The United States equities markets tumbled on June 10 after the Consumer Price Index (CPI) report showed inflation soaring 8.6% from a year ago, the highest increase since 1981. The latest figures show that talks of inflation having peaked were premature and according to Bloomberg, investors are pricing in the key interest rate of 3% by the end of the year. Continuing its tight correlation with the S&P 500, Bitcoin (BTC) dipped below $30,000 on June 10. Analysts are still divided about the near-term price action but Fundstrat co-founder Tom Lee said in an interview with CNBC that Bitcoin may …

Bitcoin (BTC) continues to trade in a range with the local tops and bottoms coinciding with increased whale activity in the region, according to on-chain analytics resource Whalemap. The range-bound action in Bitcoin has kept the analysts guessing and a few expect the consolidation to continue for some more time, while others anticipate another leg lower. A June 6 Glassnode report said that the aggregated realized losses from long-term holders reflected more than 0.006% of the market capitalization on May 29. This is in comparison to the peak of 0.015% of the market capitalization reached during the 2018 to 2019 …

After nine successive weeks of red weekly candles, Bitcoin (BTC) printed a green weekly candle on June 5. Leading into this week, buyers kept up their momentum with a strong weekly open that boosted BTC price to $31,800. Going forward, traders might keep a close eye on the Consumer Price Index (CPI) data for May, which is due on June 10. Depending on the figures, this could keep the volatility elevated as investors digest the report and speculate on the next possible move of the United States Federal Reserve. Analysts are divided about the next directional move for Bitcoin. While …

Bitcoin (BTC) has made a tentative start to the month of June, suggesting that bears have not gone into hibernation just yet. Although Bitcoin is trading nearly 55% off its all-time high of $69,000, whales and institutions remain cautious and have not jumped into the market with gusto, according to BlockTrends analyst Caue Oliveira. According to CryptoQuant contributor Venturefounder, if Bitcoin repeats the historical patterns seen after the previous halving cycles, then a bottom may be formed between $14,000 and $21,000 in the next six months. Thereafter, Bitcoin may chop around the $28,000 to $40,000 range for a large part …

Billionaire Elon Musk and Dogecoin (DOGE) co-founder Jackson Palmer are locked in battle on social media over Palmer’s claim that he could remove Twitter bots with a simple Python script. Australian Palmer said in an interview that his script was capable of automatically tweeting replies to scam tweets as a way of indicating that users should beware of the danger. He told news outlet Crikey on Monday that Musk had reached out to get the script but claimed the billionaire’s technical knowledge was so deficient that he didn’t know how to run it: “Elon reached out to me to get …

Pseudonymous Shiba Inu (SHIB) founder Ryoshi has walked away from the community after deleting all of their Tweets and blog posts this week. Similar to the Bitcoin (BTC) founder Satoshi Nakamoto, Ryoshi’s identity has remained unknown since the project launched in August 2020. Additionally, they have also held a hands-off approach to the memecoin, much like Dogecoin (DOGE) founders Billy Markus and Jackson Palmer. Lead developers such as Shytoshi Kusama have stated that the project will carry on and continue to “actualize Ryoshi’s vision and plan for this grand experiment” of building a decentralized memecoin ecosystem. Ryoshi has hinted on …

After creating the dubious record of nine successive red weekly closes, Bitcoin (BTC) is attempting to make amends by starting a price recovery to end the losing streak. Analysts have repeatedly said that investors should not fear a bear market because it is one of the best times to invest in fundamentally strong projects in preparation for the next bull phase. CryptoQuant CEO Ki Young Ju highlighted that unspent transaction outputs (UTXOs) that are older than six months reflect 62% of the realized cap, which is similar to the level seen during the March 2020 crash. Hence, Ki said that …

Just four months after electric vehicl manufacturer Tesla started accepting Dogecoin (DOGE) for merchandise purchases, Elon Musk announced his plan to extend the payment option for his space exploration company, SpaceX. Musk, CEO of SpaceX and Tesla, has been a staunch supporter of the DOGE ecosystem since 2019 and has since publicly revealed interest in accepting memecoin payments across his multibillion-dollar enterprises. Tesla merch can be bought with Doge, soon SpaceX merch too — Elon Musk (@elonmusk) May 27, 2022 Historically, Musk’s pro-DOGE tweets have had an immediate and positive impact on DOGE’s market prices, as investors try to cash …

Bitcoin (BTC) analysts faced another day of frustration on May 28 as BTC/United States dollar refused to offer volatility up or down. “Not the decoupling we wanted” Data from Cointelegraph Markets Pro and TradingView showed the largest cryptocurrency sticking in a narrow short-term range into the weekend. Previously forecast support levels to avoid a deeper correction managed to hold in the May 27 Wall Street trading session, but a bounce higher was similarly absent as commentators looked for fresh cues. “Short resistance and long support until one of them breaks. Keep it simple in ranges as they are there to …

Equities markets in the United States rallied sharply on May 25 and 26 but Bitcoin (BTC) and altcoins have not followed a similar trajectory. This suggests that traders are not confident that the crypto markets have bottomed out yet. On-chain analytics firm Glassnode said that the number of Bitcoin whales has been reducing and on May 27, the metric fell to the lowest level since July 2020. On May 24, Miller Value Partners founder and chief investment officer Bill Miller backed Bitcoin investing and called it an “insurance policy against financial catastrophe.” In a note to its clients on May …

Bitcoin (BTC) disappointed bulls on upside prior to the May 26 Wall Street open as BTC/USD returned under $29,000. Markets "eerily calm" post FOMC Data from Cointelegraph Markets Pro and TradingView tracked an uninspiring day for Bitcoin, with $800 of losses coming in a single hourly candle several hours before the start of trading. The largest cryptocurrency had avoided volatility on the release of minutes from the United States Federal Reserve's Federal Open Markets Committee (FOMC). These had avoided any serious divergence from already known facts about economic policy, and despite concerns thatanti-inflation measures could lead to a recession, no …

Bitcoin (BTC) has been struggling to sustain above $30,800 since May 16, suggesting that demand dries up at higher levels. Similarly, U.S. equity markets have not ceased to decline due to uncertainty regarding the number of rate hikes that will be needed to bring inflation under control. As the crypto bear market deepens, analysts are becoming extra bearish on their projections for the extent of the fall. Trader and analyst Rekt Capital said that Bitcoin could be at risk of falling to $19,000 to $15,500 before a bottom is formed. However, Arcane Research recently pointed out that buying when Bitcoin’s …