The difficulty of mining a block of bitcoin is set to reach a new all-time high of 50T on Wednesday due to the increase in computing power and popularity of the ordinals protocol. This has led to better profitability for miners, who are deploying more mining machines. However, an increase in difficulty could lead to a decline in profitability for miners. Uncertainty around the next Bitcoin halving event and constraints in available infrastructure could also slow down the increase of mining difficulty.

Bitcoin is showing signs of a bullish trend and is on the verge of making a historical golden cross chart pattern, which has never happened before. This is a positive signal that could lead to a significant increase in the price of the decentralized finance (DeFi) asset in the near future. The golden cross occurs when a short-term moving average (MA) moves above a longer-term MA, indicating a bullish trading signal. In contrast, a death cross happens when a short-term MA drops below a longer-term MA, suggesting a bearish trading sign. Despite a slight decrease in the last 24 hours, Bitcoin has gained 1.88% over the previous seven days and is currently trading at $27,850.

Tether, the company behind the largest stablecoin, has announced its plans to mine Bitcoin using sustainable energy in Uruguay. The company aims to invest in renewable energy sources to support and promote sustainable Bitcoin mining. Uruguay is a global leader in renewable energy, with 94% of its electricity generation coming from renewable sources such as wind and solar power. Tether's CTO, Paolo Ardoino, commented that the company is leading the way in sustainable and responsible Bitcoin mining by harnessing the power of Bitcoin and Uruguay's renewable energy capabilities. Tether has not yet disclosed the name of its local partner, but described them as a licensed company.

Bitcoin ETFs such as ProShares Bitcoin Strategy ETF and Valkyrie Bitcoin Strategy ETF experienced a 5% increase in pre-market hours on Tuesday, indicating institutional buying. Institutional investors are turning to Bitcoin ETFs in anticipation of a potential rally in BTC price. Despite waiting for the approval of a Bitcoin ETF, institutional investors are optimistic about the future of BTC. The recent two-year deal to raise the debt ceiling by President Joe Biden and Republicans has had a positive impact on Bitcoin and stock markets, potentially leading to a rise in BTC price above $30,000.

The cryptocurrency market has experienced net inflows of $6.3 billion, bringing its total value to $1.17 trillion, a 0.5% increase from the previous value of $1.16 trillion. Bitcoin and Ethereum's market caps grew by 0.2% and 0.3% respectively, with Bitcoin trading at $27,917 and Ethereum at $1,907. The top 10 cryptocurrencies had mixed performances over the last 24 hours, with XRP leading the list with a 4.7% increase, while Polygon recorded a 1.5% loss. The market caps of Tether and USD Coin grew to $83.18 billion and $29.02 billion respectively, while Binance USD remained unchanged at $5.28 billion.

Bitcoin's whales and sharks, who hold between 10 and 10,000 BTC, have been steadily accumulating the cryptocurrency despite its price fluctuations over the past two months. According to data from crypto analytics platform Santiment, these users have increased their holdings by 93,000 BTC since the end of May. This accumulation has taken place as Bitcoin's price declined from its mid-April high, and as of May 29, these users held 66.75% of all BTC. Despite the recent volatility in Bitcoin's price, the largest investors in the crypto market appear to be staying cautious.

Bitcoin failed to maintain its position above $27,500, indicating the possibility of a drop to $23,000. The short-term SOPR for Bitcoin has risen above 1, suggesting that short-term holders are selling at a profit. Despite a surge in Bitcoin's price earlier this week, it quickly eroded and is currently trading at a 0.64% decrease at $27,754. The short-term holders of Bitcoin have been selling at a profit, as indicated by the seven-day moving average of the short-term holder's spent output profit ratio (SOPR) moving back above 1.

Bitcoin and Ether experienced slight gains during Tuesday afternoon trading in Hong Kong, while other top non-stablecoin cryptocurrencies had mixed results. XRP saw the biggest increase, while Polygon's Matic experienced the largest decline. XRP's rise was attributed to pro-Ripple attorney John Deaton's tweet about the SEC's case against Ripple Labs. Bitcoin's NFT sales fell, while Ethereum's rose, with Nakamigos and Bored Ape Yacht Club leading the way.

The volume of Bitcoin futures contracts traded in the last 24 hours, which is crucial to understanding the market, has decreased to its second lowest point this year at 767,000 BTC, worth around $20 billion. Binance is currently holding the majority of futures volume contracts, although its overall share is gradually decreasing. In the past 24 hours, around $10 billion less of futures volume was traded, with most contracts closed at Binance. CryptoSlate's latest market report examines the history of US debt and the potential impact of a default on the crypto market.

Binance Australia is currently selling one Bitcoin for approximately $22,000 in Australian dollars, which is significantly lower than the global rate. Traders are rushing to liquidate their crypto assets back into AUD before local bank withdrawal services become inaccessible within days. Binance Australia has announced the suspension of AUD services due to a decision made by the exchange's third-party payment provider, causing a drop in Bitcoin's trading value. The exchange is actively searching for alternative providers to resume offering AUD deposit and withdrawal services, while also warning users of the inherent trading risks.