Fetch.ai Leads Rally of AI Tokens
Fetch.ai led a significant rise among AI-related cryptocurrencies after Nvidia became the world’s most valuable company. Nansen.ai analyst Edward Wilson noted that the AI sector is currently very popular in both traditional and crypto markets, and emphasized that Nvidia’s recent market success has led to significant year-on-year increases in AI tokens.
SEC Announces No Sanctions in Ethereum 2.0 Investigation
The crypto industry gained clarity after the US Securities and Exchange Commission (SEC) concluded its investigation into Ethereum 2.0 and decided not to impose sanctions. This decision marks a significant moment for Ethereum and is considered a critical development for digital asset treatment under the US Securities Act.
Bitcoin Foreign Exchange Reserve Reached Lowest Level in 3 Years
As of June 19, 2024, the total amount of Bitcoin on exchanges dropped to the lowest level in the last three years. According to CryptoQuant data, there are currently 2,825,703 Bitcoins on exchanges. In January 2024, the Bitcoin exchange balance was around 3,039,000. Following the approval of Bitcoin ETFs in January 2024, asset managers such as BlackRock put pressure on Bitcoin supply. As of June 6, BlackRock’s IBIT held approximately 274,000 Bitcoins. Monthly inflows into digital asset funds reached $2 billion in May 2024, and these inflows were mainly driven by Bitcoin investment funds and products.
The Biggest Dogecoin Whales Are Cutting Their Positions As Retail Investors Gain Power
Last year, the largest DOGE whales reduced their holdings from 45.3% to 41.3%. This indicates a significant redistribution in Dogecoin’s distribution, with retail and mid-market investors increasing their shares. The largest whales, holding more than 0.1% of the total supply, continue to sell their positions. The cryptocurrencies sold by these large holders are especially collected by medium-sized holders with balances between 100 million and 1 billion DOGE.
Bitcoin Whales Sold Over $1 Billion in BTC in the Last Two Weeks
Long-term Bitcoin holders and miners have been observed to have sold off their holdings significantly in the last two weeks, with little sign of renewed demand. It was examined that large holders, often called whales, sold over $1.2 billion in BTC in the last two weeks. It is stated that these transactions were not carried out in the open market, but probably through intermediaries.
$600 Million Exit from Digital Asset Funds
When we examine the digital asset funds report, there was an outflow of $600 million in crypto funds following the Fed interest rate decision and FOMC press conference last week. This output is the highest output since March 12, 2024. While the highest outflow occurred in Bitcoin with 621 million dollars; Ethereum, Ripple and Cardano saw very low inflows. Additionally, there was some inflow on the short-Bitcoin side.
Hashdex Targets First Bitcoin-Ethereum ETF in the US
Hashdex has submitted a proposal to the US Securities and Exchange Commission (SEC) for the creation of an ETF that would host both Bitcoin and Ethereum. Called the Hashdex Nasdaq Crypto Index US ETF, this ETF is designed to offer investors a stake in the two most prominent cryptocurrencies by mirroring their distributions in the Nasdaq Crypto Index. The composition of the ETF mirrors the Nasdaq Crypto Index, with Bitcoin and Ethereum accounting for approximately 70.54% and 29.46% of the fund, respectively.
The Sandbox Expands Its Crypto Portfolio with Memecoins
Sandbox, one of the most popular metaverse platforms based on the Ethereum ecosystem, announced the acquisition of six different memecoins, including DOGE and SHIB. Sandbox stated that it purchased these six memecoins because of their potential to support their communities. While the company did not disclose the exact amount of tokens it purchased, it said that this move is part of its broader strategy to expand its presence in the crypto economy and strengthen its place in the industry.
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BITCOIN (BTC)
As of the morning hours, BTC is priced at $65,449 with a 0.72% gain in value. The horizontal channel between $72,000 and $60,300 is still maintained. For now, there has been an increase up to $ 67,000, but it has not been permanent. If the pullback continues, $63,450 appears as the first major support. As resistance, $67,000 is currently working. Closings above $68,000 are required for the continuation of the rise.
ETHEREUM (ETH)
ETH is priced at $3576 with a 0.45% gain in value as of the morning hours. The $3350 level worked as support. For the continuation of the rise, it is important to maintain stability above $ 3600. If persistence is achieved, an increase up to $4000 may be seen. If a pullback occurs, the initial support is likely at $3150.
RIPPLE (XRP)
As of the morning hours, XRP is priced at $0.4946 with a 0.26% gain in value. There is a horizontal channel between $0.46 and $0.57. There was a wick movement to the $0.45 level, but it could not be permanent. $0.50 is a critical level and this level should be regained. Initial support again appears to be the range between $0.48 and $0.45. Areas where there may be resistance include the $0.50 and $0.52 levels.
AVALANCHE (AVAX)
AVAX is priced at $27.56 with a 2.30% gain in value as of the morning hours. After the horizontal area was broken down, we saw a movement up to the 25 dollar level, but it started to rise after receiving a reaction from this region. In case of withdrawals, the 25 and 20 dollar regions can be followed as support. The horizontal band needs to be regained. In upward movements, if there is persistence above the 30 dollar level, the 35 dollar region can be targeted.
SOLANA (SOL)
SOL is priced at $135.17 with a 0.34% loss of value as of the morning hours. When we examine the daily chart, we see that the $140 level, which we follow as the support zone, has been broken downwards. If this movement continues, the 125 – 127 dollar region, which is considered a triple bottom region, appears as an important support region. In upward movements, the $138 region can be followed as resistance in the short term.
CHAINLINK (LINK)
As of the morning hours, LINK is priced at $14,457 with a 0.77% gain in value. When we examine the four-hour chart, we see that the falling trend line has been broken upwards, but the $ 14,500 level, which we follow as the resistance zone, is critical. If it stays above this zone, the $15 level can be targeted. In case of withdrawals, the $14 level can be followed as support.
NEAR
NEAR is priced at $5,146 with a 3.77% gain in value as of the morning hours. When we examine the hourly chart, we see that the short-term consolidation zone has been broken upwards. If this movement continues, a move towards the $5.30 region may be possible. In case of withdrawals, the $5 level appears as an important support zone.
RNDR
RNDR is priced at $8.0357 with a 3.70% gain in value as of the morning hours. When we examine the hourly chart, we see a falling trend line and at the same time an upward break of the short-term horizontal price movement. If this movement continues, the $8.40 level appears as resistance. In case of withdrawals, the $ 7.90 level can be followed as support.
OUNCE OF GOLD
As of the morning hours, ounce gold is priced at 2342 dollars with a 0.58% gain in value. There was a decline from $2390 to $2290. The $2290 level is acting as support. The $2328 resistance level was broken upwards. If pricing is seen above 2350, there may be a rise again up to 2390 dollars. For a short-term rise, pricing above $2330 should be maintained.
OUNCE OF SILVER
As of the morning hours, silver is priced at $ 30.40 with a 2.12% gain in value. When we examine the four-hour chart, we see that the $29.50 and $30 levels, which we follow as resistance zones, have been broken upwards. If this movement continues, the $ 30.80 level can be followed. In case of withdrawals, the $ 30.15 level appears as support.
