🌙 Bitcoin Drops Below $70k

At press time, bitcoin was changing hands at $69,000, down 2.5% over the past 24 hours.

Author

Mike Gavela
June 07, 2024

Crypto Roundup - June 7

Robinhood has acquired crypto exchange Bitstamp for $200 million to expand its crypto offerings. Johann Kerbrat, Robinhood's head of crypto, stated that the acquisition will attract wealthy investors due to Bitstamp's reputation and regulatory compliance. Meanwhile, BlackRock and Citadel Securities are backing a new stock exchange in Texas, aiming to challenge established US exchanges by reducing trading costs and increasing market competition.

Top Stories:

  • Bitcoin experienced a significant sell-off on Friday, dropping below $70,000 due to large futures liquidations.

  • Previous price rally driven by speculative interest in futures ETFs has waned, causing market uncertainty.

  • Traders suffered over $1 billion in liquidations, leading to broader market declines.

TOP STORIES

Big Friday Crypto Selloff Pulls Bitcoin Below $70K

Ideas about lower U.S. interest rates were foiled again and a plunge in shares of speculative favorite GameStop soured the mood in crypto.

www.coindesk.com/markets/2024/06/07/big-friday-crypto-selloff-pulls-bitcoin-below-70k

Bitcoin Bets Hit Peak of $37B as ETF Inflows Set New Record

The long-short ratio is starting to tilt in favor of bulls since Wednesday, data indicates, as some traders expect bitcoin to set fresh all-time highs in the coming weeks.

www.coindesk.com/markets/2024/06/07/bitcoin-bets-hit-peak-of-37b-as-etf-inflows-set-new-record

Semler Scientific acquires 247 bitcoins, announces $150 million raise to buy more

With the additional purchase of 247 bitcoins, Semler’s portfolio of 828 BTC is worth nearly $59 million at its current market value.

www.theblock.co/post/299036/semler-scientific-bitcoins-raise

OTHER HEADLINES

Telegram's The Open Network is 2024's Fastest Growing Chain - The Defiant

Despite gathering little attention throughout the bear market, Telegram-integrated blockchain, The Open Network (TON), is the fastest growing major Layer 1 chain in 2024.

thedefiant.io/news/blockchains/telegram-s-the-open-network-is-2024-s-fastest-growing-chain

Wormhole Launches Staking and Governance For W Token Holders - The Defiant

Wormhole has launched a staking and governance mechanism for W tokenholders.

thedefiant.io/news/defi/wormhole-launches-staking-and-governance-for-w-token-holders

Congress Considers Benefits of Tokenizing Real World Assets - The Defiant

“Tokenization can leverage the efficiency and transparency of blockchains to help modernize U.S. markets,” said Congressman French Hill.

thedefiant.io/news/regulation/congress-considers-benefits-of-tokenizing-real-world-assets

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