Global #Bitcoin

The cryptocurrency market experienced a downturn on June 7, with Bitcoin (BTC) dropping to $69,335 and Ethereum (ETH) to $3,684. This decline followed the release of better-than-expected United States employment data, contrary to predictions by analysts who anticipated weaker figures that would prompt a push for lower inflation and potentially drive Bitcoin to new highs.

Starknet, a layer-2 scaling solution, has reiterated its dedication to scaling Ethereum and Bitcoin using Zero-Knowledge (ZK) technology. Emphasizing its commitment to Ethereum scaling since its initial validity rollup release, Starknet has revealed an ambitious 2024 roadmap aimed at revolutionizing Ethereum scaling.

As per a recent report from CryptoQuant, large investors, often referred to as "whales," are accumulating Bitcoin at a rate reminiscent of the period before the 2020 bull market. The data from the firm indicates daily inflows of $1 billion into Bitcoin and a notable uptick in holdings by these whales, similar to patterns observed in mid-2020.

In his latest essay titled "Group of Fools," Arthur Hayes, co-founder of BitMEX, provides a critical analysis of recent macroeconomic events and their potential impact on the cryptocurrency market. Known for his direct style, Hayes combines technical analysis, criticism of central banking practices, and insights into currency markets to make the case for a resurgence of bullish sentiment in Bitcoin and crypto.

The surge in the United States' money supply, nearing $100 trillion, is expected to positively impact the price of Bitcoin, currently trading at $71,000.

Bitcoin advocate Max Keiser has once again emphasized his belief in Bitcoin's superiority over Ethereum, forecasting a bleak outlook for the latter cryptocurrency. On a social media platform, Keiser reiterated his longstanding argument that Ethereum, along with other alternative coins, pales in comparison to Bitcoin due to fundamental disparities in their technologies and legal categorizations.