Bitcoin dominance also moving higher suggesting that most of the funds are making their way into BTC and leaving some altcoins behind. Some strong support and resistance levels are marked on the Bitcoin daily chart, as well as a possible pennant formation for BTC.D
Market-impacting headlines in Web3:
Gemini Lawsuit: The Winklevoss twins’ crypto exchange Gemini is facing a lawsuit. This could potentially impact the reputation of the exchange as well as gives a negative look for new investors and adoption.
Ledger Security Issues: Ledger experienced network issues. This is a negative development as it highlights potential vulnerabilities in their security infrastructure. This has been remedied temporarily by Ledger rescinding their recent update.
Hong Kong Crypto Trading: Hong Kong has announced it will allow cryptocurrency trading. This is bullish news as it opens up a new market for cryptocurrencies, increasing the potential for mass adoption.
USA Debt Ceiling: The U.S. has suspended its debt ceiling until December. This could be a bearish idea for the crypto market as could lead to inflationary pressures, therefore strengthening the dollar and weakening risk-on assets like crypto.
Upcoming News:
US Unemployment Rates: Set to release on June 2nd 12:30 UTC along with other high-impact news like Average Hourly Earnings and Non-Farm Employment Change. Expect volatility around this time as the news reaches the public.
BTC weekly: +5%
Fear & Greed: 52
Bitcoin dominance also moving higher suggesting that most of the funds are making their way into BTC and leaving some altcoins behind. Some strong support and resistance levels are marked on the Bitcoin daily chart, as well as a possible pennant formation for BTC.D
Market-impacting headlines in Web3:
Upcoming News: