Bitcoin (BTC) is currently trading near $67,700 after failing to sustain its overnight bullish momentum. Factors influencing this downturn include a $300 million hack at a Japanese crypto exchange and President Biden’s veto of a bill targeting SEC crypto regulations. Vitalik Buterin’s insights on Bitcoin scaling disputes highlight the need for new technologies like ZK-SNARKs, but these discussions are not expected to immediately impact BTC price. The ongoing debate over block size and scalability solutions such as ZK-SNARKs and BitVM are focused on historical events and technical advancements rather than immediate market influences.
DMM Bitcoin, a Japanese cryptocurrency exchange, recently suffered a significant hack, losing 4,502.9 Bitcoins valued at about $300 million. The breach led to swift preventive measures to prevent further losses, with the exchange pledging to replace the stolen Bitcoin and enhance security protocols. Despite the incident, DMM Bitcoin has assured full reimbursement to its customers, but this hack could impact Bitcoin’s price due to concerns about security and trust in cryptocurrency exchanges. The hack is considered the largest since December 2022 and the seventh-largest in history.
President Biden has vetoed legislation approved by the House and Senate aimed at crypto regulation, specifically targeting SEC guidelines on classifying crypto assets as liabilities on balance sheets. Biden’s concerns about weakening investor protections and enforcement regulations led to the veto, highlighting ongoing regulatory uncertainty in the cryptocurrency market. The veto may increase investor caution and market volatility, potentially affecting Bitcoin’s price. The legislation was primarily supported by Republicans, indicating divisions in the political landscape regarding cryptocurrency regulation.
On June 1, 2024, Bitcoin (BTC/USD) was trading around $67,623, with crucial support and resistance levels identified for market direction. Technical analysis suggested a neutral to bearish sentiment, with potential resistance levels at $68,800, $69,800, and $70,600, and support levels at $67,500, $66,650, and $65,932. Traders were advised to monitor the Relative Strength Index (RSI) and the 50-day Exponential Moving Average (EMA) for potential market movements. A bullish breakout above $67,900 could lead to further gains, while a selling bias was indicated below this level.
Sealana, a charming seal immersed in the Solana ecosystem, is approaching its presale goal with $3,775,149 raised out of $4,122,480. The presale offers $SEAL tokens at $0.022 each, with limited time remaining before the price increases. Traders were encouraged to join the Sealana journey and be part of the Solana meme coin market. The presale ends in less than three days, offering an opportunity to dive into the Solana ecosystem before the price increase. Investors should consider these key details and act quickly to participate in the presale.
