Bitcoin hit new one-month lows on June 18 after failing to sustain a push past $67,000.
Data from Cointelegraph Markets Pro and TradingView showed volatile BTC price conditions during the prior day’s Wall Street trading session.
Bitcoin reached local highs of $67,250, but momentum quickly stalled as sellers took over, driving the price down to $64,050 hours later.
This was the lowest level since May 15. Market observers shared little positive news in response.
“As we can see here the bounce was led by coinbase spot primarily and some buying from bitfinex,” explained popular trader Skew on X.
“Spot Binance spot still seeing sell pressure. I think $66K – $67K key area to gauge if there’s ongoing absorption else lower prices will come with price bleeding.”
Skew noted that sweeping lows like those seen recently are “not uncommon” behavior.
“Good sign here is spot premiums & pretty low funding,” he added, referring to current funding rates across exchanges.
Monitoring resource CoinGlass showed fluctuating liquidity conditions on BTC pairs after the latest lows. “Funding rates are slightly positive, showing bullish. Buy the dip,” the platform told X subscribers on the day.
Popular trader Credible Crypto discussed the potential for further price drops, pointing to a “dream” zone for going long BTC around $63,500.
However, the chances of this level becoming available were mixed.
READ MORE: Traders Warn Against Bitcoin Whale Watching: No ‘True Alpha’ Found
“Yes, we can still technically go lower into the ‘dream long’ zone below, but as I’ve previously said it would not surprise me to see that zone front run,” Credible Crypto commented, advising followers to “watch for a low timeframe impulse” move.
This area coincides with a key bull market support trendline noted by analysts like Checkmate, the lead on-chain analyst at Glassnode.
The short-term holder realized price (STH-RP), currently at $63,700, has traditionally supported BTC price action since the bull market began in early 2023.
Checkmate emphasized the importance of this level for sentiment.
“It is hard for me to be too scared of Bitcoin price action when unrealised losses look like this.
“It could deteriorate for sure…but it hasn’t yet,” he wrote alongside an explanatory chart.
As Cointelegraph continues to report, maintaining this level is crucial for market confidence.
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.
The notorious MEV sandwich bot known as “arsc” has accumulated around $30 million from Solana users over the past two months through MEV attacks.
An MEV sandwich attack involves an attacker sandwiching a victim’s transaction between their own two transactions, manipulating the price to profit from the user.
The attacker buys the victim’s token at a below-market price and then sells it within the same block at a higher price.
Ben Coverston, founder of cryptocurrency firm MRGN Research, stated in a June 15 post on X that the sandwich bot arsc has “gone to great lengths” to avoid detection while extracting profits from Solana network users.
One of the bot’s largest wallet addresses is “9973h…zyWp6,” which Coverston believes is mainly used for cold storage.
“It is quite inactive and, judging by its behavior, is almost certainly a locked-down, cold wallet,” Coverston said.
According to Solana explorer site SolanaFM, the wallet holds over $19 million in total funds, including $17 million in Solana’s SOL tokens and $1.1 million in Circle’s USD Coin stablecoin.
It also contains small amounts of wrapped-SOL (wSOL), Cringe Coin (CRINGE), and Kabosu (KAB).
Another significant wallet, with the address “Ai4zq…VXKKT,” is more active in decentralized finance activities.
READ MORE: The Role of Web3 Companies in Developing Global Crypto Policies
Coverston said, “It’s gradually converting SOL into USDC via JUP DCA and holds significant positions in Kamino and various LSTs.”
This wallet holds over $9.9 million, primarily in non-SOL tokens, as per SolanaFM.
Coverston identified a third wallet address, “BCbrp…vi58q,” which he believes serves as arsc’s “main SOL bank,” using numerous signers and tippers to execute the sandwich attacks.
The three wallets collectively hold $29.8 million at current prices.
Coverston believes the operator behind arsc is attempting to maintain a low profile.
“It seems they don’t enjoy the attention, as they’ve recently gone to great lengths to hide their activities and profits.”
MEV sandwich bots frequently employ advanced algorithms to spot and exploit these opportunities for profit. This practice is also common among MEV bots on Ethereum.
Over $1.38 billion had been extracted from Ethereum users by MEV bots by April 2023, according to MEVBlocker.
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.
Artificial intelligence (AI) company OpenAI is reportedly contemplating a transition from a capped-profit corporation to a full for-profit model.
CEO and co-founder Sam Altman allegedly informed shareholders about this potential shift during the week of June 10, as reported by The Information.
If implemented, this change would result in OpenAI’s nonprofit board losing control of the company.
OpenAI currently boasts a private valuation of around $86 billion.
The company’s website describes its structure as a partnership between the original nonprofit and a new capped profit arm.
The capped profit model was designed to incentivize research in artificial general intelligence (AGI) while preserving the company’s mission.
OpenAI claimed that donations alone were insufficient to support its work, necessitating a new financial model to attract stakeholders.
However, the website still cautions that stakeholders should view their investments as donations. It states:
“Investing in OpenAI Global, LLC, is a high-risk investment.
“Investors could lose their capital contribution and not see any return.
READ MORE: MicroStrategy Announces $700 Million Debt Offering to Fund Additional BTC Purchases
“It would be wise to view any investment in OpenAI Global, LLC in the spirit of a donation, with the understanding that it may be difficult to know what role money will play in a post-AGI world.”
The push to restructure the company coincides with Altman’s recent changes to the board, which now includes several newly appointed members.
These additions are Sue Desmond-Hellmann, former CEO of the Bill and Melinda Gates Foundation; Nicole Seligman, former Sony vice president; Fidji Simo, CEO and chair of Instacart; and retired U.S. Army general and former National Security Agency (NSA) director Paul Nakasone.
Nakasone’s appointment has drawn criticism, notably from former U.S. intelligence contractor Edward Snowden.
On X.com, Snowden advised the public to “not ever trust @OpenAI or its products,” specifically mentioning ChatGPT.
He argued, “There is only one reason for appointing an @NSAGov Director to your board,” calling it “a willful, calculated betrayal of the rights of every person on Earth. You have been warned.”
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.
Spot Ether exchange-traded funds (ETFs) could potentially start trading in the United States by July 2, according to Bloomberg ETF analyst Eric Balchunas.
“We are moving up our over/under date for the launch of spot Ether ETF to July 2nd,” Balchunas posted on June 15.
He noted that the United States Securities and Exchange Commission’s (SEC) staff comments on the spot Ether ETF applicants’ S-1 applications were “pretty light, nothing major,” and requested them back within the week.
“Decent chance they work to declare them effective the next week and get it off their plate before the holiday weekend. Anything is possible but this is our best guess as of now,” he added, referring to U.S. Independence Day on July 4.
These comments marked a shift in confidence from the previous day when Balchunas mentioned that Ether ETF applicants were still awaiting feedback from the Division of Corporation Finance, a division of the SEC that oversees firm disclosures. He had been debating whether to postpone his July 4 prediction.
On May 23, the SEC approved eight 19b-4 filings to list spot Ether ETFs on various U.S. exchanges.
READ MORE: Ripple Calls for Fair Penalty in SEC Case, Cites Terraform Labs Settlement
However, these ETFs can’t start trading until they receive the necessary S-1 registration statement approvals.
SEC Chair Gary Gensler offered a broader timeframe for the potential approval date of spot Ether ETFs, suggesting they might begin trading within the next three months, by the end of September.
Just a week earlier, Gensler mentioned that the speed of Ether ETF approvals would depend on how quickly issuers could address the SEC’s comments.
While some traders hope that Ether’s price might follow Bitcoin’s trajectory after the spot Bitcoin ETF approval on January 11, which led to record highs of $73,679 by March 13, not everyone shares this optimism.
On June 3, Stephen Richardson, managing director of financial markets at Fireblocks, argued that spot Ether ETFs might not see the same day-one inflow as spot Bitcoin ETFs did, citing the asset’s more complex use cases.
“What’s missing is widespread consensus that effectively evaluates the utility or utilization rate of the Ethereum blockchain,” he said in comments to Cointelegraph.
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.
Tracking the wallet movements of Bitcoin whales—those holding a significant amount of BTC—has been popular for speculating on market sentiment.
However, traders argue that it doesn’t lead to “true alpha.”
“Don’t whale watch kids, it’s not useful information,” stated James Check, lead analyst at Glassnode, in a June 15 X post.
He added, “Not once have I seen true alpha extracted from whale watching. It’s good for social media, but is almost never serious nor valuable analysis.”
Crypto traders commonly believe that Bitcoin whales can influence the market with their trading tactics. While whales can impact the market, their movements can be interpreted in various ways, making the data inconclusive.
For instance, if dormant addresses with large holdings suddenly become active, it might indicate selling, especially if they transfer to an exchange deposit address.
Pseudonymous crypto analyst TXMC, host of the YouTube channel Alpha Beta Soup, cautioned against using “whale” metrics to make definitive claims in a June 15 X post.
They noted that large-scale Bitcoin sales by whales don’t always signal a sell-off.
“The mechanical stepwise drawdown here speaks to wallet management, and you are only seeing part of a larger pie.
READ MORE: SEC Chair Gensler Signals Approval for Spot Ether ETFs by End of Summer
“These are sometimes firms & institutions with multiple wallets and hundreds/thousands of clients,” they explained.
Check further elaborated in a May 7 post, “Data around these entities is notoriously noisy, and I can almost guarantee that the big ‘whale’ wallets you’re watching are ETFs and exchanges.”
He described whale-watching as “cheap engagement bait.”
Despite this, social media posts about whale movements attract significant interest.
A recent post by pseudonymous trader Marty Party, discussing Bitcoin whale activity, garnered over 205,000 views.
“Bitcoin OG whales have sold over 50,000 BTC in the past 10 days, totaling approximately $3.30 billion,” Marty Party wrote on June 14.
Analysts often use this data to illustrate differing market views among whales.
For example, Vivek Sen of Bitgrow Lab highlighted a graphic from CryptoQuant showing whales buying $1.3 billion worth of Bitcoin on June 14.
On May 15, CryptoQuant noted that Bitcoin whale demand was in “acceleration mode” after a two-month downtrend, indicating potential stabilization and a need for further demand growth to sustain the price rally.
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.
Bitcoin’s hashrate, a key measure of mining difficulty, has broken down from an 18-month uptrend, suggesting potential miner capitulation.
The true hashrate recently fell to around 600 exahashes per second (EH/s).
This breakdown might indicate that some mining firms are selling their BTC, as noted by Ki Young Ju, founder and CEO of CryptoQuant.
He stated in a June 13 X post, “Bitcoin hash rate’s 18-month upward trend has broken, suggesting some miners are capitulating.”
However, data shows that Bitcoin mining firms haven’t been selling significant amounts of Bitcoin despite the drop in hashrate.
According to CryptoQuant, miner flows to cryptocurrency exchanges decreased from a monthly peak of 15,470 BTC on May 21 to just 7,239 BTC on June 13.
The recent decline in Bitcoin’s price, falling from over $71,100 on June 5 to $66,800, doesn’t appear to be driven by miner capitulation.
Instead, the price drop occurred while daily miner flows to exchanges continued to decline.
The decline in hashrate could be due to mining firms turning off older generation ASIC chip mining rigs, which have become unprofitable since the fourth Bitcoin halving.
READ MORE: SEC May Receive Only a Fraction of Multibillion-Dollar Terraform Labs Settlement
On June 12, Bitcoin’s total hashrate fell to 586,377 terahashes per second (TH/s), according to Blockchain.com.
An April 19 report by CoinShares predicted this temporary drop, forecasting the hash rate to rise to 700 exahash by 2025 but potentially falling by up to 10% post-halving as miners shut down unprofitable ASICs.
The report attributes the temporary reduction to increased mining costs due to the halving and rising electricity prices.
The profitability of mining operations largely depends on electricity costs.
According to a May 2 X post by Hashrate Index, older ASIC models like the S19 XP and M50S++ operate at a loss if electricity costs exceed $0.09 per kilowatt-hour.
The S19j Pro+, j Pros, and M30S++ will struggle if costs are between $0.06 and $0.07 per kilowatt-hour.
The situation underscores the delicate balance between mining profitability and operational costs, with electricity prices playing a crucial role in the sustainability of mining operations.
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.
Bitcoin spiked higher as the June 12 Wall Street session opened, following an unexpected drop in United States inflation data.
Cointelegraph Markets Pro and TradingView reported a quick BTC price surge to $69,636 on Bitstamp.
Bitcoin jumped by $1,500 within seconds, driven by the May Consumer Price Index (CPI) report showing inflation cooling faster than anticipated.
Month-on-month CPI remained unchanged, while the year-on-year figure was 3.3%, both 0.1% below expectations.
“The all items index rose 3.3 percent for the 12 months ending May, a smaller increase than the 3.4-percent increase for the 12 months ending April.
The all items less food and energy index rose 3.4 percent over the last 12 months,” confirmed an official press release from the U.S. Bureau of Labor Statistics.
This result was a positive development for risk assets, including cryptocurrencies, which had faced challenges leading up to the CPI release, a typical pattern for Bitcoin and altcoins.
Markets were now focused on the upcoming June meeting of the Federal Reserve’s Federal Open Market Committee (FOMC), scheduled for later in the day.
The meeting would address interest rate decisions and feature economic commentary from Fed Chair Jerome Powell, crucial for market sentiment.
READ MORE: Australia Bans Crypto and Credit Cards for Online Gambling to Protect Citizens from Financial Risks
Financial commentator Tedtalksmacro responded optimistically to the latest developments, suggesting that the CPI data might allow Powell to consider easing the tight financial policies characterized by high rates.
“The stage is set for J Powell to talk easing. Let’s go,” he summarized on X (formerly Twitter).
Michaël van de Poppe, founder and CEO of trading firm MNTrading, highlighted the declining U.S. dollar strength following the data release.
“The Dollar and Treasury Yields are dropping significantly as the markets are expecting rate cuts to be happening,” he noted.
Bitcoin thus recovered the losses incurred from U.S. employment data released the previous week.
More economic figures were expected by the end of the week, potentially leading to further BTC price volatility.
The latest projections from CME Group’s FedWatch Tool indicated shifting market expectations for rate cuts, with the probability of a rate cut at the September FOMC meeting rising to over 70%.
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.
To protect citizens from financial risks, the Australian government has banned the use of cryptocurrencies and credit cards for online gambling.
On June 11, The Canberra Times reported that Australia had implemented this ban, targeting online gambling platforms.
Companies that do not comply with the new regulations could face fines up to approximately 234,750 Australian dollars ($155,000).
The ban includes credit cards linked to digital wallets, cryptocurrencies like Bitcoin, and other new forms of credit.
These measures align online betting rules with Australia’s laws on land-based gambling. However, there are exceptions, such as online lottery payments, which still allow the use of credit cards.
Kai Cantwell, the CEO of Responsible Wagering Australia, an organization for Australian-licensed gambling service providers, supports the move, stating:
“This is an important measure to protect customers, making it easier for people to stay in control of their own gambling behavior.”
Cantwell also urged the government to extend the ban to include all forms of gambling.
He believes that inconsistent protection measures might lead people to migrate to less-regulated gambling types, increasing their risk of harm.
The gambling industry was given a six-month transition period before the full ban was enacted on June 11.
The country’s communications watchdog has been tasked with enforcing the new restrictions.
READ MORE: How to Earn Top Tokens from Cryptodrops? | Easy Crypto Mining via Telegram Games
Crypto users often gamble on various outcomes, from new memecoins to regulatory decisions like the approval of spot Bitcoin exchange-traded funds (ETFs).
For instance, on January 11, users of the betting platform Polymarket gambled $12 million on the outcome of ETF approvals.
Besides the spot Bitcoin ETF decision in the United States, crypto users have also placed bets on the decision outcomes for spot Ether ETFs.
In March, bets on the ETH ETF decision totaled $2.4 million, with the bet resolved on May 23 when the ETF received official approval.
While some bets made by crypto users are serious, others are more frivolous, such as predicting how many times billionaire Elon Musk will post on social media or guessing the temperature increase in May.
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.
Bitcoin fell below $67,000 as the Wall Street market opened on June 11, experiencing a classic pre-inflation report downturn.
Data from Cointelegraph Markets Pro and TradingView indicated that Bitcoin reached new local lows of $66,696 on Bitstamp, marking its worst performance of the month.
After nearly 24 hours of continuous decline, Bitcoin could not reverse the trend, with risk assets bracing for a flood of U.S. macroeconomic data and Federal Reserve commentary.
BTC/USD was down 3.6% on the day, with traders targeting further declines potentially reaching $60,000.
“Getting closer to support.
“Will be looking to enter longs if a reversal presents itself,” popular trader Roman informed his subscribers on X.
“Ultimately I’ve been eyeing the 67k support for over a week so it’s about time we’re getting close.”
Another trader, Castillo Trading, agreed but focused on a slightly lower buy zone around $64,000.
“We knew some downside was possible on $BTC. Was hard to open up fresh longs above $70,000.
“Now, we are getting into an area I am more willing and comfortable looking to add,” stated a post on X.
Others advised calm amid the overall range-bound price action, noting that Bitcoin has been consolidating below all-time highs for nearly three months.
“Week 15 of chopping below the current all-time highs,” popular trader Jelle observed.
“We’re off to a red start this week, pushing back into the key support level at $67,500.
“May be uncomfortable, but nothing has changed.
“Don’t get shaken out.”
Trader, analyst, and podcast host Scott Melker called the recent price action “much ado about nothing.”
READ MORE: Ripple CTO Debunks Rumors of Abandoning XRP and Reaffirms Commitment to Token’s Future
“Decent drop today, but simply testing support at the range EQ – still trading in the top half of the range.
“3 months into the predictable chop that comes with this part of the cycle,” he explained.
A note of caution was issued by market observers monitoring open interest (OI) on derivatives markets.
OI reached new all-time highs in June, surpassing $37.6 billion, which traditionally signals potential BTC price volatility.
Bitcoin futures OI fell as the price retreated, according to CoinGlass data, but remained above $35 billion.
Filbfilb, co-founder of trading suite DecenTrader, summarized, “Price flat, OI up $1.5bn. High-risk situation.”
Filbfilb also presented a “worst-case scenario” for BTC/USD, suggesting downside wicks could reach as low as $45,000.
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.
Ripple’s Chief Technology Officer (CTO) David Schwartz has addressed rumors suggesting the company might abandon its association with the XRP token.
Such rumors have been concerning as Ripple has provided major utilities for XRP, which could negatively impact its price.
In an X (formerly Twitter) post, Schwartz clarified that Ripple wasn’t abandoning XRP and explained that the rumors were based on a misunderstanding.
The speculation started when an X user (@AspenSignals) posted Schwartz’s cover photo on his X platform, questioning if Ripple was moving away from XRP.
The confusion stemmed from Schwartz’s cover photo, which hinted that a “web of corruption” in the financial world was preventing Ripple from achieving its goal of providing instant payment services using XRP.
Schwartz clarified that these lines were from a fictional pitch for a fictional movie, not a reflection of Ripple’s reality.
He mentioned that the circumstances depicted in the pitch have not materialized, indicating that Ripple is not facing such challenges.
This clarification comes amid Ripple’s ongoing legal battle with the Securities and Exchange Commission (SEC).
There were concerns that the SEC’s actions, influenced by claims from Ethereum insider Steven Nerayoff, were maliciously enforced against Ripple.
This lawsuit has significantly impacted Ripple’s operations, raising fears that regulatory pressures might force the company to abandon XRP.
Schwartz’s prompt response has alleviated concerns within the XRP community. XRP remains central to Ripple’s operations, primarily used for cross-border payment services.
Ripple, being the largest holder of XRP with nearly 50% of its supply, added to the anxiety over potential market impacts if the company were to abandon the token.
In a CNBC interview, Ripple’s President Monica Long reassured that XRP remains integral to the company’s long-term strategy.
When asked about the necessity of XRP amid plans to launch a stablecoin, Long confirmed that XRP would continue to be used in Ripple’s operations.
She emphasized that Ripple employs a “mix of assets” for its payment services.
Long also noted that XRP has a unique role as a bridge asset for diverse currency pairs.
She hinted at future uses of XRP, stating that it will provide liquidity as Ripple tokenizes more on-chain assets.
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.