Bitcoin
Bitcoin (BTC) price recovery stagnates as dollar rises; US unemployment claims in focus
Bitcoin’s recovery from Monday’s low below $59,000 has stalled as buyers struggled to maintain momentum above $61,000. Ether and the broader crypto market, represented by the CoinDesk20 (CD20) Index, also faced lackluster trading during European hours. The pause coincides with the dollar index (DXY) reaching 106, the highest since May 2. maintain investor risk appetite under control ahead of first-quarter US GDP data, durable goods for May and a weekly unemployment report programmed to 12:30 UTC (08:30 EST). “The market may be more sensitive to weekly unemployment claims given the recent surge and a growing sense, articulated by San Francisco Fed President Daly, that the labor market appears to be at an inflection point,” said the managing director and head of Bannockburn Global Forex. market strategist, Marc Chandler, in a market update. Crypto traders will be closely watching the Biden-Trump presidential debateset for 9pm EST, for clues about what the outcome of the November election could mean for the industry.
Consensus is rapidly growing that demand for US-based spot ether ETFs may not be as strong as for bitcoin ETFs. On Wednesday, Galaxy Research said the ETFs, once approved, could generate $1 billion in net inflows per month. “We expect net inflows into ETH ETFs to be 20-50% of net inflows into BTC ETFs during the first five months, with 30% as our target, implying $1B/month in net inflows,” analyst Charles Yu wrote. Galaxy also warned that demand could be limited due to a lack of staking rewards, echoing comments from Bernstein It is JP Morgan and said outflows from the Grayscale Ethereum Trust (ETHE) could act as a hindrance to overall inflows. The SEC could approve the funds as early as July 4, according to a Reuters report on Thursday. Options traders predict a renewed bullish momentum in Ether after that date.
Marathon Digital Bitcoin Miner (MARA) it became a multicoin miner to diversify your income stream as the recent Bitcoin halving cut profits by 50% and made the industry more competitive. The company has mined 93 million Kaspa (KAS) tokens since September 2023, valued at around $15 million, and has brought 30 petahash machines online to mine the token, with 30 more to come in Q3. “By mining Kaspa, we are able to create a diversified revenue stream from Bitcoin that is directly tied to our core competencies in digital asset computing,” Adam Swick, Marathon’s chief growth officer, said in a statement.
CORRECTION (June 27, 13:32 UTC): Removes stray references to Bitwise from the second bullet in the Trending Posts section.