Bitcoin Records Lowest Weekly Close Since Dec. 2020, Inflation Continues to Spook Markets
The euphoria from the week before last’s green candle quickly dissipated (and how!) as fresh inflation fears and prevailing negative sentiment took over to push Bitcoin to its lowest weekly close since Dec. 2020.
BTC started by falling in step with stock markets on June 10 as the S&P500 and Nasdaq Composite lost 2.9% and 3.5% respectively on the back of surprisingly high inflation data from the United States. At 8.6%, annual inflation came in at its highest since Dec. 1981.
Looking at the chart, we can see that BTC broke below the trendline on June 10, negating the ascending triangle pattern. Furthermore, it broke below the multi-week consolidation channel to close at $26,585 last week.
At the time of writing, BTC trades at $25,600. The downsloping 20MA and the RSI indicate that the bears are in complete control. Short-term relief rallies aside, we could see more downside in the near-term.
dPlay Expands Catalog, Adds New Mancala Gaming Slots
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Ethereum’s Ropsten Testnet Completes the ”Merge”
Last week, the Ethereum network successfully completed a ”dress rehearsal” as it continues to build its way to the ”Merge.” The Ropsten testnet successfully merged its POW execution layer with the Beacon Chain POS consensus chain.
This process was identical to what the Ethereum mainnet will undergo in a few months when it completes its transition to proof-of-stake. However, this wasn’t enough to alleviate market sentiment.
The ETH market did not react to this positive news, declining against BTC two days later. Bitcoin’s subsequent drop triggered another massive sell-off and ETH now trades at $1,355, 25% below where it was during the test Merge.
CRYPTO NEWS WEEKLY ROUNDUP:
Money Transfer Giant MoneyGram Launches Stablecoin Transfer Service in Several Countries
MoneyGram, one of the biggest cross-border money transfer services in the world, officially launched its stablecoin-powered payment channel last week. Users can now send USDC payments worldwide that can be withdrawn as cash by recipients.
This new service is built on the Stellar blockchain and is being rolled out across several key markets including Canada, the United States, Africa, and more. Furthermore, the USDC transfer service will levy zero fees for the first 12 months to encourage adoption. The cash-out functionality will be rolled out by the end of June.
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