Crypto News Summary for June 1, 2024:
Market:
*Bitcoin price is stuck around $69,000 for the last 10 weeks, which some analysts consider healthy price action.
* Experts believe that Bitcoin and Ethereum derivatives will be crucial to integrating cryptocurrencies into traditional finance and taking them to new all-time highs.
*Bitcoin ETFs have experienced 13
consecutive days of entries, its longest streak since February.
* Some analysts warn that the approval of a spot Ethereum ETF could negatively impact the price of Bitcoin in the short term due to sales of the Grayscale Ethereum Trust (ETHE).
Adoption:
* El Salvador continues to attract Bitcoin companies as the United States pushes them away.
* Russia and China have signed a de-dollarization agreement and the launch of a BRICS currency is expected.
* Mastercard is working to simplify sending cryptocurrency remittances to Latin America.
Regulations:
* SEC urges Ethereum ETF issuers to act quickly following approval of Bitcoin Spot.
* US President Joe Biden vetoed the repeal of Rule 121, which makes it difficult for cryptocurrency companies to go public.
Events:
* Consensus 2024: Ripple CEO claims an XRP ETF is "inevitable."
Others:
* A hacker cracked an old cryptocurrency wallet password, highlighting the importance of cybersecurity.
* There have been 3 signals indicating that the price of ETH could exceed $4,000 in June.
* Bitcoin miners in the United States are accumulating a large amount of obsolete equipment.
Overall, the cryptocurrency market is in a state of relative calm, with some positive and some negative indicators.
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