Crypto news

ETH, meanwhile, nervously checks its own reflection: on June 14, our hero found itself sitting at $2,538.04, shaved a dusty 0.21% off the top and clearly not on speaking terms with its own earlier self ($2,620 only a month prior). Market cap: a genteel $306.39 billion. Volume: $19.42 billion traded by the hopeful, the desperate and the tactics-laden, though that’s down nearly 49%—perhaps everyone is off at Wimbledon, or quietly sobbing into their ledgers.

The price of Ethereum, that capricious creature, tumbled from its lofty perch above $2,800 to the more modest, yet psychologically significant, $2,500 level. This descent, though disheartening, was not without its silver lining. Historical data, that wise and often overlooked sage, suggests that so long as Ethereum clings to the $2,500 support, it may yet find its way back to the sunlit uplands of prosperity.

In an analysis by CryptoQuant, a benevolent oracle of the blockchain, we find that no wild stampede is occurring. Netflow data—heedless of tumults—has emitted nothing more than the faintest murmurs since that fateful day. Investors are gripping their digital wallets like a dog with a bone: clinging, steadfast, and perhaps a tad obsessed with the idea of not selling their beloved BTC.

Tether’s USDT, that most mercurial of stablecoins, hath reigned supreme across the exchanges, its reserves shrouded in mystery, like the Sphinx of old. Meanwhile, Circle’s USDC hath emerged as a beacon of transparency, its attestations and partnerships a testament to its commitment to the values of this fledgling industry.

According to crypto analytics platform Santiment, wallets holding between 1,000 and 100,000 ETH — referred to as whale and shark wallets — have added a net total of 1.49 million ETH over the past 30 days. This group increased its combined holdings by 3.72% and now controls 26.98% of the total ether supply.

According to the latest gossip from the market, these whales have offloaded over 270 million ADA—worth about $170 million. That’s enough to make anyone’s head spin, especially during a week filled with geopolitical fireworks. 🎆

Every time Ethereum has danced around this level, it has led to raucous rallies, leaving Bitcoin in the dust. Traders, with bated breath, are glued to their screens, hoping for a déjà vu moment where Ethereum flexes its muscles after a long, dreary slumber. 💤

Several firms have officially launched new Bitcoin treasury positions, presumably after consulting their magic eight balls:

According to the report, the liquidation cascade was primarily triggered by overcrowded leveraged short positions. As Ethereum began its valiant recovery from recent lows, traders who entered short positions too late found themselves in a rather uncomfortable position. 🤦‍♂️

Key Highlights GameStop decided $2.25 billion in convertible notes was burning a hole in their collective pocket, and rumor has it, some of that pile might wander off into Bitcoin. I reckon if Bitcoin starts throwing out “power to the players” coupons, we’ll know where it came from. 💸 Cipher Mining snuck 111 more BTC … Read more