Crypto Price Analysis 7-1: BITCOIN: BTC, ETHEREUM: ETH, SOLANA: SOL, DOGECOIN: DOGE, JUPITER: JUP, UNISWAP: UNI

The crypto market is down nearly 1% as most cryptocurrencies, including Bitcoin (BTC) and Ethereum (ETH), traded in bearish territory. BTC crossed $108,500 on Monday but lost momentum and fell to a low of $106,794. The price recovered to reclaim $107,000 before declining and moving to its current level of $106,943, down over 1% in the past 24 hours. Meanwhile, ETH is down nearly 2%, trading around $2,457 with sellers firmly in control. 

However, Ripple (XRP) is trading in positive territory, up 1.26% at $2.21. Solana (SOL) is up almost 1%, having reclaimed $150 and trading at $151. On the other hand, Dogecoin (DOGE), Cardano (ADA), Chainlink (LINK), Stellar (XLM), Toncoin (TON), Litecoin (LTC), Hedera (HBAR), and Polkadot (DOT) registered notable declines. 

Aptos CEO Appointed To CFTC Digital Asset Markets Subcommittee 

Avery Ching, co-founder and CEO of Aptos, has been appointed to the Commodity Futures Trading Commission’s (CFTC) Digital Asset Markets Subcommittee. The group is part of the CFTC’s Global Markets Advisory Committee and includes the likes of Goldman Sachs, Citadel, and BlackRock. It also includes key crypto industry figures like Rebecca Rettig (Polygon Labs) and Christopher Perkins (CoinFund). Aptos stated that Ching will represent the builder perspective in a policy environment shaped by legal and financial incumbents. Ching’s appointment indicates that the CFTC is actively looking to engage with technologists who understand the complexities of blockchain technology. 

“The United States of Aptos. Co-Founder & CEO of @AptosLabs, @AveryChing, joins the @CFTC GMAC Digital Asset Markets Subcommittee. Avery will collaborate with other leaders from Web3 and financial services to help shape digital asset regulations.”

Robinhood Stock Soars To New High 

Robinhood (HOOD) stock price surged to $92, up 200% from its April low, and over 1,000% from its lowest levels in 2023. The stock soared along with the US equities market, which has registered a substantial uptick, with the Nasdaq 100 and the S&P 500 reaching all-time highs. Higher stock prices result in increased trading volumes for brokerage companies like Robinhood. The company’s shares have also benefited from its exposure to the crypto market. Robinhood has established itself as a major player in the crypto market, recently completing the acquisition of Bitstamp. 

Analysts believe Robinhood’s growth will continue. The average revenue estimate for the current quarter is $891 million, a 30% year-over-year increase. Annual revenue is expected to grow 23% to $3.6 billion this year and $4.24 billion next year. The platform plans to increase its growth by launching banking solutions, tokenized products, and international expansion. 

Wall Street Divided On Circle Stock Price

Wall Street firms began their coverage of Circle’s stock after the mandatory quiet period ended, with Bernstein, Barclays, and JPMorgan releasing their ratings and price targets. Barclays, Needham, Canaccord Genuity, and Bernstein see Circle’s target price above $200, implying an upside potential of $15 per share from its current price. Bernstein analysts stated, 

“CRCL is building a market-leading digital dollar stablecoin network, with a strong regulatory edge, liquidity headstart, and marquee distribution partnerships. This is hard to replicate, in our view.”

However, JPMorgan and Goldman Sachs believe the stock is overvalued and set a target of $80, significantly lower than the current trading price of $185. Kenneth Washington, analyst at JPMorgan, praised Circle’s business model, adding it had a first-mover advantage, stating, 

“Circle and USDC have an early-mover advantage in what has been a winner-takes-most market, driving USDC market capitalization to $62 billion. We think highly of the Circle management team and are confident in the outlook for outsized stablecoin and USDC growth. However, we see Circle’s current market capitalization elevated.”

Goldman Sachs agreed with the assessment, starting the coverage with a neutral rating. 

“Together, pending global stablecoin regulation that should favor adoption of compliant stablecoins like USDC, as well as continued new partnerships, should drive continued market share gains. We view CRCL’s business and growth attractively, but valuation appears elevated.”

Circle Applies For US Trust Bank Charter To Manage USDC Reserves 

Circle, the entity behind the USDC stablecoin, has applied to establish a national trust bank in the US to manage its USDC reserve. If the US Office of the Comptroller of the Currency (OCC) approves the application, Circle’s First National Digital Currency Bank would be authorized to operate as a federally regulated trust institution. The digital bank will also strengthen the infrastructure supporting the issuance of USDC and offer digital asset custody services to institutional customers. 

“Circle Internet Group, Inc. (NYSE: CRCL), a global financial technology company and stablecoin market leader, has formally submitted an application to the Office of the Comptroller of the Currency (OCC) to establish a national trust bank, First National Digital Currency Bank, N.A. If approved, First National Digital Currency Bank, N.A. would be authorized to operate as a federally regulated trust institution, subject to OCC oversight.”

IRS Can Access Coinbase User Data Without Warrants 

The US Supreme Court declined an appeal against allowing the IRS to access user data from Coinbase without a warrant. James Harper, a Coinbase user, had sued the IRS, calling its actions an “unconstitutional overreach.” The court also did not impose any limitations on the IRS and how it collects user data. The court ruling allows the IRS to access the data of over 14,000 Coinbase users, originally requested in a 2016 summons. 

In his appeal, Harper stated that the IRS’s sweeping demands violated his Fourth Amendment protections. In a separate lawsuit, Harper contested that the request constituted an unreasonable search and seizure. However, the District and Appeals Courts both ruled in favor of the IRS, arguing that individuals did not have a reasonable expectation of privacy when voluntarily submitting data to third-party services. The Supreme Court ruling means Harper has exhausted all legal avenues.  

However, legal experts have warned that the implications of the ruling could extend beyond crypto and normalize broad surveillance powers across tech and financial platforms. 

Bitcoin (BTC) Price Analysis 

Bitcoin (BTC) extended its losses for a second day as sellers continue to dominate price action. The flagship cryptocurrency traded in positive territory over the weekend, registering marginal increases on Friday and Saturday. Price action picked up on Sunday as BTC rose almost 1% to cross $108,000 and move to $108,350. However, it lost momentum on Monday, slipping below $108,000 and settling at $107,167. The current session sees BTC trading around $106,850. 

Analysts believe BTC’s rally is losing steam as buying pressure wanes and traders begin locking in their profits. BTC has surged over 40% since falling to its year-to-date low of $73,273. However, Bitfinex analysts stated that momentum is starting to fade. 

“For the first time in that uptrend, momentum has begun to fade.”

The analysts believe that on-chain metrics and order flow data suggest BTC may be entering a period of consolidation after reaching a local top, with “continued vertical acceleration” on the sidelines for now. 

“Spot volume has cooled, taker buy pressure has weakened, and profit-taking has intensified — especially among short-term holders who rode the move from sub-$80,000 levels.”

However, some analysts remain bullish about BTC’s price action. Economist Donald Dean believes BTC is preparing to move to $130,000. 

BTC - Getting Ready to Move Price Target: $130,981. BTC is getting ready to move higher with tight consolidation at the volume shelf. Also, Cup and Handle. Next target is at the Golden Ratio $130k.”

Others like Capriole Investments founder Charles Edwards believe BTC’s uptrend will resume when long-term holders stop selling the asset. The selling has adversely impacted price action despite surging interest from institutional investors. 

“People are wondering why BTC has been stuck at $100K so long, despite the institutional FOMO,” adding that this is mainly due to Bitcoin OGs — long-term holders — who have been “dumping on Wall Street and unloading their positions.”

BTC’s next price action depends on institutional demand, macroeconomic factors, and ETF inflows. US-based spot Bitcoin ETFs have registered inflows for 14 consecutive trading days. The flagship cryptocurrency registered $2.2 billion in inflows last week, with analysts expecting a continuation this week. 

“Massive inflows into US Bitcoin ETFs last week! $2.2 billion! This ranks among the top 10 weeks since inception. 70% chance next week will be positive too, which generally correlates to upward price pressure.”

BTC traded in bearish territory last weekend, dropping 1.18% on Friday (June 20), slipping below the 50-day SMA and settling at $103,388. Sellers retained control on Saturday as the price fell 1.17%, dropping to a low of $100,979 before settling at $102,180. BTC plunged below $100,000 on Sunday as selling pressure intensified, falling to a low of $98,385. The price rebounded from this level to reclaim $100,000 and settle at $100,985. BTC rallied on Monday, rising over 4% to reclaim $105,000 and settle at $105,443. Buyers retained control on Tuesday as the price crossed the moving averages, reclaimed $106,000, and settled at $106,137.

Source: TradingView

BTC continued pushing higher on Wednesday, rising 1.19% to cross $107,000 and settle at $107,397. Despite the positive sentiment, BTC lost momentum on Thursday, dropping 0.39% to $106,980. The price registered marginal increases on Friday and Saturday, reclaiming $107,000 and settling at $107,339. Price action picked up on Sunday as BTC rose almost 1% to cross $108,000 and settle at $108,350. BTC started the current week in the red, dropping 1.09% as bullish sentiment began waning. The current session sees BTC marginally down as buyers and sellers struggle to establish control.

Ethereum (ETH) Price Analysis

Ethereum (ETH) has not made a positive start to the week, losing momentum after reaching $2,500 on Sunday. The world’s second-largest cryptocurrency slipped below $2500 on Monday after registering a drop of 0.55%. The price continued dropping during the ongoing session, and is down over 1%, trading below the 20-day SMA.

Despite a sluggish start to the week, some analysts predict a 100% rally that could drive ETH to $5,000. The analysts pointed out that the ETH price chart is showing a textbook “Power of 3” setup after a trend deviation between $2,100 and $2,200, which took place last Sunday. The Power of 3 model, also known as AMD (Accumulation, Manipulation, and Distribution), allows traders to understand institutional investor trading strategies around key liquidity zones. Analysts point out that the accumulation phase, marked by sideways price action, occurred between May 9 and June 20. During the accumulation phase, market participants build positions and create the groundwork for a bigger move.

The accumulation phase was followed by the manipulation phase, which saw a breakdown below $2,200 as large traders attempted to create panic among retail investors and force premature selling, only to reverse against the move. Sure enough, ETH rebounded from $2,200 to $2,500. Analysts argue that ETH is at the beginning of the distribution phase, with price action set to move in the opposite direction.

ETH registered a sharp drop on Friday, falling nearly 5%, slipping below $2,500 and the 50-day SMA to $2,406. Sellers retained control on Saturday as the price fell 4.56%, falling below $2,300 and settling at $2,296. ETH plunged to an intraday low of $2,119 on Sunday before recovering to reclaim $2,200 and settle at $2,229. The price rallied on Monday, rising over 8% to cross $2,400 and settle at $2,413. ETH continued pushing higher on Tuesday, rising 1.51% to $2,450, but lost momentum on Wednesday, falling 1.26% to $2,419.

Source: TradingView

The price raced to an intraday high of $2,531 on Thursday as buyers attempted a move past the 20-day SMA. However, it lost momentum after reaching this level and dropped to $2,415, ultimately registering a marginal decline. ETH registered marginal increases on Friday and Saturday to settle at $2,437. It registered a sharp increase on Sunday as bullish sentiment intensified, rising to $2,500. ETH started the current week in the red, falling 0.55% to $2,486. The current session sees the price down 1.24%, trading around $2,455.

Solana (SOL) Price Analysis

Solana (SOL) briefly surged to $160 on Monday after the Solana ETF launch with staking drew considerable excitement. However, it could not sustain momentum and has registered a substantial decline during the ongoing session, down 3.52%. The news of the ETF launch created speculation about whether institutional demand would return. However, it has remained muted, prompting SOL to drop from $160 to $154. ETF provider REX Shares partnered with Osprey Funds to establish a taxable C-corporation, bypassing the usual Securities and Exchange Commission (SEC) approval process. This enables a faster and smoother launch.

However, traders adjusted their expectations after the initial euphoria, recognizing that similar products could be launched for other altcoins. Additionally, Grayscale’s Solana Trust (GSOL), which has traded for two years, manages only $75 million in assets. Selling pressure could increase due to SOL staking unlocks and Solana-based decentralized applications. According to data from DeFiLlama, $585 million worth of SOL will be unlocked over the next two months.

SOL registered a sharp decline on Friday, falling nearly 5% to $140 as it started the previous week in the red. The price continued dropping on Saturday, falling to a low of $131 before settling at $135. SOL plunged to an intraday low of $126 on Sunday. However, it recovered from this level to reclaim $130 and settle at $131. The price rallied on Monday, rising nearly 10% to reclaim $140 and settle at $144. Buyers retained control on Tuesday as SOL rose almost 1% to $145. The price lost momentum on Wednesday, falling nearly 2% and settling at $143.

Source: TradingView

SOL attempted a move past the 20-day SMA on Thursday, reaching an intraday high of $147. However, it failed to push higher and fell over 3%, slipping below $140 and settling at $139. The price recovered on Friday, rising 2.21% to reclaim $140 and settle at $142. Bullish sentiment intensified on Saturday as SOL rose over 6%, crossing the 20-day SMA and settling at $150. Buyers retained control on Sunday with the price rising almost 2% to $153. SOL surged to an intraday high of $160 on Monday thanks to the Solana ETF launch. However, it could not stay at that level and settled at $154. The current session sees SOL down 4%, having slipped below $150 and trading around $148.

Dogecoin (DOGE) Price Analysis

Dogecoin (DOGE) started the week with a sharp drop after it failed to cross the 20-day SMA. The popular memecoin is down over 2% during the ongoing session, trading around $0.161.

DOGE traded in the red the previous weekend, dropping almost 5% on Friday and 4.81% on Saturday to settle at $0.154. The price plunged to an intraday low of $0.143 on Sunday as bearish sentiment intensified, but recovered to settle at $0.151, ultimately registering a drop of 1.81%. Price action flipped to bullish on Monday as DOGE rallied, rising nearly 8% to cross $0.160 and settle at $0.163. Buyers retained control on Tuesday as the price registered an increase of 0.92% and moved to $0.165.

Source: TradingView

DOGE remained stationary on Wednesday before dropping 3.51% on Thursday and settling at $0.159. Despite the bearish sentiment, the price recovered, rising 1.38% on Friday and 0.99% on Saturday to settle at $0.163. Bullish sentiment intensified on Sunday as DOGE rose nearly 4% and settled at $0.169. However, it was back in the red on Monday, dropping 2.37% to $0.165. Sellers have retained control during the ongoing session, with the price down over 2%, trading at $0.161.

Jupiter (JUP) Price Analysis

Jupiter (JUP) started the previous weekend in the red, dropping 6.56% on Friday and over 5% on Saturday to settle at $0.358. Selling pressure intensified on Sunday as the price plunged to a low of $0.326 before settling at $0.345, ultimately registering a drop of almost 4%. JUP made a strong recovery on Monday, rising over 17% to cross $0.40 and settle at $0.404. The price continued pushing higher on Tuesday and settled at $0.418. However, it lost momentum on Wednesday, falling over 2% to $0.410.

Source: TradingView

Selling pressure intensified on Thursday as JUP fell 3.99%, slipping below $0.40 and settling at $0.393. Despite the overwhelming selling pressure, JUP recovered on Friday, rising over 3% to reclaim $0.40 and settle at $0.405. Bullish sentiment intensified on Saturday as the price rallied over 11%, crossing the 20-day SMA and settling at $0.452. JUP continued rising on Sunday and settled at $0.465. It faced selling pressure and volatility on Monday, dropping 1.28% to $0.459. The current session sees JUP down nearly 5%, trading around $0.437.

Uniswap (UNI) Price Analysis

Uniswap (UNI) fell over 8% on Friday (June 20) and 8.37% on Saturday to settle at $6.46. Sellers retained control on Sunday as the price fell almost 3%, dropping to an intraday low of $5.93 before reclaiming $6 and settling at $6.27. Price action turned bullish on Monday as UNI rallied, rising over 8% to cross the 50-day SMA and settle at $6.80. Buyers retained control on Tuesday as the price rose 3.84% to cross $7 and settle at $7.06. However, it lost momentum on Wednesday, falling 1.40%, slipping below $7, and settling at $6.96.

Source: TradingView

Selling pressure persisted on Thursday as UNI fell from an intraday high of $7.31 to $6.79, ultimately registering a drop of $6.79%. The price recovered on Friday, rising almost 2% to $6.90. UNI reclaimed $7 on Saturday after registering an increase of over 3% and settling at $7.12. Price action remained bullish on Sunday, rising over 3%, crossing the 20-day SMA, and settling at $7.38. Despite the positive sentiment, UNI was back in the red on Monday, dropping 3.32%, slipping below the 20-day SMA, and settling at $7.13. The current session sees the price down 1.38%, trading around $7.03.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.