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The post This Week in Crypto: Top News, Price Analysis, Major Hacks, & More!<\/a> appeared first on Coinpedia Fintech News<\/a><\/p>\n It\u2019s been a wild week for cryptocurrency!<\/p>\n Bitcoin\u2019s price<\/a> went on a rollercoaster ride, soaring between $65,000 and $70,000, all thanks to a surprising turn of events with the Consumer Price Index (CPI)<\/a> news. Was this a bullish sign or a bearish blow? What other factors sent shockwaves through the market? This week\u2019s report will crack the code on these burning questions and many more.<\/p>\n This is information you can\u2019t afford to miss. Dive right in. <\/p>\n The burning question on everyone\u2019s mind is: \u201cIs the crypto market in a bull run?\u201d In recent weeks, a series of significant developments have been seen, which have strengthened the market\u2019s position considerably. This week also brought notable fluctuations, and we\u2019ll explore those details in this section.<\/p>\n In a groundbreaking development, Terraform Labs and its former CEO, Do Kwon, finalized a $4.5 billion settlement with the SEC. This agreement, enforced by a U.S. District Court, bars them permanently from the crypto sector following Terra\u2019s $40 billion collapse.<\/p>\n President Donald Trump has advocated for all future Bitcoin mining to occur within the U.S., following a meeting with Riot Platforms\u2019 CEO Jason Les and head of public policy, Brian Morgenstern. He expressed his support for domestic mining firms on Truth Social, highlighting the strategic importance of keeping Bitcoin operations stateside.<\/p>\n OKX revealed in a statement that a hacker exploited forged \u201cjudicial documents\u201d to access the personal information of a few users, with the matter now under investigation by judicial authorities. The breach, revealed by two compromised user accounts on social media, involved the creation of new API keys following unusual risk notification SMS texts from Hong Kong.<\/p>\n The U.S. Consumer Price Index (CPI) remained unchanged in May, outperforming forecasts of a 0.1% increase and showing a year-over-year rise of 3.3%, slightly below the anticipated 3.4%. This news triggered a brief surge in the market; however, it later triggered significant long-liquidation.<\/p>\n MicroStrategy, led by Michael Saylor, has increased its convertible senior notes offering from $500 million to $700 million, according to a recent announcement. This upsized offering will fund further Bitcoin acquisitions and general corporate affairs.<\/p>\n This week, Bitcoin<\/a> experienced increased volatility due to two key macroeconomic factors. The Federal Reserve\u2019s announcement after its interest rate decision and the release of the Consumer Price Index (CPI) data both led to significant fluctuations in Bitcoin\u2019s price, pushing it close to the critical $70,000 mark. However, the price later fell.<\/p>\n Over the last seven days, investors continued to accumulate BTC near the dip. Japanese company Metaplanet capitalized on the bearish price movement of Bitcoin to enhance its treasury. On June 11, the firm announced that it had acquired an additional 23.25 Bitcoin, increasing its total holdings to 141.07 Bitcoin. These were purchased at an average price of $65,365.<\/p>\n The altcoin market also witnessed a surge in activity due to Bitcoin\u2019s massive volatility. Purchases were not limited to Bitcoin, as Ether also saw significant buying activity among long-term holders. Julio Moreno, the head of research at CryptoQuant, reported on X that accumulation addresses acquired 298,000 Ether within 24 hours on June 12. This figure was just slightly below the record purchase of 317,000 Ether on September 11, 2023.<\/p>\n This week, the price of BTC reached a peak of $70,035 and dipped to a low of $65,103, ultimately reflecting a 5% decrease overall.<\/p>\n This week witnessed dynamic movements in the crypto market, with Bitcoin asserting its dominance amidst fluctuating trends. Here\u2019s a breakdown of the key developments:<\/p>\n Bitcoin\u2019s market cap dominance rose by 0.83% this week, now standing at 55.3%. Conversely, altcoins (excluding the top 10) saw their dominance decline sharply by nearly 4% to 10.57%, reflecting a shift in investor sentiment towards BTC.<\/p>\n Cumulative Value Coin Days Destroyed (CVDD):<\/strong> Insights from CVDD suggest that Bitcoin may not have peaked yet, hinting at potential upward movements ahead. This analysis positions BTC favorably as a buying opportunity in the current market.<\/p>\n Decline in Profitable Addresses:<\/strong> The recent bearish volatility led to a significant drop in profitable addresses, falling from 98.82% to 91.85%. This decline has triggered increased liquidation in the Bitcoin market.<\/p>\n Despite recent volatility, the Bitcoin Price Rainbow Chart indicates favorable buying opportunities during price dips. This analysis suggests a strategic entry point for investors anticipating future price increases.<\/p>\n Drop In Whale Interest: <\/strong>The whale interest for BTC price witnessed a drop this week.\u00a0<\/p>\n Data from IntoTheBlock suggests that large transaction volume faced a drop from the peak of $54.84 billion to a low of $47 billion.<\/p>\n Bitcoin has remained relatively stable in its price movements over the past few months, even though there has been a record $12 billion in net inflows into spot Bitcoin ETFs<\/a>. This unexpected stability has caused concern among investors, especially since many analysts had forecasted a very bullish trend for Bitcoin following the launch of these ETFs.\u00a0<\/p>\n According to Farside data, on June 10, Bitcoin (BTC) ETFs saw their first outflows since May 10, totaling $64.9 million and ending a 19-day streak of inflows. The outflows were led by Grayscale\u2019s GBTC with $39.5 million, followed by Invesco Galaxy Bitcoin ETF (BTCO) at $20.5 million, Valkyrie\u2019s Bitcoin Strategy ETF (BRRR) at $15.8 million, and Fidelity\u2019s Bitcoin ETF (FBTC) with $3 million. Despite this, the net inflows for these ETFs generally remain positive.\u00a0<\/p>\nTop Trending Crypto News This Week<\/h2>\n
Terraform Labs and Do Kwon Settle SEC Lawsuit for $4.5 Billion<\/h3>\n
Donald Trump Advocates for U.S. Bitcoin Mining Dominance<\/h3>\n
OKX Reports Identity Theft Incidents<\/h3>\n
CPI Report Sparks Market Volatility<\/h3>\n
MicroStrategy Increases Bitcoin Holdings<\/h3>\n
Bitcoin and Altcoin Performance Highlights<\/h2>\n
Crypto Dominance Shifts and Market Insights<\/h2>\n
Bitcoin Dominance Grows, Altcoins Retreat<\/h4>\n
On-Chain Metrics Signal Opportunities<\/h4>\n
Bitcoin Price Rainbow Chart Analysis<\/h4>\n
Bitcoin ETF Data Insights<\/h3>\n
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