ADVFN Logo
Registration Strip Icon for monitor Customized watchlists with full streaming quotes from leading exchanges, such as NASDAQ, NYSE, AMEX, OTC Markets Small-Cap, LSE and more.

Bitcoin Surpasses $71K Mark as US Bitcoin ETFs See $886 Million Influx, and More in Crypto

Fernanda T
Latest News
June 05 2024 3:24PM

Bitcoin surpasses $71,000 and targets new record

Bitcoin (COIN:BTCUSD) surpassed the $71,000 mark today, reaching an intraday high of $71,804.13, marking its highest price since May 21. The cryptocurrency is currently trading up 0.7% at $71,115 at the time of writing.

According to technical analyses from CoinGecko, the cryptocurrency is approaching its final resistance before reaching a new all-time high. Expectations indicate possible upward movements. Fernando Pereira, an analyst at Bitget, noted that the weekly volatility of Bitcoin is at historically low levels and is uncertain whether the movement will be bullish or bearish. However, he indicated imminent significant price movements soon, with the current consolidation phase nearing its end. “The weekly realized volatility of BTC is at extremely low levels (22%), levels that, in the past, have triggered very strong price movements. Whether it will be bearish or bullish, an aggressive move in Bitcoin is close, and the consolidation is just days away from ending,” said Pereira.

U.S. Bitcoin ETFs see second-largest capital injection in a single day

On June 4, U.S. Bitcoin ETFs recorded their second-largest daily inflow in history on Tuesday, with over $886 million. This increase is driven by renewed institutional interest and the recovery of Bitcoin’s price above $70,000. The approval and listing of regulated Bitcoin funds in various countries also contributed to the rise in institutional investment in cryptocurrencies. Fidelity’s ETF (AMEX:FBTC) led with inflows of $378.7 million, while BlackRock’s ETF (NASDAQ:IBIT) had inflows of $274.4 million. Spot Bitcoin ETFs now hold over $60 billion in BTC.

Cryptocurrency market faced a decline in trading volumes in May

According to CCData’s May 2024 report, the cryptocurrency market saw a significant reduction in spot and derivatives trading volumes, dropping 20.1% to $5.27 trillion. This decline follows the Bitcoin halving in April, directly affecting transactions. Despite the overall decrease, the Ether (COIN:ETHUSD) derivatives segment demonstrated resilience, growing significantly after the unexpected approval of spot ETFs by the SEC, indicating a possible increase in institutional demand for crypto assets.

Marathon Digital sold more than 60% of the Bitcoin mined in May

Marathon Digital (NASDAQ:MARA), a cryptocurrency mining company, revealed the sale of 390 Bitcoin in May, equivalent to more than 63% of its monthly production. With an impressive cash balance of $290.4 million, the company now aims to expand its operations globally. Meanwhile, competitors like Riot Platforms and CleanSpark (NASDAQ:CLSK) are recalibrating their strategies post-Bitcoin halving, focusing on efficiency and business expansion.

Riot Platforms affected by short seller criticism

Bitcoin miner Riot Platforms (NASDAQ:RIOT) suffered a 2% drop during Wednesday’s trading following criticism from Kerrisdale Capital, which stated it would sell RIOT shares in favor of Bitcoin (COIN:BTCUSD). Kerrisdale accused RIOT of burning cash and misleading retail shareholders through its market financing strategy. This is not the first time Kerrisdale has targeted crypto-related stocks, having recently aimed at MicroStrategy (NASDAQ:MSTR).

Aave community pushes for fee changes after annual revenue hits new highs

The annualized revenue of the DeFi protocol Aave (COIN:AAVEUSD) surpassed $80 million, prompting community members to seek a proposal for fee changes. With deposits exceeding $20 billion, the protocol’s growth reflects the resurgence of the DeFi sector, with Aave leading as the largest crypto lending platform. This high revenue underscores the need for initiatives to redistribute generated fees among platform participants.

Paris update boosts Tezos scalability to millions of TPS in L2

The Paris update of Tezos (COIN:XTZUSD), launched on June 5, aims to enhance the network’s scalability. Tezos-based Layer 2 (L2) scaling solutions can now achieve a throughput of millions of transactions per second (TPS). With a transaction finalization time of 500 milliseconds and data publishing latency on the main L1 in approximately 10 seconds, Etherlink has become cheaper and offers an improved user experience compared to Arbitrum and Optimism.

Base witnesses explosive growth

The Base, an Ethereum Layer-2 network backed by Coinbase Global (NASDAQ:COIN), is experiencing rapid growth, especially after the launch of its Smart Wallet. Registering the highest daily transactions among Ethereum Layer-2 networks, Base is becoming a popular choice among users. Its total value locked (TVL) reached $7.64 billion, approaching Optimism. The recent introduction of Coinbase’s Smart Wallet aims to simplify the use of cryptocurrencies, including Base.

Paxos launches yield-generating stablecoin USDL in UAE

The cryptocurrency platform Paxos announced the creation of the Lift Dollar (USDL), a yield-generating dollar-backed stablecoin, regulated in the United Arab Emirates. The novelty was developed by Paxos International and regulated by Abu Dhabi’s FSRA, promising a daily return to investors and positioning itself as a safe alternative to traditional savings products.

Binance seeks to dismiss collusion charges in the UK

Binance has asked the UK’s Competition Appeal Tribunal to dismiss the main allegations in a collusion case involving the delisting of the BSV token (COIN:BSVUSD) in 2019. BSV accuses Binance and three other exchanges of anti-competitive behavior, alleging potential damages of £9 billion. Binance argues that BSV holders could have reinvested in other cryptocurrencies, according to Reuters. The trial continues until June 7.

Tether invests $18.75 million in XREX Group

Stablecoin issuer Tether (COIN:USDTUSD) announced an $18.75 million investment in the Taiwan-based cryptocurrency exchange XREX Group. The partnership aims to facilitate cross-border payments and develop regulatory tools to detect illicit use of stablecoins. The initiative follows Tether’s recent agreement with Bitdeer Technologies Group (NASDAQ:BTDR) for a private sale of up to $150 million in shares of the Bitcoin mining company.

Ironblocks launches firewall to prevent smart contract hacks

The security platform Ironblocks introduced a new “firewall” aimed at strengthening security in DeFi, offering a free tool for developers to protect their smart contracts. According to CEO Or Dadosh, the service allows for the implementation of various security policies, monitoring suspicious transaction attempts. This launch represents a strategic step to minimize growing hacking risks in the sector, which caused estimated losses of $60 million in April alone.

Tether CEO warns of potential security breach in the cryptocurrency industry

On June 5, Paolo Ardoino, Tether’s CEO, warned of a potential security breach in a cryptocurrency mailing list provider. He mentioned concerns about fraudulent emails promising crypto airdrops and advised users to exercise caution. Companies like CoinGecko also issued similar warnings, discouraging interaction with suspicious links. Bobby Ong, CoinGecko’s COO, highlighted the severity of the incident, warning of possible phishing emails related to a purported CoinGecko token launch.

DMM Bitcoin plans recovery after $320 million hack

After the theft of $320 million in Bitcoin, the Japanese exchange DMM Bitcoin announced plans to raise $320 million (50 billion yen) to compensate affected users. The company will seek funds by acquiring Bitcoin from parent company DMM.com and through loans. The investigation into the incident, classified as the eighth-largest cryptocurrency hack, is ongoing, with the company ensuring it will inform the public of any new details as they become available.

UAE approves regulations for stablecoins and CBDCs

The Board of Directors of the Central Bank of the UAE (CBUAE) ratified a new supervision and licensing system for stablecoins during a meeting in Abu Dhabi. The measure, part of the Financial Infrastructure Transformation (FIT) Program, aims to promote digital transactions and the digital economy. Additionally, the CBUAE announced plans to issue a Central Bank Digital Currency (CBDC) to enhance cross-border payments and national financial competitiveness. The Dubai Financial Services Authority also updated its rules to recognize stablecoins, allowing investments in unrecognized crypto tokens.

U.S. lawmakers urge Biden to intervene in Tigran Gambaryan case

A group of U.S. lawmakers, led by Michael McCaul (R-Texas), urged President Joe Biden to intervene in the case of Tigran Gambaryan, a Binance executive detained in Nigeria. They urged Biden to treat the case as a hostage situation and bring Gambaryan back to the U.S. The executive faces charges of money laundering and tax evasion in Nigeria.

Donald Trump’s cryptocurrency portfolio reaches a peak of $32 million

According to Arkham Intelligence, Donald Trump’s cryptocurrency portfolio saw a notable increase in the last three months, reaching $32 million, primarily driven by memecoins. His largest holding is in the TROG token, valued at $21 million. However, much of his wealth is illiquid due to the lack of market depth in some assets, posing potential challenges for realizing its total value. Trump also holds Ethereum (COIN:ETHUSD), Wrapped Ethereum (WETH), and other notable tokens such as TRUMP (COIN:TRUMPUSD), MVP (COIN:MVPUSD), and BABYTRUMP.

HyperPlay and MetaMask join forces to facilitate blockchain game discovery

The Web3-integrated game store HyperPlay has partnered with the digital asset wallet MetaMask to simplify blockchain game discovery. MetaMask’s game directory will be incorporated into MetaMask’s portfolio, creating a centralized hub for discovering and managing game assets. The goal is to enhance the Web3 user experience and facilitate in-game transactions. HyperPlay, known for its 0% fee and title aggregation, now offers players direct access to MetaMask-compatible games, simplifying interactions with encrypted wallets and expanding interoperability between games.