What You Need to Know
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Recently, Bitcoin (BTC) experienced a swift rebound, surpassing $105,000 after a brief decline triggered by geopolitical tensions in the Middle East as Iran targeted U.S. airbases with missile launches. Despite concerns, it appears that spirits are lifted once again in the wider market. Notable cryptocurrencies such as VIRTUAL, JUP, and SEI have surged by over 20% driven by renewed market confidence.
Outlook on Market Sentiments
The upward momentum in Bitcoin seems to follow the announcement of a ceasefire between Israel and Iran from President Trump. This, however, is tempered by reports of potential renewed aggression from Tehran, which serves as a cautious reminder of the delicate balance in the region.
Moreover, reports suggest that at least two Federal Reserve members appointed by Trump favor a rate cut in the upcoming meeting, a move that could positively impact crypto markets. The Federal Housing Finance Agency is also reportedly exploring the integration of cryptocurrency holdings into its mortgage qualification processes.
Institutional Developments
In the institutional investment space, ProCap Financial, helmed by Anthony Pompliano, plans to go public through a merger designed to enhance investment strategies focused on Bitcoin management.
“While the ceasefire optimism is driving short-term gains, the risk of renewed tensions remains elevated,” wrote Valentin Fournier in an email.
The U.S. Federal Reserve recently updated its supervision practices by removing references to ‘reputational risk’, potentially easing the pathway for banking with cryptocurrency.
Key Economic Indicators
Soon on the economic calendar:
- June 24: Statistics Canada to release May’s inflation data, with estimates indicating slight increases.
- June 24, 10 a.m.: Jerome H. Powell will testify before the U.S. House Financial Services Committee regarding monetary policy.
- Several key continuous job figures will be released reflecting ongoing labor market conditions.
Market Movements
Bitcoin’s latest price is $105,285.37, showing a 1.43% rise in the past 24 hours. Meanwhile, Ethereum (ETH) gained 2.96%, now standing at $2,417.93. Stay vigilant and monitor the market for any significant movements or changes.
