From the opinion that Bitcoin’s recovery could happen soon to the Shiba Inu is about to reach an important reversal point. Here are some outstanding news in the crypto market.
Bitcoin News
Analyst Willy Woo recently explained what needs to happen for Bitcoin to continue its bull run.
This leading asset has been in decline for some time and has not seen any growth since reaching its current ATH of $73,750 in March this year.
Willy Woo mentioned in a post on X (formerly Twitter) that Bitcoin will recover when “weak miners leave and hashrate recovers.”
This usually happens because miners’ income was halved after the Bitcoin halving, while mining costs remained at the same level. Willy Woo mentioned that these miners are forced to sell their BTC to pay for losses incurred or upgrade hardware. He believes that miner capitulation is responsible for BTC’s persistent downtrend.
Source: Willy Woo
As a result, Bitcoin is expected to make an impressive recovery once these miners complete the liquidation of their Bitcoin holdings. The analyst claims that this miner’s surrender event is one of the records, considering how much time has passed since the halving took place. He notes that this may be because the inscription increased miners’ profits.
Meanwhile, Willy Woo also emphasized that Bitcoin’s hashrate recovery process in this cycle will take longer than in previous cycles. He claimed that BTC’s hashrate only took 24 and 8 days to recover during the 2017 and 2020 market cycles. However, this time it has been more than 61 days and Bitcoin’s hashrate has still not recovered.
Cryptocurrency analyst Rekt Capital continues to assert that Bitcoin’s recovery will happen soon. He recently stated that Bitcoin’s consolidation in this range is not unusual, noting that the market has seen such post-halving developments in the past. The analyst also explained that BTC is currently still in the post-halving re-accumulation phase.
Once this phase is complete, BTC will move into a ‘parabolic uptrend’ phase, kicking off BTC’s march towards a market top in the current cycle.
Rekt Capital recently suggested that a parabolic uptrend phase could begin in September. Meanwhile, based on previous market cycles, BTC’s market peak could come in September or October 2019. after.
HODL15Capital listed the top ten Bitcoin holdings as of June 22, including: BlackRock (IBIT): 305,614 BTC; Grayscale (GBTC): 277,067 BTC; MicroStrategy (MSTR): 226,331 BTC; Fidelity (FBTC): 167,375 BTC; Tether: 75,354 BTC; ARK 21Shares Bitcoin ETF (ARKB): 46,335 BTC.
Source: HODL15Capital
Stablecoin news
According to data from Token Terminal, monthly stablecoin transfer volume has increased approximately tenfold over the past four years, from $100 billion to more than $1 trillion per month.
Around October 2020, stablecoin transfer volume began to increase sharply. The peak occurs in May 2024, with volume surpassing $1.6 trillion.
This increase represents a rapid and important development of the stablecoin market. Overall, the data shows a continued growth trend, with transaction volumes stable and increasing over the years.
Source: Token Terminal
NFT News
One wallet already withdraw 1,069 ETH from Binance and then bid for 93 Pudgy Penguins at the BendDAO auction for 8.8 ETH, currently worth about 910.47 ETH, or about $3.188 million.
Many people suspect that a whale or fund is working to bail out BendDAO’s bad debts.
The floor price of the NFT collection, Pudgy Penguins, is now back above 9 ETH.
DOGE News
Dogecoin (DOGE)’s recent decline below the $0.13 level produced a bearish breakout from a descending triangle pattern on the daily chart. Shortly after, memecoin broke below the 200-day EMA and confirmed the long-term bearish sentiment.
Source: TradingView
After seeing gains of over 150% in just one month, the previous rally in March helped bulls test resistance at $0.22. The bears then quickly created a downtrend, especially as market-wide volatility increased.
The reversal from the $0.13 resistance level has formed a consolidation phase on the chart. Meanwhile, the price movement resulted in the creation of a descending triangle structure on the daily timeframe. The breakout below this level confirmed the bearish trend as DOGE hit a four-month low on June 18.
A reversal above the 200 EMA near the $0.13 resistance could help buyers stimulate a near-term recovery. In this case, the targets are likely to lie around the $0.147 region.
However, any reversal below the 200 EMA could invalidate the short-term bullish trend. The first major support level will then be $0.11.
The relative strength index (RSI) stands near 30, indicating an oversold position. Buyers can expect a convincing reversal from these levels in the future.
DOGE Army believes in potential Dogecoin payout on X
In a recent tweet, popular crypto wallet account, MyDoge, put out a poll of the DOGE community regarding their optimism regarding possible DOGE payments coming to the X platform. Future.
“Do you think X should one day support Dogecoin payments?”, MyDoge asked.
Judging by the wave of positive and enthusiastic feedback, the DOGE Army remains confident that their favorite memecoin will eventually provide support for tipping and micropayments on social media platform X.
This year, Elon Musk secured new licenses in US states to be able to deploy the X Payments feature. “DogeDesigner” has posted multiple times that payments will be launched on the platform later this year.
In March, payment processing licenses were granted to the states of Illinois, Oregon and New Mexico. This may be why DOGE Army remains optimistic about the possibility of integrating DOGE on X in the near future.
SHIB News
SHIB has seen a decline of 12% in the last seven days. Its 24-hour chart also remains red as the price continues to decline slightly. At the moment, SHIB is trading around $0.00001795 with a market capitalization of over $10.58 billion.
IntoTheBlock data shows that only 52% of SHIB investors are profitable, which could be due to the latest correction. However, there seems to be more to the story as SHIB is consolidating inside a bullish pattern.
Source: TradingView
The analysis also revealed that SHIB has been consolidating within the model since early March. Since then, SHIB has been rejected from the upper limit of the falling wedge pattern twice.
At the moment, memecoin is testing chart support. If successful and a breakout forms, it could trigger a price rally. If all goes well, SHIB could also reclaim its March high in the near term.
The Shiba Inu is about to reach a critical turning point
According to on-chain data from IntoTheBlock, memecoin is currently trading at a key level of 416 trillion SHIB, having become the center of attention as market participants speculate on memecoin’s price fluctuations.
416.38 trillion SHIB was purchased by 19,120 addresses ranging from $0.000017 to $0.000018 with an average price of $0.000018.
Global In/Out of the Money indicator | Source: IntoTheBlock
SHIB is currently hovering around $0.000018, making it the decisive point for the token’s short-term trajectory. At press time, SHIB is up 1.49% over the past 24 hours to $0.00001814.
416.38 trillion SHIB purchased at this price could act as a strong support or a prelude to further declines.
Scam News
According to Scam Sniffer, 5 hours ago, a user was lost $11 million worth of aEthMKR and Pendle USDe tokens for signing multiple signatures authorizing the scam. Victim address: 0xfb…accfa and scam address: 0x73…bb96.
Arkham shows that victim 0xfb…accfa is the MakerDAO governance delegate.
You can see coin prices here.
Viet Cuong
Bitcoin Magazine
