Don't miss @WISE CRYPTO NEWS 's news digest with the hottest news from the last weekend!
Contents
Shiba Inu ($SHIB ) gains support from British Red Cross
Ethereum ETFs may be approved by July 2, top expert reveals
Bitcoin whales go insane, unloading $4.1 billion in #BTC
@WISE CRYPTO NEWS has prepared the top three news stories over the past weekend.
Shiba Inu (SHIB) gains support from British Red Cross
According to a recent article by the Shib Daily news portal, the #ShibaInu: meme cryptocurrency has gained support from the British Red Cross; from now on, the worldwide humanitarian charity organization accepts SHIB as a currency for donation. This became possible thanks to the British Red Cross's partnership with Giving Block, a platform specializing in cryptocurrency donations for nonprofits, which supports the dog-themed token along with other popular digital assets. Users who choose to donate Shiba Inu to the Red Cross can do so with about 1% to 3.9% charges through the Giving Block, depending on the amount. The donated sum is sent to the British Red Cross every week. Shiba Inu's recognition as a valid form of donation underscores its growing utility and acceptance.
Following a recent hint by SEC Chair #GaryGensler that the regulatory agency may approve S-1 forms for spot Ethereum ETFs "sometime this summer," many experts shared their prognoses on when this major development is going to take place. Bloomberg's senior ETF analyst Eric Balchunas also jumped on the bandwagon; in his latest X post, Balchunas suggested that the likely date for S-1 registration form approval could be July 2. The analyst noted that SEC staff recently sent issuers minor comments on the forms and asked for responses within a week. Thus, according to Balchunas, there is a good chance the regulator will make up its mind before Independence Day weekend, which makes July 2 the most likely date for approval.
Bitcoin whales go insane, unloading $4.1 billion in $BTC
According to a recent X post by renowned crypto analyst Ali Martinez, over the last 10 days, large Bitcoin whales and miners have dumped an astonishing amount of BTC. To illustrate this, Martinez attached a chart by Santiment market intelligence platform to his post. The first group of market players sold more than 50,000 BTC, which is valued at approximately $3.30 billion. In turn, the second group, BTC miners, sold more than 1,200 BTC, worth almost $80 million. Together, they got rid of more than $4 billion worth of #bitcoin . Miners regularly sell BTC in order to pay for their operating costs and cash out profits from their mining ventures. That often happens when Bitcoin hits a new local high.
Bitcoin and MicroStrategy on Brink of Collapse? Peter Schiff Sounds Alarm
Economist and crypto critic Peter Schiff warns of imminent crash for both Bitcoin and MicroStrategy
Against the backdrop of Bitcoin's - to put it mildly - less than encouraging price behavior, and as a consequence that of the entire crypto market, the voices of skeptics and critics of the new asset class have begun to erupt publicly again.
Thus, in a recent series of posts, Peter Schiff has questioned the stability of cryptocurrency and MicroStrategy, raising concerns about the potential for a crash. Despite the buying activity of 11 spot Bitcoin ETFs, Schiff pointed out that BTC has been trading sideways for over three months and is currently 11% below its March high.
BTC to USD by CoinMarketCap
He questioned the market dynamics, asking who has been selling Bitcoin if ETF investors have been consistent buyers, and what might happen if these ETF buyers lose patience and start selling their holdings.
Hedge funds selling as they buy MSTR. They would be unwinding both sides of the spread.
— Peter Schiff (@PeterSchiff) June 17, 2024
Schiff then speculates that hedge funds may play a pivotal role in this scenario, suggesting that these funds may be buying Bitcoin or ETFs as part of a strategy to short MicroStrategy (MSTR), a company heavily invested in BTC under the leadership of CEO Michael Saylor.
Schiff's analysis implies a potential domino effect that could severely impact both Bitcoin and MicroStrategy. If the hedge funds decide to unwind their trades, they would have to sell their cryptocurrency holdings. This influx of selling could lead to a sharp decline in the price of Bitcoin. Such a crash would, in turn, put additional downward pressure on MicroStrategy.
BTC, ETH and XRP Price Prediction for June 17
Can top coins rise by end of week?
It is too early to think about a market reversal, according to CoinStats.
Top coins by CoinStats
BTC/USD
The price of Bitcoin (BTC) has dropped by 1.55% since yesterday.
Image by TradingView
On the daily chart, the rate of BTC is coming back to the support level of $65,129. If sellers' pressure continues, the decline may lead to the test of the $64,000 range shortly.
Bitcoin is trading at $65,280 at press time.
ETH/USD
Ethereum (ETH) has followed the decline of BTC, going down by 1.41%.
Image by TradingView
The rate of ETH has failed to keep yesterday's bullish closure, which means that sellers are again more powerful than buyers. If the daily bar closes near the support of $3,432, there is a possibility to see an ongoing correction to $3,300.
Ethereum is trading at $3,509 at press time.
XRP/USD
XRP is the exception to the rule, rising by 5.81%.
Image by TradingView
Traders should pay attention to the closure in terms of the nearest resistance of $0.5301. If the daily candle closes with no long wick, there might not be enough strength for a breakout, followed by a move to $0.54.
XRP is trading at $0.5189 at press time.
