- London Stock Exchange lists BTC and ETH products for trading.
- PayPal adopts Solana as their blockchain of choice for PYUSD stablecoin.
- Altcoin analysis for AR & DOGE
It has been a stellar time for the bulls for the month of May, but we may be seeing momentum to the upside cooling off. However that hasn’t stopped the good news stories about digital asset adoption worldwide, here are some highlights from this week.
Digital Asset Adoption
London Stock Exchange has listed Bitcoin and Ethereum Exchange Traded Products (ETPs) for trading. In the case of Ethereum, these products will also offer staking rewards, which is something the US funds do not.
Semler Scientific, a publicly listed company in the US, announced that it is adopting Bitcoin as a primary reserve asset for its balance sheet. We are now seeing long-established entities praising Bitcoin as a reliable long-term store of value.
Lastly, PayPal will be deploying its stablecoin (PYUSD) on the Solana blockchain. For more than 25 years, PayPal has been the leader in digital payment solutions.
“The Solana network’s speed and scalability make it the ideal blockchain for new payment solutions that are accessible, cost-effective, and instantaneous,” said Sheraz Shere, GM of Payments at the Solana Foundation.
Macro
Preliminary US Gross Domestic Product (GDP) data, which lands tonight at 10:30 pm AEST. This may cause some volatility, but the real kickers will be in the second week of June. More on that next week.
There is also an inflation data point released on Friday at 10:30 pm AEST – Core Personal Consumption Expenditures (PCE) Index. Expectations are for 0.3%; again, anything outside of expectations could attract volatility, especially since inflation has been a central theme to all monetary policy currently.
Related: Winklevoss’ Gemini to Return $2.2 Billion In Customer Funds
Bitcoin – BTC
With the monthly close coming soon, Bitcoin has almost completely recovered in May from the sell-off it endured in April. June may be very telling about whether we will likely see new all-time highs, as the current momentum would need to be maintained.
Below are two scenarios based on where the price currently trades using range analysis.
Bullish Scenario
Bulls would need to show their strength at current levels and retain a higher low at these prices. If that were to occur, we could see prices advance towards $72,000 USD.
Bearish Scenario
We may see a pullback and retest some key lows back towards $64,000 USD. A gap in price around this level has also yet to be tested.
It’s likely that Bitcoin’s destiny will influence how altcoin markets will perform in the coming days. With that in mind let’s dive into some assets and how they are shaping up.
Arweave – AR
Arweave is also at a critical decision point at the mid-range of its current range. Having failed to break out and continue its rally around the 20th of May below are two potential scenarios from here using range analysis.
Bullish scenario
Prices holding at this mid-range and continuing to push higher towards the range high.
Bearish scenario
Failure to garner any support from the bulls at the mid-range, resulting in a visit back down toward range lows.
Related: SEC Leaning Toward Approving ETFs Amid Ethereum-Based Memecoin Rally
Dogecoin – DOGE
With the recent passing of the beloved face of Dogecoin, many have wondered if this asset is due for some kind of catchup rally, as other meme coins like PEPE and BONK have shown great returns in recent weeks.
Again, like the above charts, DOGE does find itself in no-man’s land waiting for a decision from the market participants.
Bullish scenario
Should the market hold these current levels, we could see a move above the range-midpoint, which could then trend towards the range high.
Bearish scenario
Failure to get any attention from the bulls at these levels may result in a move towards the range low where we would wait to see what happens next.
As you can see, a bit of uncertainty heading into the monthly close as we move into June. The next few weeks will be very interesting to see who’s in control. Will it be the bulls or the bears?
See you all again next week.
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