Bitcoin surged above $70,000 yesterday once again, driving the hopes and dreams of the cryptocurrency market up. However, things have changed very rapidly as the selling pressure spiked, leading to a drop below $69,000 for the digital gold.

After hitting this milestone the chart shows that Bitcoin saw a significant decline. Selling pressure has suddenly increased, which could indicate that investors are taking profits following the recent rally. 

BTC/USD Chart by TradingView

As a result, traders may be concerned as BTC is finding it difficult to hold its position above important support levels. Bitcoin is currently trading just above its 50-day EMA at about $68,000. The next support level, which is located around the 200 EMA, may be tested if the price is unable to hold this level of support. 

Bearish divergence is also visible on the RSI, suggesting that the momentum may be waning. Overall the long-term trend for Bitcoin is still positive despite this setback. Perhaps the market was just correcting itself before the next leg up, which is why the recent decline was so beneficial. Investors should continue to exercise caution though and keep an eye out for any new indications of weakness in price action.

Solana's surprising stability

Solana is probably one of the few assets on the market with a stable position right now, safely trading at the 100 EMA, at around $150. Despite the overall negative sentiment around the asset, SOL is still in an uptrend if we look at the long-term trend, and the current support level may become a foundation for a future reversal.

As it remains stable at $150 and lines up with the 100 EMA, the chart demonstrates Solana's resilience. This suggests a level of strong support that may serve as a springboard for further gains. Solana has succeeded in keeping a more stable trading range, in contrast to many other cryptocurrencies that are seeing considerable volatility. 

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In spite of the recent market decline, Solana's price action is still bullish when analyzing the long-term trend. The fact that the asset has managed to hold above the 100 EMA shows that the bulls are still in charge. A more neutral outlook is also offered by the RSI, which indicates that there is potential for upward movement without becoming overbought. 

Traders' interest is consistent even though the trading volume is lower than it was at previous peaks. The notion that Solana might be preparing for a comeback is supported by the volume's consistency,  particularly if the mood of the market as a whole improves. 

Shiba Inu has failed to hold the 100 EMA support level and has opened below it during this trading session. The fact that the price of the meme token is moving below this moving average raises substantial concerns and may be a negative signal for investors. The next support level for the asset is not far away but is located below a crucial resistance level.

Shiba Inu in trouble

Shiba Inu is struggling to find support above the 100 EMA, which is bad news for the asset. It appears that selling pressure has increased as the price breaks below this support level, bringing it closer to the next major support level, which is located around $0.000019. 

The RSI is currently in the vicinity of the oversold area, suggesting that the selling pressure might continue. Nevertheless, if buyers intervene to take advantage of the lower prices, the oversold situation could also create the chance for a brief rebound. 

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The volume profile indicates a decline. It may be difficult for SHIB to mount a significant recovery in the near future since lower volume in a downtrend usually signals waning buying interest. The decreasing volume adds credence to the meme token's pessimistic forecast. 

The next significant support, which is located around the 200 EMA, might be tested in less than a week if the current selling pressure persists.

During a recent interview with Bloomberg, Ledger Chief Experience Officer Ian Rogers opined that blockchain and AI are actually two sides of the same coin: 

"I think that AI and blockchain are two sides of the same coin. AI brings digital abundance, and blockchains are fundamentally about digital scarcity. We are already living in a world where you are looking at web pages that were made by AI that, you know, was fed by Web pages that were made by AI" he said.  

Rogers predicts that the blockchain technology will be useful for determining the authenticity of various content that can be found on the internet. "At some point, knowing that it is actually me, who is saying what I'm saying and that, you know, it's not a deepfake and it's not altered, you know, is incredibly important," he noted. 

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For instance, Logging into one's social media account with a Ledger wallet could prove that that person is a human.

"...Increasingly, we will see the ways that these two things go hand and hand," he added.  

The company recently started shipping its high-end Ledger Stax crypto wallets that were originally announced in December 2022. Its new wallet features a secure touch screen that makes it easier to use the self-custody wallet. Notably, Ledger's new high-end device was created in partnership with Foxconn, the biggest contract manufacturer of electronics in the world. 

Blockchain colliding with AI 

Some business luminaries have already floated the idea of combining AI and blockchain. 

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Blockchain-based verification appears to be the most promising use case so far. Reddit co-founder Alexis Ohanian recently suggested that blockchain could be used for determining whether or not a certain photo is generated by AI amid rapid proliferation of this high-end technology.  

Gold bug Peter Schiff recently took to X (formerly Twitter) to warn Bitcoin pumpers that institutional exchange-traded fund (ETF) buyers are not going to save them.

According to Schiff, this makes the cryptocurrency market "even more unstable" since he believes that all ETF buyers are future sellers. "In contrast, many spot buyers intend to hold their Bitcoin until it ultimately replaces fiat currencies," he added.  

Earlier today, the price of the leading cryptocurrency dropped to an intraday low of $66,207, losing more than 5%. 

Last week, Bitcoin failed to break above the $72,000 level despite strong buying pressure due to stronger-than-anticipated US jobs data. As reported by U.Today, US-based spot Bitcoin ETF recorded its second-biggest inflows to date last Tuesday. 

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However, Bitcoin's 19-day streak of uninterrupted inflows has now ended. On Monday, the ETF products saw nearly $65 million worth of outflows. BlackRock's IBIT failed to save the day with modest inflows of only $6.3 million. 

All eyes on the US macro data 

Bitcoin is expected to experience more volatility on Wednesday due to the upcoming consumer price index (CPI) report for May. The critical inflation reading will provide market participants with crucial clues about the Federal Reserve's future policy moves. Accelerating inflation figures will be another bearish headwind for Bitcoin (and vice versa). 

The Fed is also expected to announce its interest rate decision on Wednesday. However, it is unlikely to trigger more volatility since rates are widely expected to remain unchanged. 

U.Today has prepared the top three news stories over the past day.

XRP attracts $1.2 million inflow amid altcoin market doldrums

As recently reported by CoinShares, in the past week, XRP attracted inflows of $1.2 million. This surge is a stark contrast to the subdued activity seen on the broader altcoin market. In comparison to XRP, other altcoins cannot boast such major inflows; Solana, Litecoin and Chainlink experienced inflows of $0.7 million, while Binance received only $0.2 million. Notably, XRP is displaying a weekly trend of growing inflows; the week prior to last, XRP received $0.8 million, up from $0.4 million the week earlier. There could be a number of reasons behind the influx of XRP, including a change in investor interest, but the exact cause for this remains unknown. At the moment of writing, XRP is trading at $0.4819, down 4.17% over the past 24 hours, per CoinMarketCap data.

40 trillion Shiba Inu (SHIB) in spotlight as bulls and bears clash

Based on Shiba Inu's current price action, the dog-themed meme coin might be approaching a crucial support level of 40 trillion SHIB tokens. Per IntoTheBlock's data, 51,350 addresses are holding 40.08 trillion SHIB in the range between $0.000019 and $0.000023, which is extremely close to the current market price of $0.0000232. The 40 trillion token range has emerged as a critical support for Shiba Inu; if this support holds, it could serve as a foundation for a potential price rebound. On the other hand, should the support fail, SHIB could face further downward pressure, potentially to $0.000014. A high-stakes battle between bulls and bears has put the 40 trillion SHIB support level at the forefront right now, as each is trying to push the price in their favor. The outcome of this battle may determine the short-term price trajectory of SHIB. However, it remains to be seen who will be the winner.

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Cardano (ADA) dominating social media discussions

Data provided by Santiment shows that Cardano is leading the race in terms of social media engagement. Such a boost in activity among social media users is caused by the recent announcement from Cardano founder Charles Hoskinson; as previously reported by U.Today, Hoskinson shared in his X post on June 9 that the network was on the verge of the Chang hard fork. According to the founder, the hard fork is expected to be the most important development for Cardano as well as the industry as a whole. Hoskinson's optimism sparked vivid discussions on social media, with many users supporting his bullish view. However, this buzz has not resulted in any significant advancement for ADA's price. At the moment of writing, ADA is changing hands at $0.419, down 6.42% over the past 24 hours, per CoinMarketCap.

Despite the United States Securities and Exchange Commission (SEC) granting approval for a spot Ethereum ETF, the cryptocurrency world is still awaiting S-1 approval to usher in trading of the asset. Per a source in communication with the SEC, some comments are now anticipated this week. Nate Geraci, an analyst, in a post on X said that at least one of the several prospective issuers that filed an application will receive comments from the regulatory authority this week.

Fwiw, at least one prospective spot eth ETF issuer anticipating SEC comments back on S-1 this week...Issuers would then file another round of amendments based on those comments.via @Timccopeland pic.twitter.com/WB1VQcmbh0

— Nate Geraci (@NateGeraci) June 11, 2024

Spot ETH ETF regulatory delays and issuer expectations

Notably, since the May 31 deadline passed to submit the first draft of S-1 registrations, spot Ethereum ETF issuers have anticipated that the regulatory body would provide an update on the status of their application. To date, nothing definite has come from the Gary Gensler-led commission.

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Interestingly, issuers were optimistic that the SEC would provide comments on the drafts as of June 7. However, two of the issuers categorically stated that nothing was communicated from the SEC to them. The only communication from SEC Chairman Gary Gensler at a recent appearance on CNBC was ambiguous.

The back and forth of the SEC prior to granting the 19b-4 approval led some issuers to drop out of the race. Notable among those that pulled out was Cathie Wood’s Ark Invest. The asset management firm, despite filing documents with the SEC in partnership with 21Shares to become an Ethereum ETF issuer, later withdrew.

Ark Invest, in an official statement, noted that it continues to believe in Ethereum’s “transformative potential and long-term value.” However, Ark will no longer pursue an Ether ETF product.

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Stakeholders' concerns about spot Ethereum ETF

As issuers anticipate clear communication from the regulatory body, some stakeholders are entertaining doubt as to the potential of the spot Ethereum ETF product. Global banking firm JPMorgan believes that these products could attract a much lower share of inflows than expected.

Analysts are, however, optimistic that if the SEC gives the green light, the product is likely to perform well in the crypto space.

A new proposal has already raised much controversy in the cryptocurrency community. Crypto Twitter is discussing whether Arbitrum's (ARB) Reputation NFTs can be used for claiming retroactive airdrops in the future.

ArbitrumDAO introduces Reputation NFTs: Here's how they work

The Reputation NFT system might go live on Arbitrum (ARB) soon, as TogetherCrew analysts received a corresponding grant from ArbitrumDAO. This statement was shared on Arbitrum's main community forum by Daniel Ospina of RnDAO.

join us :)I'll share some of the ways we approach this in @RnDAO__ and also the Dynamic Reputation NFTs we're working on at @together_crew (in partnership with @arbitrum and @SnapshotLabs) to offer governance rewards and more :) https://t.co/9DSwu4Zw2m

— Daniel Ospina (@_Daniel_Ospina) May 6, 2024

Incubated by RnDAO, TogetherCrew is going to build a system that measures and verifies the real social media activity of this or that Arbitrum (ARB) enthusiast.

The Reputation NFTs will be created by contributors minting (for free) a nontransferable NFT via the TogetherCrew UI. 

The algorithm will analyze conversations and map social graphs. They, in turn, will be used to calculate how much context someone has on the community. This is a Sybil-resistant approach that can be used for rewards, as a portable credential (proof of membership/participation), etc.

The grant request mentioned Discord, Discourse, Telegram and Github as potential platforms to be analyzed by the mechanism, while the exact list of social media platforms eligible is yet to be disclosed.

$210,000,000: Arbitrum (ARB) launches massive Gaming Catalyst Program

While the project is fully funded through grants, the exact timeline of its activation has not been unveiled yet. The platform behind Arbitrum's Reputation NFTs already created those systems for Aave and other actors on the crypto market.

Yesterday, the Arbitrum (ARB) community greenlit the launch of a massive gaming-centric initiative. The project transferred 225 million ARB tokens to the newly launched Gaming Catalyst Program (GCP).

The program is focused on "immediate" adoption of Arbitrum (ARB), its L3 development framework Orbit and language-agnostic SDK Stylus in the segments of Play-to-Earn and GameFi.

Earlier this Tuesday, Ripple CEO Brad Garlinghouse offered a "big welcome" to Standard Custody CEO Jack McDonald after the latter joined the company as senior vice president (SVP) of stablecoins. 

Garlinghouse noted that McDonald was no stranger to the XRPL ecosystem and to him personally, adding that he is "thrilled" to have him on his team.

McDonald boasts more than three decades of experience in the financial sector. In 2000, he became the managing director of UBS Investment Bank. In 2014, McDonald became the president and CEO of Conifer Financial Services. 

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He also spearheads PolySign, a fintech firm established by Ripple's Arthur Britto and David Schwartz. Standard Custody, a digital asset custodian, is a subsidiary of PolySign.   

As reported by U.Today, Ripple announced its plan to acquire Standard Custody in February to expand its portfolio of regulatory licenses. The deal came less than a year after it bought Switzerland-based cryptocurrency custody firm Metaco for $250 million.

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In January, the company also unveiled its plan to make a foray into the highly saturated stablecoin market with its own dollar-backed cryptocurrency that will initially run on the XRP Ledger and Ethereum. As reported by U.Today, Ripple President Monica Long recently predicted that the stablecoin project would go live this year.

Ripple has already closed the Standard Custody deal, according to its Tuesday announcement. McDonald, who has been appointed as the company's SVP of stablecoins, will also keep serving as the CEO of Standard Custody. 

The company's strong financial position allows it to potentially continue its strong acquisition spree, according to a recent blog post.

Crypto: The Game's recent season 2, "Anon Island," was played by over 800 crypto enthusiasts across the globe, while the net prize pool exceeded $281,000. The game was widely discussed on Crypto Twitter and includes various engaging in-app mechanics.

Crypto: The Game acquired by Uniswap Labs

According to the official statement by Uniswap Labs, it has acquired Crypto: The Game, an interactive online survival game with integrated cryptocurrency mechanics. The exact sum of the deal has not yet been disclosed by the two parties as of June 11, 2024.

Within the framework of the acquisition process, all members of the CTG team will join Uniswap Labs to continue their work on the highly anticipated season 3.

Also, Uniswap and Crypto: The Game contributors will experiment with on-chain activations for the Uniswap community.

Uniswap founder Hayden Adams is excited by the opportunities unlocked by the acquisition and highlights that this step is a natural one for Uniswap's expansion strategy:

If we want to bring the world onchain, we need more engaging onchain experiences. I’m incredibly excited to welcome the CTG team to Uniswap. As part of the team, they’ll continue their work on Season 3 and also cook up onchain experiments for Uniswap users.

As covered by U.Today previously, Uniswap, the largest multi-chain decentralized crypto exchanges for EVM, accomplished the 3.2 million user milestone last April.

Season 3 to be released with novel on-chain features

These users are employing Uniswap's interface for on-chain trading on Ethereum, Arbitrum, Celo, BNB Smart Chain, Base, Polygon and Avalanche.

Uniswap representatives stressed that operational workflow for Crypto: The Game wll remain untouched, while new themes, twists and on-chain features will be activated in the coming season 3.

In previous seasons, contestants bought in with 0.1 ETH, joined tribes, participated in daily challenges and voted each other out over 10-day seasons until one person won the entire prize pool.

Legendary trader Peter Brandt has recently updated his outlook on the Ethereum (ETH) price chart, highlighting a worrying pattern. Thus, Brandt has identified a controversial head-and-shoulders top formation, which is typically seen as a bearish indicator, suggesting that the price may soon fall. 

This pattern usually signals a reversal from a bullish trend to a bearish one, often resulting in a significant drop in price.

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Despite identifying this bearish pattern, Brandt stressed that he is not short on cryptocurrencies. This is particularly interesting given that just a month ago, in early May, Brandt announced that he was officially short on Ethereum futures. 

However, at that time, he made it clear that he refrains from shorting the spot market due to counterparty risk and always uses stop-loss orders to manage his risk.

This is# an arguable head and shoulders top. I do NOT short cryptos pic.twitter.com/gjC0OPoJm3

— Peter Brandt (@PeterLBrandt) June 11, 2024

Brandt's current stance seems to be a shift from his previous position. While he is now signaling a potential bearish trend, the price of ETH has continued to rise. Currently trading at $3,500, the altcoin has seen a significant increase from its price a month ago, when it was trading at less than $2,900.

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The head and shoulders top pattern highlighted by Brandt could be a critical warning for traders and investors. If the pattern holds true, the price of Ethereum could face a downturn in the near future. However, the market's recent behavior suggests a complex scenario, where traditional chart patterns and market sentiment are not entirely in tune.

With the dull performance of the Shiba Inu network on the weekend and Monday, we are finally seeing some resurgence, with the activity of whales ascending. Almost eight trillion Shiba Inu were transacted between various entities.

New data shows that the Shiba Inu network has experienced a notable increase in the quantity of large transactions. The number of large transactions has increased significantly over the past 24 hours, totaling 153 compared to the seven-day low of 101. 

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This increase in activity points to a resurgence of interest among the major players on the market — also known as whales. Significant amounts of SHIB are being moved by these whales, suggesting potential phases of accumulation or strategic positioning. In the course of this 24-hour period, more than 7.53 trillion SHIB were moved. 

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This indicates that the market is seeing a surge in liquidity and activity as it has made a significant recovery from the seven-day low of 1.36 trillion SHIB. This newfound interest was anticipated after the market reached a seven-day high of 161 trillion SHIB on June 5, but the volume today shows that key players are still actively involved. SHIB is currently trading slightly below its 100 EMA at about $0.000022. 

SHIB is having difficulty hanging onto important support levels, as the recent price action suggests. The increase in big transactions may be a harbinger of future increases. SHIB may breach present resistance levels and aim for higher targets if the whales are gathering.

There is a growing evolution in digital currencies, with protocols linked to the Ethereum ecosystem recording a significant surge in total user count. Taking to X, Polygon cofounder Mihailo Bjelic shared an update that shows the layer-2 scaling solution has now topped Ethereum in total Monthly Active User (MAU) count.

Ethereum versus layer-2 networks

While Ethereum is the foundational network for layer-2 scaling solutions, it is fast losing some of its growth traction to these secondary protocols. Per data shared by Bjelic, the Polygon MAU jumped to more than eight million, while that of Ethereum stayed below the eight million level.

MAU (Monthly Active Users) on @0xPolygon surpassed Ethereum.Probably nothing. https://t.co/bpxIxu7ZcF

— Mihailo Bjelic (@MihailoBjelic) June 11, 2024

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The switch to Polygon by users is understandable. The Dencun Upgrade saw a lowering of the fees that further makes the protocol endearing. Ethereum is developing, but the evolution of its L2s appears to be giving users more avenues to embrace the Decentralized Finance (DeFi) ecosystem better.

Besides Polygon, protocols like Base and Optimism (OP) are also spearheading a major network change that can accommodate more users. From performance to scalability and lower gas fees, layer-2 protocols now form an unrivaled alternative for users looking to explore NFTs, gaming and other new Web3-centric innovations.

Layer-2 ecosystem valuation slump

Despite outpacing Ethereum in several core metrics, layer-2 protocols and their associated tokens have a strong correlation to ETH. All are being swept up in their bearish reign.

At the time of writing, Ethereum is changing hands for $3,527.53, down by 4% in the past 24 hours. Following this slump, L2 tokens, including MATIC, Arbitrum (ARB) and Optimism, are down by 1.74%, 2.44% and 1.6% to $0.6360, $0.9354 and $2.124, respectively.

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The Ethereum ecosystem is on the edge at the moment, with the prospective launch of the spot ETH ETF product. Should this product start trading, it might spell a good bullish boost for these and other associated tokens.

Dogwifhat (WIF), a meme coin based on the Solana blockchain, has captured the attention of traders with a remarkable surge in trading volume. According to the latest data from CoinGlass, WIF's trading volume has skyrocketed by 103.44% in the last 24 hours, now standing at an impressive $1.05 billion. This surge is notable across multiple exchanges, with Binance contributing $565.85 million, Bybit $213.27 million and OKX $134.89 million.

Despite the surge in trading volume, the price of WIF has experienced a slight decline. As of the latest data, WIF is priced at $2.68, marking a 1.82% decrease over the past 24 hours. This price dip occurs against a backdrop of broader market bearishness, driven by anticipation of the Federal Reserve's policy decision and forthcoming consumer price inflation data.

The increased trading volume, however, indicates strong interest and bullish sentiment among traders toward WIF. This trend is particularly significant given the current bearish environment on the wider cryptocurrency market. The surge in volume suggests that traders are actively buying and selling WIF, possibly positioning themselves for potential future gains.

Neutral market sentiment

On the technical front, WIF's Relative Strength Index (RSI) stands at 40.70. The RSI is a momentum oscillator that measures the speed and change of price movements. It is typically used to identify overbought or oversold conditions on a market. An RSI below 30 is generally considered oversold, while an RSI above 70 is considered overbought. With WIF's RSI at 40.70, it suggests that the token is neither overbought nor oversold, indicating a relatively balanced trading environment.

Meanwhile, several factors may be contributing to the significant increase in WIF's trading volume. As a Solana meme coin, WIF likely attracts speculative traders looking to capitalize on short-term price movements. The high volatility associated with meme coins can lead to substantial trading volumes as traders seek quick profits.

Moreover, traders may be positioning themselves in anticipation of a potential rebound in WIF's price. The increased trading volume could be a sign of accumulation, where traders are buying WIF at lower prices, expecting future gains. Increased visibility and accessibility through major exchanges can also drive trading volumes. Enhanced liquidity and ease of trading on these platforms can attract more participants, boosting overall volume.

On the hourly chart of Bitcoin, the TD Sequential indicates a buy signal, suggesting that BTC may rise by one to four candlesticks. This is often used in technical analysis to spot possible asset price turning points.

The indicator, which was created by Tom DeMark, finds trend exhaustion points by examining a sequence of pricing bars. There are two phases to the indicator: the setup phase and the countdown phase. 

Nine price bars in a row, each closing higher (in a downtrend) or lower (in an uptrend), are needed for the setup phase. The countdown phase, which follows if this setup is successful, searches for a string of 13 bars that close lower (in a downtrend) or higher (in an uptrend) than the two bars that came before. 

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When a countdown is finished, it usually indicates that the trend has reached its limit and that a reversal is about to occur. The TD Sequential has flashed a buy signal on the hourly Bitcoin chart, potentially predicting a price reversal. A short-term break from the current downward trend may be provided by this signal, which points to a possible price increase over the next one to four hourly candlesticks. 

The TD Sequential presents a buy signal on the #Bitcoin hourly chart, predicting a potential rebound of one to four candlesticks for $BTC ! pic.twitter.com/pnAMFHHbPe

— Ali (@ali_charts) June 11, 2024

The price of Bitcoin has recently dropped for a number of reasons. First, liquidation clusters have been a major factor. A cascading effect has been seen in the price decline due to large sell-offs and forced liquidations of leveraged positions. The downward pressure was exacerbated by large clusters of liquidations that sit at $72,000-$69,000 and $66,000. 

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Furthermore, departures from U.S. Bitcoin ETFs have contributed to the price action of BTC we are seeing now. These ETFs experienced a net outflow of $64 million on a recent Monday, breaking a 19-day run of inflows. The price of Bitcoin has been further pressured by this change in investor sentiment from one of accumulation to selling.

In the comments to Elon Musk’s recent tweet, in which he slammed Apple for starting to collaborate with OpenAI, prominent Bitcoiner Saifedean Ammous responded to the tech mogul, telling him off for not launching BTC payments on the X social media giant.

Ammous is known for authoring the book, popular within the BTC community, called “The Bitcoin Standard” and is an influential figure among Bitcoin believers.

Saifedean Ammous emotionally tweeted: “Patently absurd that Twitter isn't smart enough to just accept Bitcoin.”

Elon Musk threatens to ban Apple devices

On June 10, on the news of Apple joining forces with OpenAI and integrating the ChatGPT bot, Elon Musk posted an emotional reaction on his X account. Being a rigid opponent of the direction current major AI developers have chosen (the strategy of being socially agreeable), Musk tweeted that if Apple integrates ChatGPT at the OS level, then he will ban Apple devices at all of his companies.

Musk slammed this Apple step as “an unacceptable security violation.” He also added that all visitors to his companies “will have to check their Apple devices at the door, where they will be stored in a Faraday cage.” Earlier, Musk has several times accused OpenAI of being “woke,” and he started his own xAI start-up to create a chatbot, Grok, to compete with ChatGPT.

If Apple integrates OpenAI at the OS level, then Apple devices will be banned at my companies. That is an unacceptable security violation.

— Elon Musk (@elonmusk) June 10, 2024

As reported earlier, Apple and OpenAI have agreed to directly integrate ChatGPT into iOS 18, iPasOS 18 and macOS.

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Apple develops its native AI

Saifedean Ammous left the above-mentioned comment to Musk’s tweet, in which the serial tech entrepreneur rebuked Apple for collaborating with OpenAI instead of creating its own artificial intelligence.

Musk tweeted: “It’s patently absurd that Apple isn’t smart enough to make their own AI,” accusing ChatGPT of transferring user data to OpenAI - “Apple has no clue what’s actually going on once they hand your data over to OpenAI. They’re selling you down the river.”

2. Apple Intelligence: Apple’s first AI system is coming to the iPhone, iPad, and Mac https://t.co/P8qYAjGGA6

— Rowan Cheung (@rowancheung) June 10, 2024

However, Community Notes, the service that checks media materials and tweets published on X integrated by Musk, corrected his tweet. The Notes stated that Apple has developed its own AI foundational models, they “run on-device (locally) and have approximately 3 billion parameters.”

They will be integrated into the iPhone, iPad and Mac.

Litecoin (LTC) has seen a major increase in network activity, which may indicate a potential price rally. Recent data from Santiment shows that Litecoin had an average of approximately 704,000 unique addresses interacting on the network over the past week. 

This is a significant increase from the approximately 345,000 addresses observed over the entire month of May. The more than doubling of active addresses indicates growing interest and usage of the popular cryptocurrency.

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Network growth on the crypto market often precedes price increases. When more unique addresses are active, it indicates a higher number of transactions and greater overall usage. This increased activity can drive demand and push the price higher.  

Source: Santiment

Additionally, when a network has a high number of active addresses it often reflects positive investor sentiment and interest in the native asset.

Is Litecoin really undervalued?

Litecoin, often referred to as the silver to Bitcoin's gold, is a peer-to-peer cryptocurrency created by Charlie Lee in 2011. While both coins share the same basic principles, LTC offers faster transaction times and a different hashing algorithm. These differences make Litecoin more suitable for smaller transactions and a viable option for everyday use.

LTC to USD by CoinMarketCap

The Relative Strength Index (RSI) of Litecoin is currently in an optimal zone for potential gains. RSI is a momentum indicator that measures the speed and change of price movements. An RSI well into the opportunity zone indicates that Litecoin is currently undervalued and may be poised for a price increase.

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Currently, Litecoin is trading at $79.03 per LTC. Since the beginning of the year, the cryptocurrency has risen 8.5%, although it still lags behind Bitcoin and Ethereum in terms of price performance.

Bitcoin has failed to regain its footing above $70,000, but what are the key reasons behind it? The most recent liquidations cluster data, ETF inflows and market evidence might give us some answers.

First the liquidation heatmap data shows notable sell-offs that have aided in the decrease in the price of Bitcoin. The graph shows that the $72,000, $69,000 and $66,000 levels saw significant clusters of liquidations. These liquidations show strong selling pressure because the price was forced lower by the forced closure of leveraged positions. The recent price action of Bitcoin shows that this cascading effect from liquidations frequently results in a swift and steep decline. 

BTC/USD Chart by TradingView

Second, the departure from the U.S. ETFs that track Bitcoin have been very important. After 19 days of inflows, these ETFs saw a net outflow of $64.93 million on Monday. This is noteworthy because it shows that investors are moving away from accumulation and toward profit-taking or taking less risk. 

Grayscale's GBTC had the highest outflow, totaling $40 million, followed by Invesco Galaxy Digital's BTCO, Valkyrie's Bitcoin ETF and Fidelity's FBTC. The money that has been taken out of Bitcoin ETFs indicates a decline in institutional interest, despite the relatively low volume of outflows.

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Third, the dynamics of the market show a general decline in enthusiasm. Though recent outflows suggest a shift, there has been a 19-day streak of net inflows totaling over $4 billion, bringing the total net inflow for spot Bitcoin ETFs since January to $15 billion. 

The overall trend has turned negative even though the only funds to record net inflows of $6 million and $8 million, respectively, were Bitwise's BITB and BlackRock's IBIT. This shift in sentiment is probably the result of profit-taking following an extended period of positive inflows, not only among institutional investors.

Recent data from CryptoQuant indicates a bearish outlook for Ethereum (ETH), suggesting that the current downward trend might continue if prevailing conditions persist. Ethereum, struggling to maintain momentum above the $4,000 mark, is facing significant pressure from futures market participants.

$ETH 's plummet might persist in the short term“This trend suggests that the majority of futures traders have been selling #Ethereum aggressively, either for speculative purposes or to realize profits.” – By @Greatest_Trader Link 👇https://t.co/yz9DVphQ8l

— CryptoQuant.com (@cryptoquant_com) June 11, 2024

The provided chart illustrates the seven-day moving average of the Taker Buy Sell Ratio, an indicator used to gauge the aggressiveness of buyers versus sellers on the futures market. This metric is crucial for understanding market sentiment and potential future price movements. A value above one indicates buyer dominance, suggesting more aggressive buying activity. Meanwhile, a value below one signals seller dominance, pointing to more aggressive selling activity.

In the context of Ethereum, the chart reveals a troubling trend. The ratio has consistently failed to climb above one and has been on a sharp decline recently. This decline indicates that the majority of futures traders are selling ETH aggressively. This selling could be driven by speculative strategies or the need to realize profits amid market volatility.

Implications of current trend

The significant drop in the Taker Buy Sell Ratio is a bearish signal. It suggests that sellers are outweighing buyers, leading to increased downward pressure on Ethereum's price. If this trend continues, ETH might struggle to break through resistance levels, potentially leading to further price declines.

Several factors could be contributing to this aggressive selling behavior. For instance, the overall bearish sentiment on the crypto market could be influencing ETH traders to sell off their positions in anticipation of further declines. Moreover, traders might be realizing profits from previous gains, contributing to increased selling pressure.

Notably, futures traders often employ speculative strategies that can amplify market movements, both upwards and downwards. For Ethereum to reverse this bearish trend, a significant shift in market sentiment and trading behavior is necessary. Moreover, broader economic conditions, such as regulatory clarity or positive macroeconomic trends, could impact trader sentiment positively.

Popular cryptocurrency tracker Whale Alert, which tracks down large crypto transfers, has spread the word about several hundred billion SHIB meme coins getting withdrawn from major trading platform Robinhood. The destination of this transfer is an anonymous wallet.

Aside from this massive SHIB transfer, Whale Alert also spotted two other large meme crypto transactions, as 326 million Dogecoin were moved from the same platform.

600 billion SHIB and 326 million DOGE on move

The enormous transfer of more than half a trillion Shiba Inu meme coins was detected by the aforementioned data source approximately 13 hours ago. In fiat, this constitutes an equivalent of $13,713,299. The transaction was made to a blockchain wallet tagged by Whale Alert as unknown.

This transaction was made between two large transfers of another popular meme cryptocurrency – Dogecoin: 200,000,000 and 126,705,738 DOGE (almost 327 million DOGE in total), valued at $28,790,166 and $18,431,371.

🚨 600,000,000,000 #SHIB (13,713,299 USD) transferred from #Robinhood to unknown wallethttps://t.co/9jSpBh0IQ1

— Whale Alert (@whale_alert) June 10, 2024

Overall, SHIB whales’ activity has seen a drastic increase as of late; as reported by U.Today, over the past week, a staggering 17 trillion SHIB have been transferred, according to data shared by IntoTheBlock.

🚨 🚨 200,000,000 #DOGE (28,790,166 USD) transferred from #Robinhood to unknown wallethttps://t.co/vkE6kqwdcI

— Whale Alert (@whale_alert) June 10, 2024

Still, a deeper look at all three of these transactions made from Robinhood show that the three meme coin lumps ended up nowhere but back on Robinhood, with the destination wallets belong to this trading venue, indicating that Robinhood has been reshuffling its SHIB and DOGE holdings.

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Key SHIB metric soars 2,814%

According to the Shibburn explorer, since yesterday morning, the SHIB community has made significant progress in reducing the SHIB circulating supply. Their joint efforts in burning SHIB have helped to raise the burn rate by 2,814%, sending a total of 7,912,388 Shiba Inu meme coins into unspendable blockchain addresses.

There have been seven burn transfers overall so far, with the three largest ones carrying 4,320,587; 1,538,128 and 1,031,814 SHIB. The small burn transfer here constituted 5,683 SHIB.

Bearish SHIB price performance

Over the period of the last 24 hours, the second largest meme cryptocurrency by market capitalization size has shown negative market performance as it declined by 5.5%, falling to the $0.00002218 price mark.

This price fall coincided with a similar move bybBitcoin as it plunged by nearly 4% in the past 24 hours, losing the $70,000 level and plummeting to $66,997.

Most of the coins are not ready for a reversal yet, according to CoinStats.

SHIB chart by CoinStatsSHIB/USD

The price of SHIB has decline by 2.39% over the last 24 hours.

Image by TradingView

Despite today's fall, the rate of SHIB is looking bearish on the local chart. If the breakout of the support occurs, one can expect a test of the $0.000022 zone. Such a scenario is relevant until tomorrow.

Image by TradingView

On the bigger time frame, bears keep controlling the situation on the market. If the situation does not change, traders ay witness a test of the $0.000021-$0.00002150 range within the next few days.

Image by TradingView

From the midterm point of view, the rate of SHIB is on its way to testing the support of $0.00002078. 

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If the wekely candle closes near it, the accumulated energy might be enough for a breakout, followed by a move to $0.000018.

SHIB is trading at $0.00002222 at press time.

The correction of most of the coins is continuing, according to CoinMarketCap.

Top coins by CoinMarketCapXRP/USD

The rate of XRP has declined by almost 2% since yesterday.

Image by TradingView

Even though the trend is bearish, the price of XRP has made a false brekaout of the local support level of $0.4793. If the daily bar closes far from it, there is a chance to see a test of the resistance by tomorrow.

Image by TradingView

On the bigger time frame, the rate of XRP keeps going down after yesterday's bearish closure. If the bar closes near $0.48 or below it, the decline is likely to continue to the $0.46 zone.

Image by TradingView

From the midterm point of view, the picture is quite similar. The price has once again failed to fix above the vital zone of $0.50. If buyers cannot seize the initiative by the end of the week, one can expect a test of the resistance of $0.4309 soon.

XRP is trading at $0.4859 at press time.