Welcome to the Weekly Crypto Newsround!
This week in the world of crypto, we have some exciting developments to share with you. From Bitcoin ETFs to Ethereum ETF approvals, Trump’s stance on Bitcoin, Biden’s crypto event, and concerns over Open AI, there’s a lot to cover. So, grab your favorite drink and let’s dive into the latest news in the crypto space!
Bitcoin ETF Outflows and Miner Sell-Offs
- Spot Bitcoin ETFs saw significant net outflows of nearly $600 million in just 5 days, leading to a drop in BTC price.
- Bitcoin Miners and BTC Whales started selling off their holdings, causing further price drops and liquidations.
- Despite the sell-off pressure, BTC holders continue to accumulate, with many whales buying more BTC.
- BTC has been trading sideways between $61k and $72k, indicating stability within this range.
Ethereum ETFs on the Horizon
- Bloomberg analysts expect Ethereum ETF approvals by early July, marking a significant milestone for the crypto industry.
- The approval of Ethereum ETFs could lead to increased institutional interest in ETH.
- However, the lack of a clear narrative for ETH and staking restrictions may limit the inflows into Ethereum ETFs.
Trump vs. Biden: Crypto Showdown
- Donald Trump’s pro-crypto stance and push for all remaining BTC to be mined in the US have raised concerns about centralization and regulation.
- On the other hand, Joe Biden’s sudden crypto-friendly stance seems to be driven by political motives rather than genuine support for the industry.
- Both candidates are vying for crypto voters’ support, with Trump hosting crypto fundraisers and Biden planning a crypto event in July.
Fed’s Monetary Policy and Economic Outlook
- The Federal Reserve’s hawkish stance on interest rates could impact the crypto market and the economy.
- Jerome Powell’s commitment to keeping interest rates higher for longer has raised concerns about economic stability.
- The Fed’s decision could lead to a flight to safety among investors, affecting currency pairs and long-term interest rates.
Open AI Controversy and Crypto Performance
- Open AI’s hiring of a former NSA director and partnership with Apple has sparked concerns about privacy and centralized AI.
- The integration of open AI into Apple’s AI system could pose risks to user privacy.
- Last week’s top-performing cryptos include Uniswap, TON Coin, Oasis Network, NCoin, and Leo Finance, each with its unique price action and potential for growth.
Hot Take: Conclusion
In conclusion, the crypto market is facing significant challenges and opportunities, from regulatory developments to economic uncertainty. Stay informed, stay vigilant, and make informed decisions to navigate the ever-changing landscape of the crypto world. Thank you for joining us for this week’s crypto news roundup, and we look forward to bringing you more updates in the future. Happy trading!
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