Bitcoin bulls took the price to rally over the $71,500 level after sentiment improved due to cooling inflation and bullish technical chart patterns. Bitcoin price eyes breaking above $72,000, with $1.5 billion in shorts facing liquidation at the level for a move to a new all-time high of $75,000.

Popular crypto exchange, BitMEX, has announced the upcoming listing of new quarterly futures contracts. These listings are set to go live on June 11, 2024 at 04:00 UTC, according to the latest announcement. Moreover, this move signifies a strategic expansion in its offerings, covering key cryptocurrencies including Bitcoin (BTC), Ethereum (ETH), and Ripple’s XRP, among others.

Bitcoin transaction fees have risen sharply, and users are now facing delays due to congestion in the network. The root cause, however, differs from previous incidents related to Ordinals or Runes protocols. Instead, the problem is related to the internal transactions of OKX, one of the biggest crypto exchanges in the world.

Bitcoin exchange, River released a new commercial lauding Bitcoin’s value against fiat as a result of government’s policies. The web3 community has often tipped the asset as a hedge against inflation amid present macroeconomic conditions. The price jump in Bitcoin this year has led stakeholders to restate positions that the asset is a store of value.

Crypto Market Selloff: The cryptocurrency sector has witnessed a sharp decline today, with major cryptos like Bitcoin, ETH, BNB, SOL, XRP, and DOGE, among others, noting a retreat. Meanwhile, the sudden change in the sentiment from earlier this week has sparked discussions in the crypto market over the potential reason behind the selloff.

The founder of SkyBridge Capital, Anthony Scaramucci, believes that Bitcoin price has much potential to grow and could reach $700,000 in value. In a recent interview with David Lin on June 7th, Scaramucci spoke about Bitcoin as a technological advance compared to gold and the possible further growth of BTC as a means of payment.

The Bitcoin (BTC) price has been navigating a critical juncture as it is stuck within a strong support zone. Moreover, nearly 2 million Bitcoin addresses have acquired their BTC reserve within this range. Their investment is nearing breakeven owing to the latest price decline with the BTC value dropping to $69,000 level.

In just five months of trading, BlackRock’s IBIT has recorded over 300,000 BTC in Assets Under Management (AUM). This holding is currently valued at approximately $21 billion based on the market value of the coin at this time. Precisely, the IBIT fund page confirms that the ETF has now accumulated 302,534 BTC.

Bitcoin (BTC) stands to benefit from the end of the US-Saudi petrodollar deal. Moreover, the financial world is poised for a seismic shift following Saudi Arabia‘s decision not to renew its longstanding security agreement with the United States, which expired on June 9, 2024.

This pivotal move allows Saudi Arabia to sell oil and other goods in various currencies. These include the Chinese RMB, Euros, Yen, and Yuan, rather than exclusively in US dollars. In addition, the use of digital currencies like Bitcoin could also be explored.

This week holds significant importance for Bitcoin (BTC) and the wider cryptocurrency market, with all eyes on the U.S. Federal Reserve’s forthcoming interest rate decisions following the unveiling of May’s CPI and PPI data. Despite its inability to maintain levels above $71,000 in the previous week, the Bitcoin (BTC) price is currently hovering around the $69,500 mark as of the latest update.

The digital asset investment landscape witnessed a significant upsurge as inflows into investment products totaled $2 billion last week. Bitcoin (BTC) led the flows with a whopping $1.97 billion inflows. However, Ethereum (ETH) also saw a significant spike, grabbing the spotlight.

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Bitcoin, the world’s largest cryptocurrency, continues to be under some selling pressure as traders get jittery ahead of the Fed’s decision on interest rate cuts. In the last 24 hours, the Bitcoin price has tanked by an additional 2% there slipping under $68,500 levels.

The price of Bitcoin (BTC) is undergoing a very intense pressure, a trend that is dragging altcoins to new lows. With the drawdown, the price of Bitcoin is now changing hands for $69,670.58, down by 0.28% in 24 hours. This slight slip has created a deep slump in other altcoins, especially the memecoins like Floki.

Former US President Donald Trump is making every possible move to sway the crypto community and is reaching out to all contributors within the crypto industry. In the latest outreach, Trump met several Bitcoin miners on Tuesday at Mar-a-Lago. Some of the popular personalities meeting Trump, from the Bitcoin mining industry included Matthew Schultz, executive chairman at crypto mining company CleanSpark Inc.

This week, the Bitcoin price has been facing strong selling pressure with the Bitcoin ETFs reporting two consecutive days of outflows after 19 consecutive days of inflows. On Tuesday, June 11, the total outflows registered by the US bitcoin ETFs surged to $200 million.

An old Bitcoin (BTC) address that has been dormant for 5 and a half years recently resurfaced. According to data from Lookonchain, a popular on-chain analytical platform, the once-dormant address recently transferred 8,000 BTC, valued at about $535 million to the Binance crypto exchange.

The Blockchain Association argues that the proposed broker rule puts an undue burden on brokers. Marisa Tashman Coppel, an official of the association, noted that the PRA aims at shielding the public from regulatory obligations concerning the acquisition of information from federal agencies.

The PRA mandates that agencies minimize the public burden to the extent practicable, which the proposed rule fails to achieve.

The Nigerian Securities and Exchange Commission (SEC) has set a 30-day deadline for Virtual Asset Service Providers (VASPs) to update their applications in accordance with newly amended rules regarding Digital Asset Issuance, Offering Platforms, Exchange, and Custody.