Active Summer Despite Anticipated Market Lull The one exception is that the Ethereum options show significantly higher implied volatility than that of Bitcoin. This suggests that although the market, in general, could cool off, Ethereum could still see a relative surge in trade. In their report, QCP Capital advised traders to consider accumulation strategies, particularly for Ethereum, in preparation for what they term “the long, quiet summer.” This approach could be beneficial if the market maintains its predicted low volatility. Additionally, they do not foresee any significant price movements for Ethereum in July, aligning with the expectations set around the potential approval of a spot Ethereum spot Exchange-traded funds (ETFs later in the summer. However, the speculation surrounding the approval of an Ethereum spot ETF is creating a buzz, with traders eyeing the S-1 Form approval that could bring more action to Ethereum’s market. Ethereum’s implied volatility currently stands at a 10 vol premium to Bitcoin, which QCP analysts expect to narrow as the market begins to price in the anticipated US spot ETF approval. This suggests that while the summer might be quieter, there could still be critical developments that could influence market dynamics in the latter part of the season. Bitcoin & ETH Market Performance And Sentiment Reflecting on recent market performance, Bitcoin and Ethereum have shown noticeable declines. After a bullish phase spurred by the US SEC’s approval of spot Ethereum ETFs last month, cryptocurrencies have closely mirrored each other in market downturns. Related Reading: Analyst Who Correctly Predicted Bitcoin’s Surge And Crash Reveals Where Price Is Headed Next Over the past week, Ethereum has seen a significant 8.5% decline, with a 1.4% drop in just the past 24 hours. Similarly, Bitcoin has experienced a 1.4% decrease today, continuing a week-long downtrend that brought its price below $66,000. In light of these fluctuations, Bitcoin maximalist Samson Mow has made intriguing predictions about potential market movements. According to Mow, the likelihood of Bitcoin experiencing a significant price surge—or what he refers to as an “Omega candle”—is increasing as market pressure builds up. The #Bitcoin coil is super compressed now. The longer we go without a Godzilla candle, the more likely it is to get an Omega. — Samson Mow (@Excellion) June 13, 2024 Featured image created with DALL-E, Chart from TradingView

Crypto Analyst Lists The Cardano Developments That Will Drive ADA Price To $3 In 2024

Crypto analyst Sebastian has outlined why he believes Cardano (ADA) could rise to as high as $3 this year. The developments the analyst highlighted undoubtedly paint a bullish picture for the crypto token. However, it remains to be seen how Cardano will react, given that it is currently one of the worst-performing crypto assets this year.  Why Cardano’s Price Is Posied To Reach $3 This Year Sebastian mentioned in an X (formerly Twitter) post four reasons he believes Cardano will reach $3 this year. First, he mentioned Cardano’s partnership with Argentina. The Cardano Foundation recently announced its partnership with Entre Ríos, a central province in the country. The move is aimed at fostering blockchain adoption in Argentina. The partnership also benefits ADA as it will help the network break into the Argentine market.  Related Reading: Analyst Predicts 35% Jump For Bitcoin In Next Step Of ‘Magic Bands’ Secondly, Sebastian mentioned the Chang Hard Fork as another reason Cardano is poised to reach $3 this year. This network upgrade is supposed to usher in Cardano’s “Voltaire” era, focusing on decentralized governance. Once this Chang Hard Fork occurs, the Cardano network will become more community-driven, which can help uplift the Cardano ecosystem and further boost investors’ confidence.   Sebastian alluded to the new decentralized applications (dApps) launching on Cardano as another reason the crypto token can reach $3 this year. The launch of these dApps will help increase Cardano’s network activity and ultimately positively impact ADA’s price since the crypto token will gain added utility.  Lastly, Sebastian mentioned that 1.5 billion Cardano tokens will be unlocked for marketing and other investments. He believes these funds could go a long way in promoting the Cardano ecosystem and attracting new users. However, some of his followers disagreed with him in this regard, noting that unlocking this significant amount of tokens would only put massive sell pressure on DA.  Cardano Chang Hard Fork Is A “Big Deal” Crypto analyst and Cardano bull Dan Gambardello recently remarked that the Chang Hard Fork is a bid deal for the Cardano ecosystem, seeing as the network will pivot into “an ear of decentralized, community governance.” The network upgrade is expected to go live later this month, with Gambardello claiming this is excellent timing for the altcoin season.  Related Reading: XRP Continues To Struggle Below $0.5, Ex-Ripple Director Reveals Why Price Action Remains Muted Gambardello has remained bullish on Cardano despite its unimpressive price action and has even reassured his followers that the crypto token’s current price action is normal. He stated that ADA was in a similar position in the last bull run but still recorded a massive price in that market cycle. He expects something similar to happen again and suggested that ADA’s big move could come once the Altcoin season kicks into full gear.  At the time of writing, ADA is trading at around $0.4, down over 2% in the last 24 hours, according to data from CoinMarketCap.  Featured image created with Dall.E, chart from  

Stand With Crypto Publishes Manifesto to Make UK a Leader in Digital Assets

Stand With Crypto Publishes Manifesto to Make UK a Leader in Digital AssetsStand With Crypto UK has published a manifesto outlining steps for the UK to establish itself as a global leader in fintech, digital assets, and tokenization. “We believe the next government should take meaningful steps to position the UK as a global hub of digital assets, tokenization and fintech,” said Coinbase. Stand With Crypto Publishes […]

Bitcoin FOMO: Social Media Users Calling To Buy Sub-$66,000 Dip

Data shows that traders on social media have been calling to buy during the latest Bitcoin dip below $66,000, a sign that FOMO is active in the market. Bitcoin Investors Are Displaying FOMO After The Recent Decline As the analytics firm Santiment pointed out in a new post on X, the recent drawdown in the cryptocurrency has instigated the second-largest spike of buying interest in social media users in the past two months. The indicator of interest here is the “Social Volume,” which keeps track of the amount of discussion related to a topic or term in which users on the major social media platforms are participating. Related Reading: Dogecoin Plunges 11%, But This On-Chain Cushion Could End Decline This metric makes this measurement by counting the unique number of posts/threads/messages on these platforms that mention at least one keyword. The reason the indicator counts the posts rather than the mentions themselves is that sometimes, a large number of mentions can appear on social media. Still, the location of these mentions could be restricted within niche circles. The total number of posts mentioning a topic only spikes when users in the wider social media also engage with the term. As such, the Social Volume can provide a more accurate representation of the actual degree of talk related to the keyword. In the context of the current discussion, Santiment has used this indicator to pinpoint data related to terms connected with buying and selling Bitcoin. The chart below shows how the social volume for these two topics has changed over the past month or so. As is visible in the above graph, the combined Social Volume of phrases related to “buy Bitcoin” has just observed a large spike. This sharp increase in the indicator has come as the cryptocurrency price has been going down. It would seem that users on social media believe this dip to be a worthy buy. The chart shows that the scale of this buying interest is the largest witnessed in the market since BTC’s rally above $70,000 last month. It’s also apparent, however, that BTC topped out not soon after this Social Volume spike came. This has often been the pattern observed, as the price becomes more likely to be corrected when FOMO takes over the crowd. Generally, any negative effects of FOMO can be canceled out if a sufficient amount of FUD also arises in the market simultaneously. As highlighted in the graph, though, the Social Volume of the terms related to “sell Bitcoin” has stayed low amid the spike in calls for buying. Related Reading: Solana Set For “A Major 53% Price Move,” Analyst Reveals Why As such, this high amount of optimism around the drawdown could suggest that the bottom is perhaps not here for the cryptocurrency yet. BTC Price It would appear that the bearish effect of the social media FOMO may already be influencing Bitcoin as its price has seen a further drop below $66,000 following the Social Volume spike. Featured image from Dall-E,, chart from

Legendary Trader Warns: Bitcoin Could Plunge Below $50,000 If These Key Levels Break

Renowned trader Peter Brandt recently provided insights on the Bitcoin price potential market movements, projecting a challenging period followed by a significant rally. This analysis comes as Bitcoin’s current trading behavior exhibits signs that might concern short-term investors. Related Reading: Financial Giant AllianceBernstein Predicts Bitcoin At $1 Million, Here’s When Bitcoin’s Precarious Path: Potential Drop and Subsequent Rally Brandt’s analysis indicates that if Bitcoin breaks the $65,000 threshold, it could trigger a further drop to around $60,000, potentially dipping as low as $48,000. So far, Bitcoin has struggled to sustain momentum above the $70,000 mark, showing a decline of 5.6% over the past week to a current value of $67,170. Despite the somewhat grim short-term outlook, Brandt identifies a silver lining with the potential for substantial recovery. His analysis outlines the immediate risks and hints at a rebound, which he terms the “pump” phase following the “dump.” Chart of interest – Bitcoin $BTC Sometimes the most obvious interpretations of a chart work out, most of the time the charts morph. But the most obvious is this: Break through 65,000, then mkt goes to 60,000 Break through 60,000 mkt goes to 48,000 — Peter Brandt (@PeterLBrandt) June 13, 2024 According to Brandt, this pattern typifies the volatile nature of cryptocurrency markets and could serve as a pivotal moment for investors. Earlier in the year, he made similar observations when Bitcoin was trading at $42,300, suggesting these cycles are common features of bull markets and play a crucial role in distinguishing between novice traders and experienced investors. JPMorgan Cautions On Bitcoin Touted ETF Demand Meanwhile, financial institutions like JPMorgan have scrutinized the broader implications of market dynamics on Bitcoin’s valuation. JPMorgan has recently highlighted concerns regarding the overestimation of demand for Bitcoin ETFs. Their analysis suggests that much of the recent inflow into Bitcoin ETFs does not represent new capital but rather a rotation from traditional cryptocurrency exchange wallets to “more regulated and seemingly secure” ETFs. This shift has been driven by “cost-effectiveness, regulatory protection, and deeper liquidity” ETFs offer over conventional crypto wallets. JPM SAYS #BITCOIN ETF DEMAND OVERSTATED BY 2x –> “Not all of these inflows represent fresh money entering the crypto space as we believe there has likely been a significant rotation away from digital wallets on exchanges to the new spot bitcoin ETFs. This is due to the cost… — matthew sigel, recovering CFA (@matthew_sigel) June 13, 2024 Moreover, following the introduction of spot ETFs, there has been a noticeable decline in BTC reserves on exchanges, indicating that while ETFs are becoming a preferred vehicle for Bitcoin exposure, the overall increase in institutional demand might not be as strong as previously thought. Related Reading: Bitcoin Bears Gain Control: Further Drops on the Horizon JPMorgan estimates that actual net flows into Bitcoin ETFs since January stand at about $12 billion, challenging the bullish narrative of massive institutional demand. Featured image created with DALL-E, Chart from TradingView

El Salvador Views Bitcoin as a Tool to Liberate the Nation From Fiat Currencies

El Salvador Sees Bitcoin as an Option to Liberalize the State From Fiat CurrenciesFelix Ulloa, Vice-President of El Salvador, stated that the government has considered de-dollarizing the country and returning to its national currency, the colon. However, he said that it would be too costly. For Ulloa, bitcoin presents an opportunity to liberate the country from central banks and fiat currency. El Salvador’s Vice-President Felix Ulloa: Bitcoin Offers […]

Dogecoin Sees Monumental Surge In Transactions As Whales Spend $129 Million

Dogecoin is currently at a critical price junction that might determine its price trajectory in the short term. Although the meme coin has witnessed a significant price drop in the past seven days, recent whale activity suggests that the tide might change soon. Notably, large holders of DOGE have been taking advantage of the price drop to accumulate millions of DOGE. Per data from Santiment, an on-chain analytics platform, addresses holding between 10 million and 100 million Dogecoins have collectively accumulated more than $129 million worth of DOGE in the past seven days. Dogecoin Whales Accumulate DOGE According to the on-chain data from Santiment, whales have increased their accumulation in the past week despite the price decline for the meme coin. Remarkably, these whale addresses have bought over 900 million tokens in seven days, suggesting their faith in DOGE despite the price downturn. Related Reading: Solana On-Chain Indicators Suggests A Return Of Bullish Sentiment, Is It Time To Buy SOL? Consequently, on-chain data shows the number of coins owned by this cohort of traders has increased by approximately 5% to a collective 18 billion tokens. A look at the chart above reveals that the collective holdings of these whale wallets have generally been on an uptick since the last week of March. During periods of price increases, the accumulation has typically exhibited an upward tendency and remained stable during periods of price drops. However, the recent accumulation is different because it comes alongside a corresponding price decrease, showing a different strategy from the whale wallets. Interestingly, similar data from IntoTheBlock suggests a similar increase in activity on DOGE alongside the whale accumulation. This uptick in activity saw around 9.29 billion DOGE tokens traded in the past 24 hours. Additionally, 1,500 transactions were concluded in the past 24 hours, implying traders are actively exchanging DOGE. How Whale Transactions Impact DOGE Price Considering its meme coin status, Dogecoin is highly influenced by sentiment among traders and particularly huge investors. These big investors, known as “whales” in crypto lingo, can have a significant impact on Dogecoin’s price when they move their funds around. Their buying activity triggers bullish momentum by pumping up demand, which drives the price higher as other traders follow their lead. Related Reading: Analyst Predicts 35% Jump For Bitcoin In Next Step Of ‘Magic Bands’ Interestingly, this recent whale accumulation comes as a much-needed catalyst for bullish momentum. At the time of writing, DOGE is trading at $0.1428 and has been down by 11.29% in the past seven days. However, this decline seems to be slowing down, with DOGE only registering a 0.6% loss in the past 24 hours. According to a crypto analyst, this spiral towards $0.14 is forming an important generational bottom for DOGE. Featured image created with Dall.E, chart from

Nigeria Drops Tax Evasion Charges Against Binance Executives

Nigeria Drops Tax Evasion Charges Against Binance ExecutivesNigerian authorities dropped tax evasion charges against two Binance executives, Tigran Gambaryan and Nadeem Anjarwalla, after the cryptocurrency exchange appointed a local representative to represent it in ongoing court cases. Following the decision, Binance stated that it awaits the court’s complete discharge of the executives from the cases. Binance Appoints Local Representative On June 14, […]