After a weekend of stagnation, asset prices surged overnight but stopped rising after the US market opened. The approval of the spot Ethereum ETF application pushed up the prices of cryptocurrencies, with Bitcoin briefly reaching a new all-time high. However, Bitcoin experienced its third decline, putting the crypto market at a crucial moment. Sustained growth will push Bitcoin to new highs, but a collapse will bring the token back to its lowest point in the past three months. In addition, GameStock’s bullish investor “Roaring Kitty” revealed that he holds 5 million shares of GME stock, causing the stock price to double. The New York Stock Exchange also experienced a major outage, leading to the suspension of trading for 50 listed assets.
Title: Bitcoin’s Make-or-Break Moment?
Author: Jack Inabinet
Source: bankless
Translation: Kate, Mars Finance
Can BTC Break Through to a New All-Time High?
Decisive Moment? After a weekend of stagnation, asset prices surged overnight, prompting global market participants to return to their desks. However, shortly after the US market opened, the rally came to a halt. Why did the prices encounter resistance?
Last month’s pending approval of the spot Ethereum ETF by the US Securities and Exchange Commission (SEC) has pushed up cryptocurrency prices, putting many tokens within striking distance of new cycle highs.
The unexpected change in approval odds has led underexposed traders to fervently mimic ETH, pushing the token to new cycle highs above $4,000; Bitcoin was pushed to within 2% of its all-time high, briefly touching $72,000.
Despite Ethereum reaching higher local highs last Monday, Bitcoin suffered a significant blow before reaching its highs last week, which is a potentially concerning sign for the bulls, indicating that sellers retain some degree of control. With Bitcoin experiencing its third decline from lower local highs after attempting to break through, the crypto market seems to be at a make-or-break moment…
Sustained growth will quickly propel Bitcoin to a new all-time high, undoubtedly providing a major catalyst for the broader valuation of cryptocurrencies. However, a collapse from here will bring the token back to the lows in the $60,000 range that supported prices over the past three months, potentially leading to further downward momentum.
By the way, spot trading volumes for BTC and ETH dropped significantly last week, indicating a lack of interest in the current prices, suggesting that a reversal in trend may be imminent.
Although there was relatively little volatility in the crypto market following the confirmation of the spot ETH ETF approval, the prices of certain TradFi assets were unstable this morning.
– After being silent on social media for two weeks, the GameStock bull known as “Roaring Kitty” (aka Keith Gill) returned to the spotlight over the weekend, disclosing that he holds 5 million shares of GME stock, revealing himself as the “whale” who accumulated huge bullish positions on the stock last week, and posting a picture of a green reverse Uno card on Twitter.
In the midst of renewed excitement in the Meme, GME stock price doubled, briefly rising to $45 in pre-market trading this morning, but most of the gains have since retraced, falling to a low of $28 in cash trading.
– The New York Stock Exchange also experienced a major outage this morning, forcing the suspension of trading for 50 listed assets, apparently due to a software update affecting the price range barriers designed to limit volatility.
The most significantly affected asset was the Class A shares of Berkshire Hathaway, Warren Buffet’s company, which plummeted 99% at the opening before trading was halted this morning.
Source: https://news.marsbit.cc/20240604093357885685.html