Crypto Price Analysis 6-20: BITCOIN: BTC, ETHEREUM: ETH, SOLANA: SOL, RIPPLE: XRP, POLKADOT: DOT, JUPITER: JUP

The crypto market remained subdued, registering a marginal decline over the past 24 hours as Bitcoin (BTC), Ethereum (ETH), and other cryptocurrencies traded flat. BTC struggled to build momentum and reclaim $105,000, with the price marginally down, trading around $104,591. Recent macroeconomic developments and geopolitical tensions have dampened investor sentiment for the flagship cryptocurrency. 

Meanwhile, ETH is marginally down over the past 24 hours but has held above $2,500, indicating buyers are absorbing the selling pressure at that level. Ripple (XRP) is also marginally down, while Solana (SOL) is down 0.50%, trading at $145. Dogecoin (DOGE) is down over 1%, while Cardano (ADA) is down 1.20%, trading around $0.597. Chainlink (LINK), Stellar (XLM), Litecoin (LTC), Hedera (HBAR), and Polkadot (DOT) also registered notable declines. However, Toncoin (TON) bucked the market trend and registered a marginal increase over the past 24 hours. 

DOJ Seizes $225M In Crypto Linked With Pig Butchering Scam 

The United States Department of Justice (DOJ) has announced the seizure of $225 million in crypto linked to so-called “pig butchering” scams that have led victims to lose billions. The seizure is the largest linked to such scams. Federal prosecutors filed a civil forfeiture action targeting over $225 million in crypto. The assets were linked with a complex web of fraudulent investment platforms. Victims of the “pig butchering” scam were led to believe they were investing in legitimate crypto ventures, only to be scammed by criminals operating overseas. Shawn Bradsheet, special agent in charge of the US Secret Service’s San Francisco Field Office, stated, 

“This seizure of $225.3 million in funds linked to cryptocurrency investment scams marks the largest cryptocurrency seizure in U.S. Secret Service history.”

According to the authorities, the network was connected to nearly 400 suspected victims, including dozens in the US. According to FBI data, crypto frauds were responsible for over $5.8 billion in losses last year. 

ARK Invest Continues Circle Stock Dump 

Cathie Wood’s ARK Invest continued its Circle stock dump, offloading nearly $100 million in two days. According to a market notification, the crypto-friendly investment firm dumped an additional 300,108 shares from its funds for almost $45 million. The sale came as Circle’s stock fell 1.3% from a peak of $165 to close at $149, according to data from TradingView. The decline came despite positive market developments, with the US Senate passing the GENIUS Stablecoin bill. 

The latest stock sale included transactions from three ARK funds, including the ARK Innovation ETF (ARRK), ARK Next Generation ETF (ARKW), and ARK Fintech Innovation ETF (ARKF). ARKK,  the largest fund, sold 208,654 Circle (CRCL) shares, while ARKW and ARKF sold 65,320 and 26,134 shares, respectively. The sale accounts for nearly 14% of ARK’s 4.49 million CRCL purchase. ARK Invest bought the shares on June 5 for $373.4 million. 

North Korean Hackers Targeting Crypto With New Malware 

North Korean threat actors are targeting job seekers in crypto with a new malware designed to steal passwords for crypto wallets and password managers. According to a report by Cisco Talos, North Korean hackers were using a new Python-based remote-access trojan (RAT) called PylangGhost, linked to a hacking collective called “Famous Chollima” or “Wagemole.” The hacking group primarily targets job seekers and employees with crypto and blockchain experience, primarily in India. Attackers carry out an elaborate ruse through fake job interviews and skill tests, often using social engineering to target individuals. 

“Based on the advertised positions, it is clear that the Famous Chollima is broadly targeting individuals with previous experience in cryptocurrency and blockchain technologies.”

The attackers created fraudulent job sites impersonating legitimate companies like Coinbase, Robinhood, and Uniswap, with targets guided through a multi-step process, including interviews and contacts with fake recruiters. Candidates are then redirected to skill-testing websites where information is harvested. The victims are then tricked into enabling video and camera access during fake interviews. Here, the hackers trick the victims into copying and executing malicious commands, compromising their devices. According to Cisco Talos, PylangGhost is a variant of the previously documented GolangGhost RAT and shares similar functionality. 

South Korea To Reduce Exchange Fees 

South Korea’s Financial Services Commission (FSC) is preparing to investigate transaction fees charged by domestic crypto exchanges, indicating a shift towards user protection and cost transparency. The move is part of President Lee-Jae-myung’s pro-crypto agenda, which focuses on easing the financial burden on retail investors. According to reports, the FSC will survey domestic exchanges, their fee structure, charging methods, and revenue generated from transaction fees. 

The primary goal of the exercise is to determine and benchmark local fees against global standards. An FSC official stated during a policy briefing to the State Affairs Planning Committee, 

“We need to examine whether the current fees of domestic exchanges are an excessive burden on consumers and whether they are at an appropriate level compared to overseas cases.”

However, no fee caps or targets have been set as yet. 

Bitcoin (BTC) Price Analysis 

Bitcoin (BTC) and the broader crypto market registered a drop on Thursday amid rising global trade concerns, geopolitical tensions, and a hawkish Fed. The flagship cryptocurrency fell to a low of $103,915 on Thursday before reclaiming $104,000 and settling at $104,631. The current session sees BTC marginally up as it consolidates. Traders remain positive about bullish price action resuming, with one pointing out that a move above recent highs could see BTC surge towards $140,000. BTC’s subdued price action contrasts with Tuesday and Wednesday when it encountered selling pressure and volatility. Price action has been muted since the FOMC meeting, which kept rates unchanged, reiterating a cautious, inflation-sensitive approach. 

Investors and analysts are divided on whether BTC could surge to a new all-time high or slip below $100,000, especially with the broader market trading sideways. BTC hasn’t fallen to $94,000 since May 6 but has struggled in recent sessions, losing momentum after crossing $110,000. The decline was primarily attributed to escalating geopolitical tensions and macroeconomic uncertainty, which dampened market and investor sentiment. Broader financial markets are also trading sideways, with the S&P 500 down 0.48% over the past five trading days. Strategy (MSTR) shares have also dropped over 2% in the same period and nearly 11% over the past 30 days. However, US-based spot Bitcoin ETFs have registered inflows, recording $388.3 million Wednesday. 

While crypto bulls like Michael Saylor are confident a bear market will not return for BTC, other analysts do not share his confidence. Prominent crypto trader Rekt Capital disagreed with Saylor, stating, 

“People think #BTC will never see another Bear Market because it is now mainstream & too mature of an asset. One will likely occur after this Bull Market.”

BTC ended the previous weekend in positive territory, closing at $105,791. Bullish sentiment intensified on Monday as the price rallied, rising over 4% to cross the 20-day SMA and $110,000 to $110,247. BTC fell to an intraday low of $108,325 on Tuesday but recovered to reclaim $110,000 and settle at $110,258 after a marginal increase. Sentiment changed on Wednesday as BTC fell 1.43%, slipping below $110,000 and settling at $108,686. Bearish sentiment intensified on Thursday as BTC fell nearly 3%, falling below the 20-day SMA and settling at $105,826. The price plunged to an intraday low of $102,854 on Friday as selling pressure persisted. However, it rebounded from this level to reclaim $106,000 and settle at $106,106, ultimately registering a marginal increase.

Source: TradingView

Price action was mixed over the weekend as BTC registered a drop of 0.59% on Saturday before registering a marginal increase on Sunday and settling at $105,561. Bullish sentiment intensified on Monday as BTC raced to an intraday high of $108,939. However, it could not stay at this level and settled at $106,808, ultimately registering an increase of 1.18%. Bearish sentiment returned on Tuesday as the price fell over 2%, slipping below the 20-day SMA and $105,000 to $104,519. Price action remained muted on Wednesday, rising 0.35% before registering a marginal decline on Thursday and settling at $104,631. BTC is up nearly 1% during the ongoing session and has reclaimed $105,000. If bulls retain control and break above $106,000, BTC could move beyond $110,000, potentially setting a new all-time high. However, if sellers regain control and BTC slips below $103,000, a drop to $100,000 or lower could be on the cards.

Ethereum (ETH) Price Analysis

Ethereum (ETH) price action has been subdued since Friday as it struggles to push above the 20-day SMA and $2,600. The world’s second-largest cryptocurrency has struggled since losing momentum after reaching an intraday high of $2,878 on Wednesday (June 11). With buyers overwhelmed at upper levels, the price plunged, dropping to a low of $2,441 on Friday before stabilizing around $2,500 and moving to current levels. Despite volatility and selling pressure, ETH has held firm above $2,500, suggesting that markets are absorbing the selling pressure.

This is backed by growing institutional interest in the asset, with prominent institutional holders dominating Ethereum’s strategic reserves. According to data from the Strategic ETH Reserve Website, these strategic reserves grew to 1.190 million ETH. The reserves, worth almost $3 billion, account for 1% of ETH’s total supply. Top holders include The Ethereum Foundation, with 269,431 ETH, followed by SharpLink, a Nasdaq-listed gaming company that purchased 176,271 ETH, staking around 95% of it.

ETH started the previous week on a bullish note, rising nearly 7% to cross $2,600 and the 20 and 200-day SMAs to settle at $2,680. Buyers retained control on Tuesday as the price rose over 5%, crossing $2,800 and settling at $2,816. ETH raced to an intraday high of $2,878 on Wednesday but lost momentum after reaching this level. As a result, it fell 1.56%, slipping below $2,800 and settling at $2,772. Bearish sentiment intensified on Thursday as the price fell nearly 5%, falling below $2,700 and settling at $2,645. ETH plunged to an intraday low of $2,441 before rebounding to reclaim $2,500 and settle at $2,579, ultimately registering a decline of 2.48%.

Source: TradingView

Sellers retained control on Saturday as ETH fell almost 2% to $2,542. Despite the overwhelming selling pressure, ETH recovered on Sunday to register a marginal increase and settle at $2,548. ETH raced to an intraday high of $2,680 on Monday. However, it lost momentum after reaching this level and fell to $2,544 after a marginal decline. Price action remained bearish on Tuesday, falling 1.31% to $2,511. Buyers prevented a drop below $2,500 as the price recovered on Wednesday, rising 0.57% to $2,525. ETH registered a marginal decline on Thursday but is up nearly 2% during the ongoing session, trading around $2,565. Buyers will look to retain control and push the price past $2,600.

Solana (SOL) Price Analysis

Solana (SOL) has recovered over the past two sessions despite facing selling pressure, indicating that sellers may have run out of steam. SOL has struggled to regain momentum since dropping from $168. The price fell below the crucial $150 mark at the beginning of the week as bearish sentiment intensified after a brief weekend rally. Bullish sentiment could return as anticipation that regulators may approve a Solana ETF in the US grows.

SOL started the previous week with a stunning rally, rising nearly 6% to cross the 50-day SMA and $160 and settle at $161. The price continued to push higher on Tuesday, rising 2.44% and settling at $165 despite selling pressure. Sellers regained control on Wednesday as SOL fell 2.48%, slipping below the 20-day SMA and settling at $161. Selling pressure intensified on Thursday as the price plunged over 5%, dropping below $160 and settling at $152. The price fell to an intraday low of $140 on Friday. However, it recovered from this level to settle at $148, ultimately registering a drop of 2.48%.

Source: TradingView

Price action remained bearish on Saturday as SOL fell nearly 3% to $144. Despite the overwhelming bearish sentiment, the price recovered on Sunday, rising almost 6% to reclaim $150 and settle at $153. SOL raced to an intraday high of $158 on Monday. However, it could not stay at this level and fell 1.52% to $150. Sellers retained control on Tuesday as the price fell over 2%, slipping below $150 and settling at $147. SOL declined on Wednesday, settling at $146 after dropping nearly 1%. Selling pressure persisted on Thursday as the price fell to a low of $143. It recovered from this level to register a marginal increase and move to $147. The current session sees SOL up 0.53%. Buyers will look to maintain control and push the price beyond $150. 

Ripple (XRP) Price Analysis 

Ripple (XRP) is bracing for an important decision after Ripple and the SEC filed a renewed motion seeking to lift the ban on XRP sales and reduce a $125 million fine. A favorable ruling could prompt Ripple and the SEC to withdraw their appeals, boosting hopes for a spot XRP ETF. However, pro-crypto lawyer Bill Morgan warned a quick ruling could indicate another rejection by Judge Torres. 

“It only took 7 days for Judge Torres to reject the last joint motion to modify the judgment to reduce the fine and dissolve the injunction. Less than 7 days to decide the current joint motion may not be the best sign she will grant it.”

XRP traded in positive territory on Monday (June 9), rising above the 50-day SMA and settling at $2.32. However, it lost momentum on Tuesday, dropping nearly 1% to $2.30. Sellers retained control on Wednesday as the price fell 1.54%, slipping below the 50-day SMA and settling at $2.27. Bearish sentiment intensified on Thursday as XRP fell 3.54%, falling below the 20-day SMA and settling at $2.19. The price dropped to an intraday low of $2.08 on Friday as selling pressure intensified. It rebounded from this level to settle at $2.14, ultimately registering a drop of 1.91%.

Source: TradingView

XRP continued trading in bearish territory on Saturday, registering a marginal drop, before rebounding to settle at $2.16 after an increase of 1.18%. XRP started the current week on a bullish note, surging to an intraday high of $2.33. However, it could not stay at this level and settled at $2.23, ultimately registering an increase of over 3%. Selling pressure returned on Tuesday as the price fell 3.45%, slipping below the 20-day SMA and settling at $2.16. XRP registered a marginal increase on Wednesday but was back in the red on Thursday, dropping 0.20% to $2.16. The current session sees the price marginally up, trading around $2.17.

Polkadot (DOT) Price Analysis

Polkadot (DOT) slipped below a key support level as bearish sentiment around the asset intensified. The altcoin has traded downwards since Wednesday (June 11), losing momentum after reaching an intraday high of $4.35.

DOT registered a notable increase of 3.23% on Monday (June 9) and moved to $4.15. Buyers retained control on Tuesday as the price surged 3.37%, crossing the 20-day SMA and settling at $4.29. Despite the positive start to the week, DOT lost momentum on Wednesday, falling 2.56%, slipping below the 20-day SMA and settling at $4.18. Bearish sentiment intensified on Thursday as DOT plunged nearly 6%, falling below $4 and settling at $3.93. Sellers retained control on Friday as the price fell to an intraday low of $3.66. It recovered from this level to settle at $3.84, ultimately registering a drop of 2.29%.

Source: TradingView

Price action remained bearish on Saturday, dropping 1.30% to $3.79. However, it recovered on Sunday, rising almost 1% to end the weekend at $3.82. DOT raced to an intraday high of $3.99 on Monday as it started the week positively. It lost momentum after reaching this level and $3.85, registering an increase of nearly 1%. Selling pressure returned Tuesday as the price fell 3.12% to $3.73. Sellers retained control on Wednesday as DOT fell almost 3% and settled at $3.62. Price action remained negative on Thursday as DOT fell 1.66% to $3.56. The current session sees DOT continue declining, down almost 1%, trading around $3.53.

Jupiter (JUP) Price Analysis

Jupiter (JUP) raced to $0.498 on Tuesday (June 10) but lost momentum on Wednesday, falling over 6% to $0.466. The price declined on Thursday, dropping over 8% to $0.428. Selling pressure persisted on Friday as JUP plunged to an intraday low of $0.388. However, it rebounded from this level to reclaim $0.40 and settle at $0.417, registering a drop of 2.59%. Sellers retained control on Saturday as JUP fell 1.31% to $0.411. Despite the overwhelming selling pressure, it rebounded on Sunday, rising 4.99% and settling at $0.432.

Source: TradingView

JUP raced to an intraday high of $0.443 on Monday. However, it lost momentum after reaching this level and fell over 4% to $0.414. Sellers retained control on Tuesday as the price fell 4.27%, slipping below $0.40 and settling at $0.397. JUP plunged to an intraday low of $0.379 on Wednesday as selling pressure intensified. However, it recovered from this level to reclaim $0.40 and settle at $0.409 after an increase of 3.18%. JUP was back in bearish territory on Thursday, falling over 1% to $0.405. The current session sees the price marginally down as it struggles to stay above $0.50.

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.