Bitcoin Edges Higher to $84K as Analyst Warns of Another Leg Down for Crypto
Crypto markets climbed higher on Monday with bitcoin (BTC) trading above $84,000 as another positive day for U.S. stocks extended their rise lifting risk assets.The largest cryptocurrency was up, the broader crypto market was up 1.8%, while the broad-market CoinDesk 20 Index slightly outperformed with a 2.4% advance during the same period. Ethereum's ether (ETH) stabilized above $1,900 and was 2.8% higher, while several altcoin majors including SUI, AAVE, ICP and NEAR booked more than 5%.
Solana also edged 3% higher in line with the broader market, as the first day of SOL futures trading on institutional-focused marketplace CME failed to make a difference on investor sentiment.
Ethena's governance token (ENA) rallied 7% on the news of developing a proprietary blockchain with tokenized asset issuer Securitize, aiming to connect decentralized finance (DeFi) and traditional institutions.
Key U.S. stock indexes extending their bounce into this week gave a favorable backdrop for risk assets. However, LMAX Group strategist Joel Kruger warned that the monthly S&P500 chart suggests a sustained correction for U.S. equities, which could weigh on cryptocurrencies.
"When we consider the state of global trade tension and concerns around a slowdown in the US economy, all at a time when it's increasingly uncertain how much more accommodation the Fed can offer, there is indeed worry stocks could fall further," Kruger said.
He noted there's a potential for a lower low for BTC to revisit the 2024 March peak at $73,000-$74,000.
The market near-universally expects the Fed to keep rates unchanged during this week's Federal Open Market Committee's meeting, but investors should keep an eye on any potential change in the central bank's balance sheet runoff, or quantitative tightening (QT) program, said David Duong, head of research at Coinbase Institutional.
"We think the Fed might pause or end its QT program this week, as bank reserve levels are near the 10-11% of GDP levels that are commonly considered sufficient for maintaining financial stability," he wrote in a Monday report.
He said the recent crypto selloff was largely due to macro concerns and deteriorating liquidity conditions, which could turn for the better during the next quarter, providing tailwind for asset prices. "Crypto prices could find their bottom in the next few weeks before rebounding to new highs later this year," he concluded.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
an hour ago
- Yahoo
Asia Morning Briefing: BTC Stalls at 105K as Analyst Says Market Looks 'Overheated'
Welcome to Asia Morning Briefing, a daily summary of top stories during U.S. hours and an overview of market moves and analysis. For a detailed overview of U.S. markets, see CoinDesk's Crypto Daybook Americas. Bitcoin BTC is trading above $105K as Asia begins its business week. The world's largest digital asset remained relatively stable over the weekend, with a 0.4% movement, and trading volume was compressed. While overall market conditions remain bullish, a new report from CryptoQuant suggests that certain metrics indicate the BTC market is 'overheating.' The report shows bitcoin demand has climbed to 229,000 BTC over the past 30 days, approaching the December 2024 peak of 279,000 BTC. At the same time, whale-held balances have risen by 2.8 percent, a pace that often signals slowing accumulation. These indicators suggest the current rally, which pushed prices to a record $112,000, may be nearing a short-term top. The report highlights $120,000 as the next major resistance level, tied to the upper band of the Traders' On-chain Realized Price, where unrealized profits would hit 40 percent, a threshold that has historically marked local tops. While CryptoQuant's "Bull Score Index" remains strong at 80, signaling continued bullish momentum, rising profit margins, and peaking demand growth suggest traders may face a period of consolidation before the next leg higher. James Wynn Gets Liquidated, But Says He'll 'Run it All Back' James Wynn, a trader renowned for his aggressive, high-leverage bets on Hyperliquid, has been fully liquidated, leaving him with just $23 in his account after sustaining losses totaling more than $17 million, CoinDesk previously reported. Wynn, who attracted significant attention with trades involving bitcoin, memecoins like PEPE, and even obscure tokens such as FARTCOIN, first faced steep declines from a massive $1.25 billion long position on BTC, resulting in a loss exceeding $37 million after prices dipped below $105,000 amid geopolitical turmoil. Throughout the volatile month, Wynn rapidly cycled through trades, briefly netting an unrealized gain of $85 million before market swings wiped him out completely. An account associated with Wynn downplayed the dramatic liquidation, defiantly stating on X: "I'll run it back, I always do. And I'll enjoy doing it. I like playing the game. I took a large and calculated bet at making billions." Brazil's Méliuz Shares Sink 8% After Announcing $78M Equity Raise to Buy Bitcoin Brazilian fintech Méliuz plans to raise up to $78 million through a public equity offering, intending to allocate all proceeds to purchasing Bitcoin and positioning the cryptocurrency as a primary strategic asset in its treasury, CoinDesk previously reported. However, Méliuz's strategy hasn't impressed the market yet, as shares dropped more than 8% following the announcement. The initial offering includes 17 million common shares, with the potential to expand up to 51 million, and investors will receive subscription warrants allowing future stock purchases at set prices. Known for its cashback and financial services platform serving over 30 million users, Méliuz currently holds 320.2 BTC, having previously committed 10% of its cash reserves to Bitcoin in March. Trading for the subscription warrants is expected to commence on June 16, with share settlement and warrant issuance finalized by June 18. NYC Comptroller Rejects Mayor Adams' 'BitBond', Warns Deviating from Dollar Could Undermine City's Credit Reputation New York City's Comptroller Brad Lander sharply criticized Mayor Eric Adams' plan to issue municipal bonds backed by bitcoin, labeling the proposed "BitBond" as "legally dubious and fiscally irresponsible," CoinDesk previously reported. Lander rejected the idea just days after Adams introduced it at a bitcoin conference in Las Vegas, emphasizing that cryptocurrency's instability makes it unsuitable to reliably fund critical city projects such as infrastructure and affordable housing. Mayor Adams has actively promoted cryptocurrency initiatives since entering office, including converting his own paychecks into digital assets and establishing a digital asset advisory council. However, Comptroller Lander highlighted serious practical concerns with the BitBond proposal, noting federal tax laws and city financial regulations would make the proposal unworkable, and warned that deviating from the dollar-based municipal borrowing system could undermine investor confidence and New York City's credit reputation. BTC: Bitcoin showed resilience, staging a V-shaped recovery between $103,813.37 and $105,305.75 amid notable volume spikes. ETH: Ethereum formed a bullish reversal pattern, rebounding from strong support at $2,472.84 to $2,527.53 amid high-volume buying momentum, according to CoinDesk's Market Insight Bot. Gold: Gold climbed 0.6% to $3,311.66, as traders weighed its recent retreat from record highs against ongoing investor and central bank appetite driven by uncertainty over US tariffs and broader economic risks. Nikkei 225: Japan's Nikkei 225 dropped 0.89% as Asia-Pacific markets traded mixed following Trump's announcement of increased steel tariffs. S&P 500 Futures: Stock futures dipped Sunday to start June after the S&P 500's strongest month since November 2023, amid uncertainty over President Trump's tariffs following recent contradictory court rulings. Wintermute warns Pectra upgrade leaves Ethereum users at risk of automated attacks (The Block) Here's What's at Stake for Crypto in South Korea's Upcoming Election (Decrypt) JPMorgan's Jamie Dimon Says U.S. Should Stockpile Missiles, Not Bitcoin (CoinDesk) IMF Raised Concerns Over Pakistan's Plan to Allocate 2,000MW of Electricity for Bitcoin Mining (Local Report) Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Miami Herald
6 hours ago
- Miami Herald
Fed Chair Powell has closed door meeting at the White House on interest rate cuts
Federal Reserve Bank Chair Jerome Powell stayed the course after being summoned to an economic woodshed at the White House by President Trump, who has been vocal about demands that the Fed ax interest rates. The May 29 faceoff was Powell's first visit to the White House during Trump's second tour. In a statement, Powell's office said the meeting's agenda was to "to discuss economic developments, including for growth, employment, and inflation." Don't miss the move: Subscribe to TheStreet's free daily newsletter Both sides said the meeting was at the invitation of the president, who told Powell in person what he's been saying and tweeting for months: the Fed's refusal to cut interest rates was a "mistake" damaging the economy. The Board of Governors of the Federal Reserve System voted unanimously in early May to approve the establishment of the primary credit rate at the existing level of 4.5% – which means interest rates for lenders, consumers and the rest of Americans won't be budging in the near term, much to the dismay of the Trump administration. This stance "will be updated as appropriate to reflect decisions of the Federal Open Market Committee or the Board of Governors regarding details of the Federal Reserve's operational tools and approach to implement monetary policy," the central bank said in a statement. XinhuaTrump's repeated demands underscore the volatility of U.S. trade policy and provide another flash point for global worries about fiscal policy, which have sent bond yields sharply higher. The whiplashed tariffs, primarily those against China and the E.U., add to economic jitters, Related: Fed official sends strong message about interest-rate cuts Since April 2, or "Liberation Day," tariff threats and trade jitters have spooked buyers and sellers into a seemingly endless roller-coaster ride. Many market, economic, and financial experts have begun publicly warning of a recession within a few months, while others predict a nation stuck in a nasty stagflation. The Federal Reserve has a dual mandate to target low inflation and unemployment. The central bank can raise interest rates to slow inflation, which can cause unemployment. Or it can cut rates to boost job growth, but that can cause inflation. Monetary and stock market experts expect the Fed will lower interest rates by one quarter point in September. Trump told Powell in their meeting he wanted the cuts sooner. Related: Jamie Dimon sends terse message on stocks, economy The Fed's statement following the White House meeting said Powell "did not discuss his expectations for monetary policy, except to stress that the path of policy will depend entirely on incoming economic information and what that means for the outlook." A White House spokeswoman agreed with the statement, but added that the president pressed for immediate action to lower the rates. Powell also said in the Fed statement that he and his colleagues will set monetary policy "as required by law, to support maximum employment and stable prices and will make those decisions based solely on careful, objective, and non-political analysis." Powell will give the opening remarks June 2 at the Federal Reserve Board's International Finance (IF) Division 75th Anniversary Conference, Washington, D.C. The conference will feature a series of panel discussions focused on the division's history and people, as well as an academic panel and presentations by former IF economists. Related: Veteran fund manager who predicted April rally updates S&P 500 forecast The Arena Media Brands, LLC THESTREET is a registered trademark of TheStreet, Inc.
Business Upturn
7 hours ago
- Business Upturn
Digital assets usher in a golden age. Cryptocurrency will become the first choice for asset reserves in 2025. Fans Hash machines will lead industry innovation.
By GlobeNewswire Published on June 2, 2025, 00:05 IST London, United Kingdom, June 01, 2025 (GLOBE NEWSWIRE) — Fans Hash: Mining Made Easy, Daily Crypto Profits Fans Hash redefines what crypto mining means in 2025: no hardware required, no hassle, pure convenience. Designed for users who want great results without the hassle, Fans Hash's streamlined platform is easy to use for both newbies and busy investors. With over 10 million users and growing, Fans Hash's cutting-edge data centers use energy-efficient technology to prove that mining can be profitable while protecting the planet. Its stable, AI-optimized infrastructure delivers consistent returns, earning the trust of its rapidly growing global user base. Making money with Fans Hash has never been easier, with easy mining for stable, real-time crypto earnings. Fans Hash Platform Advantages Get a $500 bonus immediately after registration. High yield, support daily withdrawal. No additional service charges or administration fees are required. Supports up to 9 mainstream cryptocurrency settlements, including USDT-TRC20, BTC, ETH, LTC, USDC, BNB, USDT-ERC20, BCH, DOGE, SOL (Solana) and XRP. Through the affiliate program, you can earn up to $3,000 in referral bonuses for referring a friend to join. Equipped with McAfee® security protection and Cloudflare® security to ensure the stable operation of the platform. 100% online time guarantee, providing professional 24/7 manual technical support. From Small Change to Big Fortune: How to Make $2 Million with $100 by 2025. As the times continue to change, will the value of the US dollar depreciate due to the impact of the US tariff policy? At the same time, cryptocurrencies have quietly risen and become the preferred asset reserve for many investors. The Fans Hash cloud computing platform has won wide recognition worldwide and has become an important tool for crypto mining. In recent years, people's attitudes towards energy have also changed significantly. More and more mining companies are using renewable energy such as solar energy and wind energy to power their new energy cloud mining business. This not only significantly reduces mining costs, but also enables the remaining energy to be returned to the power grid, thereby saving a lot of energy consumption and bringing rich profits. This trend has also opened up new opportunities for investors to invest in new energy. In the rapidly developing cryptocurrency market, easy operation and stable profitability are particularly important. For beginners, cloud mining has become an attractive choice because of its low threshold and high efficiency. This article will explore the concept of cloud mining in depth, especially how Fans Hash, as an industry-leading brand, can help you easily start your journey to earn wealth from $100 to $2 million or even more every day. Fans Hash Register now to join the cloud mining contract for free Fans Hash, dedicated to building the world's first brand. Fans Hash Investment Guide Here are some examples of the potential income you could achieve: Investment: $100 | Duration: 1 day | Total net profit: $100 + $3 Investment: $500 | Duration: 3 day | Total net profit: $500 + $45 Investment: $1500 | Duration: 10 day | Total net profit: $1500 + $345 Investment: $5000 | Duration: 20day | Total net profit: $5000 + $2500 Investment: $30000 | Duration: 15day | Total net profit: $30000 + $13500 Investment: $50000 | Duration: 10day | Total net profit: $50000 + $22500 Act now and seize the golden opportunity of the future with Fans Hash Fans Hash makes passive income easy and convenient. With powerful technology, environmentally friendly mining methods and flexible solutions, it helps you easily increase your cryptocurrency wealth. Whether you are a novice or an experienced user, Fans Hash can help you make stable and continuous profits. Proving that even non-experts can easily benefit from it. Earn your first 2 million in your life, just register and activate the mining contract, and you can easily move towards your financial goals. Disclaimer: The information provided in this press release does not constitute an investment solicitation, nor does it constitute investment advice, financial advice, or trading recommendations. Cryptocurrency mining and staking involve risks and the possibility of losing funds. It is strongly recommended that you perform due diligence before investing or trading in cryptocurrencies and securities, including consulting a professional financial advisor. Disclaimer: The above press release comes to you under an arrangement with GlobeNewswire. Business Upturn takes no editorial responsibility for the same. GlobeNewswire provides press release distribution services globally, with substantial operations in North America and Europe.
