Crypto Price Analysis 6-11: BITCOIN: BTC, ETHEREUM: ETH, SOLANA: SOL, RIPPLE: XRP, INTERNET COMPUTER: ICP, ARBITRUM: ARB
The crypto market registered a marginal increase, rising nearly 1% as Bitcoin (BTC) stabilized around $109,000-$110,000. The flagship cryptocurrency dipped to a low of $108,436 late on Tuesday but recovered to reach $110,393 before moving to its current level of $109,562. BTC is marginally up over the past 24 hours. Meanwhile, Ethereum (ETH) continued to push higher, briefly crossing $2,800 before moving to its current level of $2,793, up nearly 4%.
Ripple (XRP) registered a marginal drop, while Solana (SOL) is up nearly 4%, having crossed $160, trading around $164. Dogecoin (DOGE) is up over 2%, and Cardano (ADA) is up nearly 2%, trading around $0.718. Chainlink (LINK), Stellar (XLM), Hedera (HBAR), Litecoin (LTC), and Polkadot (DOT) also registered notable increases. However, Toncoin (TON) is down nearly 1% over the past 24 hours, trading around $2.39.
Markets Rise As US-China Trade Talks Continue
US stocks continued rising for a second day as trade talks between the US and China continued in London. The Dow Jones Industrial Average rose 0.25%, while the S&P 500 rose 0.55%. The Nasdaq gained 0.63% and is now 285 points away from reclaiming the 20,000 level. Commerce Secretary Howard Lutnick said negotiations between the US and China were going well, indicating a resolution may be close. Export controls remain a key point of discussion, with the US pressing Beijing to release rare earth materials while China is pushing for easing access to American semiconductors.
However, Wall Street remains cautious, with investors waiting for a breakthrough in talks. Meanwhile, Chinese markets showed renewed volatility, registering a sudden dip in equities on Tuesday.
Australia Uncovers Crypto Laundering Scheme
Australian authorities have uncovered a crypto laundering scheme following an 18-month investigation into a 190 million Australian Dollar ($123 million) operation running via a cash-in-transit security company. The Australian Federal Police stated they had frozen $13.6 million worth of assets across Queensland and New South Wales. The investigation began in December 2023 and uncovered an operation using an armored vehicle unit of a security business that acted as a front to launder criminal proceeds into crypto. Suspicious transactions from one individual who allegedly laundered over $9.5 million led authorities to a complex money laundering scheme masquerading as a legitimate business activity.
Authorities have accused the security company of blending clean business earnings with illicit cash and funneling the funds through a sales promotion company, a classic car dealership, and crypto exchanges.
While blockchain technology can modernize financial systems, its open and decentralized nature attracts criminals. According to data from Chainalysis, over $100 billion worth of crypto flowed from illicit wallets to conversion services between 2019 and 2024. Additionally, criminals have started using crypto mixers, DeFi protocols, and cross-chain bridges to launder funds and evade detection. Despite these drawbacks, the blockchain’s transparency is a powerful tool to track illicit funds.
SEC Working On Framework To Boost Crypto Innovation
The United States Securities and Exchange Commission (SEC) is working on an “innovation exemption” to facilitate the creation of on-chain products and services. SEC Chair Paul Atkins said on Monday during the crypto roundtable, headed by the SEC’s crypto task force, that he had directed SEC staff to consider a conditional exemption relief framework. According to Atkins, the temporary exemptions would relieve firms from specific regulatory requirements, helping foster innovation in emerging sectors, provided they meet the necessary conditions. Atkins believes this would speed up bringing on-chain products and services to the market while the SEC considers amendments to the Commission’s rules and regulations.
“An innovation exemption could help fulfill President Trump’s vision to make America the crypto capital of the planet by encouraging developers, entrepreneurs, and other firms that are willing to comply with certain conditions to innovate with on-chain technologies in the United States.”
Atkins has also asked staff to consider if amendments to the Commission’s rules and regulations would provide the needed accommodation for issuers and intermediaries looking to administer on-chain financial systems.
“Most current securities rules and regulations are premised upon the regulation of issuers and intermediaries, such as broker-dealers, advisers, exchanges, and clearing agencies. The drafters of these rules and regulations likely did not contemplate that self-executing software code might displace such issuers and intermediaries.”
CFPB’s Top Enforcement Official Resigns
The US Consumer Financial Protection Bureau’s top enforcement official has quit after accusing the Trump administration of undermining the agency’s mission and functioning in a scathing resignation email. Cara Peterson, the agency’s acting enforcement director, said that the Trump administration’s overhaul of the agency, including attempts to cut 90% of its workforce has made it impossible to ensure financial products are transparent, fair, and competitive for consumers. Peterson stated in her email,
“I have served under every director and acting director in the bureau’s history, and never before have I seen the ability to perform our core mission so under attack. It has been devastating to see the bureau’s enforcement function being dismantled through thoughtless reductions in staff, inexplicable dismissals of cases, and terminations of negotiated settlements that let wrongdoers off the hook.”
The CFPB handles complaints about US crypto exchanges and related companies. A weakening of the agency could lead to less oversight and more uncertainty in an industry plagued with fraud and scams. The CFBP’s dismantling reflects a broader pattern of regulatory unpredictability under the Trump administration. Peterson added that President Trump has no intention of enforcing the law in any meaningful way.
Bitcoin (BTC) Price Analysis
Bitcoin (BTC) has stalled after reaching $110,000, with bulls unable to push the price higher. BTC crossed $110,000 on Monday but lost momentum and fell to $108,335 on Tuesday, leading to speculations of a decline to $105,000 or lower. However, it recovered to reclaim $110,000 and settle at $110,253 before dropping during the ongoing session. Market experts and investors are waiting for the upcoming Consumer Price Index (CPI) data, which could bring volatility to BTC. BTC soared to within touching distance of its all-time high before ultimately falling short. However, analysts expect the flagship cryptocurrency to surge to a new all-time high if current bullish sentiment persists.
Some analysts believe market expectations of BTC surging to a new all-time high could prevent it from happening in the near term. According to Santiment analyst Brian Quinlivian, there is growing anticipation for BTC to reach a new all-time high on social media. However, he pointed out that since the market moves opposite to the expectation of retail traders, it isn’t quite ready for another bullish surge. Quinlivian stated,
“It wouldn’t be surprising if we do break through very soon after we see a few frustrating ‘close calls’ that cause small traders to turn sour and impatient on BTC, neutralizing this level of optimism.”
Analysts also pointed out that historically, Q3 has been Bitcoin’s weakest, with returns averaging just over 6%. However, Q4 ranks among the strongest, delivering average returns of over 85%. Derive Head of Research Dr Sean Dawson believes BTC will likely underperform during the third quarter, highlighting macroeconomic uncertainty as a significant concern for investors. Dawson stated,
“Despite political pressure for rate cuts, the Fed seems poised to keep interest rates steady, which could dampen Bitcoin’s appeal for outsized returns.”
BTC traded in positive territory the previous weekend, rising 0.69% on Saturday and almost 1% on Sunday to reclaim $105,000 and settle at $105,779. The price fell to an intraday low of $103,768 on Monday before recovering to register a marginal increase and settle at $105,902. BTC lost momentum on Tuesday, falling 0.44% to $105,436. Sellers retained control on Wednesday as the price dropped almost 1%, slipping below $105,000 and settling at 104,752. Bearish sentiment intensified on Thursday as BTC plunged 3%, falling to a low of $100,424 before settling at $101,614.
Source: TradingView
BTC recovered on Friday, rising nearly 3% to $104,378. Buyers retained control over the weekend as the price rose 1.15% on Saturday and registered a marginal increase on Sunday to reclaim $105,000 and settle at $105,784. Bullish sentiment intensified on Monday as BTC started the week positively, rising over 4% to cross the 20-day SMA and $110,000 to settle at $110,251. The price fell to a low of $108,335 on Tuesday before recovering to reclaim $110,000 and settle at $110,253. The current session sees BTC down almost 1%, trading around $109,406, as sellers look to lower the price. Buyers will look to regain control and push BTC past $110,000.
Ethereum (ETH) Price Analysis
Ethereum (ETH) recovered from a sluggish start to Tuesday to register a substantial increase and cross $2,800 as bullish sentiment around the asset intensified thanks to growing institutional interest. However, the world’s second-largest cryptocurrency is back in the red during the ongoing session and is down over 1%, trading around $2,780. While ETH is trading in positive territory, new data from Kraken suggests it could face heightened volatility after ETH’s open interest surged to an all-time high, indicating an increase in speculative activity. Alexia Theodorou, head of derivatives at Kraken, stated,
“Open interest in ETH perpetual on Kraken reached an all-time high of 30,000 ETH earlier this week, signaling a notable uptick in speculative activity around the second-largest cryptocurrency by market cap.”
The spike in derivatives activity is likely due to growing institutional inflows into spot Ethereum ETFs.
“While funding rates remain mildly bullish, the market has yet to form a clear directional consensus, with the long/short ratio still well below its January peak.”
ETH price action was mixed the previous weekend as it registered a marginal drop on Saturday before rising 0.44% on Sunday to settle at $2,539. Buyers retained control on Monday as the price registered an increase of almost 3% to cross the 20-day SMA and $2,600 and settle at $2,607. ETH registered a marginal drop on Tuesday as buyers lost momentum but recovered on Wednesday to reclaim $2,600 and settle at $2,607. Bearish sentiment returned on Thursday as ETH plunged over 7%, slipping below the 20-day SMA and settling at $2,415. Despite the bearish sentiment, ETH recovered on Friday, rising 2.63% to $2,479.
Source: TradingView
Buyers retained control on Saturday as the price rose almost 2% to reclaim $2,500 and settle at $2,525. However, ETH lost momentum on Sunday, dropping 0.57% to $2,511. ETH started the week on a bullish note, surging almost 7% to cross the 20 and 200-day SMAs and settle at $2,680. Bullish sentiment persisted on Tuesday as the price rose over 5% to cross $2,800 and settle at $2,816. The current session sees ETH down 1.53%, trading around $2,774. If sellers retain control, the price could slip to $2,500 or lower.
Solana (SOL) Price Analysis
Solana (SOL) continued its upward trajectory despite facing selling pressure on Tuesday and falling to a low of $156. However, it rebounded to reclaim $160 and settle at $165. The altcoin has extended its gains during the ongoing session, with the price marginally up, trading around $165. The positive sentiment around the asset is due to reports that the SEC may approve a Solana ETF within the next few months. The regulator has asked prospective issuers to submit amended S-1 registration statements by next week. According to sources, the SEC will comment on the updated filings within 30 days. The changes in the filings center around two key areas: How issuers will handle in-kind redemptions and whether staking will be incorporated into the ETF structure.
Several asset managers, including VanEck, Fidelity, Grayscale, Bitwise, Franklin Templeton, Canary Capital, and 21Shares, are planning to offer Solana ETFs.
SOL faced selling pressure the previous weekend but registered a marginal increase on Saturday and rose almost 1% on Sunday to settle at $157. It lost momentum on Monday, dropping to a low of $151 before settling at $156, ultimately registering a marginal increase. SOL raced to an intraday high of $164 on Tuesday but could not stay at this level and fell to $155. Sellers retained control on Wednesday as the price fell 1.29% to $153. Bearish sentiment intensified on Thursday as SOL plunged nearly 6%, slipping below $150 and settling at $144. Despite the selling pressure, SOL recovered on Friday, rising 2.47% to $147.
Source: TradingView
Buyers retained control over the weekend as SOL rose 1.51% on Saturday and 1.56% on Sunday to reclaim $150 and settle at $152. Bullish sentiment intensified on Monday as SOL rose 5.66% to cross the 50-day SMA and settle at $161. SOL faced selling pressure on Tuesday as it fell to an intraday low of $156. However, it recovered from this level to register an increase of 2.44% and settle at $165. The current session sees the price up almost 1%, trading around $166.
Ripple (XRP) Price Analysis
Ripple (XRP) is also trading in positive territory after increasing significantly over the past few sessions. XRP bulls are setting their sights on a move to $2.50 and beyond as odds for an XRP ETF jumped to 98% on Polymarket. Multiple XRP ETF applications from major players, including Grayscale, Bitwise, Franklin Templeton, and 21Shares, signal strong demand for regulated XRP investment vehicles.
XRP registered a sharp drop on Saturday (May 31), falling to a low of $2.08. However, it recovered from this level to register an increase of 1.58% and settle at $2.17. The price registered a marginal rise on Sunday to end the weekend in positive territory. Buyers retained control on Monday as XRP rose almost 1% and settled at $2.19. Bullish sentiment intensified on Tuesday as the price rose over 2% to $2.24. XRP lost momentum after reaching this level, dropping almost 2% to $2.20 on Wednesday. Selling pressure intensified on Thursday as the price plunged nearly 5%, falling to a low of $2.06 before settling at $2.09.
Source: TradingView
XRP recovered on Friday, rising 3.16% and settling at $2.16. Price action remained positive over the weekend as XRP rose 0.76% on Saturday and over 4% on Sunday to reclaim $2.20 and settle at $2.26. XRP started the week positively, increasing 2.36% to cross $2.30 and settling at $2.32. However, XRP lost momentum on Tuesday, falling to a low of $2.26 before settling at $2.30, ultimately registering a drop of 0.66%. The current session sees XRP marginally up as buyers and sellers struggle to establish control.
Internet Computer (ICP) Price Analysis
Internet Computer (ICP) has been on a tear since Friday, with the price up 14% over the past week and nearly 4% in the past 24 hours. ICP traded in positive territory the previous weekend, rising 2.29% on Saturday and 0.61% on Sunday to settle at $4.94. The price pushed higher on Monday, rising nearly 4% to cross $5 and settle at $5.13. ICP raced to an intraday high of $5.59 on Tuesday as bullish sentiment intensified. However, it could not stay at this level and settled at $5.33, ultimately registering an increase of almost 4%. The price lost momentum on Wednesday, falling 2.25% to $5.21. Selling pressure intensified on Thursday as ICP fell nearly 7% and settled at $4.87.
Source: TradingView
Despite the overwhelming selling pressure, ICP recovered on Friday, rising 1.85% to $4.96. Bullish sentiment intensified over the weekend as the price rose 5.44% on Saturday and over 6% on Sunday to reclaim $5 and settle at $5.56. ICP started the week on a bullish note, rising nearly 9% and moving to $6.04. Buyers retained control on Tuesday as the price rose over 2% and settled at $6.17. However, ICP is marginally down during the ongoing session, trading around $6.15.
Arbitrum (ARB) Price Analysis
Arbitrum (ARB) registered an increase of almost 2% on Saturday (May 31) and 0.85% on Sunday to settle at $0.342. The price continued to push higher on Monday, rising over 4% to $0.358. ARB registered a marginal increase on Tuesday but was back in the red on Wednesday, falling 0.25% to $0.359. Bearish sentiment intensified on Thursday as ARB plunged nearly 10% after failing to cross the 50-day SMA and settled at $0.326. The price recovered on Friday, rising to $0.346 before settling at $0.332, ultimately registering an increase of 2.63%.
Source: TradingView
ARB continued to push higher on Saturday and rose nearly 5% to $0.348. However, it lost momentum on Sunday and fell 1.64% to $0.342. The current week started on a bullish note as ARB rose nearly 8% to $0.368. Bullish sentiment intensified on Tuesday as the price surged over 12% to cross $0.40 and settle at $0.414. The current session sees ARB down over 4%, trading around $0.397 after buyers lost momentum.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.