June 03, 2023
Friends, here are the best links for the day on Bitcoin. Enjoy reading!
How the Upcoming US Jobs Report Might Impact the Bitcoin Price
US labor market data for May is due on Friday the 2nd of June. The data, which is closely scrutinized by policymakers at the US Federal Reserve, could trigger volatility in the Bitcoin market, depending on how and if it impacts expectations for further interest rate hikes from the US central bank.
According to the media of a series of polls of economists, the labor market is seen adding 193,000 jobs in May, slightly slower than the 253,000 pace at which jobs were added in April.
How Will Bitcoin Perform in June? Here Is What History Tells Us
Bitcoin is on course to close May down a little over 7%, marking the first negative month for the world's largest cryptocurrency since last December. The drop would also mark BTC's worst month since the collapse of cryptocurrency exchange FTX triggered a 16% price drop last November.
But a 7% drop in May is an improvement on its May 2021 and 2022 performances, when Bitcoin lost 35.38% and 15.56% respectively. Bitcoin was last trading down around 2.0% on Wednesday, weighed by a combination of macro headwinds as the US dollar rises on stronger-than-expected US job openings data and hawkish Fed speak, as well as technical selling.
Bitcoin Price Faces Confluence of Bearish Factors And Could Decline Heavily
Bitcoin price remained in a bearish zone below the $27,500 resistance zone. BTC failed to recover and started another decline below $27,000. There was a spike below the $26,550 support zone but the bulls were active near $26,500. A low is formed near $26,500 and the price is now consolidating losses. It is testing the 23.6% Fib retracement level of the main drop from the $28,450 swing high to the $26,500 low.
Bitcoin is Selling for $5K Cheaper on Binance Australia: What's Behind the Price Disparity?
What are the reasons behind the $5K price difference of Bitcoin on Binance Australia compared to other exchanges?
Blackrock CEO's "Dollar" Warning: Bullish For Bitcoin
In a latest, Larry Fink, the chief executive officer of BlackRock, said the US is at heavy risk of having the pole position with regard to the Dollar being the reserve currency. While the market is expecting that the central bank cools down its monetary stance, rising inflation only forces the Fed to continue with policy tightening.
"The United States is jeopardizing its reserve currency status with US debt ceiling drama. There will be pockets of problems, like commercial real estate."
Hence, questions remain about the ongoing economic uncertainty and whether it will benefit Bitcoin price in the months ahead, amid concerns of a collapse in the commercial real estate market. The top cryptocurrency rose by a staggering 63% since the beginning of the year 2023, at the back of a struggling year in 2022.
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BREAKING BARRIERS: HOW BITCOIN CAN TRANSFORM THE REAL ESTATE INDUSTRY
You may have heard about how you can use bitcoin to buy a house, rent an apartment or save your wealth in an inflation-resistant way to make a down payment. But, beyond these examples, how else can Bitcoin transform the way real estate transactions work as a whole?
From cutting out middlemen to creating new collateral opportunities, Bitcoin can transform the traditional real estate industry in ways we never imagined. For instance, imagine buying a house without the need for banks or intermediaries, and completing the transaction within minutes instead of weeks. It may sound like a futuristic concept, but it's slowly becoming a reality.
LIQUIDATORS OF SAM BANKMAN-FRIED'S ALAMEDA RESEARCH HAVE SCAVENGED $110 MILLION OF BITCOIN AFTER LOSING BILLIONS
Liquidators in charge of the recovery of assets for the now-disgraced Alameda Research hedge fund founded by Sam Bankman-Fried currently control over $110 million worth of bitcoin held in various wallets, according to a report supplied by blockchain analysis firm Arkham Intelligence. These wallets have been receiving BTC from exchanges and cold wallets as recently as March 2023, the report revealed.
Can Bitcoin Copy Apple's 80,000%+ Rise Since the Dot-Com Burst? Fidelity Macro Expert Says BTC Poised To Thrive
Fidelity Investments' global macro director Jurrien Timmer says that the alternating bullish and bearish cycles of crypto assets are similar to the tech bubble.
Noting that Amazon and Apple are some of the tech stocks that emerged as winners from the tech bubble, Timmer says that the crypto industry is in similar circumstances where some digital assets will rise while others die.
Historic Signal Suggests Bitcoin (BTC) Could Be About To Go "Bonkers" in Coming Weeks: InvestAnswers
"But what's important about this is when we cross the 200-week over with the 50-week, and never before "we came close late 2015" but never before have we actually pierced the 200-week moving average in red with the green line, which is the 50-week moving average.
So this one we went through, and that is a death cross. Now, what's interesting and we've talked about this before, the death cross doesn't necessarily mean the market goes down. So you can see when this death cross actually happened the market fell but only for a few days and then it bounced right back up again. It's been crazy.
"But right now & sometime August 2023, that green will pierce the red and that means, typically 65% to 70% of the time, when we get a gold cross, the short-term crossing the longer-term line, we will go bonkers. So that could be good. And you know, August is normally a quiet time in the market, low volume, participants are elsewhere at the beach or whatever, but this could be another catalyst that we're looking at as we go forward."
Wealthy Investors and Family Offices Embrace BTC Following Bank Failures, Says Swan Bitcoin Executive
According to Steven Lubka, the head of private clients and family offices, as well as the managing director at Swan Bitcoin, wealthy investors and private offices have been gravitating towards bitcoin since the downfall of Silicon Valley Bank (SVB). Lubka stated that his firm has also observed "corporations engaging in treasury diversification and emphasized that these investors want to own an asset that is outside of the troubled financial system."
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