It was another significant week from a global geopolitical standpoint that, expectedly, impacted the ever-volatile cryptocurrency market.
The main focus in the past several days was the US-China trade deal, which finally saw a positive breakthrough at the start of the week when the two superpowers met in London to discuss terms. Just a few days later, the POTUS announced on his social media platform that the delegates had reached an agreement that needed to be signed by him and Chinese President Xi Jinping.
These developments influenced BTC’s price to a large extent as the asset started the business week at around $105,500 but quickly started to gain traction as the events progressed. By Tuesday morning, the cryptocurrency knocked on the $110,500 door, but it was shut in its face.
The scenario repeated a few more times by Wednesday, when Trump said the US is happy with the terms, and the nation’s CPI numbers for May went live, which were slightly better than anticipated. However, bitcoin couldn’t resume its run and started to nosedive.
The landscape worsened on Friday morning when Israel hit several Iranian military targets, claiming to have killed numerous high-level generals and nuclear scientists. Trump said he gave Iran “chance after chance” to sign the nuclear deal, and he urged the local authorities to do so “before there’s nothing left.”
As the dust is currently settling, BTC’s price managed to recover some ground since the early morning low of under $103,000 and now stands around $105,000. This puts it actually slightly in the green on a weekly scale, but nothing compared to the massive gains registered by HYPE. The high-flyer notched a 15.5% weekly surge and even tapped a new all-time high above $42 earlier this week.
The other big gainers on a weekly scale include UNI, AAVE, and BCH, while SOL, SUI, TON, SHIB, ADA, DOGE, and TRX are in the red.
Market Data
Market Cap: $3.382T | 24H Vol: $173B | BTC Dominance: 61.6%
BTC: $104,800 (+1%) | ETH: $2,540 (+2.8%) | XRP: $2.15 (-0.06%)
This Week’s Crypto Headlines You Can’t Miss
Institutional Appetite Grows as Bitcoin ETFs Rebound with $1.07B in 4 Days. The spot Bitcoin ETFs had a rough start to June, but the trend changed once again as the current business week progressed. In the span of just a few days, they managed to attract over a billion dollars in net inflows, led by BlackRock’s IBIT.
BlackRock’s IBIT Becomes Fastest ETF to Hit $70B AUM as Flows Turn Positive. Speaking of the world’s largest Bitcoin ETF, it broke another record this week as it became the fastest exchange-traded fund to hit $70 billion in AUM in less than 18 months after its launch last January.
Spot Ethereum ETFs Outshine Bitcoin with $240M Daily Flow. While we are on the subject of ETFs, let’s take a look at one of the impressive daily performances by the Ethereum counterparts. After registering a massive 18-day positive inflows streak, the ETH ETFs managed to outpace the BTC products on June 11 by capturing over $240 million in net daily inflows.
Ripple’s XRP Ledger Welcomes the World’s Second-Biggest Stablecoin. Circle’s USDC officially launched on Ripple’s layer-1 network – the XRP Ledger. As a result, the second-largest stablecoin is now available on 22 blockchains.
Michael Saylor’s Strategy Buys $110 Million Worth of Bitcoin. Let’s rewind to Monday when Saylor’s Bitcoin-focused brainchild announced another acquisition, worth roughly $110 million. Consequently, the company’s stash has shot up to precisely 582,000 BTC, purchased for $40.79 billion.
Mercurity Fintech to Raise $800M for Strategic Bitcoin Treasury Reserve. There’s a growing trend among large corporations to accumulate more and more BTC. After Metaplanet and GameStop joined Strategy, Mercurity Finance outlined plans to raise $800 million for its own strategic Bitcoin treasury reserve.
Charts
This week, we have a chart analysis of Ethereum, Ripple, Cardano, Hype, and Solana – click here for the complete price analysis.
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Cryptocurrency charts by TradingView.
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