With the regulations coming to the fore, the cryptocurrency markets in Turkey were placed on more solid foundations and confidence in the markets increased. Bitci CEO Ahmet Onur Yeygün stated that the new regulations will protect users and investors and prevent activities that will damage the reputation of the ecosystem. It is anticipated that these steps will strengthen the country's position in the cryptocurrency industry by increasing the interest of foreign investors in Turkey. With the regulations coming to the fore, the cryptocurrency markets and ecosystem in Turkey have established themselves on stronger foundations. Stating that regulations, which mean the state's involvement in the markets, increase confidence in the markets, Bitci CEO Ahmet Onur Yeygün shared his views on the subject. Yeygün said, "Unlike being prohibitive, the new regulations will protect users and investors and prevent activities that will damage the reputation of the ecosystem. This will play an important role in increasing the interest of foreign players in our country. In particular, it will enable companies that see Turkey as a good market, contribute to the development of the Turkish crypto industry, but do not have an official office in Turkey, to carry out the necessary work to continue their activities in our country.
JUST: GERMAN GOVERNMENT WILL DELIVER#BTCIN LESS THAN 48 HOURS POURING $200,000,000 When the government divests an asset on a massive scale you know something is going to happen….
“Money will also enter other ether-connected areas” Stating that after Ether spot ETFs, there will be money inflow to other areas of use in this field, Kooner cited gold and silver ETFs as examples: “Gold ETFs also attracted significant investment when first approved. Later, money began to enter other gold-related financial products. Similarly, following Ether ETFs, fund managers can put money into products around them to offset both Bitcoin and Ether fund investments, minimizing risk.” Giving an example from the Silver ETF, Kooner said, “The first approved ETF was iShares' Silver Fund, which was launched in 2006. Due to the increasing use of silver in the industrial field, investors spread their funds towards this area. "Considering the usage areas of Ethereum, the same may be true for ETH spot ETFs," he said.
Ether spot ETFs can attract 1/5 of Bitcoin funds: Bitfinex manager While the US markets are counting the days for Ether spot ETFs to be opened for trading on stock exchanges, Bitfinex exchange manager Jag Kooner made comparisons between Bitcoin and gold ETFs. Kooner stated that Ether spot ETFs can initially withdraw one-fifth of the money coming to Bitcoin ETFs, and over time, this money can be spread to projects that have a usage area around Ether.
ImageThere was $1.8 billion in net inflows into Bitcoin ETFs this week. 4 billion dollars in the last 4 weeks. Corporates continue to make purchases. #Bitcoin - #ETF
Bitcoin is at Critical Resistance Level: Rise Expectation in 3 Steps
🔸 Despite the recent downward trend in the markets, Bitcoin (BTC) continues to give positive signals.
While analysts see Bitcoin's $70,000 level as a critical resistance, they are optimistic that new highs can be seen if this level is exceeded. Historical data shows that exceeding the $70,000 level took Bitcoin to a high of $73,750.07. Currently, Bitcoin is trading 5.8% below this peak, and experts think this threshold may be crossed again.
1️⃣ Short Term Price Movements
🔸 Over the past month, Bitcoin's price increased by 2.11%, reaching $71,946.46.
The $71,000 level is considered a critical threshold and analysts predict that minimal resistance will be encountered above this level. Breaking the $70,000 and $71,000 levels is seen as an important step for Bitcoin to reach new highs.
Michael Saylor’s MicroStrategy Stock is in the crosshairs of eagle-eyed short traders as Bitcoin shorts stack up amid BTC price resistance. MicroStrategy’s stock has become a prime short target with $6.9B betting against it, but as of now, no one’s sweating it. By June 6, it had 18 massive shorts on Fintel’s list, totaling $6.9 billion. The largest short bet was around $2.4 billion, ranking 27th among institutional investors. Yet, Michael Saylor’s firm is defying the odds, with its stock price soaring. Read more: $6.9 Billion in Short Positions Target MicroStrategy Stocks - | 99Bitcoins
📌 The news that the Central Bank of China stopped gold purchases and the rise in bond interest rates following the US data caused a decrease in the price of ounce gold. The European Central Bank reduced policy rates by 25 basis points due to the downward trend in inflation, making it the first interest rate cut in about five years. In light of these developments, the US 10-year bond interest completed the week at 4.4%, while the ounce price of gold fell below 2,300 dollars. Nasdaq gained 2.4%, S&P 500 gained 1.3% and Dow Jones gained 0.3%.
📈 Domestically, CPI exceeded expectations with 3.37% monthly and 75.45% annually. Minister of Treasury and Finance Mr. Şimşek stated that the worst in inflation is over and that a permanent decline will begin in June. It was stated that the work on the taxation of stock exchange and crypto assets has reached the final stage and it is planned to collect a tax on the transaction instead of withholding.
📊 After seeing the lowest point of 10,112 and the highest point of 10,610, BIST 100 index lost 2.5% of its value and completed the week at 10,138.97 points. While the technology index closed the week with a 2.6% gain, the services index lost 0.1%, the industrial index lost 2.4% and the banking index lost 6%. Gram gold rose to 2,382 levels following the withdrawal of ounce gold.