Cryptocurrency

Broader cryptocurrency prices were also pressured by a strong dollar, as the greenback came close to a two-month high following robust U.S. purchasing managers index data.Bitcoin fell 4.9% in the past 24 hours to $61,233.4 by 08:37 ET (12:37 GMT).The world’s largest cryptocurrency was nursing steep losses over the past week as traders grew skeptical over the timing of interest rate cuts by the Federal Reserve.This sentiment is likely to see little signs of improvement this week, especially ahead of key PCE price index data due this Friday.The reading is the preferred inflation gauge of the Fed, and is likely to factor into the central bank’s outlook on interest rates in the coming months. While Friday’s data is expected to show some mild cooling in inflation, the reading is still expected to remain well above the Fed’s 2% annual target- giving the central bank more headroom to keep rates high.High rates bode poorly for crypto, given that they diminish the appeal of speculative, risk-driven assets such as crypto. Major altcoins saw much deeper losses than Bitcoin, as a slew of token unlocks, dwindling institutional demand and a healthy dose of profit-taking pressured crypto prices. Recent capital flow data showed institutional demand, especially for crypto investment products, remained centered largely around Bitcoin. But even Bitcoin was seen logging heavy outflows earlier in June. World no.2 token Ether dropped more than 5% to $3,320.76, hitting a one-month low as it largely consolidated gains made on hype over a spot Ether exchange-traded fund.XRP slipped 1.9%, while ADA and SOL slid 3.5% and 4.6%, respectively. Both tokens had seen some gains in recent sessions. Among meme tokens, DOGE and SHIB fell 5.5% and 6.5%, respectively.Defunct bitcoin exchange Mt. Gox said on Monday that it will begin distributing assets stolen from clients during a 2014 hack starting in the first week of July, a move that comes after years of moving deadlines.Nobuaki Kobayashi, the Rehabilitation Trustee, stated on the Mt. Gox website, “The Rehabilitation Trustee has been preparing to make repayments in Bitcoin and Bitcoin Cash under the Rehabilitation Plan. The repayments will be made from the beginning of July 2024,” adding that due diligence and safety steps are necessary before payments can proceed.These repayments are expected to increase selling pressure on the bitcoin market. Early investors will receive assets now valued much higher than their pre-2013 entries, leading many to sell at least part of their holdings, according to traders.Mt. Gox, once the world’s leading crypto exchange, handled over 70% of all bitcoin transactions in its early years. In early 2014, a hack resulted in the loss of approximately 740,000 bitcoin (worth $15 billion today). This was the largest of several attacks on the exchange between 2010 and 2013. More

Blocktrade is excited to announce that it has been acquired by a group of seasoned fintech investors from Estonia. This acquisition marks a significant milestone for all parties and sets the stage for an exciting future of innovation and growth.Under the new leadership, Blocktrade will undergo a strategic pivot, evolving into an easy-to-use modern financial hub catering to both B2B and B2C customers. This transformation aligns with Blocktrade’s commitment to delivering long-term value and services to its clients, shareholders and partners.The expertise and resources from the new investor group will enable Blocktrade to enhance and expand its offerings, providing comprehensive financial solutions and fostering a thriving environment for businesses and consumers alike.We extend our heartfelt gratitude to our clients, partners, and employees for their continued support and trust. We look forward to embarking on this exciting journey together as we build a brighter financial future.About Fred Kaasik and the Investor Group: Fred Kaasik has over 20 years of experience in the financial industry and related consumer services. He leads an accomplished team and investor group renowned for devising and implementing successful strategies across both traditional and emerging financial ecosystems, cryptocurrency mining, and regulatory compliance.About Blocktrade: Blocktrade is a state-of-the-art digital asset platform that enables the seamless buying and selling of different cryptocurrencies. The platform offers a wide range of assets, a user-friendly interface, multiple payment options, saving plans, and exceptional customer support.Established in 2018, Blocktrade has emerged as a leading player in the digital asset industry due to its unyielding commitment to security and regulatory compliance. The platform is fully transparent, with over 5,000 class-B shareholders, and regulated to EU standards. It is registered as a VASP with the Estonian, Italian, and Slovenian regulators and operates in full compliance with EU Anti-Money Laundering Directives and MiCA regulation.Website | X | Telegram | YouTube | Instagram | Facebook (NASDAQ:META) | LinkedInContactMarketing ManagerGrant Gohlg.gohl@blocktrade.comThis article was originally published on Chainwire More

The leading cryptocurrency is currently trading at $61,159.6. Over the last seven days, Bitcoin has declined by almost 7%. The Bitcoin price fell on Monday, extending a deep decline from the past week. Concerns over U.S. interest rates and anticipation of key inflation data have kept traders largely biased toward the dollar.Traders have grown skeptical over the timing of the Federal Reserve’s interest rate cuts. High rates are negative for crypto as they diminish the appeal of speculative, risk-driven assets. As a result, Coinbase is trading -3.9% premarket, Marathon Digital Holdings (NASDAQ:MARA) is at -5%, Riot Platforms (NASDAQ:RIOT) -3.3%, Hut 8 Mining Corp (HUT) -5.6%, CleanSpark (NASDAQ:CLSK) -4.5%, Microstrategy, Inc. (NASDAQ:MSTR) -5.1%, Cipher Mining (NASDAQ:CIFR) -6.3%, and Bitdeer Technologies (BTDR) -4%.Broader cryptocurrency prices were also pressured on Monday. More

Mow has shared his prediction that the world’s flagship cryptocurrency will finally reach one million in the year 2025.Mow tweeted that Bitcoin is likely to skyrocket, even though many people may doubt this.His certainty is based on the approval of spot Bitcoin ETFs in January and the fourth Bitcoin halving that took place in late April. After the ETFs got the green light from the U.S. Securities and Exchange Commission (the SEC), they began to accumulate massive amounts of BTC. Every business day, they scooped up millions of BTC to back their exchange-traded products.The only ETF that was losing Bitcoin every day in withdrawals was Grayscale’s GBTC. This allowed BlackRock’s IBIT to finally surpass GBTC in terms of Bitcoin holdings size. Mow then stated that the spot ETFs will create a Bitcoin demand shock.Once the halving took place and the block size reduced from 6.25 to 3.125 BTC, the Jan3 boss tweeted that a Bitcoin supply shock had occurred. By his predictions, the world’s flagship cryptocurrency will soar to $1 million (and even higher later on) once the demand shock meets the supply shock.Since Sunday, the Bitcoin price has gone down by 3.32%, falling from $64,345 to the $62,190 level, where it is changing hands at the time of this writing.As reported by U.Today earlier, Bitcoin miners continue to sell as much BTC as they can. The selling pressure on Bitcoin from them continues to hold at a high level, becoming one of the key triggers that have been pushing the BTC price down recently. Miners are dumping their BTC to cover mining expenses and lock in their profits.This article was originally published on U.Today More

The recent selling pressure in Bitcoin is attributed to Bitcoin sales by crypto mining companies whose revenues have plummeted. Reports show that miners have sold more than $2 billion worth of Bitcoin this month.After the reward halving took place on the Bitcoin network in April, cryptocurrency miners saw their income reduced by half. In this environment where most miners had to stop their activities, mining companies accelerated their BTC sales to cover their costs until the balance was re-established. This is seen as the biggest factor in the downward trend in Bitcoin price.Due to many miners stopping their activities, there are sharp decreases in the Bitcoin difficulty rate. The latest Bitcoin hash amount decreased from 88 trillion to 83 trillion. Despite the decrease in difficulty level, miners began to report record low revenues in the last two months due to the impact of the halving. It was reported that mining revenues decreased from an average of $107 million per day before the reward halving to $30 million.As such, many small and medium-sized miners who had difficulty continuing their activities had to stop their operations. IntoTheBlock data reveals that Bitcoin miners have sold more than 30,000 BTC worth approximately $2 billion since June alone.On the other hand, one of the most important factors supporting the Bitcoin price was ETF purchases. The cryptocurrency, backed by Bitcoin ETFs, reached new record highs this year, rising to $73,000. However, the subsequent selling pressure halted Bitcoin’s progress. Some experts are of the opinion that selling pressure may decrease after new balances are established in the mining industry.However, in the current situation, the downward trend in Bitcoin continues to affect ETFs. Finally, while Bitcoin lost the $65,000 level, an outflow of approximately $200 million was recorded from ETFs. More

Press Release: $JOSE Pre-Sale Launches on Pinksale June 24In the dynamic world of cryptocurrency, a new meme coin, $JOSE, is set to make its mark with a unique total supply of only 21 million tokens. This distinct feature sets $JOSE apart from the typical multi-trillion supply meme coins, offering a rare and innovative entry into the meme coin market.$JOSE: A Community-Driven Initiative Set to Influence the Crypto SpaceIn an environment where meme coins like Book of Meme (BOME) and Dog Wif Hat (WIF) have seen substantial growth, the $JOSE team is certain that $Jose has all it needs to be positioned as the next significant player in the market. Built on the Solana network, $JOSE aims to offer a stable and long-term presence in the cryptocurrency space. With a focus on community engagement and a meme-inspired character, $JOSE is designed to appeal to a broad audience.Key Details of the $JOSE Pre-SaleThe $JOSE team has locked 6,814,450 tokens for 100 years, significantly reducing the available supply from its initial 21 million tokens. The presale, launching at a price of 0.000394 SOL, is set to reduce the tokens in circulation. The subsequent launch price is set at 0.000526 SOL.To ensure security and investor confidence, $JOSE has partnered with Pinksale, completing an audit and KYC process. Additionally, 75% of team tokens have been locked. Following the presale, the token will be auto-listed on Raydium, allowing investors to claim their tokens directly on the Pinksale website. Purchase limits are set between a minimum of 0.01 SOL and a maximum of 20 SOL to prevent large investors from dominating the market.The Vision for $JOSEJose has been built for longevity rather than a flash in the pan. With a large pool of 1.5 million $Jose Tokens for community rewards, of which, 1.2 million tokens have been set aside to burn 100K tokens monthly and commitments from the team to sell NFTs & merchandise, while using a portion of the profits to purchase JOSE for the purposes of burning it. This token has positioned itself as a deflationary asset with an already significantly reduced supply when comparing its competing meme coins. The team aims for Jose to become the Bitcoin of meme coins. One that moves in dollars instead of fractions of a cent.How to Join the Jose Community and Participate in the Community RewardsThe $Jose team is fostering a vibrant international community, where members can have an impact on decisions, receive real-time updates and participate in community reward events leading up to the launch.Interested users can join the presale by visiting https://www.josecoin.fun/ and become part of the community on X.com @TheJoseCoin and Telegram t.me/TheJoseCoinAbout Jose TokenJose Token was born from a bold experiment in decentralization, spearheaded by a diverse, international team committed to creating a meme coin that stands out in the crypto world. Their mission is to blend community-driven enthusiasm with cutting-edge AI technology, offering investors a unique opportunity for growth. Jose Token values inclusivity, innovation, and transparency, ensuring that every investor’s voice shapes the future of JOSE. With a capped supply of 21 million tokens and a strategic presale, Jose Token seeks to deliver potential returns and foster a vibrant, engaged community.ContactJose CoinContact@JoseCoin.FunThis article was originally published on Chainwire More

Schwartz shared an approach from his personal Bitcoin holdings, shedding light on the behavior of Bitcoin’s early investors, particularly those from the early days of the cryptocurrency’s rise.The Ripple CTO stated, “When I was long Bitcoin, I sold when I needed anything — to pay taxes, to buy a new computer, and so on,” shedding light on his crypto strategy.During Bitcoin’s first significant bull run, many companies began accepting it as payment, with Schwartz highlighting a trend by early miners and buyers of liquidating their holdings for real-world expenses.”More and more companies were taking Bitcoin during the first big bull run precisely because this was what everyone long (early miners/buyers) was doing,” Schwartz noted.Stirring up the discourse, Schwartz had previously posed a thought-provoking scenario involving two hypothetical Bitcoin holders: Alice, who has recently sold a lot of Bitcoin, and Bill, who has not sold any. The question put forth was, “Which is more likely to be very long Bitcoin?”This question sparked a long discussion thread on X, as it touched upon the essence of what it means to be “long” on a particular cryptocurrency.In response to the speculation stirred by his initial post, Schwartz elaborated, “The whole time you are slowly both acquiring and selling, you are long. Someone who constantly keeps selling a lot must either be very long or constantly buying.”Schwartz however agreed with the premise that the moment all holdings are being sold, it represents exit rather than being “long.”As previously reported, Schwartz revealed some insights on his XRP and BTC holdings. Schwartz disclosed selling some Bitcoin (BTC) holdings in the past and that at the pinnacle of his holdings, he had around 26 million XRP.This article was originally published on U.Today More

The halving event usually results in a period of miner capitulation because it halves the block reward for miners. This occurs when mining loses money, forcing miners to liquidate their Bitcoin holdings to pay for running expenses.Because of how long this phase has been, the market is under constant pressure to sell. On-chain data from multiple analytics platforms demonstrate this continued surrender. An indicator of miner surrender and recovery stages, the Bitcoin hash ribbons are still displaying stress.The hash ribbons chart, which shows a significant period of miner capitulation that has not yet been resolved, makes this prolonged phase clear. The persistent selling pressure has blocked Bitcoin’s price recovery from reaching its previous highs. One of the primary reasons behind Bitcoin’s inability to break above significant resistance levels is the miners’ unceasing selling.Bitcoin is stumbling to maintain its position above the 50 EMA and 100 EMA as it moves dangerously close to the 200 EMA. The relative strength index or RSI at 43.10 indicates that the price of Bitcoin is not overbought or oversold, but the ongoing selling pressure from miners has kept the market moving in a bearish direction.Different levels of long and short interest in Bitcoin are indicated by funding rates on well-known exchanges such as Binance, OKX and Bybit. The sentiment of traders and prospective price movements are revealed by these rates. An even-handed attitude toward trading is indicated by the comparatively neutral funding rate for Bitcoin.The market is still significantly impacted by miners’ sales. The conclusion of this capitulation stage may depend on a number of factors. Miners might not have to sell their holdings if there was a substantial increase in the price of Bitcoin that would once again make mining profitable.This article was originally published on U.Today More