Category: Coin

The latest acquisition pushes The Ether Machine’s total holdings to 334,757 ETH, far outpacing the Ethereum Foundation’s reported 234,000 ETH.

The Ether Machine added 15,000 ETH to its balance sheet in a $56.9 million purchase, resuming its long-term accumulation strategy, the company said on Wednesday.

The latest acquisition, made at an average price of $3,809 per Ether
ETH
$3,861
, pushes the company’s total holdings to 334,757 ETH, it said in a news release, noting that it was timed to coincide with Ethereum’s 10-year anniversary.

“We couldn’t imagine a better way to commemorate Ethereum’s 10th birthday than by deepening our commitment to Ether,” said Andrew Keys, chairman and co-founder of The Ether Machine. “We are just getting started,” he added.

The Ether Machine was formed earlier this year through a business combination by The Ether Reserve and Nasdaq-listed Dynamix Corp. The deal, expected to close in Q4, would see the firm go public under the ticker ETHM, with a targeted $1.6 billion raise.

Ether Machine becomes third-largest ETH holder
With this latest purchase, The Ether Machine becomes the third-largest corporate holder of ETH, outdistancing the Ethereum Foundation’s reported 234,000 ETH, according to StrategicETHReserve data. The firm trails only Bitmine and SharpLink Gaming.

The Ether Machine still has $407 million in reserve for additional purchases, per the announcement.

Meanwhile, Keys also donated $100,000 to the Protocol Guild, a major Web3 funding initiative that supports Ethereum’s core developers and has distributed millions to over 150 contributors.

“Ethereum has been proving to be more than just a smart contract platform for institutions in recent times — they are seeing it as the foundational infrastructure for the new era of digital finance,” Ray Youssef, CEO of NoOnes, told Cointelegraph.

Youssef said Ethereum is driving the convergence of traditional finance and crypto by hosting tokenized assets, onchain payments and institutional-grade custody, with much of programmable finance’s core infrastructure built directly on its network.

Corporations accelerate ETH buying
Corporations are now accumulating Ether at twice the pace of Bitcoin
BTC
$118,643
, according to a recent report from Standard Chartered. Since early June, crypto treasury firms have acquired 1% of Ethereum’s total supply, fueling ETH’s recent outperformance.

The bank noted that this surge, along with strong inflows into US spot Ether ETFs, has supported Ether’s rally and could help push the price above its $4,000 year-end forecast. Despite these gains, ETH remains over 20% below its all-time high of $4,890.

Bitcoin fell 11% from its $111K all-time highs as traders say BTC price could drop to $97K if key support levels don’t hold amid rising trade tensions.

The emergence of a bear flag on the four-hour chart projects a Bitcoin price drop to $97,000.

Traders say BTC price may drop as low as $85,000 if key support levels are broken, including the $100,000 psychological level and the yearly opening at around $92,000.

Bitcoin’s
BTC
$107,671
price is forming a classic bearish pattern on lower time frames, triggering fears that a breakdown could lead to a drop toward $97,000.

Breakout points to $97K target
Bitcoin’s price action has formed a textbook bear flag pattern on the four-hour chart, a bearish continuation setup formed when the price consolidates upward in a parallel channel after a sharp downward move.

In Bitcoin’s case, the flag began forming after BTC bottomed at nearly $103,100 on May 31. The consolidation persisted over the weekend, with the price continuously retesting the support line of the flag.

The bearish continuation will be confirmed once the price breaks below the lower boundary of the flag at $104,800. The pattern’s projected downside target is now sitting near $97,690, measured after adding the height of the initial flagpole to the breakout point.

Momentum indicators, including the relative strength index (RSI), are also supportive, with the RSI currently at 44, suggesting that the market conditions still favour the downside.

Watch these Bitcoin price levels in June — Traders
Data from Cointelegraph Markets Pro and TradingView shows that the BTC/USD pair has dropped 6.3% from its all-time highs above $111,000.

While BTC price closed 11% higher in May, traders are questioning which direction the price might take moving forward.

The month of June has historically produced mixed results with an average of 0.3% losses.

For crypto analyst Daan Crypto Trades, the mid-range at $99,600 and the previous all-time high at $108,000 are crucial levels to watch during the first week of June.

“I think there’s a good chance that the first week is likely a move that can be faded upon seeing the first signs of local reversals” at either of these points, the trader said in a June 1 post on X.

An accompanying chart showed that a break above $108,000 would see the BTC/USD pair rise toward its $111,900 all-time high, where it would likely meet strong resistance, occasioning a drop back into the range.

Similarly, a break below $99,600 would see the pair drop lower before finding solace from the 200-day simple moving average at $97,600.

“No strong bias toward either direction here, so will just remain nimble and play with what I get.”

“BTC looks like it has started a larger correction, which is likely to take it into the 2nd week of June,” said fellow analyst AlphaBTC in a June 2 post on X.

According to the analyst, a breakdown of the bear flag in the four-hour timeframe could see Bitcoin’s price drop toward the $102,000 demand zone. Losing this support would bring the yearly open above $92,000 into the picture.

“The question will be what happens at around 92K?” AlphaBTC asked, adding that if it provides a buying opportunity, BTC could rebound from here to initiate a sustained recovery into price discovery.

Conversely, if tariff tensions continue, BTC may drop further toward $85,000, as shown in the chart below.

 

Lee Jae-myung has plans to enable the state pension fund to invest in crypto, approve Bitcoin ETFs, and launch a Korean won-backed stablecoin.

South Korea’s opposition leader Lee Jae-myung has been sworn in as president following a decisive snap election victory, after campaigning on a platform that included a range of pro-crypto policies.

Lee claimed victory in the June 3 election held six months after the country’s previous leader, Yoon Suk-yeol, declared martial law and threw the nation into political chaos.

With 99% of the votes counted on June 4, the center-left Democratic Party’s Lee fetched over 49% of votes against the 41% won by rival conservative People Power Party candidate Kim Moon-soo, according to National Election Commission data.

Reuters reported that almost 80% of South Korea’s 44.4 million eligible voters cast their ballots in the highest turnout for a presidential election since 1997.

Satoshi Action Fund founder Dennis Porter, who was in South Korea on election day, said the turnout figure was “wild,” while noting that Lee has committed to allowing South Korea’s $884 billion national pension fund to invest in Bitcoin
BTC
$105,699
and crypto and has also promised to allow the launch Bitcoin exchange-traded funds (ETFs).

Lee also has ambitions to launch a Korean Won-backed stablecoin to modernize the country’s financial system and stem capital outflows.

“We need to establish a won-backed stablecoin market to prevent national wealth from leaking overseas,” he said during a policy discussion in May.

Kim also ran a campaign that supported the launch of spot crypto ETFs and pledged to ease regulations and expand crypto adoption.

Bitcoin prices spiked to 149,000 won ($108,480) on the country’s leading exchanges, Bithumb and Upbit, as the so-called kimchi premium saw the asset trade almost 2% higher compared to global exchanges, where it topped around $106,600 before retreating slightly.

Lee to also tackle raft of policy decisions
Lee is taking office as South Korea faces significant challenges, including economic struggles with rising living costs, ongoing trade negotiations with the US and regional geopolitical tensions.

It’s not clear how high he will prioritize his crypto-related promises, but in addressing crowds of supporters in the country’s capital of Seoul, Lee promised to “work to restore the economy” from day one and to ensure military coups are a thing of the past.

Lee has promised to focus on economic recovery through increased investment in artificial intelligence and defense, to depoliticize the prosecution system, and to introduce social changes, including a four-and-a-half-day work week.

The Justice Department has filed a civil forfeiture complaint to seize crypto and NFTs allegedly tied to laundering efforts by North Korea.

The US Department of Justice has moved to seize $7.74 million in crypto allegedly earned by North Korean IT workers using fake identities and working at blockchain firms as remote contractors.

The funds were initially frozen in April 2023 as part of an indictment against Sim Hyon Sop, a China-based banker allegedly helping North Korean IT workers launder money, the DOJ said in a June 5 statement.

The Justice Department is looking to seize multiple cryptocurrencies, including stablecoins and Bitcoin
BTC
$104,811
in varying amounts, along with non-fungible tokens and Ethereum Name Service domains that are held in multiple self-custody wallets and Binance accounts, according to its civil forfeiture complaint filed June 5 in a Washington, DC federal court.

Matthew Galeotti, head of the Justice Department’s criminal division, said the case highlights how the North Korean government is trying to exploit the “cryptocurrency ecosystem to fund its illicit priorities.”

“The Department will use every legal tool at its disposal to safeguard the cryptocurrency ecosystem and deny North Korea its ill-gotten gains in violation of US sanctions,” he said.

The DOJ claimed that the North Korean IT workers who earned the crypto were active in multiple countries and used phony identification documents and other obfuscation strategies to gain employment.

IT workers allegedly launder ill-gotten gains
After being paid, often in stablecoins such as USDC
USDC
$0.9993
and Tether
USDT
$1.00
, the IT workers allegedly used laundering techniques, including chain hopping and token swaps to NFTs, to obscure the funds’ origins.

The Justice Department alleged the funds were supposed to be sent back to the North Korean government via Sim and Kim Sang Man, another North Korean sanctioned by the OFAC for money laundering offenses.

In recent years, North Korea has been ramping up its efforts to infiltrate the crypto industry and raise funds to send back to the hermit kingdom.

Google’s Threat Intelligence Group released an April report detailing North Korea expanding its infiltration operations to blockchain firms outside the US after increased scrutiny from authorities, with a notable focus on Europe.

Bitcoin’s “power curve” is churning out giant six-figure BTC price targets this year — can BTC/USD really reach $220,000 or more?

New Bitcoin price targets leverage interplay with gold to deliver $200,000 and higher this year.

Bitcoin price cycles remain in focus as part of the BTC price “power curve” model.

Eating gold’s market cap could propel BTC/USD to nearly $1 million by the decade’s end.

Bitcoin
BTC
$102,693
has a “decent chance” of hitting $250,000 or more in 2025 as attention turns to gold copycat moves.

In his latest analysis, X analytics account Apsk32 argued that the four-year BTC price cycle should provide unprecedented highs this year.

Bitcoin “power curve” delivers $200,000+ target
Bitcoin following gold to new all-time highs is a popular theory among bulls. Historically, BTC/USD follows XAU/USD higher with a delay of several months.

For Apsk32, the implications are considerable this time around; with gold hitting a record $3,500 per ounce, the future for BTC price action is bright.

“Bitcoin’s position relative to gold has improved considerably since April,” he told X followers alongside his dedicated “power curve” tool.

“This is the indicator that gives me hope for higher than expected returns later this year.”

The power curve concept involves measuring Bitcoin price in gold ounces to avoid the inflationary nature of the US dollar.

“Here, I’m measuring the value of the Bitcoin network (market cap) in gold ounces and fitting that value to a power curve,” Apsk32 explained in a dedicated X post in March.

Among the results is a potential bull market top target that contextualizes the old 2017 top of $20,000.

“If Bitcoin’s network value measured in gold continues to follow a power curve, and gold holds its current value, and Bitcoin’s price returns to ‘five years ahead of support,’ we could hit Josh’s $444K this year,” it added.

This week, Apsk32 suggested that a more “reasonable” target for 2025 would be up to $220,000.

“If we start getting above $250k, that’s what I would consider ‘higher than expected,’” he responded when asked about the outlook.

“I do think there’s a decent chance we get there, it’s just not the most likely outcome.”

Half gold’s future market cap means $1 million BTC
Continuing the gold theme, Bitcoin analyst Sam Callahan considered data showing how high BTC/USD could go if it were to capture varying portions of gold’s market cap.

This could come about thanks to a shift toward “digital gold,” something widely anticipated to gain momentum in the coming years.

“If gold hits $5,000/oz by 2030 and Bitcoin captures 50% of its market cap, that puts BTC at $924K,” Callahan noted, alongside the data from the latest report by In Gold We Trust, released this week.

 

Bitcoin’s market structure is shifting back to bulls, increasing the chance of BTC price seeking new all-time highs.

Bitcoin’s
BTC
$84,536
price is off to a swift start in Q2, rallying by 5.53% to an intraday high of $87,333 on April 2. Currently, Bitcoin is emerging from a ten-week downtrend that began on Jan. 20 when the price peaked at $110,000.

A decisive close above the trendline might lead to continued bullish momentum for Bitcoin in the coming days.

Bitcoin spot traders drive the rally
Throughout March, spot traders on Binance and Coinbase held opposite stances in the market.

Binance traders were aggressive BTC sellers, while Coinbase showed significant spot bids around the $80,000 price level. This dynamic contributed to the sideways price action during the majority of March.

Fast forward to April, and spot traders on major exchanges have collectively turned bullish over the past three days.

Data from aggr.trade highlights that Coinbase and Binance spot bids are driving positive action for BTC. The buying pressure is particularly high on Coinbase, with spot bids increasing as high as $7.98 million over the past few hours.

Likewise, Dom, a crypto markets analyst, pointed out that Bitcoin’s current rally is possibly due to Binance sellers tapering off. The analyst said,

“BTC has been able to breathe ever since the Binance selling tapered off. We are even seeing some spot buying from them for the first time in over a week.”

Bitcoin flips key resistance at $84,000 to $85,000
From a technical perspective, Bitcoin has flipped an important resistance range between $84,000 and $85,000 into support.

Likewise, the cryptocurrency has attained a bullish position above the 50-day, 100-day and 200-day exponentially moving averages (EMAs).

However, based on the external liquidity levels between $87,700 and $88,700, which formed the previous highs, BTC prices might struggle to break this range immediately.

Consolidation between the green box (as illustrated in the chart) is likely a net positive, which might fuel BTC’s $90,000 retest for the first time since March 7.

On the flip side, an immediate correction to the current support at $84,000 and $85,000 could possibly discourage bulls, and short sellers might take control of price action.

Bullish invalidation could be on the cards if BTC price closes below $85,000 over the next few days.

With markets bracing for further market volatility ahead of President Trump’s “Liberation Day” tariffs, Bitcoin price is expected to react further during today’s White House press conference at 4 pm Eastern Time.

Bitcoin’s market structure is shifting back to bulls, increasing the chance of BTC price seeking new all-time highs.

Bitcoin’s
BTC
$83,608
price is off to a swift start in Q2, rallying by 5.53% to an intraday high of $87,333 on April 2. Currently, Bitcoin is emerging from a ten-week downtrend that began on Jan. 20 when the price peaked at $110,000.

A decisive close above the trendline might lead to continued bullish momentum for Bitcoin in the coming days.

Bitcoin spot traders drive the rally
Throughout March, spot traders on Binance and Coinbase held opposite stances in the market. Binance traders were aggressive BTC sellers,

while Coinbase showed significant spot bids around the $80,000 price level. This dynamic contributed to the sideways price action during the majority of March.

Fast forward to April, and spot traders on major exchanges have collectively turned bullish over the past three days.

Data from aggr.trade highlights that Coinbase and Binance spot bids are driving positive action for BTC. The buying pressure is particularly high on Coinbase, with spot bids increasing as high as $7.98 million over the past few hours.

Likewise, Dom, a crypto markets analyst, pointed out that Bitcoin’s current rally is possibly due to Binance sellers tapering off. The analyst said,

“BTC has been able to breathe ever since the Binance selling tapered off. We are even seeing some spot buying from them for the first time in over a week.”

Bitcoin flips key resistance at $84,000 to $85,000
From a technical perspective, Bitcoin has flipped an important resistance range between $84,000 and $85,000 into support.

Likewise, the cryptocurrency has attained a bullish position above the 50-day, 100-day and 200-day exponentially moving averages (EMAs).

However, based on the external liquidity levels between $87,700 and $88,700, which formed the previous highs, BTC prices might struggle to break this range immediately.

Consolidation between the green box (as illustrated in the chart) is likely a net positive, which might fuel BTC’s $90,000 retest for the first time since March 7.

On the flip side, an immediate correction to the current support at $84,000 and $85,000 could possibly discourage bulls, and short sellers might take control of price action.

Bullish invalidation could be on the cards if BTC price closes below $85,000 over the next few days.

With markets bracing for further market volatility ahead of President Trump’s “Liberation Day” tariffs, Bitcoin price is expected to react further during today’s White House press conference at 4 pm Eastern Time.

Bitcoin rallied for a second day as spot volumes soared, but geopolitics and a global tariff war could put a lid on BTC’s price upside.

Bitcoin price caught an unexpected bid by rallying to a session high at $88,500, but will the price gains be capped at a multimonth overhead resistance that is aligned with the 50-day moving average?

Key points:

Bitcoin extended its April. 1 gains as news that the Trump administration had not finalized its “Liberation Day” tariffs emerged.

Israel, Mexico and India have already rolled back their tariffs on US imports or suggested that they will not do “tit for tat” tariffs in response to the expected April 2 US tariffs.

Bitcoin
BTC
$83,605
trades slightly below a 3-month descending trendline resistance where the price has consistentlybeen rejected during past rallies.

Total market liquidations over the past 12-hour trading period have reached $145 million, with $69.4 million of the figure being Bitcoin shorts.

Data from Kingfisher, CoinGlass and Velo show short liquidations playing a role in today’s push above $88,500.

For the past few months, Bitcoin price has struggled to hold the gains accrued from rallies driven by leverage.

Looking beyond futures markets, there are some positives that suggest that the market structure is slowly transitioning from bearish to bullish.

As shown in the chart below, recent rallies were accompanied by a strong bid in the spot market and the return of the Coinbase Pro premium,

leading some analysts to speculate that the shift was influenced by buying from Strategy and other companies focused on building Bitcoin reserves.

Over the last two weeks, GameStop, MARA, Metaplanet and Strategy all announced plans to buy more Bitcoin, with GameStop being on the verge of purchasing and Strategy actively adding to its BTC position.

In the short-term, sustained spot buy volumes at Binance and Coinbase Pro, and the crypto and equities markets’ response to President Donald Trump’s “Liberation Day” tariffs are likely to be the most impactful factors that will influence the current bullish momentum seen in Bitcoin price.

Bills to create Bitcoin reserves have been introduced in 26 states, with Arizona currently the closest to passing a law.

Lawmakers in the US states of Minnesota and Alabama filed companion bills to identical existing bills that if passed into law, would allow each state to buy Bitcoin.

The Minnesota Bitcoin Act, or HF 2946, was introduced to the state’s House by Republican Representative Bernie Perryman on April 1, following an identical bill introduced on March 17 by GOP state Senator Jeremy Miller.

Meanwhile, on the same day in Alabama, Republican state Senator Will Barfoot introduced Senate Bill 283,

while a bi-partisan group of representatives led by Republican Mike Shaw filed the identical House Bill 482, which allows for the state to invest in crypto, but essentially limits it to Bitcoin
BTC
$83,719
.

Twin Alabama bills don’t explicitly name Bitcoin
Minnesota’s Bitcoin Act would allow the state’s investment board to invest state assets in Bitcoin and other cryptocurrencies and permit state employees to add crypto to retirement accounts.

It would also exempt crypto gains from state income taxes and give residents the option to pay state taxes and fees with Bitcoin.

The twin Alabama bills don’t explicitly identify Bitcoin, but would limit the state’s crypto investment into assets that have a minimum market value of $750 billion, a criterion that only Bitcoin currently meets.

26 Bitcoin reserve bills now introduced in the US
Introducing identical bills is not uncommon in the US and is typically done to speed up the bicameral legislative process so laws can pass more quickly.

Bills to create a Bitcoin reserve have been introduced in 26 US states, with Arizona currently the closest to passing a law to make one, according to data from the bill tracking website Bitcoin Laws.

Pennsylvania was one of the first US states to introduce a Bitcoin reserve bill, in November 2024.

However, the initiative was reportedly eventually rejected, with similar bills also killed in Montana, North Dakota, South Dakota and Wyoming.