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$BTC *What Causes the Crypto Market to Decline and Correct?* Today, Bitcoin briefly touched $104K, which is a crucial level to hold on the weekly chart if we don't want to see further corrections. So, what caused the correction in the market this week? #1 Bitcoin Breaks Key Level The $100K level is technically very important and needs to be watched closely. The price has been sideways at this level for quite some time, and when it broke out, many market participants tried to sell on the breakout, causing the price to pull back to the important level on the weekly chart. #2 Some ETF Investors Exit After experiencing inflows for 10 consecutive days, some ETF investors finally exited, resulting in a significant outflow. On May 29, a $346M outflow from Bitcoin was recorded. This caused bearish sentiment, leading to further price corrections. #3 Narrow Range, Many "Degens" Get Liquidated When the market is in a state of "extreme greed" like now, many traders abuse leverage significantly. More than $683.4M in crypto futures positions were liquidated within 24 hours (until May 30), with around $617.8M being long position liquidations. There's also a crypto trader, James Wyn, who flipped long and short biases within a week and lost up to $100M. Many are forcing leverage at the wrong time. #4 Global Uncertainty and Regulation On the other hand, until the end of May, the US-China trade conflict has not subsided due to negotiation stagnation. This situation creates uncertain sentiment among investors. Investors are still confused about flipping biases in this volatile market.
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$ETH $BTC $XRP Justin Sun Predicts Ethereum to Hit $5,000 Ahead of 10th Anniversary* Tron founder Justin Sun has predicted that Ethereum (ETH) will reach $5,000 in the coming months, coinciding with the network's 10th anniversary in July 2025. This prediction has garnered attention as Ethereum's current price is below $2,000. On the other hand, the Ethereum Foundation will host a global event to celebrate the anniversary, providing funding support of up to $500 per event for local communities to strengthen the ecosystem. Sun proposed that the Ethereum Foundation hold off on selling Ethereum for three years and utilize lending platforms like AAVE to finance operations without increasing Ethereum's supply. Sun also emphasized the importance of focusing on core Layer 1 development, increasing network capacity and security to make the Ethereum ecosystem stronger and more valuable.
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$BTC @everyone *World's First: Islamic Bank Allows Customers to Buy Bitcoin* Ruya, the first Islamic digital bank in the United Arab Emirates (UAE), has partnered with Fuze Finance to provide customers with the ability to buy and sell cryptocurrencies like Bitcoin (BTC). Interestingly, Ruya's banking services are said to be in line with Islamic financial principles, with Bitcoin being deemed Shariah-compliant, especially after partnering with Fuze, which enables users to invest or save in a halal manner. The UAE has received over $30 billion in virtual assets since June 2024, with a growth rate of 42%, or four times higher than the regional average of 11.7%. Ruya Bank CEO Christoph Koster stated that the Islamic bank in the UAE is committed to changing the financial landscape in the UAE and assuring customers that the virtual assets offered on Ruya's investment platform are Shariah-compliant and meet their needs. "We can also assure our customers that the virtual assets we offer on our investment platform are Shariah-compliant, providing the certainty they need," Koster said. Additionally, Ruya is not the only bank in the UAE to adopt cryptocurrencies, as Liv Digital Bank and Emirates NBD Bank have previously offered cryptocurrency trading services.
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$BTC $XRP $ETH Trump Confirms Tariffs Will Be Imposed Tomorrow, Bitcoin Plummets to $84K US President Donald Trump confirmed in a White House interview that tariffs on Canada and Mexico will take effect tomorrow. "What's happening is tariffs tomorrow, 25% on Canada, 25% on Mexico. The only way to avoid that is to build their business in the United States," Trump stated. Following his statement, Bitcoin's price plummeted 10% from $93,000 to $84,000 in today's trading. Additionally, its market capitalization also dropped to $1.6 trillion.
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