damu

BTC $66,723.00 -1.82%
ETH $3,498.74 -0.26%
ADA $0.42 -1.81%
USDC $1.00
USDT $1.00
USD/PHP 58.58 -0.17%
NDQ $17,667.56 +0.34%
Gold $2,308.51 -0.25%

Market Outlook:
Bitcoin has been experiencing increased accumulation activity, with significant inflows to accumulation addresses and a decrease in deposits to exchanges, suggesting strong holding sentiment among investors. This trend has been bolstered by recent short liquidations, further propelling upward momentum. Additionally, technical analysis indicates Bitcoin is on the verge of breaking key resistance levels around $69,330, which could lead to a surge towards $74,400. The approval of Ethereum ETFs and the positive market sentiment around major cryptos also contribute to this optimistic outlook. However, investors should remain cautious of potential pullbacks, typical in volatile markets.

Global News:
The SEC is expected to finalize approvals for Ethereum (ETH) exchange-traded funds (ETFs) this summer, as announced by SEC Chair Gary Gensler during a Senate budget hearing. Gensler mentioned that the registration process for these ETFs is progressing smoothly after initial approvals, with final filings being handled by staff. This will allow the listing of ETFs that hold actual ether, similar to the earlier approval of bitcoin spot ETFs following a court ruling against the SEC's initial resistance. While Gensler refrained from categorizing ETH as a commodity, CFTC Chief Rostin Behnam confirmed it as such, highlighting regulatory jurisdiction issues between the SEC and CFTC. Behnam also noted the CFTC's lack of traditional regulatory tools for effective oversight of crypto markets and emphasized the need for a larger budget if given more responsibility.

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BTC $70,974.13 -0.61%
ETH $3,804.11 -1.89%
ADA $0.46 -0.74%
USDC $1.00
USDT $1.00
USD/PHP 58.61 -0.29%
NASDAQ $17,173.12 -0.09%
Gold $2,377.68 +0.44%

Market Outlook:
Bitcoin's price has experienced a minor correction over the last 24 hours, currently fluctuating around the $70,500 range, reflecting a slight decrease of about 1%. While Bitcoin attempted to break through the $72,000 resistance level yesterday following the European Central Bank's rate cut, the momentum was not sustained by the market's optimism, indicative of a lack of buying pressure to push the price higher. However, the price also didn't fall significantly below the $70,000 support level, suggesting that buying interest remains at that range. The coming days will be crucial to see if Bitcoin can muster another attempt at the resistance or if a more sustained correction unfolds; the direction will likely be catalyzed by the outcome of the U.S. Federal Open Market Committee meeting happening next week.

Global News:
The Bitcoin mining industry is witnessing a potential wave of mergers and acquisitions (M&A) fueled by recent takeover bids and analyst predictions. Analysts at B. Riley and JPMorgan believe undervalued stocks and the attractiveness of miners with favorable power contracts will drive consolidation. This trend could even see companies outside mining, like those in AI or cloud computing, enter the fray as acquirers seeking alternative power sources. The recent Bitcoin halving, reducing mining rewards, is expected to further incentivize consolidation as weaker firms potentially exit through acquisition. With larger miners like Riot and Marathon Digital well-positioned, this could be a period of significant restructuring within the Bitcoin mining space.

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#credittoMElbinias #StartInvestingInCrypto