Bitcoin (BTC) has recently dipped below the critical $70,000 mark, falling to around $69,229 after reaching an intra-day low of $69,939. This decline is primarily attributed to reduced investor demand amid uncertainty about a potential September Fed rate hike. Additionally, recent ETF flow data shows mixed sentiments, significantly dropping net inflows to $15.7 million. Investors seem cautious, awaiting the anticipated approval of a US ETH-spot ETF, which could impact Bitcoin’s performance.
Key Takeaways
Potential Ether ETF Approval: Geoff Kendrick, Head of FX and Digital Assets Research at Standard Chartered Bank, forecasts that Bitcoin could surpass its previous high of $73,798 by the weekend. He attributes this potential rise to the expected approval of spot Ether ETFs, which he believes will enhance Bitcoin’s legitimacy and performance. Kendrick is optimistic that Bitcoin could reach $150,000 by the end of 2024 and $200,000 by the end of 2025. Recent inflows into spot Bitcoin ETFs have reached a record $12.9 billion, further supporting his bullish outlook.
BlackRock Bitcoin ETF Inflows: BlackRock’s spot Bitcoin ETF dominated the U.S. market on May 21, drawing 95% of the $300 million inflow, with $290 million going into the iShares Bitcoin Trust. This surge is the highest since April 5, reversing previous low inflows. Recent data shows over $1 billion flowed into spot Bitcoin ETFs in the past four days amid Bitcoin’s volatile rally. BlackRock’s fund has reached $16 billion in total inflows since its launch, approaching Grayscale’s $20 billion mark.
Potential Ethereum ETF Approval: The anticipated approval of Ethereum ETFs could further boost interest in Bitcoin ETFs. These substantial inflows have renewed interest in Bitcoin ETFs, likely contributing to Bitcoin’s price increase.
Technical Analysis
Bitcoin (BTC/USD) trades at $69,675, showing little change with a -0.03% movement. Traders should monitor key price levels:
Pivot Point: $69,675 (crucial benchmark)
Immediate Resistance Levels: $70,560, $71,944, and $73,300 (potential upward targets if bullish momentum continues)
Bitcoin Price Decline: Factors Behind the Recent Pullback
Bitcoin (BTC) has experienced a sharp pullback recently, and several factors have contributed to this decline. Let’s delve into the latest news from May 23 to understand what’s been happening:
Strong U.S. Factory Data and the Dollar Index:
Robust U.S. factory data have triggered Bitcoin’s price dip. This data sent the U.S. dollar index above 105.00 for the first time in almost five months.
The U.S. dollar index measures the strength of the U.S. dollar against other major global currencies, including the Japanese yen (JPY), the British pound (GBP), and the euro (EUR).
Interest Rate Expectations
Recent reports showing more robust U.S. economic data and hotter inflation have significantly tapered U.S. Federal Reserve interest rate cut expectations. Higher interest rates, including Bitcoin, are expected to weigh on the digital asset market. Investors are adjusting their positions accordingly.
Crypto Market Correction and Altcoin Decline:
Bitcoin’s decline in May marks its worst month since November 2022, when the crypto exchange FTX faced challenges.
Ether (ETH) has also experienced an 18% decline this month.
Smaller cryptocurrencies, including SOL, DOGE, and AVAX, suffered even deeper corrections, with losses ranging from 35% to 40%.
Overall Market Capitalization:
The total crypto market capitalization shed nearly 18% of its value in May, recording its most significant decline since June 2022.
Economic data, interest rate expectations, and broader market dynamics have contributed to Bitcoin’s recent pullback. Looking forward to newer opportunities that prove the best crypto for 10x gains is always wise. The following section has covered you all with it!
Trending VR Coin 5thScape Raises Over $6.1 Million in Presale
>>Click here to visit 5thScape Presale Page
Trending VR Coin 5thScape has taken the crypto community by storm, surpassing the $6.1 million mark in its presale phase. This innovative project aims to revolutionize the virtual reality (VR) gaming landscape by combining cutting-edge hardware, hyper-realistic games, and a community-centric token ecosystem.
At its core, 5thScape is a platform that integrates bespoke hardware with unique gaming experiences. Let’s delve into the critical components of their project plan:
1. Hyper-Realistic VR Games
5thScape offers a diverse range of VR games designed to push the boundaries of technology. Players can immerse themselves in captivating virtual worlds, from adrenaline-pumping combat in Cage Conquest to high-speed racing in Thrust Hunter. These games are poised to redefine the VR gaming experience.
2. Advanced VR Hardware
5thScape is developing its own line of advanced VR hardware to enhance gameplay. Notable items include:
VR Ultra Headset: Boasting stunning virtual realism, this headset is compatible with all 5thScape games.
5thScape VR Chair: Featuring swift motion support and haptic feedback, it provides a sense of presence in the metaverse.
Investors are excited about the potential of these hardware items, which promise to elevate the gaming experience.
Token Economics
5thScape’s native token, 5SCAPE, plays a crucial role in the ecosystem. Here are the key tokenomics details:
Total Supply: 5.21 billion tokens
Presale Allocation: 80% (for early buyers)
Remaining Allocation:
Treasury and development: 10%
Exchange liquidity: 10%
The community-centric approach favors long-term growth and organic price action. Notably, 40% of presale investments are unlocked at the Token Generation Event (TGE), followed by an 8-week lock and an 8-month vesting period.
Listing and Market Cap
Once the presale concludes, 5SCAPE will be listed on several leading exchanges. The expected listing price is $0.01, representing a 365% increase from the current presale price. With a projected market cap of $15 million, 5thScape is poised to succeed in crypto.
The Final Word On The Best Crypto To Invest Now
Bitcoin is highly volatile and unpredictable. Besides, the recent decline has caused havoc amongst BTC investors. Amid this backdrop, innovative projects like 5thScape are capturing the interest of the crypto community. By raising over $6.1 million in its presale phase, it demonstrated the potential of combining cutting-edge VR technology with a community-centric token ecosystem.
The project’s advanced VR hardware and hyper-realistic games are poised to redefine the virtual reality gaming experience, making it a compelling opportunity for investors seeking to diversify their portfolios in the ever-expanding crypto space. The convergence of Bitcoin’s potential resurgence and the groundbreaking advancements of 5thScape presents an intriguing landscape for both seasoned and new investors.
Besides, experts forecast that early investors would yield 600x profits by 2025 for 5thScape investors.
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