BitDATA Exchange Launches Payment Option with GrabPay, Offering the Lowest Fee in Town.

Asian stock markets continued their global rally on Monday morning, with analysts predicting that the Federal Reserve will pause its rate hike this month. The price of crude oil also rose after Saudi Arabia pledged significant output cuts.

Digital asset investment products have experienced a total outflow of $329M, equivalent to 1% of total assets under management (AuM) over the last seven weeks. This represents profit-taking rather than price declines, as digital asset prices have risen 56% year-to-date. Tron saw the most significant outflows, totaling $51M, while Bitcoin experienced minor outflows of $2.7M. Short-Bitcoin also saw outflows of $6.3M, representing 44% of total AuM over the last six weeks.

Jack Dorsey, the CEO of fintech firm Block and co-founder of Twitter, has seemingly endorsed Robert Kennedy Jr., a pro-Bitcoin Democratic presidential candidate.

Bitcoin's value has decreased by 4.50% in the past week due to mixed market sentiment, highlighting its volatility and sensitivity to various factors. BlackRock CEO Larry Fink has expressed concern that the US is putting the status of the dollar as a reserve currency at risk due to destabilizing factors such as the debt limit dispute and potential national default.

Investors are anticipating a potential breakout for Bitcoin, despite a lack of macroeconomic triggers this week. Traders are closely monitoring the 200-week moving average as a key support line and various support structures on daily timeframes.

Former Bitmex CEO Arthur Hayes predicts a bitcoin bull market in the last two quarters of 2023. Hayes believes that the U.S. Federal Reserve will be unable to control inflation, causing the national debt to lose its appeal for foreign investors due to sanctions. This will lead to a surge in interest rates and a rise in bitcoin's value. Hayes also predicts a shift in deposits from small and medium-sized financial institutions to larger banks and money market funds.

According to Glassnode's monitoring on June 5th, When evaluating the total amount of Bitcoin held by the top 3 exchanges three years ago, it was found that the total amount of Bitcoin held by Binance and Bitfinex increased by 421,000 BTC and 250,000 BTC respectively, while Coinbase decreased by 558,000 BTC.

Despite an 8.0% drop in Bitcoin's value in May, the network's activity remained strong. The daily network hash rate, which is a key indicator of network health, continued to rise for the fifth consecutive month and reached a record high. JPMorgan analyst Reginald Smith noted that funding for rack space could slow down the hash rate growth, which may lag behind Bitcoin's price appreciation. The 13 U.S. listed miners tracked by JPMorgan experienced a 5.0% increase in market cap last month, reaching $6.7 billion. The mining difficulty also reached a new record high, and transaction fees spiked in early May, which could improve second quarter earnings for the mining industry. However, transaction fees have since returned to the historic average, and JPMorgan analysts believe that Bitcoin should be trading at $45,000.

Crypto trader Kaleo is predicting a bullish trend for XRP, stating that the sixth-largest digital asset will outperform Bitcoin. He believes that XRP is ready for another leg up after successfully retesting its diagonal resistance as support. Kaleo compares XRP's potential rally to Tron's recent surge from $0.74 to $0.85 and suggests that XRP could reach $0.60+. Fellow crypto strategist Cantering Clark is also bullish on XRP and plans to accumulate the altcoin as he believes its price structure indicates an upcoming surge.