Bitcoin May Face a New Slide Down in June; BTC Whales

Bitcoin steams ahead in a mid-week surge

Cryptocurrency gained another 3.9 percent in the previous 24 hours, boosting global market capitalization to a monthly high of US$1.06 trillion. Bitcoin did exceptionally well, rising 6.86 percent to US$23.542, bringing the market capitalization close to the US$450 billion mark. It could act as a solid support line.

Although Ethereum’s pace has slowed slightly, it still managed to gain 3.16 percent on Wednesday morning, pushing its trading price to US$1,572.

Large-cap network tokens continue to outperform on the back of Ethereum’s recent bull run, with Solana up 5%, Polygon up 4.07%, and Avalanche up 10.24%.

The greatest winner was the US$18 billion Cardano Network, which saw its ADA token surge 10.81 percent to a 30-day high of US$0.50.

NEM, Mina Protocol, and Waves, three niche blockchain products, all experienced double-digit gains.

Nexo has had a rough week; after outperforming the market on Monday and Tuesday, the crypto lender was today’s largest loser, down 10% in the last 24 hours. The total value locked across all protocols in the decentralized finance (DeFi) industry remained stable at US$86.2 billion.

A long-awaited financial services and markets bill submitted to parliament today will establish the groundwork for future stablecoin regulation in the United Kingdom.

The bill is intended to recognize fiat-pegged digital currencies as a viable means of payment, with financial regulators overseeing the process.

Following the distribution of court records connected to the hedge fund’s high-profile liquidation yesterday, the founders of Three Arrows Capital have remained silent.

The 1000-page document detailed catastrophic mismanagement of customer cash, extravagant yacht purchases, and a US$65 million claim against the company by founder Kyle Davies’ wife. The heated battle between Elon Musk and Twitter over Musk’s reneging on his takeover offer is heating up, with Twitter seeking a non-jury trial in the coming months.

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