<ul>
	<li>The German Government's deposit of over 1,700 BTC in exchanges creates FUD in markets.</li>
	<li>On-chain data shows no signs of Defi liquidation for BTC, and a decline in spot Bitcoin ETFs holdings signals a downward correction.</li>
	<li>MicroStrategy, a significant BTC investor, acquires 11,931 BTC worth $786 million, while VanEck's Bitcoin ETF goes live on Australia's largest stock exchange.</li>
	<li>Technical indicators suggest that Bitcoin's price is poised for further correction before the uptrend can resume.</li>
</ul>

Bitcoin (BTC) appears poised for a slight decline this week, influenced by factors such as the German Government's deposit of over 1,700 BTC in exchanges, decreasing outflows in US spot ETFs, and on-chain data indicating no signs of BTC DeFi liquidation. Technical indicators suggest BTC might experience a 3% correction in the near term before continuing its upward trajectory.

<h2 class="fxs_headline_medium">German Government deposits create FUD in markets</h2>

Data from Lookchain show that the German Government has <a href="https://www.fxstreet.com/cryptocurrencies/news/german-governments-bitcoin-sale-sends-btc-price-lower-after-microstrategy-almost-triggers-rally-202406202105" target="_blank">deposited</a> 1,700 BTC worth $110.88 million on multiple centralized exchanges this week. These deposits have caused FUD (Fear, Uncertainty and Doubt) in the crypto markets, leading to a 3% decline in BTC’s price from its Monday high of $67,298 to around $64,300 at the time of writing.

If this sell-off continues, FUD in the crypto markets could increase, driving Bitcoin’s price down even as the German Government still holds $3.06 billion worth of BTC.

<div class="twitter_cke fxs_external">
<blockquote align="center" class="twitter-tweet" data-dnt="true">
Beware of the 47,179 <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> ($3.06B) dump from German Government! 
 
In the past 2 days, German Government has deposited 1,700 <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a>($110.88M) to <a href="https://twitter.com/hashtag/Coinbase?src=hash&amp;ref_src=twsrc%5Etfw">#Coinbase</a>, <a href="https://twitter.com/hashtag/Kraken?src=hash&amp;ref_src=twsrc%5Etfw">#Kraken</a>, and <a href="https://twitter.com/hashtag/Bitstamp?src=hash&amp;ref_src=twsrc%5Etfw">#Bitstamp</a>. 
 
German Government currently has 47,179 <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a>($3.06B) left. <a href="https://t.co/ZN9s4vfktY">pic.twitter.com/ZN9s4vfktY</a>
— Lookonchain (@lookonchain) <a href="https://twitter.com/lookonchain/status/1803842199194603909?ref_src=twsrc%5Etfw">June 20, 2024</a></blockquote>
<script async="" charset="utf-8" src="https://platform.twitter.com/widgets.js"></script></div>

<h2 class="fxs_headline_medium">Bitcoin shows no sign of Defi liquidation</h2>

Aave and Compound Finance are money market protocols built on the Ethereum blockchain where users can earn interest by lending their assets and borrowers can obtain loans by using their assets as collateral. Liquidation on the Defi platform Aave and Compound for BTC refers to selling a borrower's collateralized Bitcoin assets to repay a portion or all of their outstanding debt.

However, suppose the value of the borrowed assets exceeds a certain threshold about the collateral's value, known as the liquidation threshold. In that case, the borrower's position becomes vulnerable to liquidation.

When a borrower's position is liquidated, their BTC collateral is sold on the open market to cover the debt. This ensures that lenders are not left with losses due to undercollateralized loans.&nbsp;

When such liquidation occurs on Aave and Compound, it is denoted by a spike in the chart below.

Historically, these spikes are followed by market recoveries due to immediate forced selling and opportunistic buying from key stakeholders.

According to data from Santiment’s Defi liquidations on Aave and Compound Finance, BTC’s recent price decline from $67,298 to $66,060 this week has seen no liquidation in Defi platforms. This indicates that BTC could first face a price decline before it can recover to aim for its all-time high reached on March 14 at $73,777.

<img alt="BTC Defi Liquidation chart" src="https://editorial.fxstreet.com/miscelaneous/Bitcoin%20(BTC)%20[09.48.25,%2021%20Jun,%202024]-638545560577488630.png" style="width: 950px; height: 322px;">

BTC Defi Liquidation chart

<h2 class="fxs_headline_medium">Bitcoin spot ETFs display weakness</h2>

According to CryptoQuant data for Bitcoin ETFs, the Historical Bitcoin Holdings Trend (Aggregated) metric provides a retrospective view of the cumulative Bitcoin holdings across all ETF issuers. Increases or decreases in the metric indicate shifts in institutional demand for Bitcoin exposure or changes in investment strategies.

US spot Bitcoin ETFs have experienced continued outflows for a second consecutive week. The holding amount of Bitcoin in ETFs dropped from 872.9k on Monday to 872.6k&nbsp;on Thursday. This reduction hints at a minor waning of investor confidence, potentially foreshadowing a temporary dip in Bitcoin's price.

<img alt="BTC ETF Historical Bitcoin Holdings Trend (Aggregated) chart" src="https://editorial.fxstreet.com/miscelaneous/[Bitcoin%20ETF]%20Historical%20Bitcoin%20Holdings%20Trend%20(Aggregated)%20(1)-638545651740448118.png" style="width: 950px; height: 534px;">

BTC ETF Historical Bitcoin Holdings Trend (Aggregated) chart

<h2 class="fxs_headline_medium">Some positive signs for BTC</h2>

MicroStrategy Incorporated announced on Thursday the acquisition of <a href="https://www.microstrategy.com/press/microstrategy-acquires-additional-11931-bitcoins-and-now-holds-226331-btc_06-20-2024" target="_blank">another major purchase of Bitcoin, buying 11,931 BTC for about $786 million</a>.&nbsp;

This purchase follows their issuance of Convertible Senior Notes to investors, the company said in a statement. It marks MicroStrategy's third-largest Bitcoin acquisition, surpassed only by purchases on February 24, 2021, and March 10, 2024. With this latest move, MicroStrategy holds a total of 226,331 BTC,. The company currently enjoys unrealized profits of $6.3 billion.

Moreover, VanEck's spot Bitcoin ETF has officially launched on Australia's largest stock exchange, as announced by the Australian Securities Exchange on its official Twitter account. This debut marks a significant milestone in advancing Bitcoin's integration and acceptance within the global financial ecosystem.

<div class="twitter_cke fxs_external">
<blockquote align="center" class="twitter-tweet" data-dnt="true">
ASX welcomes VBTC to the exchange! Congratulations to the <a href="https://twitter.com/vaneck_au?ref_src=twsrc%5Etfw">@vaneck_au</a> team for launching the first crypto ETF on ASX. <a href="https://t.co/QM7iYfNZRO">https://t.co/QM7iYfNZRO</a> <a href="https://twitter.com/hashtag/ASXBell?src=hash&amp;ref_src=twsrc%5Etfw">#ASXBell</a> <a href="https://t.co/f7MiHDqIoZ">pic.twitter.com/f7MiHDqIoZ</a>
— ASX The heart of Australia's financial markets (@ASX) <a href="https://twitter.com/ASX/status/1803638962625360098?ref_src=twsrc%5Etfw">June 20, 2024</a></blockquote>
<script async="" charset="utf-8" src="https://platform.twitter.com/widgets.js"></script></div>

<h2 class="fxs_headline_medium">BTC is not out of the woods yet</h2>

Bitcoin price was rejected by the weekly resistance level of $67,147 on Monday and is currently trading inside a descending channel, drawn from multiple swing highs and lows between early June and mid-June, as shown in the daily chart below.

If BTC continues to <a href="https://www.fxstreet.com/cryptocurrencies/news/top-3-price-prediction-bitcoin-ethereum-ripple-bitcoin-retraces-to-crucial-support-202406210330" target="_blank">decline</a>, it could find support at $62,451, the 61.8% Fibonacci retracement level from a swing low of $56,552 on May 1 to a swing high of $71,995 on May 21.

If the $62,451 support holds and BTC breaks above the descending channel, it could rally 7.5% to reach its previous resistance level of $67,147.

The Relative Strength Index (RSI) and the Awesome Oscillator (AO) on the daily chart are below their respective mean levels of 50 and zero. If bulls are indeed making a comeback, then both momentum indicators must maintain their positions above their respective mean levels.

This development would provide additional momentum to the recovery rally.

If bullish sentiment prevails and the overall cryptocurrency market shows optimism, BTC may extend its rally by 6% from $67,147 to retest its previous resistance level of $71,280.

<img alt="BTC/USDT 1-day chart" src="https://editorial.fxstreet.com/miscelaneous/BTCUSDT_2024-06-21_14-15-25-638545563658076114.png" style="width: 950px; height: 427px;">

BTC/USDT 1-day chart

However, if Bitcoin price breaks and closes below its daily support level of $60,800, the bullish thesis could be invalidated, leading to a 4% crash to its weekly support level of $58,375.

Bitcoin Weekly Forecast: Is BTC out of the woods?

XRP struggles to recover as Ripple CEO Brad Garlinghouse will face trial in civil lawsuit

A Hong Kong court has convicted a man for providing paid investment advice in <a href="https://www.benzinga.com/markets/cryptocurrency/23/10/35337850/telegram-users-now-have-a-seamless-gateway-to-access-cryptocurrencies">a Telegram group</a> without proper licensing.



What Happened: Mingtung Wong, a licensed representative with the Hong Kong Securities and Futures Commission (SFC), was found guilty of acting beyond his professional affiliations&#8217; scope.



The Eastern Magistrates&#8217; Court <a href="https://apps.sfc.hk/edistributionWeb/gateway/TC/news-and-announcements/news/doc?refNo=24PR110">ruling</a>, initiated by the SFC, revealed that Wong managed a subscription-based Telegram group named &#8220;FRANKY &#8211; Real-time Live Hub&#8221; from January 2018 to May 2019. 



Although Wong held a license to conduct regulated activities, his authorization was restricted to his affiliated companies. 



Operating the Telegram group independently breached SFC regulations, leading to his conviction.



Wong admitted to the charges and received a HKD 10,000 fine. 



He was also ordered to cover the investigation costs incurred by the SFC. 



The court emphasized that Wong&#8217;s activities, conducted in a personal capacity, violated the Securities and Futures Ordinance, which mandates proper licensing for providing securities advice.



The SFC has urged investors to verify the licensing status of individuals and firms offering investment advice through their public register at <a href="http://www.sfc.hk">www.sfc.hk</a>, underscoring the importance of regulatory compliance in financial advisory services.



<figure class="wp-block-image size-full"><a href="https://www.benzinga.com/events/digital-assets/"><img loading="lazy" decoding="async" width="300" height="250" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/03/27091545/Benzinga-conference.gif" alt="Benzinga future of digital assets conference" class="wp-image-267246"/></a></figure>



Also Read: <a href="https://www.benzinga.com/markets/cryptocurrency/24/06/39420182/mexican-cartels-exploit-bitcoin-ethereum-tether-to-fund-fentanyl-production#google_vignette">Mexican Cartels Exploit Bitcoin, Ethereum, Tether To Fund Fentanyl Production</a>



Why It Matters: Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) co-founder Vitalik Buterin recently criticized the trend of celebrity-backed meme coins.



Through a series of tweets and a detailed <a href="https://vitalik.eth.limo/general/2024/03/29/memecoins.html">blog post</a>, Buterin condemned these coins for their <a href="https://www.benzinga.com/markets/cryptocurrency/24/06/39223514/meme-coin-mom-vs-ethereum-dad-did-iggy-azalea-just-shade-vitalik-buterin">lack of meaningful impact</a> and longevity. 



He called for a shift towards projects that serve public-good goals and create lasting value.



Buterin&#8217;s dissatisfaction stemmed from observing coins like (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">MOTHER</a>), launched on Solana (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/sol/usd">SOL</a>) by rapper Iggy Azalea, which he viewed as contributing <a href="https://www.benzinga.com/markets/cryptocurrency/24/06/39156417/iggy-azaleas-mother-meme-coin-makes-dramatic-comeback-after-launch-controversy">little beyond price speculation.</a> 



He contrasted these with projects like &#8220;Stoner Cats,&#8221; which funded an animated show, urging the community to explore more positive-sum versions of financialized games and charity coins.



Buterin proposed that the crypto community focus on creating projects that offer economic benefits to lower-income players and have enduring value. 



He cited examples like Axie Infinity (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/axs/usd">AXS</a>), which financially benefited low-income users through its play-to-earn feature. 



He stressed that projects should be designed to last at least 10 years to ensure their lasting impact.



These insights came as Buterin discussed recent scams involving compromised celebrity accounts, such as those of Gigantic-Cassocked-Rebirth, Rich the Kid and Caitlyn Jenner, which were used to promote fraudulent meme coins.



Buterin&#8217;s critique and the recent court ruling highlight the ongoing challenges and debates within the cryptocurrency industry. 



What&#8217;s Next: These topics will be further explored at Benzinga&#8217;s <a href="https://www.benzinga.com/events/digital-assets/agenda/">Future of Digital Assets</a> event on Nov. 19, offering a platform for industry leaders to discuss the evolving landscape of digital finance and the role of meaningful projects in the cryptocurrency space.



Read Next: <a href="https://www.benzinga.com/markets/cryptocurrency/24/06/39419714/german-government-sells-195m-in-bitcoin-has-3b-left">German Government Sells $195M In Bitcoin, Has $3B Left</a>

Investor Convicted For Unlicensed Investment Advice In Paid Telegram Group

<ul>
	<li>1inch price faces rejection by the 200-day Exponential Moving Average (EMA) at $0.443.</li>
	<li>On-chain data show that 1INCH development activity is decreasing, signaling negative sentiment among investors.</li>
	<li>A daily candlestick close above $0.464 would invalidate the bearish thesis.</li>
</ul>

1inch (1INCH) price moves lower by 3% on Friday after being rejected by the 200-day Exponential Moving Average (EMA) on Thursday. On-chain data shows a decline in Development Activity, signaling negative sentiment among 1INCH investors. This development could lead to a downward correction in 1inch’s price.

<h2 class="fxs_headline_medium">1inch price set for a downward correction</h2>

1inch price retraces by 3% and trades around $0.415 during the European session on Friday after a rejection by the 200-day Exponential Moving Average (EMA) at $0.443 the day before. The 200-day EMA roughly coincides with the daily resistance level at $0.446, making it a crucial resistance level.

If this resistance level holds,1INCH could <a href="https://www.fxstreet.com/cryptocurrencies/news/top-3-price-prediction-bitcoin-ethereum-ripple-bitcoin-retraces-to-crucial-support-202406210330" target="_blank">crash</a> 16% from the current level of $0.415 to the May 13 low of $0.345.

The Relative Strength Index (RSI) and the Awesome Oscillator (AO) indicators support this bearish thesis, as both are below their mean levels of 50 and zero, respectively. This indicates that the bearish momentum is in control, and 1inch price could decline further.

<img alt="1INCH/USDT 1-day chart" src="https://editorial.fxstreet.com/miscelaneous/1INCHUSDT_2024-06-21_14-30-03-638545646911221922.png" style="width: 950px; height: 425px;">

1INCH/USDT 1-day chart

On-chain data also points to a bearish outlook for 1inch. According to IntoTheBlock's In/Out of the Money Map (IOMAP), approximately 2,310 addresses bought 247.49 million 1INCH tokens at an average price of $0.437. If the 1inch price rises to this level, this significant amount of investors may opt to sell to get a breakeven on their positions.

From a technical analysis perspective, the $0.443 resistance level aligns with the IOMAP findings, marking this zone as a crucial reversal point to monitor.

<img alt="1INCH IOMAP chart" src="https://editorial.fxstreet.com/miscelaneous/Screenshot%202024-06-21%20143618-638545647226943408.png" style="width: 950px; height: 338px;">

1INCH IOMAP chart

Also, Santiment’s Development Activity metric monitors the frequency of development events documented in the public GitHub repository over a period of time. An increase in this metric typically indicates ongoing efforts to maintain, innovate, and enhance the protocol, which is generally viewed positively by investors and stakeholders. Conversely, a decrease in this metric could lead to concerns regarding the project's sustainability, ability to innovate, and interaction with the community in the coming times.

As in 1INCH’s case, the index <a href="https://www.fxstreet.com/cryptocurrencies/news/1inch-price-edges-closer-to-15-crash-as-1inch-bears-shatter-key-support-level-202406090700" target="_blank">declined</a> 8% on Thursday and has constantly decreased since the end of April. The decline in 1inch’s developing activity adds further credence to the bearish outlook.

<img alt="1INCH Developing Activity chart" src="https://editorial.fxstreet.com/miscelaneous/1inch%20(1INCH)%20[14.36.48,%2021%20Jun,%202024]-638545647594886567.png" style="width: 950px; height: 322px;">

1INCH Developing Activity chart

Despite the bearish thesis signaled by both on-chain data and technical analysis, if the 1inch daily <a href="https://www.fxstreet.com/rates-charts/chart/candlestick-patterns" data-fxs-autoanchor="">candlestick</a> breaks above the descending trendline and closes above the June 20 high at $0.464, the outlook will shift to bullish. This scenario could lead to a 20% <a href="https://www.fxstreet.com/cryptocurrencies/news/1inch-price-likely-to-provide-buying-opportunity-before-a-20-rally-202405310807" target="_blank">rally</a> to $0.559, the 61.8% <a href="https://www.fxstreet.com/technical-analysis/support-resistance/fibonacci" data-fxs-autoanchor="">Fibonacci</a> retracement level from the March 13 high of $0.704 to the April 13 low of $0.327.&nbsp;

1Inch looks poised for downward correction

Standard Chartered Plc is reportedly establishing <a href="https://www.benzinga.com/markets/cryptocurrency/24/06/39400415/why-bitcoin-ethereum-underperformance-is-making-traders-nervous">a trading desk</a> for Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) and Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>), according to sources familiar with the matter.



What Happened: This move positions Standard Chartered as one of the first global banks to enter the spot cryptocurrency trading arena.



The new crypto desk, which will operate from London as part of the bank's FX trading unit, is close to commencing operations, <a href="https://www.bloomberg.com/news/articles/2024-06-21/crypto-trading-stanchart-launches-spot-btc-eth-desk?embedded-checkout=true">according</a> to Bloomberg.



Banks such as Goldman Sachs Group Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GS#NYSE">GS</a>) have been involved in trading cryptocurrency derivatives for years. 



However, stringent regulations have prevented them from directly dealing in the underlying assets. 



The Basel Committee on Banking Supervision has proposed that banks must apply a 1.250% risk weighting to any unhedged crypto exposure, creating significant challenges for profit generation in direct cryptocurrency trading.



In an emailed statement, Standard Chartered commented on its strategic move: &#8220;We have been working closely with our regulators to support demand from our institutional clients to trade Bitcoin and Ethereum, in line with our strategy to support clients across the wider digital asset ecosystem, from access and custody to tokenization and interoperability.&#8221;



<figure class="wp-block-image size-full"><a href="https://www.benzinga.com/events/digital-assets/ "><img loading="lazy" decoding="async" width="300" height="250" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/03/27091545/Benzinga-conference.gif" alt="Benzinga future of digital assets conference" class="wp-image-267246"/></a></figure>



Also Read: <a href="https://www.benzinga.com/markets/cryptocurrency/24/06/39420182/mexican-cartels-exploit-bitcoin-ethereum-tether-to-fund-fentanyl-production">Mexican Cartels Exploit Bitcoin, Ethereum, Tether To Fund Fentanyl Production</a>



Why It Matters: The news comes as the cryptocurrency market witnessed substantial <a href="https://www.benzinga.com/markets/cryptocurrency/24/06/39374792/bitcoin-spot-etfs-see-146m-outflows-on-monday-for-5th-outflow-day-in-6\">outflows from Bitcoin spot ETFs</a> on June 20, marking the fifth consecutive day of outflows.



The total net outflow reached $140 million, with Grayscale&#8216;s (OTC:<a class="ticker" href="https://www.benzinga.com/stock/GBTC#OTC">GBTC</a>) ETF experiencing a single-day outflow of $53.1022 million. 



In contrast, BlackRock&#8216;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/IBIT#NASDAQ">IBIT</a>) ETF saw a modest single-day inflow of $1.4791 million, bringing its total historical net inflow to an impressive $17.643 billion.



This trend of outflows from Bitcoin spot ETFs underscores the volatility and shifting investor sentiment within the cryptocurrency market. 



However, despite these outflows, there is a notable increase in institutional interest and infrastructure development aimed at supporting digital assets.



What&#8217;s Next: This growing institutional interest and infrastructure development come ahead of Benzinga&#8217;s <a href="https://www.benzinga.com/events/digital-assets/agenda/">Future of Digital Assets</a> event on Nov. 19.



The event is poised to offer valuable insights into the evolving landscape of digital finance and the <a href="https://www.benzinga.com/markets/cryptocurrency/24/06/39416041/pantera-capital-eyes-potential-100m-investment-in-bitwises-spot-ethereum-etf">increasing role of institutional players</a> in the cryptocurrency market.



Read Next: <a href="https://www.benzinga.com/markets/cryptocurrency/24/06/39419714/german-government-sells-195m-in-bitcoin-has-3b-left">German Government Sells $195M In Bitcoin, Has $3B Left</a>



Image created using artificial intelligence with Midjourney.

Standard Chartered To Launch Bitcoin, Ethereum Trading Desk As ETF Outflows Continue

On Thursday, June 20, U.S. stock markets closed mixed as Nvidia retreated from earlier gains, and investors evaluated economic data and Federal Reserve comments for clues on potential interest-rate cuts.



According to the economic data, U.S. jobless claims fell by 5,000 to 238,000 in the week ending June 15, slightly above expectations. The four-week moving average rose to 232,750, the highest since September 2023. In May 2024, housing stats dropped 5.5% to 1.27 million, below forecasts, and building permits fell 3.8% to 1.386 million.



The Philadelphia Fed&#8217;s general activity index fell to 1.3 in June, with employment levels continuing to decline despite a slight rise in the employment index.



Energy and utilities were the top performers among the 11 S&amp;P 500 sector indexes, while technology experienced the largest decline.



The Dow Jones Industrial Average was up 0.77% and closed at 39,134.76. The S&amp;P 500 declined 0.25%, ending the day at 5,473.17, and the Nasdaq Composite slid 0.81%, finishing the session at 17,717.90.



Asian Markets Today



<ul>
<li>On Friday, Japan&#8217;s Nikkei 225 declined 0.07%, ending the session at 38,621.00, led by losses in the Shipbuilding, Railway &amp; Bus and Steel sectors.</li>



<li>Australia&#8217;s S&amp;P/ASX 200 closed higher at 0.34%, ending the day at 7,796.00, led by gains in the Gold, Utilities, and Energy sectors.</li>



<li>India&#8217;s Nifty 50 closed lower by 0.28% at 23,501.10, and Nifty 500 fell 0.31% at 22,236.20.</li>



<li>China&#8217;s Shanghai Composite was down 0.24%, ending the session at 2,998.14, and the Shenzhen CSI fell 0.22%, closing at 3,495.62.</li>



<li>Hong Kong&#8217;s Hang Seng ended the session lower by 1.53% at 18,053.96.</li>
</ul>



Eurozone at 06:15 AM ET



<ul>
<li>The European STOXX 50 index declined 0.79%.</li>



<li>Germany&#8217;s DAX fell 0.47%.</li>



<li>France&#8217;s CAC was down 0.60%.</li>



<li>U.K.&#8217;s FTSE 100 traded lower by 0.93%.</li>
</ul>



Commodities at 06:15 AM ET



<ul>
<li>Crude Oil WTI was trading lower by 0.04% at $81.26/bbl, and Brent was down 0.06% at $85.66 bbl.</li>



<li>Natural Gas declined 1.93% to $2.687.</li>



<li>Gold was trading higher by 0.27% at $2,375.60, Silver fell 1.22% to $30.448, and Copper was down 1.59% to $4.4895.</li>
</ul>



US Futures at 06:15 AM ET



Dow futures were down 0.15%, S&amp;P 500 futures slid 0.13%, and Nasdaq 100 Futures declined 0.08%.



Forex at 06:15 AM ET



The U.S. Dollar Index gained 0.13% to 105.72, USD/JPY was up 0.03% at 158.95, and USD/AUD rose 0.13% to 1.5043.



The U.S. dollar remains strong due to a relatively hawkish Fed, despite weak housing and labor market data. The Fed is cautious about cutting rates, reducing its forecast for this year from three to one.



Photo by Sharon McCutcheon via Unsplash

Asia And Europe Markets Dip, While US Dollar Strengthens - Global Markets Today While US Slept

Robert F. Kennedy Jr. has expressed his intent to pardon Ross Ulbricht, the founder of Silk Road, if he becomes President. He also encouraged his followers to sign a petition for Ulbricht&#8217;s release.



What Happened: Kennedy Jr. took to X on Friday to voice his support for Ulbricht, who is serving two life sentences for creating the Silk Road, an online marketplace notorious for illegal transactions.



&#8220;Ross Ulbricht has been in prison far too long. Two life sentences for hosting an e-commerce platform. Yes, illegal activity took place there, but come on. When I'm President I will pardon him. In the meantime, I'm going to sign the petition asking for his release, and I encourage you to do the same<a href="https://t.co/yTPRidH6FU" target="_blank" rel="noreferrer noopener">,</a>&#8221; he wrote.



<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">Ross Ulbricht has been in prison far too long. Two life sentences for hosting an e-commerce platform. Yes, illegal activity took place there, but come on. When I'm President I will pardon him. In the meantime, I'm going to sign the petition asking for his release, and I encourage…&mdash; Robert F. Kennedy Jr (@RobertKennedyJr) <a href="https://twitter.com/RobertKennedyJr/status/1803884253593374747?ref_src=twsrc%5Etfw">June 20, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/06/39393602/donald-trump-vows-to-end-joe-bidens-war-on-crypto-in-another-rousing-speech-maga-coin-shoo?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Donald Trump Vows To End &#8216;Joe Biden&#8217;s War On Crypto&#8217; In Another Rousing Speech, MAGA Coin Shoots Up 27% &#8211;</a>



Ulbricht&#8217;s case has been a topic of debate for years. He was arrested in 2013 for operating Silk Road, which was accessible only through the anonymizing Tor network and accepted Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) for payments for illegal drugs.



Why It Matters: In December 2021, he made headlines when a supporter-operated Twitter account announced an auction of his <a href="https://www.benzinga.com/markets/cryptocurrency/21/12/24375790/convicted-silk-road-founder-an-early-bitcoin-adopter-generates-commotion-with-nft-drop">series of non-fungible tokens </a>(NFTs) titled &#8220;The Ross Ulbricht Genesis Collection&#8221;. The collection, auctioned on the SuperRare NFT marketplace, featured artwork from various stages of Ulbricht&#8217;s life, including his time in prison. 



In 2023, a U.S. Court of Appeals finalized the <a href="https://www.benzinga.com/markets/cryptocurrency/23/12/36335919/from-black-market-bazaar-to-digital-dungeon-silk-road-bitcoin-hoard-forfeited-ulbrichts-sh">forfeiture of approximately </a>69,370 Bitcoin and other cryptocurrencies valued at more than $3.4 billion, marking the official end to Ulbricht&#8217;s legal saga. 



Earlier this year, former President Donald Trump also <a href="https://www.benzinga.com/markets/cannabis/24/05/39023260/trump-vows-to-commute-sentence-of-silk-road-founder-ross-ulbricht-amid-boos-and-jeers-at-liberta">promised to commute </a>Ulbricht&#8217;s sentence if he received the Libertarian Party&#8217;s nomination for President. His announcement was met with boos and jeers at the Libertarian National Convention.



Read Next: <a href="https://www.benzinga.com/markets/cryptocurrency/24/06/39370363/dogecoin-shiba-inu-xrp-flagged-by-analytics-firm-as-buying-opportunities-amid-2024-sentime?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Dogecoin, Shiba Inu, XRP Flagged By Analytics Firm As Buying Opportunities Amid 2024 Sentiment Low</a>



Image via Shutterstock



This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Pooja-Rajkumari" target="_blank" rel="noreferrer noopener">Pooja Rajkumari</a>

RFK Jr. Pledges To Pardon Silk Road Founder Ross Ulbricht, Weeks After Trump Made Similar Promise

<ul>
	<li>LayerZero’s ZRO token airdrop went live on Thursday, with a claiming mechanism called Proof of Donation.&nbsp;</li>
	<li>The team requires 10 cents in USDC, USDT or Ether per ZRO token with the aim to weed out manipulative Sybil entities.&nbsp;</li>
	<li>ZRO wiped out 24% of its value in the past 24 hours.&nbsp;</li>
	<li>Crypto traders slammed LayerZero for the donation requirement post using a “Sybil detection” mechanism prior to the airdrop.</li>
</ul>

<a href="https://www.fxstreet.com/cryptocurrencies/news/heres-what-you-need-to-know-about-layerzero-zro-token-airdrop-202406151800" target="_blank">LayerZero’s</a> newly-launched token ZRO has noted a double-digit price decline one day after its launch. The drop can be attributed to a new mechanism deployed for claiming airdropped tokens, which requires eligible addresses to pay $0.10 in USD Coin (USDC), USD Tether (USDT) or Ether to claim the token.&nbsp;

While The LayerZero team said this is effective in weeding out manipulative bots and Sybil entities, this has enraged crypto traders, who broadly seem to agree that ZRO token’s distribution “is not an airdrop.”

<h2 class="fxs_headline_medium">LayerZero’s ZRO token airdrop brings controversy</h2>

Claims for LayerZero’s token ZRO started on Thursday on one condition. Eligible users need to donate 10 cents in a stablecoin (USDC/USDT) to the Protocol Guild, a collective of <a href="https://www.fxstreet.com/cryptocurrencies/ethereum" data-fxs-autoanchor="">Ethereum</a> developers, for each ZRO token they claim.&nbsp;

<a href="https://www.fxstreet.com/cryptocurrencies/news/ethereum-layer-1-and-2-monthly-active-users-surpass-25-million-milestone-amidst-crypto-bloodbath-202406182230" target="_blank">LayerZero</a> said the Proof of Donation requirement intends to avoid Sybil entities, manipulative bots that farm airdrops. However, the community of crypto investors in X did not take kindly to the new initiative and slammed the firm for claiming that the token distribution via this mechanism is an airdrop.&nbsp;

“Because the token is in exchange for a donation it's technically not an airdrop, and the team didn't call it an airdrop anywhere in their comms…” a trader behind the X handle @dcfgod said.&nbsp;

<div class="twitter_cke fxs_external">
<blockquote align="center" class="twitter-tweet" data-dnt="true">
Polymarket odds for layerzero airdrop crashed to 50% despite the token being out already 
 
Because the token is in exchange for a donation it's technically not an airdrop, and the team didn't call it an airdrop anywhere in their comms 
 
in fact they explicitly say "this is not an… <a href="https://t.co/ufkPNVj1VM">pic.twitter.com/ufkPNVj1VM</a>
— DCF GOD (@dcfgod) <a href="https://twitter.com/dcfgod/status/1803859717959094465?ref_src=twsrc%5Etfw">June 20, 2024</a></blockquote>
<script async="" charset="utf-8" src="https://platform.twitter.com/widgets.js"></script></div>

<a href="https://editorial.fxstreet.com/miscelaneous/Screenshot 2024-06-21 at 12.31.31 PM-638545553764023494.png" target="_blank"><img alt="ZRO" src="https://editorial.fxstreet.com/miscelaneous/Screenshot%202024-06-21%20at%2012.31.31%20PM-638545553764023494.png" style="width: 950px; height: 318px;"></a>

Not an airdrop comments on ZRO token distribution&nbsp;

LayerZero explained that the innovative method for distributing tokens is aligned with the protocol and its commitment to the future of crypto in the long-term. The foundation said it will match up to $10 million in donations to the Protocol Guild and support Layer 1 developers on Ether.&nbsp;

The fee is being likened to a “tax” and the controversy has resulted in a steep correction in ZRO token price, which is down 23.9% in the past 24 hours, per CoinGecko data.

<h2 class="fxs_headline_medium">ZRO suffers steep correction</h2>

ZRO price is down to $3.38 at the time of writing. The token is down nearly 30% from its all-time high of $4.79, from less than a day ago. The token’s market capitalization was around $845 million on Friday at the time of writing.&nbsp;

<a href="https://editorial.fxstreet.com/miscelaneous/ZRO_2024-06-21_12-46-14-638545554115491576.png" target="_blank"><img alt="ZRO" src="https://editorial.fxstreet.com/miscelaneous/ZRO_2024-06-21_12-46-14-638545554115491576.png" style="width: 950px; height: 407px;"></a>

ZRO/USD price chart at GeckoTerminal

It remains to be seen whether ZRO can shrug off the correction and make a comeback to its all-time high of $4.79.&nbsp;

LayerZero ZRO token tumbles 24% in 24 hours, hit by airdrop-related controversy

U.S.-based Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) <a href="https://www.benzinga.com/markets/cryptocurrency/24/06/39404023/first-ever-bitcoin-spot-etf-start-trading-on-australias-main-stock-market-investors-get-ex">spot exchange-traded funds</a> experienced net outflows for the fifth consecutive day, signaling weak investor sentiment in the world's largest digital currency.



What Happened: The 11 investment vehicles tracking Bitcoin's spot price saw a net exit of nearly $140 million Thursday, according to Spot On Chain.



<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">&#x1f6a8; <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> <a href="https://twitter.com/hashtag/ETF?src=hash&amp;ref_src=twsrc%5Etfw">#ETF</a> Net Inflow June 20, 2024: -$140M! • The net inflow has been negative for 5 consecutive days. • Only <a href="https://twitter.com/hashtag/BlackRock?src=hash&amp;ref_src=twsrc%5Etfw">#BlackRock</a> (IBIT) experienced a small inflow of $1.5M yesterday. • <a href="https://twitter.com/hashtag/Grayscale?src=hash&amp;ref_src=twsrc%5Etfw">#Grayscale</a> (GBTC) experienced the highest outflow of the day at $53M. This ETF has suffered a… <a href="https://t.co/XC6n5bJl5D">pic.twitter.com/XC6n5bJl5D</a>&mdash; Spot On Chain (@spotonchain) <a href="https://twitter.com/spotonchain/status/1804005479120802194?ref_src=twsrc%5Etfw">June 21, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Barring BlackRock&#8217;s iShares Bitcoin Trust (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/IBIT#NASDAQ">IBIT</a>), which saw inflows of $1.5 million, all other funds recorded outflows.



The biggest loser was Grayscale Bitcoin Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GBTC#NYSE">GBTC</a>), which saw Bitcoin redemptions worth $53 million, followed by Fidelity's (TSE: FBTC) $51 million in outflows. 



With the latest data, total outflows over the last five active trading days swelled up to $854 million.&nbsp;



Overall, these funds have attracted $14.67 billion in net inflows since their listing in early January. The total assets under management are worth over $56 billion, at the time of writing.



See Also:<a href="https://www.benzinga.com/markets/cryptocurrency/24/06/39359780/dogecoin-shiba-inu-floki-are-dino-coins-says-trader-he-likes-these-3-other-meme-coins-as-b?itm_source=parsely-api"> </a><a href="https://www.benzinga.com/markets/cryptocurrency/24/06/39420068/is-the-meme-coin-super-cycle-over-trader-outlines-pros-and-cons">Is The &#8216;Meme Coin Super Cycle&#8217; Over? Trader Outlines Pros And Cons</a>



Why It Matters: The continuous stream of outflows reflected investors' caution as the broader market <a href="https://www.benzinga.com/markets/cryptocurrency/24/06/39408881/exclusive-will-the-crypto-bulls-come-back-in-the-fall-experts-explain-why-summers-are-not-">slips into the summer stagnation period</a>.&nbsp;



That said, spot ETFs have been the primary demand drivers for Bitcoin in 2024.



Cryptocurrency analyst Quinten Francois highlighted that spot ETFs have gobbled more than 200% of the newly created Bitcoins in 2024, an indication that the asset's demand is far outstripping its supply.



<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">&#x1f4a5;BREAKING&#x1f4a5; US <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> ETFs acquired more than 200% of the new mined <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> in 2024 <a href="https://t.co/aAZaGJien7">pic.twitter.com/aAZaGJien7</a>&mdash; Quinten &#x7C; 048.eth (@QuintenFrancois) <a href="https://twitter.com/QuintenFrancois/status/1803794635203961168?ref_src=twsrc%5Etfw">June 20, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Price Action: At the time of writing, Bitcoin was exchanging hands at $64,257.95, slipping 2.36% in the last 24 hours, according to <a href="https://pro.benzinga.com/dashboard?_gl=1&#x2A;380nj0&#x2A;_ga&#x2A;MTEyOTAyOTcxMy4xNzEzMzY0NTYy&#x2A;_ga_V7ZK73W7N0&#x2A;MTcxNDk4MzIzMi42LjEuMTcxNDk4OTE0Ni4wLjAuMA..">data from Benzinga Pro</a>.



Read Next:<a href="https://www.benzinga.com/markets/cryptocurrency/24/06/39304765/bankrupt-terraform-labs-and-founder-do-kwon-reach-historic-4-47b-settlement-with-the-sec-i"> </a><a href="https://www.benzinga.com/markets/cryptocurrency/24/06/39427284/early-twitter-uber-investor-naval-ravikant-calls-bitcoin-the-ultimate-store-of-value-among">Early Twitter, Uber Investor Naval Ravikant Calls Bitcoin The Ultimate Store Of Value Among Cryptos</a>



Photo via Shutterstock

Bitcoin Spot ETFs Bleed For the Fifth Straight Day, Record $140M In Outflows On Thursday

Naval Ravikant, a renowned investor and venture capitalist, expressed his views on Bitcoin&#8217;s (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) role as a primary store of value.



What Happened: On Friday past midnight, Ravikant took to X, formerly Twitter, to write, &#8220;Perhaps Bitcoin is the true L1 (the store of value) and every other chain is competing for L2 (the medium of exchange).&#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">Perhaps Bitcoin is the true L1 (the store of value) and every other chain is competing for L2 (the medium of exchange).&mdash; Naval (@naval) <a href="https://twitter.com/naval/status/1804028865439989881?ref_src=twsrc%5Etfw">June 21, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Over the years, Bitcoin&#8217;s narrative as a store of value and inflation hedge has been aggressively promoted by its passionate advocates. The narrative has been strengthened by King Crypto&#8217;s staggering 109x value jump in the last 10 years, a feat that is yet to be equaled by assets from traditional finance, including gold — the widely accepted store of value asset.



On the other hand, blockchains like Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) and Solana (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/sol/usd">SOL</a>) have increasingly grown as mainstream payment platforms due to the issuance of dollar-pegged stablecoins.



See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/06/39370363/dogecoin-shiba-inu-xrp-flagged-by-analytics-firm-as-buying-opportunities-amid-2024-sentime?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Dogecoin, Shiba Inu, XRP Flagged By Analytics Firm As Buying Opportunities Amid 2024 Sentiment Low</a>



Why It Matters: Ravikant&#8217;s views on Bitcoin are significant, given his influence in the investment community. Best known as the founder of&nbsp;AngelList, he has invested early-stage in over 200 companies, including&nbsp;Uber and Twitter. 



He has previously stated that Bitcoin solves &#8216;money problems&#8217;, a view he seems to maintain, as indicated by the aforementioned post. 



Earlier this month, Ravikant grabbed eyeballs after he threatened to <a href="https://www.benzinga.com/markets/equities/24/06/39246807/investor-naval-ravikant-threatens-to-sell-all-tesla-holdings-if-ceo-musks-pay-plan-is-rejected-b">sell all his </a><a href="https://www.benzinga.com/markets/equities/24/06/39246807/investor-naval-ravikant-threatens-to-sell-all-tesla-holdings-if-ceo-musks-pay-plan-is-rejected-b">Tesla</a> stocks if Elon Musk&#8217;s pay package was not approved. 



Price Action: At the time of writing, Bitcoin was exchanging hands at $64,638.49, declining 1.44% in the last 24 hours, according to&nbsp;<a href="https://pro.benzinga.com/dashboard?_gl=1&#x2A;380nj0&#x2A;_ga&#x2A;MTEyOTAyOTcxMy4xNzEzMzY0NTYy&#x2A;_ga_V7ZK73W7N0&#x2A;MTcxNDk4MzIzMi42LjEuMTcxNDk4OTE0Ni4wLjAuMA.." target="_blank" rel="noreferrer noopener">data from Benzinga Pro</a>.



Read Next: <a href="https://www.benzinga.com/markets/cryptocurrency/24/06/39426612/what-if-peter-schiff-had-invested-10k-in-bitcoin-instead-of-dissing-it-for-the-first-time-">What If Peter Schiff Had Invested $10K In Bitcoin Instead Of Dissing It For The First Time 13 Years Ago, Here&#8217;s How Much He&#8217;d Have Today</a>



Disclaimer:&nbsp;This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.

Early Twitter, Uber Investor Naval Ravikant Calls Bitcoin The Ultimate Store Of Value Among Cryptos

Peter Schiff remains one of Bitcoin's (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) fiercest critics, routinely receiving many brickbats from passionate supporters of the asset. Interestingly, the King Crypto has grown by leaps and bounds since Schiff's first public rebuke of the currency 13 years ago.



What Happened: Schiff appeared in his first-ever radio interview with Donald Norman, a vocal proponent of Bitcoin in 2011.&nbsp;



After listening to Norman's explanation about Bitcoin's fundamentals, Schiff said that the asset lacks any fundamental intrinsic value.



"If I&#8217;m going to put my wealth, if I&#8217;m going to take $10,000 and store them in Bitcoin, how do I know that a year or two from now anybody is going to accept them," he argued.&nbsp;



See Also:<a href="https://www.benzinga.com/markets/cryptocurrency/24/06/39359780/dogecoin-shiba-inu-floki-are-dino-coins-says-trader-he-likes-these-3-other-meme-coins-as-b?itm_source=parsely-api"> </a><a href="https://www.benzinga.com/markets/cryptocurrency/24/06/39420068/is-the-meme-coin-super-cycle-over-trader-outlines-pros-and-cons">Is The &#8216;Meme Coin Super Cycle&#8217; Over? Trader Outlines Pros And Cons</a>



When Schiff made these remarks, Bitcoin was valued at $17. So, if he had genuinely followed this course and invested $10,000, he would have received a total of 588 Bitcoins.



At the time of writing, one Bitcoin is worth $64,567.54. This means his stash of 588 Bitcoins will be worth a whopping $38 million today.&nbsp;



With an astounding 3798x jump since Schiff's remarks, Bitcoin has outperformed all major traditional investments like stocks, bonds, and even gold.&nbsp;&nbsp;



Why It Matters: Schiff's stance has remained the same, as the economist continues to cast aspersions on the asset's utility.&nbsp;



Last month, he <a href="https://www.benzinga.com/markets/cryptocurrency/24/05/39054093/peter-schiff-mocks-bitcoin-with-this-unlikely-scenario-involving-all-publicly-traded-us-co">poked fun at Bitcoin supporters</a> by saying that if all publicly traded U.S. companies invested their proceeds in Bitcoin, the value of each Bitcoin would shoot up to millions.&nbsp;



"Yes we will all be rich just so long as nobody tries to buy something with their riches," Schiff said in a mocking tone.&nbsp;



Interestingly, in one of the interviews in March, <a href="https://www.benzinga.com/markets/cryptocurrency/24/03/37687164/bitcoin-critic-peter-schiff-regrets-missing-out-on-btc-investment-in-early-days-i-would-ha" target="_blank" rel="noreferrer noopener">he wished he bought</a> the world&#8217;s largest digital asset back in 2010, given its profit potential. 



Photo Courtesy: Wikimedia Commons



Read Next:<a href="https://www.benzinga.com/markets/cryptocurrency/24/06/39304765/bankrupt-terraform-labs-and-founder-do-kwon-reach-historic-4-47b-settlement-with-the-sec-i"> </a><a href="https://www.benzinga.com/markets/cryptocurrency/24/06/39415675/microstrategy-doubles-down-on-bitcoin-with-786m-purchase">MicroStrategy Doubles Down On Bitcoin With $786M Purchase</a>

What If Peter Schiff Had Invested $10K In Bitcoin Instead Of Dissing It For The First Time 13 Years Ago, Here's How Much He'd Have Today

<ul>
	<li>Bitcoin price faces rejection at the weekly resistance level of $67,147.</li>
	<li>Ethereum price stabilizes near the $3,362 support level established on June 14.</li>
	<li>Ripple price is encountering a barrier at $0.515, which aligns with its 50-day Exponential Moving Average (EMA).</li>
</ul>

Bitcoin (BTC) price encounters resistance at weekly highs before retracing to seek support at a crucial level, while Ethereum (ETH) and Ripple (XRP) align closely with Bitcoin's movements, gearing up to surpass resistance barriers and embark on upward rallies.

<h2 class="fxs_headline_medium">Bitcoin price encounters major resistance&nbsp;</h2>

<a data-fxs-autoanchor="" href="https://www.fxstreet.com/cryptocurrencies/bitcoin">Bitcoin price</a> was rejected by the weekly resistance level of $67,147 on Monday and is currently trading inside a descending channel. The descending channel is drawn, joining multiple swing high points and swing low point levels between early June and mid-June, as shown in the one-day chart below.

If BTC continues to <a href="https://www.fxstreet.com/cryptocurrencies/news/top-3-price-prediction-bitcoin-ethereum-ripple-bitcoin-braces-for-potential-short-term-correction-202406140330" target="_blank">decline</a>, it could find support at $62,451, the 61.8% <a data-fxs-autoanchor="" href="https://www.fxstreet.com/technical-analysis/support-resistance/fibonacci">Fibonacci</a> retracement level drawn from a swing low of $56,523 on May 1 to a swing high of $71,994 on May 21.

If the $62,451 support holds and BTC breaks above the descending channel, it could rally 7.5% to reach its previous resistance level of $67,147.

The Relative Strength Index (RSI) and the Awesome Oscillator (AO) on the daily chart are below their respective mean levels of 50 and zero. If bulls are indeed making a comeback, then both momentum indicators must maintain their positions above their respective mean levels.

This development would provide additional momentum to the ongoing recovery rally.

If bullish sentiment prevails and the overall cryptocurrency market shows optimism, BTC may extend its rally by 6% from $67,147 to retest its previous resistance level of $71,280.

<img alt="BTC/USDT 1-day chart" src="https://editorial.fxstreet.com/miscelaneous/BTCUSDT_2024-06-21_06-51-04-638545359992885651.png" style="width: 950px; height: 421px;">

BTC/USDT 1-day chart

However, if Bitcoin price breaks and closes below its daily support level of $60,800, the bullish thesis could be invalidated, leading to a 4% crash, its weekly support level of $58,375.

<h2 class="fxs_headline_medium">Ethereum price outlook is optimistic&nbsp;</h2>

<a data-fxs-autoanchor="" href="https://www.fxstreet.com/cryptocurrencies/ethereum">Ethereum price</a> finds support around the June 14 low at $3,360. On Wednesday, <a href="https://www.fxstreet.com/cryptocurrencies/news/ethereum-survives-sec-scrutiny-enforcement-division-closes-investigation-into-ether-consensys-says-202406190906" target="_blank">the US Securities and Exchange Commission (SEC) granted it a free pass</a>, currently trading at $3,523—the $3,360 low roughly hovers around the 61.8% Fibonacci retracement level at $3,279.

If this <a href="https://www.fxstreet.com/cryptocurrencies/news/top-3-price-prediction-bitcoin-ethereum-ripple-bitcoin-retesting-its-major-resistance-level-202406170331" target="_blank">support</a> holds, ETH price could rally 5% from its current trading price of $3,523 to tag its previous high of $3,717 on June 9.

The Relative Strength Index (RSI) in the daily chart struggles to close above its mean level of 50, while the Awesome Oscillator (AO) trades below its mean zero. If bulls are indeed making a comeback, then both momentum indicators must maintain their positions above their respective mean levels.&nbsp;

If ETH closes above $3,717, it could extend an additional rally of 7% to reach its previous resistance level of $3,977.

<img alt="ETH/USDT 1-day chart" src="https://editorial.fxstreet.com/miscelaneous/ETHUSDT_2024-06-21_07-15-03-638545361213249297.png" style="width: 950px; height: 430px;">

ETH/USDT 1-day chart

On the other hand, if Ethereum's daily candlestick price closes below the $3,292 level, it would produce a lower low and signal a break in the market structure. This move would invalidate the aforementioned bullish thesis, potentially triggering an extra 13% crash to the previous support level of $2,864.

<h2 class="fxs_headline_medium">Ripple price shows promise</h2>

Ripple price faced resistance at $0.515, its 50-day Exponential Moving Average (EMA) on Monday, and is currently trading at $0.490.

If the <a data-fxs-autoanchor="" href="https://www.fxstreet.com/cryptocurrencies/ripple">ripple</a> price breaks above the 50-day EMA at $0.512, it could<a href="https://www.fxstreet.com/cryptocurrencies/news/top-3-price-prediction-bitcoin-ethereum-ripple-bitcoin-could-see-high-volatility-due-to-us-cpi-202406120335" target="_blank"> rise</a> 7% from $0.499 to $0.532, its previous high of June 5.

The Relative Strength Index (RSI) in the daily chart is below the 50 mean level, while the Awesome Oscillator (AO) is below its zero line. If bullish momentum persists, both momentum indicators must remain above their respective thresholds of 50 and zero. This would provide further support to the recovery rally.

If the XRP daily candlestick closes above $0.532, it could extend an additional 9% rally to $0.581, a 50% price retracement level of $0.419 and $0.744 from March 11 to April 13.

<img alt="XRP/USDT 1-day chart" src="https://editorial.fxstreet.com/miscelaneous/XRPUSDT_2024-06-21_07-31-44-638545362219338185.png" style="width: 950px; height: 425px;">

XRP/USDT 1-day chart

Conversely, if Ripple's daily <a data-fxs-autoanchor="" href="https://www.fxstreet.com/rates-charts/chart/candlestick-patterns">candlestick</a> closes below $0.450, marking the June 7 low, establishing a lower low on the daily chart would invalidate the bullish outlook. This scenario might lead to a 7% decline in XRP's price towards the April 13 low of $0.419.

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Bitcoin retraces to crucial support

Popular memecoin Shiba Inu (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/shib/usd">SHIB</a>) witnessed a sharp spike in its burn rate over the last 24 hours. However, the deflationary pressure failed to push its price upward.



What Happened: A whopping 33.29 million SHIB tokens were kicked out of circulation, according to the official burn tracker, <a href="https://www.shibburn.com/">Shibburn</a>, representing a 459% jump.&nbsp;



Burning happens when a cryptocurrency token is intentionally sent to an unusable wallet address to remove it from circulation permanently. This is done to create scarcity and boost its demand and market value.



As of this writing, more than 410.72 trillion SHIB tokens have been burned.&nbsp;



Price Action: That said, the deflationary pressure wasn't enough to give a positive impetus to the price. At the time of writing, SHIB was exchanging hands at $0.00001799, following a 1.38% decline in the last 24 hours, according to <a href="https://pro.benzinga.com/dashboard?_gl=1&#x2A;380nj0&#x2A;_ga&#x2A;MTEyOTAyOTcxMy4xNzEzMzY0NTYy&#x2A;_ga_V7ZK73W7N0&#x2A;MTcxNDk4MzIzMi42LjEuMTcxNDk4OTE0Ni4wLjAuMA..">data from Benzinga Pro</a>.&nbsp;



The meme token has endured considerable selling pressure over the past month, witnessing a 30% decline in its price.



See Also:<a href="https://www.benzinga.com/markets/cryptocurrency/24/06/39359780/dogecoin-shiba-inu-floki-are-dino-coins-says-trader-he-likes-these-3-other-meme-coins-as-b?itm_source=parsely-api"> </a><a href="https://www.benzinga.com/markets/cryptocurrency/24/06/39420068/is-the-meme-coin-super-cycle-over-trader-outlines-pros-and-cons">Is The &#8216;Meme Coin Super Cycle&#8217; Over? Trader Outlines Pros And Cons</a>



Why It Matters: The spike in burn rate comes amid a twofold jump in large transactions trading volume, <a href="https://app.intotheblock.com/?end_offset=20">according </a>to IntoTheBlock. Large transactions here refer to transactions worth over $100,000, also interpreted as whale transactions.



The high whale activity, combined with a drop in price, signaled that large investors were locking in gains. As of this writing, the majority of SHIB holders were in profit.



Photo Courtesy: Shutterstock.com



Read Next:<a href="https://www.benzinga.com/markets/cryptocurrency/24/06/39304765/bankrupt-terraform-labs-and-founder-do-kwon-reach-historic-4-47b-settlement-with-the-sec-i"> </a><a href="https://www.benzinga.com/markets/cryptocurrency/24/06/39426049/solana-etf-3iq-seeks-approval-for-north-americas-first-such-fund-in-canada-will-the-us-be-">Solana ETF: 3iQ Seeks Approval For North America&#8217;s First Such Fund In Canada — Will The US Be Next?</a>

'Dogecoin Killer' Shiba Inu's Burn Rate Soars 459%, Large Transactions Witness A Twofold Jump

Blockchain-based identity verification project Worldcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">WLD</a>) surged sharply Thursday, outstripping the gains of coins with a much higher market cap.



What Happened: Worldcoin emerged as the second best-performing token in the cryptocurrency market in the last 24 hours, spiking more than 7%. This came on the day when blue-chip coins like Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) and Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) <a href="https://www.benzinga.com/markets/cryptocurrency/24/06/39425840/bitcoin-ethereum-dogecoin-remain-rangebound-analysts-says-the-reversal-is-on-the-horizon">remained glued </a>to their ranges.



Worldcoin's trading volume jumped 74% to $275 million in the last 24 hours, indicating significant buying pressure.&nbsp;



The rally comes after Kenyan authorities discontinued an inquiry into the project&#8217;s alleged misuse of customers&#8217; personal data, according to a Reuters report.&nbsp;



Kenya was one of the first countries to launch an investigation into Worldcoin's collection of users' irises, leading to a suspension in August last year. With the probe dropped, Worldcoin was expected to resume operations.&nbsp;



See Also:<a href="https://www.benzinga.com/markets/cryptocurrency/24/06/39359780/dogecoin-shiba-inu-floki-are-dino-coins-says-trader-he-likes-these-3-other-meme-coins-as-b?itm_source=parsely-api"> </a><a href="https://www.benzinga.com/markets/cryptocurrency/24/06/39401631/this-trump-related-token-is-massively-undervalued-touts-trader">This Trump-Related Token Is &#8216;Massively Undervalued,&#8217; Touts Trader</a>



Why It Matters: Worldcoin, which was launched by OpenAI Chief Sam Altman last year, has faced stringent scrutiny over the nature of its operations.&nbsp;



The project collects people's irises to authenticate their humanness and creates a digital ID, making them eligible to receive free WLD tokens.&nbsp;



However, concerns about privacy breaches and data misuse have surfaced, prompting enforcement action in many countries.



The project's suspension was <a href="https://www.benzinga.com/markets/cryptocurrency/24/06/39176283/sam-altman-founded-worldcoins-suspension-extended-in-spain-crypto-plunges-55-since-march-p">extended in Spain earlier this month</a>. Before that, it was asked to shut down all its operations in Hong Kong.



Price Action: At the time of writing, WLD was exchanging hands at $3.03, up 7.2% in the last 24 hours, according to <a href="https://pro.benzinga.com/dashboard?_gl=1&#x2A;380nj0&#x2A;_ga&#x2A;MTEyOTAyOTcxMy4xNzEzMzY0NTYy&#x2A;_ga_V7ZK73W7N0&#x2A;MTcxNDk4MzIzMi42LjEuMTcxNDk4OTE0Ni4wLjAuMA..">data from Benzinga Pro</a>.



Photo via Shutterstock



Read Next:<a href="https://www.benzinga.com/markets/cryptocurrency/24/06/39304765/bankrupt-terraform-labs-and-founder-do-kwon-reach-historic-4-47b-settlement-with-the-sec-i"> </a><a href="https://www.benzinga.com/markets/cryptocurrency/24/06/39426049/solana-etf-3iq-seeks-approval-for-north-americas-first-such-fund-in-canada-will-the-us-be-">Solana ETF: 3iQ Seeks Approval For North America&#8217;s First Such Fund In Canada — Will The US Be Next?</a>

Sam Altman-Founded Worldcoin Outstrips Gains Of Bitcoin, Ethereum After Major Relief From Kenyan Authorities

In a groundbreaking move, investment fund manager 3iQ Corp has announced plans to launch North America&#8217;s first Solana (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/sol/usd">SOL</a>)-based exchange-traded product (ETP) in Canada.



What Happened: Toronto-based 3iQ said it filed a preliminary prospectus with the regulatory authorities in all of the provinces and territories of Canada.



Planning to launch the digital asset fund under the ticker QSOL, the company said that the aim was to give investors exposure to SOL&#8217;s daily price movements, help in long-term capital appreciation, and reward them with staking yields.



<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">3iQ Corp. is pleased to announce that we have submitted a preliminary prospectus for The Solana Fund (QSOL) in Canada in relation to an initial public offering. This continues our track record of innovation, and if receipt of applicable regulatory approvals is obtained, the… <a href="https://t.co/7ghv05f8gU">pic.twitter.com/7ghv05f8gU</a>&mdash; 3iQ Digital Asset Management (@3iq_corp) <a href="https://twitter.com/3iq_corp/status/1803874192875753833?ref_src=twsrc%5Etfw">June 20, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



While explaining more about the fund, Bloomberg analyst James Seyffart said that the investment avenue is a closed end fund, similar to Grayscale trust products. 



He also reminded that 3iQ was the pioneer in launching Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) and Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) spot ETFs in Canada, even before the U.S. launched futures ETFs for the two assets.



Why It Matters: The move by 3iQ Corp aligns with the growing interest in cryptocurrency ETFs. Last month, <a href="https://www.benzinga.com/markets/cryptocurrency/24/05/39077483/cathie-wood-of-ark-invest-believes-ethereum-etf-approval-linked-to-us-politics-sees-likeli">ARK Invest CEO </a><a href="https://www.benzinga.com/markets/cryptocurrency/24/05/39077483/cathie-wood-of-ark-invest-believes-ethereum-etf-approval-linked-to-us-politics-sees-likeli">Cathie Wood</a> sounded optimistic about a Solana ETF in the U.S. following the approval of Ethereum ETFs. 



See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/06/39370363/dogecoin-shiba-inu-xrp-flagged-by-analytics-firm-as-buying-opportunities-amid-2024-sentime?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Dogecoin, Shiba Inu, XRP Flagged By Analytics Firm As Buying Opportunities Amid 2024 Sentiment Low</a>



Similarly, Ripple CEO Brad Garlinghouse <a href="https://www.benzinga.com/markets/cryptocurrency/24/05/39104194/ripple-ceo-brad-garlinghouse-foresees-xrp-solana-cardano-etfs-amid-bitcoin-ethereum-approv">predicted the emergence of ETFs for cryptocurrencies like Solana</a>, despite acknowledging the substantial regulatory approval process ahead.



However, not everyone shares this optimism. Rob Marrocco, the Vice President and Global Head of ETF Listings at&nbsp;Cboe, <a href="https://www.benzinga.com/markets/cryptocurrency/24/06/39291992/solana-ripple-etfs-unlikely-in-near-future-says-cboe-vp">expressed&nbsp;skepticism regarding the near-term feasibility</a> of ETFs based on cryptocurrencies like&nbsp;Solana due to the absence of a futures market for the asset.



Price Action: At the time of writing, SOL was exchanging hands at $134.07, down marginally by 0.08% in the last 24 hours, according to&nbsp;<a href="https://pro.benzinga.com/dashboard?_gl=1&#x2A;380nj0&#x2A;_ga&#x2A;MTEyOTAyOTcxMy4xNzEzMzY0NTYy&#x2A;_ga_V7ZK73W7N0&#x2A;MTcxNDk4MzIzMi42LjEuMTcxNDk4OTE0Ni4wLjAuMA.." target="_blank" rel="noreferrer noopener">data from Benzinga Pro</a>.



Read Next: <a href="https://www.benzinga.com/markets/cannabis/24/06/39419630/charlie-munger-once-said-just-say-no-to-bitcoin-a-legacy-of-caution">Charlie Munger Once Said &#8216;Just Say No&#8217; To Bitcoin: A Legacy Of Caution</a>



Disclaimer:&nbsp;This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.

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