Last week, Bitcoin had risen to a peak around $110,000, but it is currently at around $104,000.

From a chart perspective, it is in a range between $100,000 and $110,000. It still feels heavy for Bitcoin to move above $110,000.

The withdrawal from the prior peak was driven by the worsening Middle East situation, and it currently seems to have calmed somewhat from that drop.

“With the conflict between Israel and Iran appearing to be calming, the cryptocurrency market has begun to settle after recent geopolitical tensions,” said Tracy Jin, COO of crypto exchange MOOC. “There are no regional spillovers, financial markets are also stable, so risk appetite is returning.” — thedefinat

Also, in the latest employment data, there is a Fed meeting on the 18th, drawing attention to the direction of interest rates. Although President Trump is strongly pressing for rate cuts, the Fed is not readily moving.

This may be the key area for a potential breakout to the all-time high for Bitcoin.

Meanwhile, the market is steadily preparing Solana ETF applications, and it is looking likely to be approved within the year.

Next is Ethereum. Last week, it briefly broke above the upper bound of the range at $2,800, but fell back within the range following Middle East news.

However, funds continue to flow into Ethereum ETFs, maintaining a solid trend.

◯ Funds flowing into Ethereum (ETH)

In the past week, more than $500 million has flowed in. Bitcoin remains higher, but by this comparison, inflows into Ethereum are showing a slowdown.

Since the April upgrade (the transition to PoS), Ethereum’s momentum has shifted, with increased inflows and a faster rebound in price growth.

◯ Will the Liberal Democratic Party push for separate taxation?

Financial Services Agency calls for “fundamental organizational expansion” — Liberal Democratic Party Financial Research Council submits “Recommendations 2025” to Prime Minister Ishiba

There is talk about improving the tax regime for cryptocurrencies, noting “to establish reporting duties by traders to tax authorities and to review the tax regime for crypto asset trading, including introducing separate taxation.” — CoinDesk

Such news is circulating before the Senate election, but there has been no real progress so far. It seems to come mostly as election strategy since the United States has begun moving on cryptocurrencies—am I the only one who feels that?

◯ SharpLink’s stock price drops as their Ethereum purchase is disclosed.

SharpLink Gaming’s stock plummeted over 70% in after-hours trading after the company, which recently announced the establishment of Ethereum’s finances, submitted an S-3 prospectus to the SEC suggesting a possible securities offering.

ーーーーー

SharpLink is the company that announced an investment of over $400 million into Ethereum by the end of May, and its stock price had risen by 400%.

However, selling the stock immediately after the above news caused information confusion and the stock price to fall.

This does not indicate a major upcoming problem, but it is noteworthy as a case of a company investing in Ethereum rather than Bitcoin.

◯ JPMorgan files trademarks related to blockchain

JPMorgan Chase, the largest bank in the United States by assets and market cap, has filed trademarks for a new blockchain-based asset believed to be called JPMD. This move has sparked speculation that it could be related to future stablecoin offerings.

ーーーー

※The paid subscription section provides deeper stock analysis. Beyond Bitcoin and Ethereum, those who want to take a deeper dive into investing are encouraged to consider subscribing. Continuation of research is essential.

(This article has been distributed since 2016)

Cryptocurrency Market Analysis [June 17]