Bitcoin whales accumulate $1.4b amid market dip

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We have brought together the past week’s most exciting events in this Good Crypto digest. If you want these updates as soon as we post them, follow us on Twitter.

quick weekly news

Bitcoin whales accumulate $1.4b amid market dip

Bitcoin whales took advantage of a market correction on June 11, accumulating a staggering 20,600 BTC valued at approximately $1.38 billion. This marked the largest single-day inflow for Bitcoin whales since February 28, according to blockchain analytics firm CryptoQuant. The accumulation occurred as Bitcoin’s price fell from $71,650 on June 7 to around $69,000, eventually leading to a significant influx of Bitcoin into whale addresses.

The surge in whale activity coincided with Bitcoin’s supply on cryptocurrency exchanges dropping to 942,000 BTC, its lowest level since December 2021, as reported by onchain intelligence platform Santiment. A decrease in Bitcoin reserves on exchanges often signals a bullish market sentiment, with investors expecting upward price movement in the mid to long term.

Fortune 500 embrace blockchain, US faces talent shortage

Fortune 500 companies are increasingly adopting blockchain technology, with a 39% rise in cryptocurrency, blockchain, or Web3 initiatives year-over-year in the first quarter of 2024, according to Coinbase’s fourth annual corporate adoption report. These projects, many of which are in advanced stages, have an average budget of $9.5 million. Additionally, 56% of Fortune 500 executives report their companies are working on blockchain projects, driven by real-world asset tokenization, which has seen significant growth.

Blockchain technology is also gaining traction among small businesses, with 68% expressing positive interest, particularly in payment technology, gaming, healthcare, and the restaurant industry. Coinbase highlights that blockchain can create economic freedom by ensuring fair participation in the economy. Despite this enthusiasm, the United States is lagging behind other countries like China in blockchain adoption, primarily due to a shortage of talent rather than regulatory issues.

Bitcoin miners surge 10% after Trump pledges support

Bitcoin mining stocks experienced a significant surge on June 12, following a promise from U.S. presidential candidate Donald Trump to support domestic mining operations. Trump declared his intention to ensure that all remaining Bitcoin is “MADE IN THE USA,” aiming to make the country “ENERGY DOMINANT.” This announcement came after a meeting with top industry executives, where Trump pledged his support for the sector if elected president in November.

The market responded positively to Trump’s promises, with TeraWulf (WULF) and Hut 8 Mining (HUT) leading the gains among the top 10 largest Bitcoin miners by market cap, rising 10.5% and 10.07%, respectively. Other notable increases included Core Scientific (CORZ) at 9.87%, Iris Energy (IREN) at 9.72%, and Cipher Mining (CIFR) at 8.94%. CleanSpark (CLSK) and Riot Platforms (RIOT) also saw significant gains, while Marathon Digital (MARA) had a modest increase of 2.4%. The overall market cap for the Bitcoin mining industry rose to $26.4 billion.

Eigen Labs acquires Rio Network, open-sources LRT code

Eigen Labs, the company behind the EigenLayer protocol, has announced the acquisition of the restaking platform Rio Network. This acquisition, completed through two separate transactions, will see Rio Network’s intellectual property, including its liquid restaking token technology, made open-source as a reference implementation within the EigenLayer ecosystem. The financial details of the deal were not disclosed.

The acquisition will also bring Rio Network’s team under the umbrella of Eigen Labs, with a focus on further developing the EigenLayer protocol. Staking in blockchain involves locking up crypto assets to support network operations and security, typically in proof-of-stake (PoS) systems. Restaking expands this concept by allowing staked assets to secure additional protocols or layers without needing to be unstaked from the original network, thereby earning users additional crypto rewards.

how to read a Stochastic Oscillator?

📉The Stochastic Oscillator is a powerful momentum indicator that analyzes price changes, much like RSI and MOM. It gauges overbought and oversold conditions by considering the highest highs and lowest lows within a set timeframe, offering a richer market analysis.

The oscillator is represented by 2️⃣lines on your chart:

1. The blue line (%K) shows the current value, reflecting the latest price action.
2. The yellow line (%D) is a smoothed average, offering a more stable view of the momentum.

Both lines move between overbought and oversold zones, with crossings indicating potential market reversals.

• Oversold: Indicates potential upward shifts due to excessive selling.
• Overbought: Signals potential downward transitions due to heavy buying.

The Stochastic Oscillator doesn’t just look at recent prices; it zooms out to consider the highest highs and lowest lows within a set timeframe. ⏳

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