Japanese Crypto Exchange DMM Bitcoin Faces $300M Loss Amid Regulatory Probe; Bitcoin ETFs Show Bullish Trends
June 2, 2024Japanese cryptocurrency exchange DMM Bitcoin faces a $300 million loss in bitcoin due to an unauthorized leak, triggering investigations by regulatory authorities and law enforcement.
The US BTC-spot ETF market saw Bitcoin closing at $67,717, with net inflows reaching $2,095.5 million in May.
Technical analysis points to bullish trends for Bitcoin and Ethereum, with potential all-time high targets.
Franklin Templeton has unveiled its fee plans for a proposed spot Ethereum ETF, offering competitive sponsor fees and fee waivers, while other providers like BlackRock and VanEck have yet to disclose their fee structures.
Bitcoin has been trading between $60,000 and $72,000 since February 2024, with decreasing trading and transaction volumes.
On June 2, data revealed a seven-day trading volume below $14 billion, similar to levels in 2023 when Bitcoin was priced below $30,000.
Despite lower trading volumes, approved Bitcoin spot ETFs have made $1.73 billion this year, with a trading volume totaling $12 billion in the last seven days.
Derivatives trading volume remains stable at over $34 billion daily, indicating a shift towards trading Bitcoin through ETFs and derivatives for speculative purposes rather than long-term holding or peer-to-peer transactions.
Investors are advised to stay cautious of risks associated with investing a large portion in Bitcoin, despite its appeal to institutional investors for its superior long-term returns.
Summary based on 100 sources
Get a daily email with more Crypto stories
Sources
Yahoo Finance • Jun 2, 2024
Cryptocurrency for Retirement Planning? Buy These 2 Coins NowYahoo Finance • Jun 1, 2024
The Bitcoin Halving Is Done. 2 Cryptocurrencies to Buy Now.Yahoo Finance • Jun 2, 2024
Forget the S&P 500: Bitcoin Could Still Be the Best Long-Term Investment if You Want to Retire a Millionaire