Cryptocurrency Highlights: HYPE Reaches new All-Time High and Bitcoin's Unpredictable Trajectory under Rising Global Pressure - Weekly Crypto Update
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The previous week showcased a wild geopolitical ride that shook the cryptocurrency market yet again.
Trade talks between the US and China took center stage, resulting in a positive breakthrough at the beginning of the week when they squared off in London to iron out the details. However, just a few days later, POTUS announced on his social media platform that the delegates had clinched a deal requiring signatures from him and Chinese President Xi Jinping.
These developments had a significant impact on Bitcoin's price with the asset starting the business week at around $105,500, before gaining momentum as the events unfolded. By Tuesday morning, the digital coin smashed against the $110,500 barrier, but it caved in just like that.
Trump declared that the US was overjoyed with the terms, and the nation's CPI numbers for May made their grand debut, which were better than expected. Unfortunately, bitcoin couldn't pick up speed again and began a nosedive.
Things took a turn for the worse on Friday morning when Israel launched an attack on several Iranian military targets, claiming to have taken out top generals and nuclear scientists. Trump reminded Iran that he had extended them chances very own volition, and he urged Iranian authorities to sign the nuclear deal "before it's too bloody late."
As we speak, Bitcoin's price seems to have recovered some ground since the early morning low of under $103,000 and is now hovering around $105,000. This puts it in the green for the week when compared to its humble beginnings, but it's nothing compared to HYPE's massive surge. The trailblazer registered a 15.5% weekly surge and even touched a new all-time high above $42 earlier this week!
The other big gainers on a weekly scale include UNI, AAVE, and BCH, while SOL, SUI, TON, SHIB, ADA, DOGE, and TRX find themselves in the red.
Market Statistics
Market Cap: $3.382T | 24H Vol: $173B | BTC Dominance: 61.6%
BTC: $104,800 (+1%) | ETH: $2,540 (+2.8%) | XRP: $2.15 (-0.06%)
This Week's Can't-Miss Crypto Headlines
- Institutional Appetite Soars as Bitcoin ETFs Recover $1.07B in 4 Days: Traditional investors are showing no signs of slowing their enthusiasm towards Bitcoin as the spot Bitcoin ETFs bounced back with a $1.07 billion inflow in only four days, led by BlackRock's IBIT.*
- BlackRock's IBIT Hits Record Fastest AUM Growth: $70 Billion in Less Than 18 Months: It looks like the world's largest Bitcoin ETF, BlackRock's IBIT, can't seem to do anything wrong! This week, it set a blazing fast record as the quickest exchange-traded fund to reach $70 billion in assets under management (AUM) in merely 17 months and 19 days since its launch in January 2023.*
- Spot Ethereum ETFs Outshine Bitcoin with $240M Daily Flow: While the Ethereum market continues to gain momentum, it's no surprise that the ETH ETFs outperformed their BTC counterparts. After a remarkable 18-day streak, the ETH ETFs earned over $240 million in net daily inflows on June 11.*
- Ripple's XRP Ledger Welcomes World's Second-Biggest Stablecoin: Good news for Ripple devotees! Circle's USDC officially went live on Ripple's layer-1 network - the XRP Ledger, making it the second-largest stablecoin now available on 22 blockchains.
- Michael Saylor's Strategy Shells Out $110 Million for More Bitcoin: Michael Saylor's MicroStrategy, a Bitcoin-focused company, announced a major purchase of approximately $110 million worth of Bitcoin on Monday, elevating its total stash to a whopping 582,000 BTC.*
- Mercurity Fintech Plans to Hoard $800M for Strategic Bitcoin Treasury Reserve: In a bid to follow the footsteps of companies like Metaplanet, GameStop, and Strategy, Mercury Finance revealed plans to raise a whopping $800 million for its strategic Bitcoin treasury reserve.
Price Analysis
In this issue, we bring our in-depth analysis of Ethereum, Ripple, Cardano, Hype, and Solana – click here for the complete analysis.
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[SOURCES: 1] [2] [3] [4: CoinMarketCap] [5]
- Traditional investors are increasingly drawn towards Bitcoin and other crypto assets, as shown by the $1.07 billion inflow into spot Bitcoin ETFs led by BlackRock's IBIT in just four days.
- The world's largest Bitcoin ETF, BlackRock's IBIT, has broken records with an impressive 17-month and 19-day journey to reach $70 billion in assets under management (AUM).
- The Ethereum market has been performing exceptionally well, with Ethereum ETFs outperforming their Bitcoin counterparts and receiving over $240 million in net daily inflows on June 11.
