Although there are no major macroeconomic events this week, investors can expect massive volatility on a daily basis. The reasoning behind this outlook is that Apple will be conducting the 2023 Apple Worldwide Developers Conference (WWDC) on June 5.

<h2 class="fxs_headline_medium">Is the metaverse hype back in action?</h2>

The highlight of the event is Apple&rsquo;s Virtual Reality (VR) and Automated Reality (AR) headsets. From a tech enthusiast&rsquo;s point of view, VR has never really caught on as a trend, but AR has a lot of potential. But looking at this event from a crypto investors&rsquo; perspective provides investment opportunities. 
 
The AR/VR headset from Apple is most likely to kickstart a rally among Metaverse and GameFi projects. While this effect or narrative of WWDC23 will be short-lived, it is more than likely to trigger a volatile move among related altcoins.

Here&rsquo;s a list of Metaverse coins.

Old coins that yielded massive returns in the 2021 bull run.

<ul>
	<li>
	​​Decentraland (MANA).&nbsp;
	</li>
	<li>
	The Sandbox (SAND).
	</li>
	<li>
	Axie Infinity (AXS).
	</li>
	<li>
	Enjin (ENJ).
	</li>
	<li>
	Apecoin (APE).
	</li>
	<li>
	GALA (GALA).
	</li>
	<li>
	My Neighbor Alice (ALICE).
	</li>
</ul>

Newcomers yet to record exponential rally include:&nbsp;

<ul>
	<li>
	Render (RNDR)Wilder Word (WILD).
	</li>
	<li>
	Highstreet (HIGH).
	</li>
	<li>
	Floki Inu (FLOKI).
	</li>
	<li>
	Magic (MAGIC).
	</li>
</ul>

While Apple&rsquo;s event is going to be the talk of the town, the rally for these tokens is likely to be short-lived. So investors and traders need to trade accordingly.&nbsp;

<h2 class="fxs_headline_medium">Bitcoin could be the rally killer</h2>

Bitcoin price trades at $26,844, close to retesting a stable support level at $26,591. A breakdown of this level, could result in a correction to $25,205 and $24,300 barriers. This outlook is something eager investors should keep a close eye on.&nbsp;

But with no major macroeconomic events scheduled for this week, it should be a volatile week for altcoins.

Is the metaverse hype back in action?

Following the Securities and Exchange Commission&#8217;s (SEC) Monday charges against Binance and its founder Changpeng Zhao for <a href="https://www.benzinga.com/markets/cryptocurrency/23/06/32718798/binance-and-changpeng-zhao-sued-by-the-sec-has-the-empire-just-started-crumbling">alleged securities violations,</a> well-known figures within the cryptocurrency community have taken to Twitter to respond.



What Happened: Former Twitter CEO Jack Dorsey tweeted &#8220;Steady lads&#8221; in response to Zhao&#8217;s tweet which read &#8220;Strong together.&#8221;&nbsp;



It turns out that Dorsey&#8217;s &#8220;Steady lads&#8221; tweet was in fact a reference to a famous tweet by Do Kwon, which became a meme in the cryptocurrency community.



Back in May 2022, when UST made headlines for depegging to $0.35 and wiping out billions in market value for investors, Kwon tweeted &#8220;Deploying more capital — steady lads&#8221; to encourage investors to stay calm. The tweet later became immortalized as a meme.



Meanwhile, Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>) co-founder Billy Markus, popularly known as Shibetoshi Nakamoto on Twitter, shared a meme reading &#8220;It&#8217;s over Cryptocurrency.&#8221;



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">it's over <a href="https://t.co/mBnNTNqAMw">pic.twitter.com/mBnNTNqAMw</a>&mdash; Shibetoshi Nakamoto (@BillyM2k) <a href="https://twitter.com/BillyM2k/status/1665819318590873600?ref_src=twsrc%5Etfw">June 5, 2023</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Justin Sun, the founder of the Tron blockchain platform, added his support to CZ, saying &#8220;Please remember that you are never alone, no matter the circumstances or challenges you face. As your friends, we will always be by your side, offering our unwavering support and encouragement. We believe that justice will be served, and we will face this challenge together.&#8221;



See More: <a href="https://in.benzinga.com/content/32526050/live-like-bond-a-stay-at-the-floating-palace-from-octopussy">A Stay At The Floating Palace From James Bond's &#8216;Octopussy&#8217;</a>



Why It Matters: SEC Chair Gary Gensler said that Zhao and Binance entities engaged in &#8220;an extensive web of deception, conflicts of interest, lack of disclosure and calculated evasion of the law.&#8221; To which, Zhao responded, &#8220;Wonder if he ever reads the comments under his post, from the consumers he is [supposed] to protect.



Read Next:<a href="https://www.benzinga.com/markets/cryptocurrency/23/05/32588496/bitcoin-ethereum-dogecoin-rise-amid-positive-economic-data-analyst-predicts-record-high-fo"> </a><a href="https://www.benzinga.com/markets/cryptocurrency/23/06/32729621/bitcoin-ethereum-dogecoin-tumble-after-sec-lawsuit-analyst-says-binances-success-is-key-to">Bitcoin, Ethereum, Dogecoin Tumble After SEC Lawsuit: Analyst Says Binance&#8217;s Success Is Key To Apex Crypto&#8217;s Survival</a>

Jack Dorsey Says 'Steady Lads,' Dogecoin Co-Creator Posts 'It's Over' After SEC Sues Binance — How Crypto Twitter Reacted

<ul>
	<li>Bitcoin price liquidations cross $100 million after the SEC&rsquo;s recent lawsuit against Binance.</li>
	<li>Ethereum price could retest the $2,000 psychological level if sidelined buyers join the fray.</li>
	<li>Ripple price to get boring for a few days before XRP reveals its directional bias.</li>
</ul>

Bitcoin (BTC) price has suffered a fatal setback after the recent lawsuit that the Securities and Exchange Commission (SEC) filed against Binance and its founder, Changpeng &ldquo;CZ&rdquo; Zhao. The suit caused the markets to cascade, triggering a massive sell-off and causing roughly $311 million in liquidations across the entire crypto landscape.&nbsp;

<img alt="BTC Liquidations " src="https://editorial.fxstreet.com/miscelaneous/Screenshot%202023-06-06%20at%208.23.08%20AM-638216212896110414.png" style="width: 950px; height: 277px;">

BTC Liquidations&nbsp;

Out of the $311 million in liquidations, BTC takes the largest share with $112.27 million in liquidations, Ethereum (ETH) sits at $37.92 million and Ripple (XRP) at $6.72 million. Other altcoins make up roughly $50.16 million.

<img alt="Liquidations heatmap" src="https://editorial.fxstreet.com/miscelaneous/Screenshot%202023-06-06%20at%208.27.20%20AM-638216213088493752.png" style="width: 951px; height: 504px;">

Liquidations heatmap

Also read: Binance responds to SEC claims, plans to defend the platform vigorously

<h2 class="fxs_headline_medium">Bitcoin price remains rational</h2>

Bitcoin (BTC) price action over the last 50 days has set up four distinctive lower highs and lower lows. Connecting these swing points using trend lines reveals a falling wedge formation. This technical formation is a bullish setup, but considering BTC has breached the lower trend line, investors need to wait for more information.

Additionally, Bitcoin price has come close to retesting $25,290, which is the midpoint of the 59% rally witnessed between March 10 and March 27. Hence, the likely direction Bitcoin price will head next is south to find a stable support level. The $25,290 barrier will likely provide some respite from bears.&nbsp;

A recovery inside the falling wedge could see Bitcoin price try and retest the upper limit of the wedge at roughly $27,395. A flip of this hurdle into a support floor could trigger a swift move to $30,048. This uptick is likely going to target the buy-side liquidity resting above this level.

<img alt="BTC/USD 1-day chart" src="https://editorial.fxstreet.com/miscelaneous/BTCUSDT.P_2023-06-06_08-28-39-638216213280337905.png" style="width: 950px; height: 598px;">

BTC/USD 1-day chart

A bearish case scenario for Bitcoin (BTC) price will include BTC sliding lower to retest the 62% and 70.5% retracement levels of the 59% rally at $23,905 and $22,925, respectively. While in the short-term, this move might seem bearish, a revisit to these levels will be an opportunity for long-term holders to accumulate BTC.

&nbsp;



Read more: Bitcoin Weekly Forecast: BTC delays inevitable crash to $25,000

<h2 class="fxs_headline_medium">Ethereum price could dip lower before a bounce</h2>

Ethereum (ETH) price currently sits below a critical support level at $1,817, leaving investors guessing where it will head next. A recovery of ETH above the aforementioned level, combined with Bitcoin&rsquo;s bounce, sounds plausible and could trigger a rebound rally for Ether.&nbsp;

If successful, Ethereum price could continue its ascent and target the $2,028 hurdle.&nbsp;

<img alt="ETH/USD 12-hour chart" src="https://editorial.fxstreet.com/miscelaneous/ETHUSDT.P_2023-06-06_08-38-40-638216213451604092.png" style="width: 950px; height: 598px;">

ETH/USD 12-hour chart

If the after-effects of the recent sell-off continue to impact the crypto markets, Ethereum (ETH) price could slide lower. In such a case, a retest of the $1,703 support level seems likely. The aforementioned level and the zone, extending from $1,563 to $1,478, are places where long-term holders are likely to accumulate ETH.

Read more: Ethereum exchange supply hits multi-year lows, VanEck analysts predict a rally to $11,800

<h2 class="fxs_headline_medium">Ripple price to move sideways before revealing its move</h2>

Ripple (XRP) price has successfully hit targets of the inverse head-and-shoulders, as forecasted in previous publications. The recent sell-off pushed the XRP price into an inefficiency above the $0.483 support level.&nbsp;

Going forward, Ripple price is likely to consolidate between the $0.483 and $0.515 support levels before making a move to the upside. A successful flip of the $0.515 hurdle is likely to trigger a sweep of the $0.548 hurdle to collect the buy-side liquidity.&nbsp;

<img alt="XRP/USD 12-hour chart" src="https://editorial.fxstreet.com/miscelaneous/XRPUSDT.P_2023-06-06_08-44-13-638216213674679268.png" style="width: 950px; height: 598px;">

XRP/USD 12-hour chart

A failure to move higher after consolidation will signal a waning bullish momentum for Ripple (XRP) price. In such a case, a breakdown of the $0.483 support floor will be the obvious outcome. A further spike in selling pressure could send XRP down to retest the $0.466 barrier.

Also read:&nbsp;Pro-XRP attorney says Ripple has 25% chance of winning against SEC, Judge could announce verdict by September

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Crypto liquidations hit $311 million, what’s next?

Jeffrey Wilcke, one of the co-founders of Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>), reportedly transferred a whopping 22,000 ETH, worth a staggering $41.1 million, to an address on the Kraken exchange.



What Happened: This came hours after the Securities and Exchange Commission (SEC) had filed charges against Binance, one of the largest cryptocurrency exchanges, and its founder Changpeng Zhao for <a href="https://www.benzinga.com/markets/cryptocurrency/23/06/32718798/binance-and-changpeng-zhao-sued-by-the-sec-has-the-empire-just-started-crumbling">alleged securities violations.</a>



Following the transfer, Wilcke&#8217;s address still holds over 150,000 ETH, which amounts to nearly $280 million.



See More: <a href="https://in.benzinga.com/content/32526050/live-like-bond-a-stay-at-the-floating-palace-from-octopussy">A Stay At The Floating Palace From James Bond's &#8216;Octopussy&#8217;</a>



Why It Matters: Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>), the leading cryptocurrency by market capitalization, on Monday, suffered a sharp downturn below $26,000. Ethereum and other major altcoins also experienced a decline, with most of the drops occurring in the immediate aftermath of the SEC lawsuit.



It&#8217;s interesting to note that Wilcke&#8217;s address hadn&#8217;t transferred any ETH out for 29 months when a previous transaction of 15,000 ETH was transferred to Kraken. 



Price Action: At the time of writing, ETH was trading at $1,812.73, down 3.12%, in the last 24 hours, <a href="http://pro.benzinga.com">according to Benzinga Pro.</a>



Read Next:<a href="https://www.benzinga.com/markets/cryptocurrency/23/05/32588496/bitcoin-ethereum-dogecoin-rise-amid-positive-economic-data-analyst-predicts-record-high-fo"> </a><a href="https://www.benzinga.com/markets/cryptocurrency/23/06/32729621/bitcoin-ethereum-dogecoin-tumble-after-sec-lawsuit-analyst-says-binances-success-is-key-to">Bitcoin, Ethereum, Dogecoin Tumble After SEC Lawsuit: Analyst Says Binance&#8217;s Success Is Key To Apex Crypto&#8217;s Survival</a>

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