Welcome, Crypto enthusiasts!

Peter Brandt predicts BTC could surge 230% against gold. While financial executives see derivatives as positive for the growth of crypto.

In Today’s Blockstreet Journal:

• Bitcoin Will Beat Gold

• Derivatives Will Help Crypto

• Market Rundown

• Top Gainers & Losers

• Airdrops More News

Latest News

BITCOIN
🧐 Gold Completely Lost To Bitcoin  

Word On The Street: Seasoned trader Peter Brandt recently predicted that Bitcoin (BTC) could surge 230% against gold. He stated that the gold-to-BTC ratio would fluctuate over the next 12–18 months before potentially reaching a new high of 100 ounces of gold per BTC.

The details:

• Since its inception, Bitcoin has steadily gained ground against gold, surpassing it in price in 2017.

• The following day, gold closed at $1,261 per ounce, meaning it took approximately 15.5 ounces of gold to buy one Bitcoin at that time.

• Based on current prices, it would take approximately 29 ounces of gold to purchase one Bitcoin.

Why it matters: Both Bitcoin and gold experienced poor performance in 2022 but rebounded in 2023. As of May 2024, gold reached an all-time high of roughly $2,449 per ounce and is currently trading around $2,320 per ounce. Bitcoin hit a high of about $74,000 before settling at $67,210 at the time of this writing.

SPONSORED BY COINLEDGER
🏦 Afraid of crypto taxes?  

Word On The Street: CoinLedger offers a suite of products designed to aid cryptocurrency enthusiasts on their investing journey. We know that trying to do your crypto taxes can feel overwhelming and confusing. CoinLedger was designed to be a stress-free product for any crypto investor.

The details:

• Import your crypto transactions from your wallets and exchanges.

• Watch the platform calculate your gains and losses for all your transactions — trading, staking, NFTs, or anything else!

• Once you view your transaction history, download your tax report with the click of a button.

Just use this exclusive link to make crypto taxes easy!

BITCOIN
🤑 Derivatives Will Help Bitcoin 

Word On The Street: Traders and analysts have voiced concerns about Bitcoin’s inability to surpass its all-time high. However, TradingView believes that the launch of a Bitcoin ETF is crucial in driving BTC's price.

The details:

• TradingView GM Pierce Crosby highlighted the importance of derivatives noting that exchanges available from 2015 to 2022 often subjected spot and margin traders to high fees and slippage.

• Crosby stated, "On the retail side, the ETF offers a convenient way for investors to buy and sell the asset with minimal fees."

• Addressing Bitcoin’s correlation with traditional markets, Crosby noted, "Large institutional players are trying to shift the narrative that crypto is more than just another tech stock or NASDAQ corollary."

Why it matters: While crypto prices can follow stocks, gold, and oil, and are affected by internal events like the FTX exchange collapse, the market often recovers once it recognizes the distinct nature of the crypto sector.

Market Rundown

Fear & Greed Index

The global crypto market cap is $2.53T, a 1.16% increase over the last day.

The total crypto market volume over the last 24 hours is $50.65B, which makes a 36.69% decrease. The total volume in DeFi is currently $4.1B, 8.10% of the total crypto market 24-hour volume. The volume of all stable coins is now $46.86B, which is 92.52% of the total crypto market 24-hour volume.

Bitcoin’s dominance is currently 52.67%, a decrease of 0.04% over the day.

Global Market Metrics

As of the latest data:

- Total Market Capitalization: $2,529,591,298,206.45

- 24-Hour Trading Volume: $50,304,746,643.46

- Bitcoin Dominance: 52.67%

- Ethereum Dominance: 18.03%

- DeFi Market Capitalization: $93,414,595,717.62

- DeFi 24-Hour Volume: $4,104,028,442.79

- Stablecoin Market Capitalization: $154,861,743,742.24

- Stablecoin 24-Hour Volume: $46,866,552,277.63

- Derivatives 24-Hour Volume: $507,298,569,740.37

Top Gainers & Losers

🚀 Top Gainers

💩 Top Losers 

Airdrops & More News

DAILY AIRDROP
📦️ Syrup LP Airdrop

Syrup has announced a yield program to its users. Users who deposit Circle (USDC) stablecoin on Syrup will receive LP tokens (syrupUSDC). They will also receive additional yield in the form of “Drips.”

Step-by-Step Guide:

1. Visit the Syrup website.

2. Submit your email address and request early access.

3. Syrup has announced a yield program to its users.

4. Users who deposit Circle (USDC) stablecoin on Syrup will receive LP tokens (syrupUSDC) and additional yield in the form of ‘Drips.

5. Holders of MPL, Maple’s native token, will also be able to migrate to the SYRUP token on a one-for-one basis.

6. Stay tuned for more official announcements regarding the yield program.

Other News

US President Joe Biden vetoes SAB 121 repeal. United States President Joe Biden said he vetoed the resolution because "he will not support measures that jeopardize the well-being of consumers and investors."

U.S. Sen. Wyden: House 'Right' to Pursue Crypto Bill, Late in Session for More Progress. The Oregon Democrat has been among his party's crypto sympathizers in the Senate, and he said there's "a long way to go" after this early burst of crypto momentum in Washington.

Trader Buys 2M Dogecoin Call Options as Meme Coin Market Heats Up. The options will expire on June 14 and have a strike price of $0.22 or about 31% higher than the current price.

Binance founder CZ receives support from crypto community as jail term starts. Once he completes his four-month sentence at Lompoc prison, Zhao plans to resume his involvement in cryptocurrency.

🫡 Thanks For Reading

SPONSOR US
Get your product in front of over 10k+ Investors

Our newsletter is read by thousands of professionals, investors, developers, and business owners around the world. Get in touch today.

FEEDBACK

If you have specific feedback or anything interesting you’d like to share, please let us know by replying to this email.