Bitcoin Nears All-Time High: Bitcoin has been edging closer to its all-time high of $73,650, trading around the $68,500 mark. Analysts are optimistic that breaking the $71,800 resistance level could propel Bitcoin to surpass its previous high. This bullish sentiment is supported by a macro flag pattern observed since February, which suggests a potential rise to $92,505. Despite this, the third quarter’s traditionally slow market growth could impact this positive trend.
Ethereum ETF Approval Boosts Price: The recent approval of a spot Ethereum ETF has significantly boosted ETH’s performance. Ethereum’s price broke above $3,800, resting at $3,833. The reduced Ethereum balance on exchanges indicates strong bullish sentiment among investors, who expect further price increases as the ETF effect continues to unfold. This scenario mirrors Bitcoin’s previous rally post-ETF approval, suggesting a similar potential for ETH.
Andrew Tate’s Token Burning and Solana Crash Attempt: On June 7, controversial influencer Andrew Tate announced plans to crash the Solana network by buying and promoting various Solana-based meme coins. In a dramatic display, he claimed to have burned $11 million worth of TOP G tokens. Tate’s actions caused significant volatility and trading activity in the Solana ecosystem, highlighting the speculative nature of meme coins and the risks involved in such investments. His stunt has drawn significant attention to the volatility and speculative risks in the cryptocurrency market.
This week has certainly been a rollercoaster, from Ethereum’s surge to Andrew Tate’s community making millions. While the bear market seems to be behind us, the bull market is still in hibernation. When will it start? Only time will tell. In the meantime, follow our YouTube channel for weekly shorts on the latest news and updates from the crypto world:
