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CDS Crypto News Bitcoin News: Bitcoin Faces Resistance at $67,000 as Cryptos Underperform Compared to Stocks

Crypto News

Bitcoin News: Bitcoin Faces Resistance at $67,000 as Cryptos Underperform Compared to Stocks

sevval14/06/20241 Mins read35

Bitcoin News: Bitcoin Faces Resistance at $67,000 as Cryptos Underperform Compared to Stocks

Bitcoin News: Bitcoin Battles $67,000 Threshold as Cryptocurrencies Lag Behind Equities

Crypto News– Bitcoin wavered near $67,000 early Friday as the crypto market consolidated. BTC has been stuck in a sideways channel after previous rally attempts earlier this week fizzled out. Reflecting diminishing investor confidence, U.S.-listed spot bitcoin exchange-traded funds experienced net outflows of $226 million on Thursday. Fidelity’s FBTC led the outflows, while only BlackRock’s IBIT saw positive, albeit minor, inflows. Over the past 24 hours, BTC declined by 1.3%, and the broader crypto market also fell nearly 1%, according to the CoinDesk 20 Index (CD20).

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Bitcoin is projected to hit $1 million within the next 10 years, according to brokerage firm Bernstein, which has also set a substantial price target for MicroStrategy. The firm predicts that BTC, the largest and oldest crypto asset, could reach a cycle-high of $200,000 by 2025, on its way to the 2033 forecast.

Bernstein has also initiated coverage of Michael Saylor’s MicroStrategy (MSTR), the largest corporate holder of bitcoin, with a price target of $2,890 per share and an outperform rating. This suggests an almost 100% rally for the stock, which closed at $1,480 on Thursday.

In other news, former Goldman Sachs executive Connie Shoemaker has joined the board of directors at crypto custody firm Anchorage Digital. Anchorage is the only crypto bank chartered by the Office of the Comptroller of the Currency (OCC) in the U.S. The company announced on Thursday that Shoemaker’s addition is part of an effort to meet rising institutional demand for safe, secure, and federally regulated digital asset infrastructure. Shoemaker previously served as Goldman Sachs’ global head of strategy during the 2008 global financial crisis, overseeing the growth of Goldman Sachs Asset Management (GSAM), and later held the role of chief administrative officer.

trending crypto chart today

The chart illustrates the seven-day change in open interest (OI)-adjusted cumulative volume delta (CVD) for futures linked to the top 25 cryptocurrencies by market value. Notably, TRX is the only coin that has experienced a positive CVD, indicating new inflows into the market. A positive CVD suggests an increase in buyer activity, whereas a negative CVD indicates a predominance of sellers.