Bitcoin Fluctuates Around $71K, Consolidating This Week's Rally

The latest price moves in crypto markets in context for June 6, 2024.

Bitcoin Price Analysis: BTC Fluctuates Around $71K, Consoliding This Week's Rally Bitcoin (BTC) price showed little movement in the Asian and European morning hours on June 6, following a rally earlier this week that saw the BTC price rally to highs of around $71,400. BTC price is now trading in a range of $70,900-$71,100 for much of the morning in Europe, up around 0.1% over 24 hours. The broader digital asset market is also showing minimal movement. The CoinDesk 20 Index (CD20) rose by about 0.25% at the time of writing. Among the crypto majors, only ether showed a change in excess of 1%. ETH price is priced at just under $3,850, up around 1.25% in the last 24 hours.

Robinhood to Buy Bitstamp in $200M All-Cash Deal Online brokerage firm Robinhood (HOOD) will buy Luxembourg-based crypto exchange Bitstamp in a $200 million all-cash deal, the companies announced on Monday. Founded in 2011, Bitstamp is one of the largest crypto exchanges in Europe. The acquisition will therefore provide a boon to Robinhood's global expansion plans.

“The acquisition of Bitstamp is a major step in growing our crypto business," said Johann Kerbrat, general manager of Robinhood Crypto. "Through this strategic combination, we are better positioned to expand our footprint outside of the U.S. and welcome institutional customers to Robinhood.”

HOOD shares rose 2.5% to $22.15 in pre-market trading following the announcement of the acquisition. Bitstamp will operate as a separate, fully licensed entity within the Robinhood group. The transaction is expected to close in the fourth quarter of 2023, pending regulatory approval.

VanEck Sets 2030 Target of $22K for Ether in Bear Case Scenario Investment firm VanEck has set a 2030 price target of $22,000 for ether (ETH), the native token of the Ethereum network. In a recent report, the firm said that ether will reach that level thanks to Ethereum's disruptive power and cash flow generated for token holders as well as the anticipated approval of ether spot exchange-traded funds (ETFs) in the U.S.

VanEck is one of the prospective providers of a spot ether ETF in the U.S. The firm applied for the product in March 2023, and the U.S. Securities and Exchange Commission (SEC) has until early 2024 to approve or reject the application. If approved, the ether ETF will trade on the Cboe BZX Exchange.

“The fuel driving the rally is that Ethereum-based technology can offer lower costs, increased efficiency and greater transparency,” VanEck wrote in the report, which also noted that this shift could threaten to transfer significant market share from traditional financial and tech institutions, which cumulatively have a $15 trillion total available market, to blockchain-based services.

Chart of the Day: Bitcoin Fear and Greed Index Nears Neutral After Last Week's Rally After rallying to highs of around $71,400 on Monday, the Bitcoin (BTC) price showed little movement in the Asian and European morning hours on June 6. A lack of directional momentum also saw the BTC price trade in a range of $70,900-$71,100 for much of the morning in Europe, up around 0.1% over 24 hours.

The flattening of the BTC price rally comes as the seven-day rolling average of the Bitcoin Fear and Greed Index moved closer to the “neutral” zone on Monday. The index, which measures market sentiment on a scale of 0 to 100, where 0 represents extreme fear and 100 represents extreme greed, rose to a value of 54.5 on Monday, up from a low of 46 on May 31.

Higher values in the index typically indicate increasing bullish sentiment among market participants, while lower values tend to show growing bearish sentiment. A value of 50 in the index represents a neutral market.