Bitcoin Insider - 06/09/24 - Read Time: 3 Min

Recent chart data indicates a confirmed bearish trend on the Daily Timeframe, suggesting lower targets at $40,000 USD

Confirming another lower high in the coming weeks will solidify a high Timeframe (1D) bearish trend.

In recent news events, Mt Gox creditors may need to wait up to three months to receive their Bitcoin and FTX gets green light to sell $3.4 billion in crypto assets.

Today’s update will also include:

• Updated Technical Analysis

• Other key market developments

• Crypto Meme Center

Bitcoin Price Analysis

Last Price Updates  

Bitcoins recent brutal price action has caused a shift in structure one the 1D Timeframe.

Price Action has managed to establish a new lower low which has confirmed a bearish continuation.

Consecutive lower lows and lower highs simply increase the probability of lower prices to come in the immediate short-term.

Weekly Range

Observing the weekly Time-frame, price action is trading in a massive range that continues to be respected.

If price action continues to follow this fractal, it could suggest the beginning of an extended bearish market.

Please note that these are high timeframe scenarios that can take weeks and months to play out, your job is to be positioned correctly for when they come.

Bitcoin Insider will continue to monitor these time sensitive price development for the next update.

Latest Market News

Mt Gox creditors may need to wait up to three months

Creditors of Mt Gox may face wait times of up to three months to receive their bitcoin or bitcoin cash repayments, depending on the crypto exchange where they filed their claims. This information comes from a trustee document released recently.

The trustee overseeing the defunct crypto exchange announced today the initiation of repayments to selected crypto exchanges under the rehabilitation plan. The timing for payouts to reflect in creditors' accounts varies

• Kraken has a 90-day processing window, Bitstamp may take up to 60 days, while BitGo promises payouts within 20 days. SBI VC Trade and Bitbank are expected to complete payouts within 14 days.

The trustee's document specifies that each designated cryptocurrency exchange must add BTC or BCH to the balance of a rehabilitation creditor's account or transfer the cryptocurrencies to a linked wallet within a set timeframe after receiving them from the Rehabilitation Trustee.

FTX gets green light to sell $3.4 billion in crypto assets.

A Delaware bankruptcy court approved FTX's request to sell up to $100 million in cryptocurrencies per week, potentially increasing to $200 million with further approval.

The exchange, led by restructuring expert John J. Ray III, aims to repay creditors while exploring a platform revamp, many are left waiting.

FTX plans to use investment strategies to hedge and stake its $3.4 billion in crypto assets, with Galaxy Asset Management advising, this seems to be their only way.

Meanwhile, founder Sam Bankman-Fried faces legal challenges, including allegations of misappropriation and paying celebrities like Shaquille O’Neal and Naomi Osaka before bankruptcy, more to develop.

Crypto X Segment

Emerging news and trends

Panic in the Crypto Market: Bitcoin and Ethereum are Collapsing: A shockwave has shaken the world of crypto. In a matter of hours, Bitcoin plummeted by 8%, Ethereum tumbled by over 10%, and millions of dollars in long positions were liquidated.

21Shares files for spot Solana ETF: The index, named 21Shares Core Solana ETF, is calculated daily and aggregates the notional value of SOL trading activity across major SOL spot exchanges, according to the S-1 registration form filed with the U.S. Securities and Exchange Commission (SEC).

Australia set to debut spot Bitcoin ETFs: report: Australia is preparing to introduce its first spot Bitcoin Exchange-Traded Funds (ETFs) by the end of 2024, according to Bloomberg. Firms such as Monochrome Asset Management and BetaShares are awaiting approval from the Australian Securities Exchange (ASX) and Cboe Australia.

Meme Center

The Current Situation 😃 

Bitcoin Insider bouncing back to work, See you in the next one! 👊