Crypto Blast Newsletter

A look into June so far

PiQ Crypto Blast

Crypto Market Update

Bitcoin surged to a new all-time high of $112,000 on May 22, but has since traded within a wide 10% range, with demand appearing to solidify between $103,000–$106,000. BTC currently hovers around $104,000, but heightened geopolitical tensions in the Middle East have triggered volatility—a recent news-driven selloff saw Bitcoin drop nearly 7%. While Bitcoin is increasingly seen as a hedge, it remains sensitive to global headlines.

Technically, the 50-day moving average sits at $102,800, coinciding with today’s low. Further support lies at the 200-day moving average ($95,300) and the 6-month open just above $93,500. If Bitcoin closes the month above this level, it will mark five consecutive six-monthly green candles.

Ethereum, meanwhile, continues to struggle. After consolidating below $2,800, ETH rallied 20% from $2,380, only to be pulled back below $2,400 amid renewed regional tensions. Is this another dip-buying opportunity, or a failed breakout? Time will tell.

Market Cap Leaders

• SOL: $144

• XRP: $2.12

• BNB: $653

News Roundup

• Bitcoin & Ethereum Rollercoaster

  • After a public spat between Elon Musk and Donald Trump, both BTC and ETH tumbled—nearly $800 million in liquidations occurred. Bitcoin briefly dipped below $102,000, Ethereum under $2,150. However, both assets quickly recovered, underscoring their resilience.

• Market Correction and CPI Print

  • The latest U.S. CPI data showed inflation at 2.4% year-over-year, slightly below expectations. Initially, the crypto market rallied on hopes of lower interest rates, but volatility soon returned. Over $680 million in leveraged long positions were liquidated, driving sharp swings. The market ended slightly lower but remains stable.

• Institutional Money Flows into Ethereum

  • Ethereum ETFs are seeing unprecedented inflows—$240 million in a single day, with BlackRock’s ETHA leading the charge. This marks 18 straight days of inflows, totaling $1.2 billion in recent weeks. While Bitcoin ETFs have seen some outflows, Ethereum is currently the institutional favorite.

• GENIUS Act Advances in Senate

  • The stablecoin bill passed a key Senate vote (66-32), moving closer to law. The bill sets new rules for stablecoin issuers, with state oversight for those under $10 billion and federal oversight for larger issuers. It also introduces user protections and restrictions on big tech firms. The final Senate vote is set for June 17.

Other Key Headlines

• Argentina: President Milei cleared in Libra crypto case.

• India: RBI maintains unchanged crypto stance.

• Japan: Metaplanet launches $5.4B Bitcoin equity raise.

• Uber: Plans to accept crypto payments, but won’t hold assets.

• Ripple: Announces funding for Japanese Web3 startups.

• Paris: Blockchain Group raises $340M for Bitcoin treasury.

• UK: Anemoi International adds BTC to its treasury.

• Chainlink: Facilitates Hong Kong CBDC–AUD stablecoin exchange.

• US: Leading crypto trade associations back Blockchain Regulatory Certainty Act.

• SEC: Working on DeFi exemption policy.

• South Korea: Unveils strict stablecoin rules.

• Canary Capital: Creates trust for possible INJ staking ETF.

• Ripple: Commits $5M more to Asia-Pacific blockchain research.

• Coinbase Survey: 60% of Fortune 500 companies working on blockchain.

• Cardano: Cardinal, first Bitcoin DeFi protocol, announced.

• US SEC: Requests updated S-1s for Solana ETF issuers.

• Ripple CTO: EVM sidechain for XRP Ledger coming in Q2.

• Trump-backed WLFI: USD1 stablecoin launches on Tron.

• Bank of America: Developing its own stablecoin.

• Shopify: To accept USDC payments from June.

• Singapore: Trident Digital Tech plans $500M XRP treasury.

• Amazon & Walmart: Exploring stablecoin launches.