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BTC Price Dumps Below $60K, SEC Names New Crypto Target, Durov’s Arrest: This Week’s Recap

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A lot can change in the cryptocurrency markets within the span of the week. This is what happened to bitcoin and most altcoins since last Friday when BTC soared from around $60,000 to over $64,000 on Saturday after the bullish developments on US soil. Namely, Fed Chair Jerome Powell hinted at incoming interest rate cuts, and RFK endorsed pro-crypto presidential candidate Donald Trump and withdrew his campaign.

The weekend for bitcoin was quiet despite the turbulence elsewhere in the crypto market following the arrest of Pavel Durov, the founder and CEO of Telegram. TON slumped by more than 20% in hours after the news broke, but more on that later.

BTC continued its run on Monday morning, soaring past $65,000 for the first time in over three weeks. However, that was short-lived, as the asset’s troubles were just getting started. By Wednesday afternoon, it had lost more than seven grand of value and found itself slipping beneath $58,000 for the first time in weeks.

The bulls tried to recover some ground on Thursday, which resulted in a surge to $61,200, but that was their best shot. BTC has retraced once again and now struggles below $60,000 despite some bullish signs.

Its market capitalization has declined to $1.180 trillion, but its dominance over the alts stands tall at just shy of 54%. Speaking of the alternative coins, most of them are in the red on a weekly scale.

ETH is down by more than 5%, BNB has shed 7.5% of value, and XRP is 6% in the red. Toncoin, as mentioned above, is the biggest weekly loser, having dumped by 17% since last Friday.

Market Data

Market Cap: $2.193T | 24H Vol: $85B | BTC Dominance: 53.8%

BTC: $59,615 (-2.75%) | ETH: $2,520 (-5.5%) | BNB: $535 (-7.5%)

Cryptocurrency Market Overview. Source: QuantifyCrypto
Cryptocurrency Market Overview Weekly. Source: QuantifyCrypto

This Week’s Crypto News You Can’t Miss

BlackRock’s Spot Bitcoin ETF Sees First Day of Outflows in Nearly 4 Months. After seeing only positive or no flows for almost four months, BlackRock’s IBIT’s streak was broken on Thursday. The financial vehicle saw withdrawals of just over $13 million alongside most other Bitcoin ETFs.

Elon Musk Wins Dismissal of $258 Billion Dogecoin Manipulation Lawsuit. Elon Musk and Tesla notched an important win in court against a few investors who had alleged that the exec and the EV company he runs knowingly manipulated the price of DOGE for personal gain. However, US District Judge Alvin Hellenstein ruled in favor of Musk and Tesla.

TON Events: Network Faces Repeated Outages Amid DOGS Hype, Update on Durov’s Arrest. Pavel Durov’s arrest was just a portion of the troubles that hit the Telegram-backed crypto project. TON’s network went down twice in less than 36 hours due to the high demand for the recently launched meme coin DOGS.

Bitcoin Long-Term Holders Realized Capitalization Surpasses $10 Billion for the First Time. The realized capitalization of Bitcoin long-term holders (LTH) marked a significant milestone earlier this week, as it charted an all-time high by surpassing $10 billion. This metric is particularly important as it demonstrates the behavior of investors who hold the asset for more than 155 days.

SEC’s Next Crypto Target: Regulator Goes After NFT Platform OpenSea. The US Securities and Exchange Commission continued its crusade against crypto-related firms this week. It sent an official Wells Notice against OpenSea, alleging that the NFTs on the platform could be unregistered securities. The company’s CEO said his team was “shocked” by the regulator’s actions.

Why Was Pavel Durov Arrested? Details Emerge. According to local French media, Durov was arrested on Saturday at the Le Bourget Airport after getting out of his private jet. The details were scarce at first, but the updates that were released later indicated that there was an open judicial investigation against “a person unnamed” on charges like organized fraud, money laundering, and sale of narcotics through Telegram.

Charts

This week, we have a chart analysis of Ethereum, Ripple, Cardano, Binance Coin, and Solana – click here for the complete price analysis.

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.

Cryptocurrency

Bitcoin Price Slides to $103K as Major Altcoins Crash (Weekend Watch)

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The broader cryptocurrency market continues struggling amid mounting geopolitical and economic pressures.

Bitcoin’s price has lost almost 3% on the day, while major altcoins such as Ethereum, Solana, Cardano, and others chart even more considerable declines.

Bitcoin Price Tumbles toward $103K

Bitcoin is charting a near 3% loss in the past 24 hours in what seems to be a broader crypto market selloff.

As seen in the chart below, the price tumbled from around $106,000 to an intraday low at $102,400 before bouncing and settling at where it current trades at the time of this writing.

BTCUSD_2025-06-21_11-32-32
Source: TradingView

As CryptoPotato reported, however, the common theme amongst the majority of cryptocurrency analysts and experts is that Bitcoin’s price trading at around $100,000 is indicative of institutional dominance and not retail FOMO.

This suggests that it has much more staying power because institutions are a lot less likely to sell during temporary and sudden drawdowns like the current one.

At the same time, however, the war between Israel and Iran continues, driving oil prices up and causing turmoil on stock markets as well.

Altcoins Crash Harder than BTC

The heatmap below paints a clear picture: most of the altcoins are trading in the red and are charting consiedrable losses.

Namely, some of the larger-cap cryptocurrencies such as ETH, SOL, ADA, DOGE, HYPE, BCH, LINK, AVAX, and more, are declining for more than 3% during the past 24 hours.

Interestingly enough, Bitcoin’s dominance – the metric, which tracks its share relative to that of the rest of the market is up by more than 1% during the same period.

This shows that BTC is performing a lot better and altcoins are completely unable to capitalize on its drawdown. In fact, this seems to be the other theme of the current cycle.

Screenshot 2025-06-21 at 11.45.41
Source: Quantify Crypto
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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.

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Cryptocurrency

Semler Scientific Unveils Plan to Accumulate 105,000 BTC by 2027

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Nasdaq-listed healthcare technology company, Semler Scientific, has outlined a bold multi-year plan to significantly expand its Bitcoin holdings. The company aims to hold 10,000 BTC by the end of 2025 as an initial milestone. Building on this, it plans to increase its holdings to 42,000 BTC by the end of 2026.

By the close of 2027, Semler intends to reach a total of 105,000 BTC.

Semler Reports 287% Bitcoin Yield to Date

According to the official press release, the company said it will fund these purchases using a mix of equity and debt financing, as well as operational cash flows. Semler, which in May 2024 became the second US public company to adopt Bitcoin as its primary treasury reserve asset, has since emerged as a significant corporate Bitcoin holder.

As of June 3, 2025, the firm reported a 287% yield on its Bitcoin investment and a $177 million unrealized gain.

In a move to strengthen its new approach, Semler has appointed Joe Burnett as Director of Bitcoin Strategy. Burnett, formerly Director of Market Research at Unchained, brings more than seven years of experience in Bitcoin advocacy and research.

In a statement, Eric Semler, chairman of Semler Scientific, said,

“We are excited to have Joe join our Bitcoin strategy team and help drive our three-year-plan to own 105,000 Bitcoins. Joe is an analytical thought leader on Bitcoin and Bitcoin treasury companies. His expertise will be instrumental as we pursue our Bitcoin treasury strategy and aim to deliver long-term value to our stockholders.”

Corporate Bitcoin Holdings Grow

An increasing number of public companies are deepening their involvement with the largest cryptocurrency. For instance, Genius Group, an AI-driven education company, recently increased its corporate Bitcoin reserves from 66 BTC to 100 BTC, after acquiring an additional 34 BTC valued at approximately $3.42 million.

The company resumed its Bitcoin purchases on May 22, following a May 6 US Court of Appeals ruling that lifted previous legal restrictions stemming from a dispute related to its merger with FatBrain AI. CEO Roger Hamilton described reaching 100 BTC as a milestone in their broader plan to accumulate 1,000 BTC.

Earlier this month, New York-based Mercurity Fintech Holding announced it would raise $800 million to build a Bitcoin treasury reserve. The company plans to integrate staking and tokenized finance tools, using secure blockchain custody infrastructure to reshape its treasury operations and boost capital efficiency through yield generation.

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Binance Moves $3B Daily in USDT via Tron, Dominating Global Transfers

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Binance has emerged as the undisputed leader in driving USDT liquidity on the Tron network. In fact, the crypto exchange routinely transacts between $2 billion and $3 billion in Tether daily.

This volume accounts for over 65% of all USDT transfers on Tron, far outpacing the combined activity of all other exchanges.

Binance: Key Driver of Tron-Based USDT Activity

According to the latest data shared by CryptoQuant, on average, Binance moves $1 billion more USDT on Tron each day than its competitors. This highlights its role as a central liquidity provider for global traders, institutions, and market makers.

The Tron network has become the preferred blockchain for large-scale stablecoin transactions due to its low fees and fast settlement times. This efficiency makes it especially attractive for high-frequency traders and institutions moving large volumes of USDT, particularly on Binance. As a result, Tron now serves as a critical backbone for USDT flows.

Meanwhile, Binance’s dominance in this space has broader implications for the market. Its stablecoin activity often is indicative of a shifting sentiment, as large USDT transfers point to potential capital rotation into altcoins, derivatives, or Bitcoin. This concentration of liquidity also presents both risk and opportunity, as per the crypto analytic platform.

Whales Power Tron’s USDT Boom

As for Tron, the network recently set a new record for USDT stablecoin transfers, which reached $691 billion in volume. The peak occurred in May, with a slight dip in June. Data also revealed that just 27 whale wallets were responsible for over $411 billion of May’s total, and were executed through only 491 transactions. This highlighted the outsized influence of large investors in driving on-chain liquidity.

Tron network now dominates the circulating supply and usage of USDT, far surpassing Ethereum and other networks. More than 10.5 billion transactions have taken place on Tron to date following a steady growth trajectory since 2018.

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