Bitcoin’s price was under pressure all week, as fears about ETF inflows and demand continued. BTC has been in the red for a second week running, falling below the key support level $65,0000.Bitcoin has now fallen more than 12% since its high, and it might seem that the bears have complete control. After the coin failed last week to break through the $72,000 resistance level, most spot Bitcoin ETFs continue to experience outflows. All ETFs have seen net outflows totaling $145.9 millions, with the Fidelity Smart Origin Bitcoin Fund (FBTC) leading the way.
The Federal Reserve’s decision to raise interest rates was hawkish, and this led to a rapid acceleration of these outflows. The bank kept interest rates between 5.25%-5.50% unchanged and hinted at a possible cut in the second half of this year.
The Bitcoin price also dropped after it was revealed that the majority of Bitcoin mining companies had been selling their coins. Data shows that major players such as Marathon Digital and Riot Platforms have been selling bitcoins for 33 straight days.
Bitcoin price prediction
Bitcoin formed a gold cross pattern in March of 2023, when the Exponential Moving Avg. (EMA) crossed over to a bullish direction. Since then, it has been above these averages. Bitcoin is also forming a cup-and-handle pattern, which is a bullish continuation signal. Recent consolidation may be part of the shoulders.
There is therefore a high probability that Bitcoin will eventually have a bullish break-out in the near term. A breakout of this kind will be confirmed if the price goes above the high for the year to date, which is $73,500.
Bitcoin’s small double-top formation at $72,473 is the main risk for bullish theories. Double-tops are one of the worst signs on the market. It is possible that the stock could fall and retest it’s neckline of $56,578, or 12.65% lower than its current level.
Iran launches public pilot of digital currency on Kish Island
Iran’s central banking is set to launch its pilot program for the digital rial, enabling customers of banks to conduct transactions without cash.
The Central Bank of Iran, also known as Bank Markazi (CBI), has announced that the digital currency called digital rial is now operational in an effort to modernize and streamline domestic transactions.
According to a crypto.news press release, the central banks pilot program is scheduled for July. It will allow banking customers on Kish Island and tourists to transfer money and make purchases using QR codes and digital wallets. CBI claims that the digital rial is expected to improve the reliability and efficiency of payment infrastructure in the region, and create “new business models” for e-commerce, digital economy, and other digital activities.
Iran’s central banking has been testing digital currency in a limited phase since June 2023. CBI says its state-controlled currency is “not only more secure than traditional card payments, but also simpler.”
The Office of Foreign Assets Control of the U.S. Department of Treasury imposed sanctions in February against a group of entities that were accused of “facilitating the illegal export of goods and technologies from more than two dozen U.S. firms to end-users within Iran.”
The Iran-based Informatics Services Corporation, a subsidiary of Central Bank of Iran responsible for the development of the central bank’s digital currency platform (CBDC), was also sanctioned. OFAC said that ISC had been sanctioned because it “materially assisted or sponsored or provided financial or material or technological support, goods or services, to or in support of CBI, or for the provision of goods or services”.
Crypto.news reported that ISC started working on the digital currency in 2018, using Hyperledger fabric, a blockchain platform hosted by the Linux Foundation.
BTC gains on CPI and Fed rates hopes; 5thScape pre-sale gains momentum
Bitcoin increases to $69430 on news of the CPI and Fed rates, while 5thScape gains investor attention.
On Wednesday, the cryptocurrency market, and particularly Bitcoin, experienced a surge as investors awaited US CPI data. BTC’s price was $69,430 in the US session. This could lead to gains this week. The flat CPI data and the hopes of a Fed rate cut also helped support markets. In the midst of these developments, 5SCAPE’s presale has been successful and received much attention.
5thScape, a new player in VR entertainment
5thScape, a new VR platform for entertainment and content, has quickly established itself as the leading destination to find VR content. The platform has a wide range of VR content, such as games, movies and educational experiences. The platform’s native 5SCAPE token allows users to access the content.
Early traction and potential growth: The 5thScape presale attracted significant attention from the crypto community, with over $6.7million in investment.
Investors’ confidence in the future of this project is evident from this early adoption. 5thScape VR’s VR experiences could be in high demand as the VR market is expected to grow significantly over the next few years.
5thScape has a diverse VR library that caters to users of all interests. This diversity allows the platform to appeal to a wider audience than platforms that focus on one type of VR experience.
The recent launch of “Cage of Conquest”, a highly anticipated game, and the upcoming release of “Thrust Hunter”, a racing game trailer, demonstrate the platform’s commitment to providing engaging VR content.
Future developments: 5thScape will continue to add new content to its VR Library, giving users access to a wide range of experiences. In the near future, 5thScape will also add AR features, allowing it to reach a larger audience that is interested in both VR entertainment and AR.
5SCAPE is an investment in VR entertainment. The token gives users access to 5thScape’s VR content library. The value of 5SCAPE could increase as VR technology continues its growth.
Pre-sale is a great way to get 5SCAPE tokens for a good price.
Bitcoin vs. 5thScape: Diversification is the key.
Diversifying your crypto portfolio will help you achieve long-term success, and avoid risks in times of market volatility.
Bitcoin is a digital asset that you should own, as it was the first crypto token to start the blockchain revolution. As has been the case in the past, Bitcoin’s growth can be halted by any unforeseeable events. It is therefore important to have a wider exposure to the cryptocurrency market.
5thScape: The future of VR entertainment
5SCAPE, a valuable utility coin that allows access to a VR entertainment platform. This is a great opportunity to invest in a rapidly growing market. The value of 5SCAPE could rise significantly as VR technology gains traction.
Investing over $500 in 5SCAPE tokens can unlock even greater value. Users can receive a lifetime membership for free to 5thScape’s VR content library, or get 50% off their physical. Users can directly exchange their existing MATIC, BNB, or ETH holdings for the 5SCAPE Tokens.
The excitement doesn’t stop with the presale. 5thScape has a $100,000 contest going on to promote its platform.
Here are the three ways you can participate in the contest and win a prize:
Share a YouTube Video: Users can review the 5thScape Platform through a YouTube video. The video should include the features and benefits of 5thScape, as well as a link to 5thScape’s website and their unique referral code.
Write a Blog Post: Users can write a post on their blog analyzing 5thScape’s impact and potential. Share their blog post on relevant forums and social media to get the word out.
Follow 5thScape in X. Users must follow 5thScape (now X), @5thScape. They also need to retweet the contest post they have pinned, tag three friends and use hashtag #5thScapeContest. Each retweet counts as an entry.
Report: Australia’s biggest bank closes stablecoin project
National Australia Bank reportedly halted development of its own stablecoin, AUDN, just a year following the first disclosure.
The National Australia Bank, one of Australia’s four largest financial institutions, has quietly halted development on its Ethereum stablecoin. According to the Australian Financial Review, the team that was responsible for this project has left the bank.
According to the report, Animoca Brands and Merit Circle are among those who have supported Ubiquity. Ubiquity will reportedly collaborate with ANZ Bank which is also developing an Australian stablecoin A$DC.
NAB had not made any public statements about the issue as of the time of publication. Crypto.news contacted the bank, and we will update this article if the bank responds.
NAB planned to be the second Australian financial institution launching a stablecoin using the Ethereum and Algorand Blockchains. Crypto.news reported in January 2023 that the bank planned to allow customers to settle transactions using AUDN and Australian dollars on blockchains in real-time. The stablecoin would also facilitate various applications such as “carbon credit trading and overseas money transfers.”
Hong Kong’s HashKey crypto exchange unveils plans to airdrop native tokens
HashKey Group announced plans to airdrop HSK tokens, which are planned for listing on platform in Q3.
HashKey Group announced its plans to airdrop HSK before its listing in the third quarter of 2024. This is to increase the adoption and utility within the HashKey eco-system.
According to a press statement shared with Crypto.news, Hong Kong’s company will also airdrop tokens to “reward ecosystem participants.” While the details of the airdrop have yet to be revealed, distribution is expected to begin in late June.
HashKey announced its plans to create its own utility coin in November 2023. The token’s economics model would be “closely linked to the long-term interest of ecosystem contributors.”
HashKey EcoPoints is an ERC-20 Token built on Ethereum’s blockchain. The company stated that it was intended to be an incentive to ecosystem contributors by offering discounts on fees and “specific rights” to asset issuance, as well as early entry to “future token subscriptions”.
Crypto.news reviewed the HSK whitepaper and found that there is a total of 1 billion tokens. The HashKey team receives 30%, while 65% of the tokens are allocated to marketing and business development. The remaining 5% is reserved for extra ecosystem user protection. The exchange will burn HSK tokens using 20% of its net profits in order to “protect HSK owners from the diluting impact of rewards-based increase in HSK circulation supply”.
Bitcoin ETF withdrawals continue as total amount drops below $15b
Spot Bitcoin exchange-traded funds (ETFs) continued to lose money as the week began. The net investment inflows in the U.S. fell below $15 billion.
Data provided by Farside Investors shows that spot Bitcoin ETFs saw a net outflow on June of $145,9 million. 17. The majority of outflows were from the Fidelity 21Shares Bitcoin ETF and Fidelity Wise Original Bitcoin Fund, worth $92 and $50 million respectively.
Moreover, VanEck Bitcoin Trusts (HODL) & Grayscale Bitcoin Trusts (GBTC), both of which had outflows in the amount of $3.8 and $3 million, respectively, also saw smaller amounts.
Despite the bearish sentiment on the market and the continuous outflows of funds, the Bitwise Bitcoin ETF(BITB) recorded inflows of $2.9 million as recently as June. Farside Investors data shows that the market fell by 17. The remaining ETFs were neutral.
The net outflows for spot Bitcoin ETFs were $580.6 Million last week. These massive outflows followed four consecutive weeks of net inflows of approximately $4 billion.
According to Farside Investors, the latest outflows brought the net inflows into spot BTC ETFs up to $14.96 Billion.
BTC’s price has fallen below $66,000, causing increased FUD in the crypto market. According to the report, global cryptocurrency market cap has fallen by 2.6% in the last day. It is now $2.485 trillion.
