A new Bitcoin update lifting OP_RETURN’s data limit to 4MB reignites debate over Bitcoin’s future.
Bitcoin is poised for heightened volatility as macroeconomic factors align, potentially driving the price toward a significant $111,000 milestone. Key developments such as a prospective U.S.–China trade agreement and subdued
Institutional inflows have propelled Bitcoin’s value to new multi-month highs, with analysts pinpointing critical support levels that could dictate the cryptocurrency’s near-term trajectory. Market observers emphasize the importance of the
Bank of America CEO Brian Moynihan announced that they are preparing to issue a cryptocurrency (stablecoin) tied to the US dollar if the legal infrastructure is provided. The CEO said, “It will be a stablecoin, quite clearly. It will be completely backed by the dollar… it is no different than a bank account.” On the other hand, it was noted in the interview that cryptocurrencies and digital strategies were also evaluated in terms of the global competitiveness of the United States. Comments that Bitcoin could be considered a strategic asset and that there was a consensus on this issue in some units of the US military were also included in the interview. Related News: BREAKING: Coinbase Unleashes Listing Storm - Announcements Coming One After Another - Here's the Latest Altcoin They've Chosen The interview also noted that, contrary to critics such as JPMorgan CEO Jamie Dimon's approach to crypto investments as a waste of resources, some generals in the US military have emphasized the importance of strategic digital assets such as Bitcoin, especially in Southeast Asia. Compared to companies like JP Morgan and Citigroup, Bank of America has been cautious about entering the crypto space, but changing regulations could change the bank’s stance. The Trump administration has made it clear that it will support all efforts in the crypto space. This support will come in part through clearer regulatory guidelines, which will increase competition among Wall Street banks in the sector. Charles Schwab, another bank that had previously been hesitant in the field, has opened a position as head of digital assets to evaluate opportunities in the field. *This is not investment advice. Continue Reading: Bank of America CEO Brian Moynihan Makes Key Statement on the Cryptocurrency Industry
Bitcoin is entering a period of volatility, as macro effects align for a short-term rally to $111,000, according to Bitfinex Head of Derivatives Jag Kooner. Macro factors, including a potential U.S.– China trade deal and cooler-than-expected inflation figures, are aligning to support another Bitcoin (BTC) ally. On Wednesday, June 11, Jag Kooner, Head of Derivatives at Bitfinex, shared his insights on Bitcoin with crypto.news. Kooner believes that a possible agreement between the U.S. and China could help reduce uncertainty and boost market sentiment. However, he noted that the optimism may already be priced in, meaning the immediate impact on markets could be limited. You might also like: Why are Bitcoin and crypto prices going up today? Instead, the most likely near-term effect is increased volatility. The same applies to the latest inflation reading, which rose just 0.1% on a monthly basis. Together, these developments suggest that Bitcoin may be setting up for significant price action in the near future, according to Kooner. “Core CPI up 0.1% m/m firms up rate cut bets, compresses real yields, and creates a vacuum above $111K for bitcoin. That move would likely be spot-driven, with ETF demand accelerating as the macro regime shifts toward easing,” Jag Kooner, Bitfinex. You might also like: Bitcoin is key to fighting inflation, says billionaire investor Paul Tudor Jones Bitcoin to reach $111K: Bitfinex analyst Lower inflation could increase the likelihood that the Federal Reserve will cut interest rates, potentially giving Bitcoin a boost. According to Kooner, this theme could dominate crypto market sentiment over the next two weeks, possibly pushing Bitcoin toward $111,000, close to its all-time high. “BTC’s tight correlation with the S&P 500 (30D r ~0.63) reveals its current role as a liquidity barometer rather than a volatility hedge. This correlation makes BTC highly sensitive to SPX range-bound conditions, and until the index breaks out, BTC’s upside remains constrained,” Jag Kooner, Bitfinex. Still, Bitcoin’s upside remains tied to stock market performance. The strong correlation with equities means that any breakout may depend on the S&P 500 moving out of its current range. If that happens, both Bitcoin and altcoins could move sharply higher, offering gains for crypto holders. Read more: Will Bitcoin continue rising? BTC faces reversal risk after confirming bearish shark pattern
Bitcoin rallied past the $110,500 level on Monday. The largest crypto is down nearly 2% as bullish momentum slowly fades. Interestingly, US crypto-linked stocks rose alongside Bitcoin and are currently consolidating alongside the largest crypto. Crypto stocks posted double-digit gains in the past month even as Bitcoin ( BTC ) yielded a modest increase of under 4%. In this deep dive we compare the performance of crypto stocks, Bitcoin and altcoins and examine the profitability of the sector in a traders’ portfolio. Table of Contents US crypto stocks vs. Bitcoin performance Nasdaq newcomer takes a hit this week US crypto stocks are attracting inflows and interest Bitcoin price analysis US crypto stocks vs. Bitcoin performance Crypto-linked stocks in the US kicked off the week with a rally alongside Bitcoin. BTC tested resistance above the $110,500 level and started consolidating, crypto-linked mining stocks and stocks of major crypto firms wiped their recent gains on Tuesday. More corporates adopted Saylor’s strategy of adding Bitcoin to their treasury, and Circle made a stellar IPO debut on Nasdaq last week. These developments are key catalysts driving Bitcoin’s gains and the rise in US crypto stocks. Circle Internet Group (CRCL), one of the largest stablecoin issuers, wiped out nearly 8% on the day, down to $106.62. The stock erased its Monday days nearly entirely. Core Scientific Inc. (CORZ), CleanSpark Inc. (CLSK), and MARA Holdings Inc. (MARA), key crypto mining stocks, observed small changes in their price on Tuesday. CORZ is down 0.12%, CLSK is up 0.10%, and MARA gained 0.25% on the day. Riot Platforms Inc. (RIOT) gained 0.60% on Tuesday. Bitcoin slipped closer to its support at $108,000 on the day, as crypto stocks continued their consolidation. Bitcoin’s correlation to the S&P 500 has recently dropped, which supports a thesis of equity investors choosing to gain exposure to crypto through stocks, instead of direct access to tokens that entails the risk of custody and security. Bitcoin and S&P 500 correlation | Source: 10xResearch.com The decline in crypto stocks like CRCL, Coinbase (COIN), KULR Technology Group Inc. (KULR), and Robinhood Markets Inc. (HOOD) presents an opportunity for sidelined buyers to consider adding crypto stocks to their portfolio, and balance against their crypto token holdings this cycle. If Bitcoin’s correlation with S&P 500 weakens further, it is likely that crypto stocks outperform BTC and altcoin holdings this cycle. You might also like: Will Bitcoin continue rising? BTC faces reversal risk after confirming bearish shark pattern Nasdaq newcomer takes a hit this week Circle’s stock is facing a sharp sell-off after its rally following its debut in the US. After its peak on Monday, CRCL observed a steep decline throughout the early trading hours on Tuesday. CRCL rallied pre-market and the all-time performance remains above 50% for the stock. Tuesday’s intraday chart for CRCL shows a steady downward trend on the day, it remains to be seen whether CRCL will make up for its losses. CRCL price chart | Source: Yahoo Finance You might also like: The crypto bull run is here: best altcoins to buy now US crypto stocks are attracting inflows and interest While Bitcoin investment funds struggle with institutional capital inflows according to the latest Digital Asset Flows Report from CoinShares, the combined market value of publicly listed crypto companies has surpassed $300 billion. The inflow to firms behind US crypto stocks has observed an increase in inflows amidst Bitcoin’s consolidation in the past few weeks. The demand for exchange stocks, Bitcoin mining stocks, and stablecoin issuer Circle’s CRCL keeps rising. Bitcoin’s rising hashrate has increased the competition between miners, and regulations like the GENIUS Act support a pro-crypto environment for further growth in crypto stocks. Analysts at 10xResearch believe that the rise in Robinhood’s crypto revenue and Coinbase’s stock being undervalued at the time of writing is a sign of a structural shift in the market. Retail investors eyeing a piece of Bitcoin are likely attracted to crypto stocks, in light of higher regulatory clarity on holding and taxation of cryptocurrencies. Bitcoin price analysis Bitcoin price is less than 2% away from its all-time high of $111,980. A re-test of the previous all-time high and a daily candlestick close above this level could push BTC into price discovery. The BTC/USDT price chart shows $122,172, the 127.2% Fibonacci retracement level of the rally from the April low of $74,500 to the all-time high could be the next target for Bitcoin. Technical indicators, RSI and MACD support further gains in Bitcoin. RSI reads 62, above average but under the overvalued level at 70. MACD flashes green histogram bars above the neutral level, meaning that the underlying momentum in Bitcoin price trend is positive. BTC/USDT daily price chart | Source: Crypto.news Bitcoin is 11% away from the 127.2% Fibonacci retracement level and BTC could find support at $106,488, the lower boundary of the FVG on the daily price chart. Ruslan Lienkha, Chief of Markets at YouHodler told Crypto.news in a written note that there is a strong possibility that Bitcoin hits a new all-time high. Lienkha said, “…As the price currently stands just a few percentage points below its previous peak. Broadly speaking, financial markets remain optimistic. The S&P 500, for example, is trading approximately 3% below its all-time high. However, the risk of a reversal remains, particularly if upcoming economic data disappoints. All eyes are now on tomorrow’s U.S. inflation report. While markets are pricing in a moderate uptick, a higher-than-expected reading could trigger increased volatility across risk assets, including cryptocurrencies.” Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
Connecticut has made a bold move to distance itself from government cryptocurrency involvement by unanimously passing House Bill 7082, now known as Public Act No. 25-66. This marks the country’s most expansive state-level prohibition on crypto-related government activity. Connecticut Shuts Door on State-Backed Crypto Projects The new law bars all state and municipal bodies from establishing cryptocurrency reserves or accepting digital assets as payment for taxes, fees, or any financial obligations. This sweeping action effectively halts any future state-supported crypto projects in Connecticut. In addition to the investment ban, the legislation outlines rigorous consumer protections for virtual currency service providers. Companies involved in money transmission must prominently display warnings that transactions are irreversible and that losses from fraud or errors may be unrecoverable. They are also required to disclose all material risks to customers and verify the identity of users under the age of 18. The legislation also revises the state’s broader financial oversight laws and introduces new definitions surrounding key digital finance terms such as digital wallets, kiosks, and control persons. Moreover, it compels crypto businesses licensed in Connecticut to implement enhanced compliance programs that meet new state standards. This hardline stance contrasts sharply with the growing number of states actively pursuing digital asset adoption. Bitcoin Laws data reveals that 31 states are currently considering Bitcoin reserve bills. Of them, 16 have advanced while 8 rejected similar measures. While some of those rejections may still be revisited, Connecticut’s legislation is significant for the breadth and decisiveness of its restrictions. First in the Nation Last month, New Hampshire officially became the first US state to establish a strategic Bitcoin reserve. On May 6, Governor Kelly Ayotte signed House Bill 302 into law, which allowed the state treasury to invest up to 5% of its funds in Bitcoin and other digital assets with market capitalizations over $500 billion. Currently, only Bitcoin qualifies. The law, which is inspired by Satoshi Action’s policy framework, requires secure, US-regulated custody and aims to diversify reserves while upholding fiscal responsibility. The post HB7082 Enacted: Connecticut Prohibits Crypto in State Treasury appeared first on CryptoPotato .
Crypto asset manager Bitwise says the possibility of countries failing to repay their debts may drive Bitcoin ( BTC ) to an astronomical new all-time high. In a new report, Bitwise analysts say that growing debt levels of countries and the increasing odds of sovereign default may send Bitcoin to $230,000, a more than 110% increase from its current value, under the assumption that more investors will pour into the flagship crypto asset as a hedge. “As we have pointed out in our latest monthly report as well, Bitcoin can provide an alternative ‘portfolio insurance’ against widespread sovereign defaults as a scarce decentralized asset which is free of counterparty risks. Quantitative models estimate Bitcoin’s hypothetical ‘fair value’ amid the current sovereign default probabilities at around $230,000 today. This estimation is dovetailed by Bitcoin’s increasing scarcity which also points to an ascent towards $200,000 by the end of the year.” Bitwise also suggests that the United States’ mounting debt level may lead to debasement of the dollar, potentially making Bitcoin a more attractive asset to park wealth. “We also expect that the US fiscal debt situation will most likely continue to deteriorate over the coming years which is also the official projection by the Congressional Budget Office (CBO): net interest expenses will likely triple towards the end of this decade already – from ~$1 trillion to ~$3 trillion by the year 2030. Non-discretionary government outlays – i.e. those that are mandatory and required by law, such as interest expenses, social security, unemployment insurance etc. – already exceed 100% of fiscal revenues. The proposed tax cuts by the Trump administration will likely exacerbate this situation.” Bitcoin is trading for $109,467 at time of writing. Follow us on X , Facebook and Telegram Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox Check Price Action Surf The Daily Hodl Mix Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing. Generated Image: DALLE3 The post $230,000 Bitcoin Price ‘Fair Value’ Amid Likelihood of Sovereign Debt Default, According to Bitwise appeared first on The Daily Hodl .
Eight Ukrainian lawmakers submitted a draft bill that would authorize the country’s National Bank to add cryptocurrencies like Bitcoin to the country’s reserve. Submitted to Ukraine’s parliament, the Verkhovna Rada, on Tuesday, bill number 13356 proposes amendments to the law “On the National Bank of Ukraine” regarding the addition of crypto assets to the traditional reserves, including gold and foreign currencies. Yaroslav Zheleznyak, who sponsored the bill, serves as first deputy chairman of the Committee on Finance, Tax and Customs Policy. In a post on Telegram, Zheleznyak described the bill as a “step [to] integrate Ukraine into global financial innovations.” However, he noted that the National Bank of Ukraine (NBU) would retain full control over whether, how much, and when to allocate a portion of its reserves to crypto. “How, when and how much should be the decision of the regulator itself,” Zhelezniak wrote. Crypto Reserves To Strengthen Macroeconomic Stability Zheleznyak clarified that if the bill became law, the policy would not demand the NBU to acquire crypto as part of state reserves; it would only have the option of doing so. Nonetheless, the lawmaker asserted that creating a crypto reserve would integrate Ukraine into global financial innovations. “Proper management of crypto reserves will help strengthen macroeconomic stability and create new opportunities for the development of the digital economy,” he explained. Ukraine already holds 46,351 BTC, valued at over $5 billion, a figure trailing the holdings of the U.S., China, and the U.K., according to data tracked by BiTBO. Global Crypto Reserve Spree In 2021, El Salvador became the first country in the world to make Bitcoin legal tender and establish a BTC reserve. The Latin American nation has continued accumulating the maiden crypto for its reserve despite efforts by the International Monetary Fund to freeze crypto acquisitions. In the United States, President Donald Trump earlier this year signed an Executive Order paving the way for a “digital Fort Knox” strategic Bitcoin reserve and a separate Digital Asset stockpile. Other countries, such as the Czech Republic , Brazil, and Pakistan , have also been moving towards integrating digital currencies into their financial systems. The bill’s passing would put Ukraine on this ever-growing list of nations mulling the future of crypto assets.
The cryptocurrency continued to hover just below $110K on Wednesday morning even as positive market data buoyed stock markets, before dipping below $109K later in the afternoon. BTC Holds Steady as Inflation Eases and US-China Trade Deal Boosts Market Sentiment A victory lap may be in the cards for the Trump administration as it successfully