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Crypto News



The news from Planet Ruby—Friday, June 7, 2024

  • Signal: Buy Bitcoin
  • Noise: Biden

The DXY now firmly appears to have topped and rolled over. A weakening dollar is positive for risk assets, and as the DXY tests support at 104, the S&P 500 has made fresh highs.

DXY chart, TradingView
104 is a significant support level for the DXY

Nvidia has benefited from these conditions, rising further to hit a market cap of $3 trillion. The chip maker, whose hardware is so important to the AI industry, now rivals Microsoft for the title of the largest company on the planet.

In other news, China's sell-off of dollars and purchases of gold have hit a new peak.

Multiple stocks crashed over 99% on Monday due to a glitch on the New York Stock Exchange.

And the FDIC has reported that 63 banks are near insolvency, with half a trillion dollars of unrealized losses between them, thanks to high interest rates pushing down bond prices.

Bitcoin Heads For New Highs

The bull market continues, as bitcoin breaks out from its near three-month consolidation. Fueled by some massive ETF buys, BTC soared back over $70,000 on Tuesday.

There is little sign of retail coming anywhere near this rally, at least not yet. The setup is extremely bullish, with momentum indicators mostly reset by the correction, and very little in the way of hype. And yet, BTC is worth almost more than it has ever been worth before.

President Biden vetoed a House Joint Resolution that aimed to repeal the SEC's Staff Accounting Bulletin (SAB) 121. This requires banks to include customers' digital assets on their balance sheets and maintain sufficient capital reserves against them. However, a statement was also made by the White House committing to clear crypto policy. Progress is being made as the government realizes crypto is a serious election issue.

As if to drive the point home, Wisconsin State Pension Fund disclosed it had bought shares in two bitcoin ETFs worth over $160 million as of March 31.

What's New In The SKALEVERSE?

SKALE has had a huge month, with 16 partner announcements and an incredible 55 million user transactions in May. AI and gaming again proved to be two of the most popular use cases.

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