Regarding cryptocurrencies, the well-known financial website Forbes recently published an article titled "‘A Very Big Opportunity’—Cryptocurrencies Suddenly Prepared for a Huge Chinese 'Earthquake' Following Bitcoin, Ethereum, and Ripple Price Surge."
In the article published on June 8, Forbes noted that in recent months, Bitcoin prices broke past previous historical highs, once climbing above $70,000, aiding Ethereum prices to double, and Ripple surged nearly 50% from its 2022 lows. Now, as the Federal Reserve quietly acknowledges that gold is replacing the dollar, Bitcoin and cryptocurrency investor Brock Pierce indicates that after the 2021 crackdown that led to Bitcoin's price drop, it's only a matter of time before China reopens its digital door to cryptocurrencies.
The Forbes article mentions that in an interview with the South China Morning Post, Pierce said, "Will China open up (to cryptocurrencies)? I think it's inevitable. The question is not if, but when." Ten years ago, Pierce co-founded Tether, a stablecoin issuer pegged to the dollar, in Hong Kong.
Pierce is currently the chairman of the Bitcoin Foundation. He told the South China Morning Post that he is "excited about what's happening in Hong Kong." Hong Kong, a special administrative region of China, recently followed Wall Street's footsteps and approved some spot Bitcoin and Ethereum ETFs.
Last month, attendees of the Hong Kong Bitcoin conference sparked speculation that the much-publicized Hong Kong spot Bitcoin ETF might eventually be opened to mainland Chinese investors.
Pierce said, "I think Hong Kong is leading in many ways. I think the main opportunity in Hong Kong is in (traditional finance), and this is where Hong Kong digital dollar stablecoins have great potential."
Pierce added that China's supply chain advantage means "(Hong Kong) clearly has a very big opportunity."
The Forbes article also pointed out that last week, there were further signs that Hong Kong and mainland China are gradually regaining enthusiasm for Bitcoin and cryptocurrencies. Dubai-based cryptocurrency exchange Bybit announced that it will allow overseas Chinese citizens to open accounts and trade cryptocurrencies.
The company stated in a press release, "As one of the world's top three cryptocurrency exchanges by trading volume, Bybit is pleased to announce that we will serve the overseas Chinese community. This move is in response to the growing demand for a safe, reliable, and user-friendly cryptocurrency trading platform among Chinese expatriates and the international Chinese community."
Is $100,000 Just a "Small Goal"? Analyst: Bitcoin is Set for a Major Technical Breakthrough
The US website Business Insider reported on June 7 that if Bitcoin can surpass its historical high of around $73,800, it is set for a significant technical breakthrough.
AllStarCharts technical analyst JC Parets stated that the longer Bitcoin trades above $70,000, the more likely it is to climb to $100,000.
Parets said on the "Trends with Friends" podcast, "Our idea is that Bitcoin will reach $47,000, then pause, then reach $70,000, pause again, and finally break through $100,000." According to Parets, everything is going well so far.
At the end of May, a trader and crypto analyst known as Rekt Capital provided insights into the current state and future outlook of Bitcoin. Rekt Capital explained that Bitcoin typically enters a "danger zone" after a halving event, reducing miners' rewards. Despite these concerns, Bitcoin has shown resilience and an upward trend, indicating strong market confidence.
As Bitcoin approaches the $100,000 mark, it is important to consider the broader context of its recent performance and emerging technical patterns. Investors and analysts will closely watch whether Bitcoin can maintain its momentum and reach the significant milestone of $100,000.
Currently, investments from major holders and institutional investors have boosted Bitcoin and Ethereum prices, driving a broader market recovery. A report from CryptoQuant emphasizes that this surge is a key driver of stable price increases in the crypto market.
According to CryptoQuant analysts, the daily inflows of new large Bitcoin investors have reached $1 billion, similar to the massive accumulation period before Bitcoin rebounded from $10,000 to $70,000 in 2020. Additionally, US spot ETF Bitcoin purchases have increased, with total holdings rising from 819,000 coins on May 1 to 859,000 coins currently.
CryptoQuant indicates that these purchases are a significant source of demand this year. Moreover, the selling pressure from traders has eased, with the unrealized profit margin resetting to 0%. This suggests that large-scale selling by traders has been exhausted.
Latest Cryptocurrency News
On Monday (June 10), the latest news is that David Bailey, the cryptocurrency advisor to the Trump campaign, announced that Trump will hold a roundtable discussion on Bitcoin mining in the US.
David Bailey did not disclose which companies or individual miners are interested in attending this future meeting. However, in subsequent X posts, Bailey made it clear that recognized industry participants will attend this meeting.
According to a study released Monday by consumer insights company Protocol Theory and cryptocurrency exchange Easy Crypto, nearly 50% of New Zealanders own or are considering investing in cryptocurrencies in the future. 16% of respondents said they could invest a small amount in real estate over time, while nearly 60% believed they could invest a small amount in cryptocurrencies.
The study also showed that people are willing to consider alternative assets, with only 20% of respondents believing that government-guaranteed investments are the only safe investments, indicating that they are increasingly considering alternative assets to increase wealth. Additionally, 26% of surveyed New Zealanders believe that cryptocurrencies make everyone more equal.
DWF Labs partner Andrei Grachev tweeted that a stable Bitcoin represents confidence, but it is currently impossible for Bitcoin to grow 50 times, whereas altcoins can. If Bitcoin remains stable, he expects a bull market within a few months.
Fundstrat Digital Asset Strategy Director Sean Farrell pointed out that the massive inflow of funds into spot Bitcoin ETFs, combined with the Fed's expected future rate cuts, continues to be favorable for cryptocurrencies on a macro level.
Timothy Peterson, founder of Cane Island Alternative Advisors, believes that the UK and Japan, two major markets, still do not have listed spot Bitcoin ETFs, which means there is still significant growth potential in the market.
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