Market Overview
The crypto market capitalisation has fallen by around 2% over the past 24 hours to $2.62 trillion, amid a renewed flight to safety in global markets. The leaders were Internet Computer (+9%), Zcash (+3.6%) and Tron (+1.4%); the laggards were Doge (-4.7%), Toncoin (-3.7%) and Dash (-3.5%). Since hitting lows at the end of March, the cryptocurrency market has been rising at roughly the same pace as the S&P 500, but at about half the speed of its more familiar bellwether – the Nasdaq 100. Since the start of the year, the Nasdaq 100 has gained 13%, while the crypto market has declined 12%.
Bitcoin has returned to levels below $80K, extending its retreat from the 200-day moving average and after touching the overbought zone as part of a pullback from the upper boundary of the uptrend channel. The lower boundary of this channel lies near $77.5K, but a break in this trend would require a fall below the recent lows near $75K.
News Background
Crypto whales on Hyperliquid have significantly increased their long positions in Bitcoin over the past two months, signalling strong bullish sentiment among large BTC holders, according to Glassnode.
Galaxy Digital notes a reduction in selling pressure on Bitcoin, while the number of potential buyers continues to grow. To reach $100K, the asset needs to consolidate above $84K.
Bitcoin Core developers have fixed a critical memory safety vulnerability. A significant proportion of nodes are still running the vulnerable software.
According to a study by Project Eleven, quantum computers will be able to break the cryptographic security of Bitcoin and other blockchains by 2033. The aggressive scenario points to 2030, the conservative one to 2042.
The Chicago Mercantile Exchange has announced plans to launch the first regulated Bitcoin volatility futures on 1 June. The BVX index, calculated from the exchange’s options market data, will serve as the basis for pricing.
The FxPro Analyst Team