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Cardano (ADA) is currently consolidating near a critical support zone that could shape the direction of its price action in the coming weeks. After a sharp 15% drop since Wednesday, ADA is showing signs of weakness as broader market sentiment sours amid rising geopolitical tensions. The conflict between Israel and Iran has injected significant volatility and uncertainty into global markets, spilling over into the crypto space. ADA’s recent losses reflect this risk-off environment, as investors become more cautious and liquidity thins. The failure to hold above key resistance earlier in the month has turned previous support levels into pressure points for bulls. If ADA fails to defend the current range, further downside into lower support zones could follow quickly. According to on-chain data from Santiment, Cardano whales have offloaded more than 270 million ADA over the past week. This significant distribution adds to the selling pressure and suggests large holders may be anticipating more downside, or at the very least, reducing exposure amid macroeconomic instability. Whale Activity And Macro Risks Weigh On Price Cardano remains one of the most underperforming large-cap altcoins in 2025, currently trading 85% below its yearly highs and 107% off its peak from last year. Despite a few short-lived rallies, ADA has struggled to maintain momentum and attract sustained demand. The broader altcoin market has shown signs of weakness, with capital continuing to concentrate around Bitcoin and Ethereum, leaving ADA vulnerable at key support levels. Analysts are calling for a decisive move as ADA consolidates at a critical price zone that could define the coming weeks of action. If bulls fail to step in, Cardano could see further downside toward historical support levels. The situation is further complicated by global tensions and rising macroeconomic uncertainty. Geopolitical instability—most notably the Israel-Iran conflict—has triggered risk-off sentiment across global markets, driving volatility in crypto. Adding to the bearish pressure, top analyst Ali Martinez shared on-chain data showing that whales have sold over 270 million ADA in the past week alone. This large-scale distribution from deep-pocketed holders highlights a loss of confidence or, at minimum, a defensive repositioning amid the current uncertainty. For ADA to regain bullish momentum, it must defend current levels and break through resistance with strong volume support. A sustained recovery in broader altcoin sentiment could provide the tailwind ADA needs. However, with external macro risks looming and whale activity suggesting caution, investors should remain vigilant. Unless Cardano can show strength at these key levels, the road to recovery may be longer and more volatile than expected. Cardano Struggles At Support Amid Broader Market Weakness The daily chart for Cardano shows a concerning technical picture as the token trades at approximately $0.6368, nearing its critical support range. After briefly attempting to break above $0.75 in late May, ADA has since reversed course, printing a series of lower highs and failing to reclaim its key moving averages. Currently, it trades below the 50-day, 100-day, and 200-day simple moving averages, indicating a bearish structure across multiple timeframes. The $0.63–$0.64 level now stands as a crucial zone. A breakdown below this level could open the door to further downside, potentially revisiting March lows near $0.58 or even the psychological $0.50 level if broader market sentiment continues to deteriorate. The declining volume and failure to hold above key averages signal waning bullish momentum. Adding to the weakness, recent whale activity has raised red flags. On-chain data from Santiment revealed that whales have sold over 270 million ADA in the past week, fueling speculation about a lack of confidence among large holders. To regain strength, ADA must hold current support and break back above the 100-day SMA around $0.70. Until then, Cardano remains vulnerable to further declines as investors grow more risk-averse amid macro uncertainty. Featured image from Dall-E, chart from TradingView

Highlights include Chinese Activity Data, BoJ, US Retail Sales, UK CPI, Riksbank, FOMC, BoE, SNB, Norges Bank, Japanese CPI, MOF Bond Meeting Newsquawk Week Ahead: 16th-20th June 2025; MON: OPEC MOMR, Chinese Activity Data (May), EZ Labour Costs (Q1), TUE: BoJ Announcement, IEA OMR, German ZEW Survey (Jun), US Retail Sales (May) WED: FOMC Announcement, Riksbank Announcement, Bank of Indonesia Announcement, BCB Announcement, UK Inflation May), EZ Final CPI (May), New Zealand GDP (Q1) THU: BoE Announcement, SNB Announcement, Norges Bank Announcement, CBRT Announcement, Australian Jobs (May) FRI: Japanese MOF Bond Meeting, PBoC LPR, Japanese CPI (May), UK Retail Sales (May), Canadian Retail Sales (Apr), Quad Witching CHINESE ACTIVITY DATA (MON): China will release its monthly activity and credit data for May on Monday, with Industrial Production expected at 6.0% Y/Y (prev. 6.1%), Retail Sales (currently no expectation) previously at 5.1%, and Fixed Asset Investment at 3.9% Y/Y (prev. 4.0%). ING notes that the data is expected to reflect broadly stable conditions with a slight moderation bias amid lingering effects from the peak-tariff period and ongoing weakness in private sector sentiment. The Unemployment Rate is seen ticking down to 4.9% (prev. 5.1%), while House Prices last month printed deep in negative territory at – 4.0% Y/Y. Analysts suggest the pace of decline has slowed, but a trough has yet to be established. The data will land ahead of Fridayʼs LPR decision, where no change is expected. BOJ POLICY ANNOUNCEMENT (TUE): The BoJ is likely to maintain its short-term interest rate at the current 0.50% level. A recent Reuters poll showed all 60 economists surveyed were unanimous in their forecasts for no rate increase and money markets also heavily price no change in rates. As a reminder, the BoJ left its short-term interest rate unchanged at 0.50% in the last meeting with the decision made unanimously and it reiterated the rhetoric that it will continue to raise the policy rate if the economy and prices move in line with its forecast. Despite the central bank maintaining its rate hike signal, the language from the central bank was dovish-leaning as it noted that Japan’s economic growth is likely to moderate and that underlying consumer inflation is likely to be at a level generally consistent with the 2% target in the second half of the projection period. The BoJ also acknowledged that uncertainty surrounding Japan’s economy and prices remains high with risks to the economic outlook and inflation skewed to the downside. The BoJ also stated that a prolonged period of high uncertainties regarding trade and other policies could lead firms to focus more on cost-cutting and as a result, moves to reflect price rises in wages could also weaken. Furthermore, the Outlook Report projections were lowered with the Real GDP median forecast for Fiscal 2025 cut to 0.5% from 1.1% and for Fiscal 2026 was cut to 0.7% from 1.0%, while the Core CPI median forecast for Fiscal 2025 was cut to 2.2% from 2.4% and for Fiscal 2026 was cut to 1.7% from 2.0%. Since then, the language from the central bank has continued to reinforce the rate hike signal as Governor Ueda recently affirmed that the BoJ will raise interest rates if it has enough confidence that underlying inflation nears or moves around 2%, although provided a slightly dovish twist as he noted if the economy and prices come under strong downward pressure, the BoJ has limited room to underpin growth with rate cuts with the short-term rate still at 0.5%, as well as stated that underlying inflation is still below 2% and the BoJ is keeping the real interest rate negative, so underlying inflation achieves 2% and keeps inflation sustainably and stably at 2%. Aside from the decision on rates, participants will be eyeing any clues on its tapering plans at the upcoming meeting given that there was a recent Bloomberg source report that the BoJ is said to consider smaller reductions to its bond-buying with the debate centering on quarterly cuts of JPY 200bln-400bln, while the new bond-buying plan would last to March 2027. Reuters sources also noted the BoJ is mulling slowing the pace of bond tapering next year with the central bank likely to roughly maintain its bond taper plan through to March but the new programme beyond April 2026 may see a slowdown. However, it was also stated that there was no consensus yet, with the final decision to be made at the upcoming policy meeting. US RETAIL SALES (TUE): Expectations are Mayʼs M/M retail sales to remain at 0.1% with the ex-autos metric seen contracting by 0.3% (prev. 0.1%). Bank of America’s monthly consumer checkpoint data noted that credit and debit card spending per household increased +0.8% Y/Y in May (vs 1% Y/Y in April), with seasonally adjusted spending per household down 0.7% M/M, and the seasonally adj. annualised growth rate at -0.9% Y/Y. BofA said that May’s weakness in spending partly reflects declining gasoline spending, some payback from earlier tariff-related ‘buying ahead’, and the impact of poor weather. Still, it said that “while we do not discount the possibility that consumer momentum has slowed further, the labour market continues to provide fundamental support to the consumer.” UK CPI (WED): Expectations are for headline Y/Y CPI in May to remain at 3.5%. As a reminder, the prior release saw Y/Y CPI jump to 3.5% from 2.6% (MPC forecast 3.4%), core Y/Y CPI advance to 3.8% from 3.4% and the carefully-watched services component rise to 5.4% from 4.7%. At the time, ING downplayed the spike, observing that the bulk of it was due to an increase in road tax (will drop out of the annual comparison next year) and the timing of Easter, which led to a surge in air fares and package holidays. This time around, analysts at Investec expect an unwind of the airfare effect, which should lower headline inflation by some 0.2%. The desk also notes potential downward pressure from petrol and rental prices. Offsetting this would be increases in clothing & furniture and food prices. This, allied with the correction from the ONS’s overestimation of VED in April, has given Investec a 3.3% Y/Y headline forecast and a decline in the core rate to 3.6% from 3.8%. The desk adds that there is a “good chance” that Aprilʼs print represents this year’s peak; this compares to an MPC forecast of a 3.7% peak in September. From a policy perspective, the release hits the day before the BoE policy announcement, which is widely expected to see policymakers stand pat on policy. RIKSBANK POLICY ANNOUNCEMENT (WED): At the June MPR meeting, the Riksbank is expected to cut rates by 25bps, taking the policy rate to 2.00%. Following a cooler-than-expected inflation dataset in May and increasing growth woes. In more detail, both headline and core figures came in below expectations and more pertinently the Y/Y core figure (2.5%) printed below the Bankʼs forecast (2.7%). On the growth front, Aprilʼs GDP figure fell from the prior month; further, the latest Riksbank Business Survey highlighted that the economic situation weakened during the spring, with companies also concerned about slowing economic activity in the period ahead. Analysts have mixed views on what the Riksbank will opt to do; SEB suggests that given the inflation/growth developments, the Bank will deliver a 25bps reduction. However, Danske Bank favours such a move to be delivered in August and the accompanying June MPR will “open the door” for such a move – nonetheless, analysts say “a June cut cannot be ruled out”. As a reminder, at the last meeting the Riksbank opted to keep rates steady at 2.25%. Policymakers highlighted that “it is somewhat more probable that inflation will be lower, than that it will be higher than in the March forecast. This could suggest a slight easing of monetary policy going forward”. Try Newsquawk free for 7 days FOMC POLICY ANNOUNCEMENT (WED): The FOMC is widely expected to keep rates unchanged at its June 17-18th meeting, with the Fed likely to adopt a wait-and-see stance amid continued uncertainty over the economic impact of Trumpʼs tariff policies. In the latest Fed poll, conducted by Reuters before the May CPI release, 59 of 105 economists forecast the Fed would resume rate cuts next quarter, likely in September. Additionally, 60% anticipate two cuts this year, consistent with the March median dot plot. In wake of the soft CPI data for May, money markets are fully pricing in two 25bps cuts by year-end. Meanwhile, the Fed will also release updated economic projections, with close attention on the 2025 dot plot. Recent data showed strong job growth and easing inflation, although risks from tariffs remain a concern. The Fedʼs latest Beige Book indicated that businesses expecting to pass on higher costs to consumers plan to do so within three months. Upcoming data will be key to shaping policy; following the May jobs report, JPMʼs Feroli remarked it was almost designed to support the Fedʼs inclination to remain on hold and let future labour and inflation data guide policy decisions. BOE ANNOUNCEMENT (THU): Analysts surveyed by Reuters are unanimous in expecting the BoE to keep the Base Rate unchanged at 4.25% with markets assigning just a 10% chance of a 25bps rate cut. Markets have been primed for a hold in June since the May meeting, which saw the MPC deliver a 25bps rate cut and stick to its preferred quarterly cadence of loosening policy whilst emphasising its gradual and careful approach. As a reminder, there were also two hawkish dissents at the prior meeting from Chief Economist Pill and external member Mann who preferred to leave policy unchanged. Data since the prior meeting has seen Y/Y CPI jump to 3.5% from 2.6% (MPC forecast 3.4%), core Y/Y CPI advance to 3.8% from 3.4% and the carefully-watched services component rise to 5.4% from 4.7%. This will likely be used by the MPC as a basis to keep policy steady. However, concerns over the BoE potentially falling behind the curve are mounting given data this week, which has seen a soft outturn for the most recent labour market report (increase in unemployment/declining payrolls growth) and a sharper-than-expected in M/M GDP for April. The recent soft data is unlikely to shift the consensus on the MPC in favour of a 25bps reduction. However, the vote may end up being a fragmented one; recall, Dhingra and Taylor voted for a 50bps reduction last month. An alternative way for the MPC to express a potentially faster pace of rate cuts going forward would be to tweak existing guidance of a “gradual and careful” approach to policymaking; Pantheon Macro is doubtful that one monthʼs worth of data would be sufficient for such a tweak. Looking beyond the upcoming meeting, markets price a 68% chance of a cut in August with the next 25bps reduction not fully priced until September, whilst 51bps of loosening is seen by year-end. Note, this is not an MPR meeting. NORGES BANK POLICY ANNOUNCEMENT (THU): At the June MPR, Norges Bank is expected to keep rates steady at 4.50%. Recent data has shown a continued moderation in core inflation, with both the M/M and Y/Y metrics cooling more than expected. More specifically, CPI-ATE printed at 2.8% (prev. 3.00%) and below the Bankʼs forecast of 3.1% Y/Y. Following the inflation report, SEB suggested that it will not spark a cut in June and rather underpins the current rate path of a 25bps reduction in September and December (SEB has extrapolated this from the MPR). It is worth noting that whilst these metrics play in favour of a cut in June, other economic indicators suggest that Norwayʼs economy is holding up well, with the labour market remaining resilient and strongerthan-expected Mainland GDP growth in Q1. As a reminder, the last Norges Bank meeting was a damp squib; the Bank kept rates steady at 4.50% and reiterated cautious language that “restrictive monetary policy is still needed” and “if the policy rate is lowered pr SNB POLICY ANNOUNCEMENT (THU): The SNB is expected to cut rates from the current 0.25% level. While a cut is all but certain, the magnitude of the move is less clear. Markets currently imply 31bps of easing, i.e. a 25bps move is priced with around a 24% chance of a 50bps cut occurring. Easing is justified by inflation continuing to print below the SNBʼs forecasts, in May the Y/Y rate came in at -0.1% with inflation for Q2 thus far averaging -0.05% vs the 0.2% Q2 forecast unveiled by the SNB in March. A negative print which factors in favour of the SNB announcing a larger 50bps move and delivering a return to NIRP. However, officials have stressed for several months that a negative inflation reading is a possibility; after the May data, Tschudin described it as “just one data point” and emphasised that they look at inflation over the medium-term, not just for one month. Language used by Chairman Schlegel in the days before the print. On negative rates, Schlegel has frequently made clear that they are an option, but “no one likes them”. In terms of the outlook for inflation ahead, the breakdown of the series points to inflation being driven lower by energy and the strong CHF, while the core measure printed at 0.5% and remains within the SNBʼs 0-2% target band. While the SNB canʼt do much about energy prices, it can target the CHF and as such irrespective of whether a 25bps or 50bps cut is unveiled the statement and/or press conference will likely have heightened focus on intervention to combat the Francʼs strength; however, the SNB will be conscious of being labelled a FX manipulator by the US and the impact of any accompanying sanctions as a result of that. CBRT POLICY ANNOUNCEMENT (THU): The CBRT is expected to keep interest rates on hold at 46% in its June 19th meeting, despite this, it’s worth noting that 241bps of easing is priced for this meeting. A Reuters poll showed that the bank is expected to restart its easing cycle this summer, and will continue to “at least mid-2026”. Commentary at the prior meeting noted that the committee would make its decisions in a predictable and data-driven manner. In terms of recent data, May CPI data undershot estimates with a 1.5% M/M gain, helped by moderate FX-passthrough and moderating food prices. Looking ahead, UBS expects the bank will begin cutting rates as early as July, and JPMorgan expects the bank to remain on hold in July, and begin lowering rates by 250bps at each meeting from July, to 36% by year-end. ematurely, prices may continue to rise rapidly”. PBOC LPR (FRI): PBoC will announce Chinaʼs benchmark Loan Prime Rates next week with Chinese banks expected to maintain the 1-year LPR at 3.00% which most new loans are based on and with the 5-year LPR likely to be kept at 3.50% which is the reference rate for mortgages. Expectations for the benchmark rates to be maintained are not much of a surprise given the cuts last month including the 10bps cut to the LPRs and at least 15bps cuts to deposit rates by the major Chinese banks. Furthermore, PBoC Governor Pan had announced sweeping measures earlier that month to ease policy including a 50bps RRR cut and 10bps cut to the policy interest rate with the 7-day Reverse Repo lowered by 10bps to 1.40% and the Standing Lending Facility reduced by 10bps across all tenors. As such, the PBoC and major banks are unlikely to act so soon, while recent mixed data releases from China also support the argument to refrain from any immediate adjustments. JAPANESE CPI (FRI): There are currently no expectations for the Japanese CPI metrics, which will be released a few days after the BoJʼs policy decision on Tuesday. Headline and core inflation are seen remaining above 3%, with ING flagging a possible uptick in core CPI to 3.7% Y/Y for May from 3.5% in April, driven by broad-based service price gains. The data will follow a BoJ meeting where rates are expected to remain on hold at 0.50%, and focus will centre on taper guidance, with Bloomberg and Reuters sources suggesting debate over reducing quarterly JGB purchases to JPY 200–400bln from FY26. BoJ Governor Ueda reiterated that the real policy rate remains negative, and any rate hike will depend on underlying inflation sustaining near 2%. MOF BOND MEETING (FRI): Japanʼs Ministry of Finance (MoF) will hold JGB primary dealersʼ meetings on June 20th and 23rd to gauge market appetite amid surging ultra-long yields and speculation of supply tweaks. Reuters sources suggested buybacks super-long bonds (20-year, 30-year, 40-year) are on the table, in addition to the already-flagged issuance cuts. While the government has already floated plans to cut new issuance of ultralong bonds, market chatter has intensified around buybacks of older, low-yielding paper to cap excessive volatility. Any formal buyback plan would require Diet budget approval and take time to implement. Analysts at Nomura call the potential buybacks “a move in the right direction” given structural oversupply. Meanwhile, the BoJ may slow tapering from FY26, with an announcement due at its Jun 16–17th policy meeting. Bloomberg source report that the BoJ is said to consider smaller reductions to its bond-buying with the debate centring on quarterly cuts of JPY 200bln-400bln, while the new bond-buying plan would last to March 2027. BoJ Governor Ueda reiterated vigilance on long-end yield swings due to knock-on effects on the broader curve. Copyright © 2025 Newsquawk Voice Limited. All rights reserved. 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Ripple CEO Brad Garlinghouse predicted that XRP could soon take a chunk of SWIFT’s trading volume. Meanwhile, Circle’s USDC recently launched on the XRP Ledger (XRPL). Both developments could provide a huge boost for the XRP price, given the altcoin’s role in the XRPL ecosystem. XRP Price Gets A Boost With Ripple CEO Garlinghouse’s Prediction At the XRPL Apex Conference, Brad Garlinghouse predicted that the XRP could capture 14% of the volume that SWIFT processes by 2030. He noted that SWIFT has two key components: messaging and liquidity. The Ripple CEO added that liquidity is where the power lies and that if XRP drives the liquidity layer, it would gain significantly. This could also spark a surge in the XRP price in the process. Ripple uses XRP for its payment services, which it runs on the XRPL. In this case, Ripple is betting on taking 14% of SWIFT’s trading volume because of how fast and easy it is to process these cross-border transactions using blockchain technology. This isn’t the case for SWIFT, as the platform focuses more on interbank messaging for these cross-border transfers. In a now-deleted X post, pro-XRP lawyer John Deaton commented on this prediction and what it could mean for the XRP price. He stated that SWIFT processes approximately $5 trillion in transactions daily. This means that 14% of SWIFT’s daily market volume equates to $700 billion daily or approximately $175 trillion annually. Deaton failed to give a particular price prediction based on these numbers. However, Fruition, another XRP community member, provided a calculation that could put the XRP price in triple digits. In an X post, they noted that SWIFT moves 150 trillion per year and that 14% of that is 21 trillion. Fruition added that 21 trillion through the XRPL means 58 billion tokens, which equates to $357 for the XRP price. Circle’s USDC Launches On XRPL In an X post, Circle announced that its USDC stablecoin is now available on the XRP Ledger, another development that is bullish for the XRP price. The stablecoin firm noted that XRPL users will now be able to use USDC for DeFi liquidity provisioning, payments, and it could also serve as a settlement option for infrastructure apps. Crypto analyst Moon Lambo broke down why the USDC launch on XRPL is bullish for the XRP price. He stated that this development will substantially increase the total value locked on the network, which is a major predictor of whether the XRP price will appreciate. The crypto analyst added how this provides additional utility for XRP. He noted that the altcoin will be used to pay gas fees on every USDC transaction on the network. At the time of writing, the XRP price is trading at around $2.15, up almost 2% in the last 24 hours, according to data from CoinMarketCap.

Ethereum is trading at a critical level as tensions in the Middle East escalate following fresh conflict between Israel and Iran. Despite the rising global uncertainty, ETH continues to show resilience, holding firmly above the $2,500 support zone. Bulls remain in control for now, but selling pressure is building as bears attempt to push the price below the current range. Market sentiment is cautiously optimistic, with investors closely watching for any sign of breakdown or breakout. Top analyst Rekt Capital recently shared a technical analysis highlighting Ethereum’s ability to maintain $2,500 as a support level despite the recent dip. Historically, this price level has acted as a strong foundation for rallies to $4,000, including significant moves in August 2021 and early 2024. If ETH can continue defending this zone, it may signal that bulls are ready to build momentum toward a new leg up, possibly triggering broader altcoin strength. However, with rising geopolitical risks and increased volatility across risk assets, Ethereum faces a true test of strength. If this level holds, it may mark the start of Ethereum’s next significant move. Will history repeat itself, or are further corrections ahead? Ethereum Faces Pressure But Holds Critical Support Zone Ethereum has dropped over 14% since Wednesday, sparking widespread fear and uncertainty among traders and long-term holders alike. Just days ago, sentiment was overwhelmingly bullish, with many investors expecting ETH to break above the $3,000 level and confirm a broader altcoin rally. However, geopolitical instability has disrupted market momentum. On Thursday, news of Israel’s attacks on Iran and subsequent retaliations sent shockwaves across global markets, triggering a sharp risk-off reaction and a spike in volatility across crypto assets. Despite the intense selling pressure, Ethereum is showing resilience. Rekt Capital shared a technical breakdown pointing out that ETH continues to hold the $2,500 level as key support. This isn’t the first time ETH has used $2,500 as a launchpad—historical patterns from August 2021 and early 2024 show that maintaining this level has led to rallies toward $4,000. According to Rekt, Ethereum must continue demonstrating stability around this zone to avoid a deeper retrace and keep bullish momentum alive. For the past five weeks, ETH has successfully defended the $2,500 region, forming a solid base of support despite repeated tests. Whether Ethereum can hold this ground once again will likely define the direction for altcoins and set the tone for the broader crypto market in the weeks ahead. ETH Holds Support After Rejection At Range Highs Ethereum is trading at $2,556 following a sharp rejection from the $2,830 level earlier this week. As seen on the daily chart, ETH remains locked within a multi-week range between roughly $2,500 and $2,830. Despite the recent volatility driven by geopolitical tensions, Ethereum has managed to hold above the 50-day and 100-day moving averages, both of which are currently sloping upward — a positive sign for momentum. The red 200-day moving average, located around $2,642, has acted as a firm resistance barrier. ETH briefly broke above this level but failed to close above it with strength, leading to a retracement. Volume has spiked during these recent sessions, reflecting growing interest and emotional price reactions amid the Israel-Iran conflict. A key area to watch is the $2,500–$2,520 support zone. This range has acted as a floor multiple times and could serve as a launchpad if bulls regain control. Conversely, a clean break below $2,500 could shift sentiment bearish and open a path toward $2,300. Featured image from Dall-E, chart from TradingView

The response of the US dollar and Treasuries to Israel's attack on Iran and the palatable risk of escalation was uninspiring. It supports the popular narrative about the changing role of the US dollar and assets in the world economy. US stocks and bond sold off ahead of the weekend. It should not be regarded as a "smoking gun" but part of an incremental addition to the accumulating evidence. The G7 meeting in Canada (June 15-17) may command attention, but if it can agree on a statement, it will be likely be so bland to express the divergence of views (and the apparent isolation of the US) that it likely have limited impact in the capital markets. The US dollar has tended to weaken when the Trump administration presses its tariff offensive. Last week, President Trump reiterated that in a week or two, letters to US trading partners will be sent that carry the new bilateral tariff. Also, Trump threatened to boost the tariff on autos, which would seem to only complicate efforts to reach trade deal with Japan and Europe. A couple of months ago, the administration was touting 90 deals in 90 days. So far, there is one and that is with the UK, which indicated that none of it was enforceable. Vietnam and maybe India deals could be next. The week ahead features several central bank meetings, including the Federal Reserve, Bank of Japan, Norway's Norges Bank, and the Bank of England. All four are likely to leave rates on hold. The Fed will update its economic projections. The Fed funds futures are not quite pricing in the two hikes that the median projection anticipated last December and March would be appropriate this year. The markets will also be looking for some guidance on the unwinding of the Fed's balance sheet (QT). The Swedish and Swiss central banks also meet. They are expected to cut key rates. A quarter-point cut would being the Swedish policy rate to 2% and could prove to be the floor. The Swiss National Bank is more interesting. The EU harmonized measure of consumer prices has fallen by 0.2% over the past 12-months. The deposit rate is at 0.25%. There is some speculation that it could return to a negative policy rate. We think this is unlikely. It is still an important threshold, and the exchange rate suggests little sense of urgency is required. US Drivers: The dollar's initial reaction to Israel's strike on Iran seemed relatively muted and this may make some question the dollar's safe haven status, and it feeds into the narrative that the dollar's role in the world economy may be changing. The FOMC meeting is important, not because it will do anything, which it will not. But what it says can still move the financial markets. The Summary of Economic Projections, even taken with a high of uncertainty, is the baseline for market. The Fed funds and swaps markets move around the median Fed projection. Yet it seems that the market converges with the Fed rather than the other way around. Trade appears to be distorting Q2 GDP but favorable unlike the large drag on Q1, but we think this is concealing a weakening of consumer demand amid the slowing of the labor market, resumption of student loan servicing, elevated debt-stress levels, and a high-degree of uncertainty. The Treasury's monthly portfolio report may be of greater interest than usual. It covers April, when the narrative hard turned to capital flight from the US, and some drew parallels between the dollar selling off despite rising rates and emerging market currencies. Within the context of the America's large net international investment position, falling asset markets and falling dollar suggests some foreign selling but the markets would have performed similarly if it were domestic, dollar-based investors diversifying offshore, too. Data: Real sector due this week looks soft. The slump in auto sales (15.65 mln seasonally adjusted annual rate vs 17.27 in April) were a drag on headline retail sales though the measure that excludes auto, gasoline, building materials and food services may have risen after a 0.2% decline in April. Industrial output may have eked out a small gain in May after a flat report in April. May housing starts look little changed after a 1.6% increase in April. NY and Philadelphia June surveys will be report. There will also be much interest in the April Treasury's International Capital report given the narratives of foreign capital flight after the reciprocal tariffs were announced. Recall that in Q1 25 foreign investors bought more far more US assets than in Q1 24 (~448 bln vs $37.6). Prices: After falling to new three-year lows on June 12 near 97.60, the Dollar Index rebounded to about 98.60 in response to Israel's strike on Iran. It needs to overcome resistance near 98.70 to spur a return to the 99.40-100.00 area. The 20-day moving average is 99.20 and DXY has not closed above it since May 19, and the down trendline from mid-May intersects slightly above there on Monday. EMU Drivers: Late last year, the 30-day rolling correlation of changes in the exchange rate and the two-year US-German rate differential was above 0.80, a multiyear high. It fell to less than 0.10 in early June and rarely has been lower in the last few years. It is now near 0.25. Not only is the ECB well ahead of the Fed in the easing cycle, but large pools of capital seemed under-weight, the opposite of the US. Data: The market expects a pause in the ECB's easing cycle before one more cut before the end of the year. In this context, the April current account, construction spending, and Germany's ZEW survey pose headline rise at best. Prices: Israel's attack on Iran halted the euro's rally after it reached slightly above $1.1630 on June 12 and snapped the four-day advance. Still, despite the setback ahead of the weekend, the June 12 low (~$1.1485) held. A break of last week's lows in the $1.1370 area is needed to signal anything important technically. The 20-day moving average is a little higher (~$1.1385) and the euro has not settled below it in almost a month. PRC Drivers: There are only a handful of currencies that have been more stable against the dollar this year than the Chinese yuan. It has appreciated by about 1.75% against the dollar this year. This is not by accident. It may not always be clear how or why, but Beijing manages to deliver a fairly stable exchange rate. The growth of the US, Europe, and Japan in the 1950s and 1960s was facilitated by stable exchange rates. This proved too rigid, and Nixon's closing of the gold window was only the details of the coup de grace that was already well under way. Expect the yuan to continue to track the greenback, which means, in a falling dollar environment, it will trade softer on the crosses, making the offshore yuan a potentially attractive funding currency for carry trades. Data: China report real sector data for May early Monday. The PMIs warn of poor data. The tariff war with the US is only adjusted toward the middle of the month, though reports suggest some container shipments were orders by US retailers before the Geneva agreement. Still, by the end of May containers activity at the west coast ports had ground to a near-halt again. Retail sales and industrial production may have slowed sequentially, house prices do not appear to have reached a bottom, but officials seem reluctant to take fresh fiscal measures or monetary measures. The loan prime rates will remain steady at 3.0% and 3.50% for the one-year and five-year tenors. Prices: The dollar slipped below CNH7.17 on June 12 to record the low for the week before rebounding ahead of the weekend to almost CNH7.19. The high last week was near CNH7.20. The upper end of the consolidative range is CNH7.2240-60, and a foothold above CNH7.20 would target it next. The PBOC set the dollar's reference rate at nearly a two-month low before the weekend (CNY7.1772), its lowest level in two months. It lowered the dollar's fix for the past four sessions, which limits the dollar's upside. This suggests officials are not resisting slow yuan appreciation, though we imagine their tolerance is not without limits. Japan Drivers: The Bank of Japan is wrestling with trying to normalize monetary policy while the economy remains weak (-0.7% quarter-over-quarter contraction in Q1), and inflation remains elevated. As part of its effort to adjust monetary policy is it has slowed the purchases of government bonds, which appears to be adding to the pressure at the long end of the curve. At the same time, the changes in the exchange rate and in the US 10-year yield are around 0.27 over the past 60 sessions after being more than twice as high for most of Q1 25. On the other hand, the rolling 60-day correlation of the changes in the yen and Dollar Index is slightly below 0.90, the highest in 30 years. Data: There are two highlights in the coming days. The first is the BOJ meeting. Governor Ueda can be expected to reiterate that if the economy evolves as the central bank expects, it will raise rates further. The swaps market does not have more than 10 bp of tightening priced in until October, and even by the end of the year, the market no longer fully discounts a quarter-point hike. Recall that as recently as the end of Q1, the swaps market reflected expectations for at least 75 bp of hikes. A couple of days after the BOJ meeting, the BOJ will meet with primary dealers to ostensibly discuss supply and demand for long-term JGBS. May's CPI will also be released. Officials, like market participants, have a good idea of it from the Tokyo CPI that was reported on May 30. The headline was stable at 3.4%, but the core measure rose to 3.6% (from 3.4%) and the measure that excludes fresh food and energy rose to 3.3% (from 3.1%). The takeaway if BOJ officials, like market participants, understand that price pressures are still rising. The April national core measure, which the target of policy was at 3.5%, the highest since January 2023. Prices: The yen initially rallied to new highs for the week in response to news of Israel's attack on Iran but then succumbed to the broadly firmer dollar and modest rise in US interest rates. The dollar recovered from around JPY142.80 to reach almost JPY144.50, a few ticks shy of the previous day’s high. The month's high was set in the middle of last week near JPY145.45. UK Drivers: Sterling was lifted to new three years highs last week, not by constructive developments in the UK, where the data mostly surprised on the downside but broadly weaker US dollar. The rolling 30-day correlation between changes in sterling and changes in the Dollar Index reached almost 0.90 and the 60-day correlation has been hovering around 0.80 for more than a month. The forward guidance from Bank of England officials had arguably persuaded market participants that the central bank will slow walk this part of the easing cycle, but the data may force its hand, even if not in the coming week. Since the end of April extreme, the swaps market has seen the expected year-end base rise slightly more nearly 35 bp before the disappointing data. It has been halved to about 17 bp above the late April low and it is falling. The 10-year Gilt yield has risen by a net of about five basis points. Data: It is a busy week for the UK but back loaded. May CPI is due Wednesday. Utility prices jumped in April, and this was reflected in a 1.2% month-over-month surge in measures consumer prices and will not be repeated. Still, anything more than a 0.3% increase in May will lead to a higher year-over-year pace (3.5% April). The following day the Bank of England meets. There is virtually no chance of a change in policy. The base rate will remain at 4.25%. The swaps market is discounting about a 63% chance of a cut at the next meeting in August but does not have the next cut fully discounted until November. At the end of the week, May retail sales are due. They will likely slow from the heady 1.2%-1.3% increase in April. Prices: Sterling set a new three-year high slightly before Israel's attack a little above $1.3630. It subsequently was sold to almost $1.3515, and while it took out the previous day's low (~$1.3525), it settled back within the range, neutralizing the negative technical implications. Support may extend toward last week's lows (~$1.3455-65). Canada Drivers: The US dollar's broad movement appears to have eclipsed other influences on the movement of the Canadian dollar. The rolling 30- and 60 correlations of changes in the Canadian dollar and the Dollar Index are near 0.75 and 0.68, respectively, near the highest of the year. It is notable, too, that more than oil, short-term interest rates, and risk more broadly (S&P 500 as proxy) changes in the Canadian dollar are more correlated with change in gold (30-day correlation is around 0.62 and the 60-day correlation is near 0.57). Data: The highly include April portfolio flows and retail sales. Through March, foreign investors were net sellers of about C$10 bln of Canada's stocks and bonds. In Q1 24, they were net buyers of C$24 bln Canadian assets. Still, in Q1 25, the Canadian dollar was virtually flat but in Q1 24, it fell by about 2.25%. March retail sales (0.8% month-over-month) were flattered by auto sales, without which retail sales fell by 0.7%. Early indications from StatsCan suggest that April retail sale may have risen by 0.5%. Still, this week's reports are unlikely to change market views that there less than a 1/3 chance of a Bank of Canada rate cut next month. The swaps market is discounting one cut fully in H2 25. Prices: The Canadian dollar was one of the two G10 currencies that appreciated against the greenback ahead of the weekend. The other being the Norwegian krone. While many cite the rally in crude oil, we note that 1) the 60-day correlation of changes in the exchange rate and oil is low (less than 0.10) and is actually slightly inverse over the past 30 days, and 2) the Canadian dollar typically does better on the crosses in a firm US dollar environment. The greenback recorded a new eight-month low ahead in the North American session ahead of the weekend near CAD1.3565. It recovered to almost CAD1.3600 in late turnover. There appears little chart support ahead of the CAD1.3475-CAD1.3500 area, though the momentum indicators will likely be over-extended before it reaches it. Australia Drivers: Over the past 30 sessions, the changes in the Australian dollar are more correlated with changes in the Dollar Index than the Canadian dollar (~0.72 vs 0.65), but the 60-day correlation is the opposite. Changes in the Australian dollar are more correlated with changes in the Canadian dollar (~0.70) than the Dollar Index (~0.55). Changes in the Aussie and gold have a 0.60 correlation over both periods. Data: There is one report coming days. It is the May jobs report on June 19. The Australian labor market looks fairly stable through April. Overall, almost 104k jobs were created in the first four months of the year, down from 127k in the January-April 2024 period. Of these jobs, a little more than 2/3 (~68k) were full-time positions, down from closer to 3/4 in the first four months of 2024. The 4.1% unemployment rate is unchanged from last April, although the participation rate has risen from 66.7% to 67.1%. Ahead of the data, the futures market has about an 80% chance of another cut at next central bank meeting on July 8. Prices: The Australian dollar was sold to a seven-day low near $0.6455 amid the initial risk-off response to Israel's strike on Iran. However, it recovered to around $0.6515 in North America before stalling. It had recorded a seven-month high slightly shy of the $0.6550 retracement level we targeted in the middle of last week. The Aussie finished the week nearly flat. On the year, the Australian dollar is the worst performing G10 currency with a little less than a 4.9% gain. Mexico Drivers: The Mexican peso is benefitting from a weakening US dollar, attractive carry, liquidity, and relatively low volatility. The total returns this year (carry+spot) is almost 15%. Leaving aside the Russian ruble, only three other emerging market currencies have generated a better total return (Brazilian real ~18.2%, Hungarian forint ~17.5%, and Czech koruna 15.2%). The peso's three-month implied volatility near 12.2% is near the middle of these currencies, and its liquidity is far superior. Data: Mexico's economic calendar is extremely light in the coming days. Still, ahead of the central bank meeting on June 26, the central bank will see April retail sales and the IGAE economic activity report (similar to a monthly GDP report), May's trade balance, and the first half of June CPI. Despite the May CPI being above the upper end of the target range (2%-4%), the markets look for another (the fourth) half-point cut. Separately, Brazil and Chile's central banks meet this week. Chile's policy meeting is on June 17, a day before the FOMC meeting concludes and Brazil's central bank meeting. Chile's central bank's easing cycle began in July 2023, with its policy rate at 11.25%. It has been at 5.0% since the last rate cut in December 2024. May's inflation stood at 4.4%. Although the easing cycle may not be over, the central bank will likely remain on hold this week. On the other hand, Brazil's central bank began its tightening cycle last September and raised the Selic rate by 175 bp in 2024 and another 250 bp through last month. Softening price pressures and a weakening economy has given rise to speculation that the hikes are almost over. The swaps market is discounting one more quarter point hike. Prices: Over the past couple of years, the peso has seen sharp dramatic selloffs on geopolitical, and more recently, tariff developments but they rarely sustained for more than a day. This may speak to the peso's use as a proxy for other less liquid emerging market currencies. The pattern was repeated before the weekend. The greenback settled near MXN18.88 on June 11 after recording a 10-month low in the middle of the week (~MXN18.8265) and spiked to around MXN19.1030 on Israel's attack. It fell back to around MXN18.8850 in North America ahead of the weekend. A break of MXN18.80 could spur a move toward MXN18.60. Disclaimer

US President Donald Trump’s media group is making a big splash in crypto finance. A Chicago trading firm put up $100 million to buy 4 million shares in Trump Media & Technology Group. That move comes just nine weeks after US regulators closed a probe into the same firm. Based on reports, the deal is tied to TMTG’s plan to buy over $2.5 billion worth of Bitcoin. Big Bet On Trump Coin According to the filing, DRW Investments treats Bitcoin like any other corporate asset. The company – founded and controlled by trading mogul Don Wilson – said it has been active in crypto for more than a decade. It sees value in holding Bitcoin on its balance sheets. Buying into TMTG was, in its view, a straightforward way to back that idea. Institutional Backers Rally Jane Street leads the pack with a $375 million stake in the Trump Group. That makes it the largest backer so far. Other investors are also lining up. Based on reports, TMTG’s goal is to raise $2.5 billion and use much of that cash to buy Bitcoin. If all goes to plan, the firm could hold over 140,000 BTC at current prices. Regulatory Milestone Achieved On Friday, June 13, the SEC declared TMTG’s registration statement for its Bitcoin Treasury offering effective. That covers 56 million new shares of equity and 29 million in convertible notes. Clearing this step means the company can sell shares and raise the cash it needs. It also subjects TMTG to ongoing SEC reporting and oversight. Voice Of The Crypto Industry Meanwhile, a DRW spokesperson called for a fresh look at the SEC and CFTC. The firm argued that the current regulators don’t match the pace of global market changes. Over the years, DRW’s crypto arm, Cumberland, bought 70,000 BTC in a US government auction of Silk Road assets. That stash is worth about $7.7 billion today. Featured image from Digital Watch Observatory, chart from TradingView

The Dogecoin price has crashed alongside the rest of the crypto market, and this has led to the break of a very important support level. This crash below $0.18 has signaled a turn in the tide, and this could trigger the next wave of declines. A crypto analyst had previously predicted this market decline, calling it before it began. However, it is not all bad news for the meme coin as longer timeframes offer more bullish options as time goes by. Dogecoin Price Still Bullish On The Long-Term Crypto analyst Master Ananda forecasted in a TradingView post where the Dogecoin price could be headed next. At the time of the post, the Dogecoin price was still trading close to the $0.2 level, and the market was still on an upward trajectory. While positive sentiment seemed to be returning to the market at that time, the analyst was calling out the possibility of a pullback. Master Ananda explained that the Dogecoin price was still quite bearish, but this was only on the short-term timeframe. This leaves out only the long-term timeframe for the bullishness, and so far, the meme coin’s market trend seems to be playing out the way the crypto analyst predicted. He called for a correction, using the April 2025 low as a basis and the lower highs that had formed as a result. This had begun back in December 2024 when the Dogecoin price had begun putting in lower highs, suggesting that there was bearishness building up in the market. Presently, as the Dogecoin price has dropped back below the $0.18 support, the analyst simply pointed out that it was a continuation of the decline that had begun on May 11 after the market recovery. While this is bearish for the short-term, suggesting there could be a bit more correction to go, the analyst doesn’t expect it to last long. Where Could The DOGE Price Go From Here As for the bottom of the current Dogecoin price correction, Master Ananda expects the price to bottom above the April 7 lows, which were above $0.13. This would put the meme coin at around $0.15 before the bottom is in, and then the recovery is expected to begin. The crypto analyst urged investors, especially those holding spot bags, to wait for the dust to settle. After this, he expects the altcoin to turn bullish again. For traders going short, he advises caution and not to hold the trade for too long, as the range is short. “We are very likely to get a higher low compared to 7-April,” Master Ananda predicted. “If too many leveraged positions are open though and the market wants to remove those, there can be a long wick that pierces support for the action to recover the next day.”

A crowd of heavyweight asset managers just resubmitted their Solana ETF applications, and this time they’re making room for staking. Bitwise, VanEck, Grayscale, Fidelity, 21Shares, Franklin Templeton, and Canary Capital have all dropped updated S-1 forms into the SEC’s inbox, and the message is clear: they want to make these ETFs do more than just track price. If the SEC gives the green light, Solana ETF approval could introduce income-generating rewards to traditional crypto investing. What Changed? The SEC gave feedback, and the issuers responded fast. On June 13, a wave of revised filings rolled in. The key tweaks? Better explanations on how redemptions will work and, more notably, how staking rewards might be handled inside the fund. These aren’t just crypto-native shops either. Traditional powerhouses are now all-in on the ETF race, a sign that Solana is being taken more seriously by Wall Street. What Investors Should Pay Attention To Solana’s price jumped three percent after the news of the amended filings, showing traders are paying attention. If staking is included in the final approval, it could supercharge demand. That kind of yield feature makes these ETFs more attractive than a plain vanilla tracker. But if the SEC drags its feet or comes back with more restrictions, that excitement could cool off fast. Bottom Line Solana ETF hopefuls are pushing for a new kind of product, one that combines price exposure with staking rewards. If the SEC signs off, we could see a whole new class of crypto ETFs hit the market this summer. That would be a big step not just for Solana, but for how crypto fits into traditional investment strategies. The next few weeks are going to be worth watching. DISCOVER: 20+ Next Crypto to Explode in 2025 Join The 99Bitcoins News Discord Here For The Latest Market Updates Key Takeaways Top asset managers have revised Solana ETF filings to include potential staking rewards, responding to SEC feedback on redemptions and fund structure. Staking allows ETFs to generate income beyond price tracking, giving investors a new way to earn yield within a regulated investment vehicle. This marks a major test for the SEC, which previously pushed back on staking in Ethereum ETF proposals but hasn’t rejected Solana’s revised filings. Bloomberg analysts now estimate a 90% chance of approval, especially with Solana futures already active on the CME. If approved, staking-enabled Solana ETFs could reshape the market, drawing in both crypto-native and traditional investors looking for yield. The post Staking Could Be Coming to Solana ETFs, If SEC Says Yes appeared first on 99Bitcoins.

The European Union’s shiny new crypto rulebook is finally in play, and crypto heavyweights are wasting no time. Under the Markets in Crypto-Assets (MiCA) regulation, several big-name exchanges are on track to get their passports to operate across all 27 EU countries. But behind the scenes, regulators are getting twitchy. It’s a huge opportunity for the EU crypto market — but also a test of how well regulators can enforce the new rules. Gemini, OKX, and Coinbase Want In First up, Gemini. The Winklevoss-led exchange is close to getting licensed in Malta, a move that would let it serve the entire EU. Malta already handed out licenses to OKX and Crypto.com. Now Luxembourg is reportedly preparing to approve Coinbase, which would add even more firepower to the growing list of MiCA-compliant platforms. In theory, once a company is licensed in one EU country, it can operate across the bloc. That’s the promise of MiCA: seamless access and a level playing field. But reality is messier. Regulators Are Raising Their Eyebrows Some national watchdogs aren’t so sure about how fast things are moving, especially in smaller countries like Malta. Their concern? That light-touch reviews could let poorly vetted firms slip through the cracks and still operate across the EU. France’s regulators are especially worried. They’ve warned that if this turns into a race to hand out licenses quickly, we could end up with a patchwork system that favors speed over security. ESMA, the European Securities and Markets Authority, is watching closely and plans to release a report on what it sees as “regulatory arbitrage.” DISCOVER: 20+ Next Crypto to Explode in 2025 Malta Says: We Know What We’re Doing Malta isn’t backing down. Officials there say they’ve built up the experience and staff to handle MiCA applications properly. They’ve already approved four licenses and claim the process is thorough, even if it’s faster than in some larger countries. BitcoinPriceMarket CapBTC$2.11T24h7d30d1yAll time Still, concerns linger. One EU source reportedly said regulators are uneasy about the weight smaller states will carry in setting the bar for compliance across the bloc. If one regulator gets it wrong, it affects all 27 countries. Luxembourg’s Power Play, Ireland’s Crypto Cold Shoulder Luxembourg looks set to issue Coinbase’s license soon, which would be a big win for both the country and the exchange. Luxembourg has long been a hub for financial services, and this move would further solidify its position as a crypto-friendly jurisdiction. Ireland, however, is taking the opposite approach. Its central bank has been openly critical of crypto, with the governor comparing parts of the industry to Ponzi schemes. That hardline stance might make it more difficult for Ireland to attract top-tier crypto businesses seeking a European base. DISCOVER: Next 1000X Crypto: 10+ Crypto Tokens That Can Hit 1000x in 2025 What’s at Stake for Users and the Market MiCA is supposed to bring order to the chaos of crypto regulation in Europe. If it works, investors get protection, exchanges get clarity, and innovation keeps moving. But if national regulators pull in different directions, the whole system could buckle. The global crypto market is worth more than $3 trillion. That kind of money needs guardrails, not loopholes. Everyone’s trying to avoid another FTX-sized mess, but getting the balance right between safety and speed is proving tricky. What Comes Next All eyes are on ESMA’s next move. Will they tighten standards or let member states continue to interpret the rules their way? The way Europe handles this rollout will set the tone for global crypto regulation. The future of the EU crypto market may depend on how ESMA handles growing concerns over regulatory arbitrage. The clock’s ticking. And no one wants to be the weak link. DISCOVER: 20+ Next Crypto to Explode in 2025 Join The 99Bitcoins News Discord Here For The Latest Market Updates Key Takeaways Gemini, OKX, and Coinbase are racing to gain EU-wide access under MiCA by securing licenses in Malta and Luxembourg. National regulators like France and agencies like ESMA are warning about regulatory arbitrage and loose oversight in smaller EU states. Malta defends its process, claiming experience and staffing can support responsible MiCA implementation despite rapid approvals. Luxembourg is advancing Coinbase’s approval, while Ireland is pushing back against crypto, citing market risks and Ponzi concerns. The success or failure of MiCA’s rollout will shape the future of crypto regulation across the EU and could ripple into global policy. The post Fast-Tracked Crypto Licenses Stir Debate in EU’s New Rule Era appeared first on 99Bitcoins.

In the latest Africa crypto news, Binance praises Kenya’s crypto regulation progress but warns against heavy taxes. Meanwhile, VALR is partnering with MoonPay to expand access to more fiat currencies. Nigeria jails nine Chinese crypto scammers for one year. A Binance executive has praised Kenya’s progress in regulating crypto but warned against punitive taxation. In South Africa, the leading crypto exchange, VALR, has partnered with MoonPay, a crypto payments provider, to improve global payment integration. Meanwhile, Nigeria has jailed nine Chinese nationals for perpetrating crypto scams within the country. Let’s explore these crypto stories from the African continent this week: Kenya Crypto News: Binance Lauds Regulatory Progress Binance, a global exchange, has praised Kenya’s efforts to create a regulatory framework for the crypto industry. Larry Cooke, head of legal for Africa, noted the progress made on the Virtual Assets Service Providers (VASP) Bill before parliament. (Source) “The Virtual Asset Service Providers Bill is a game-changer, but more than that, it’s a symbol of Kenya’s willingness to lead Africa in responsible innovation,” said Cooke. “We have been working closely with regulators, parliamentarians, and educators because the crypto ecosystem cannot thrive without trust.” However, the Binance executive cautioned against imposing punitive crypto taxes on the industry. He believes Kenya can “lead the continent with smart, enabling policies.” Kenya has gradually become one of the most important crypto markets in Africa. Crypto scams are an unfortunate aspect of a digital, borderless payment system. Thousands of Nigerian nationals are still reeling from the collapse of the CBEX exchange, which appears to be a sophisticated Ponzi scheme. It is vital that authorities target actual scammers and fraudulent schemes rather than the entire crypto industry. Crypto stakeholders in Nigeria hope this distinction will be made in future crackdowns. DISCOVER: Best New Cryptocurrencies to Invest in 2025 – Top New Crypto Coins Africa Crypto News: Binance Praises Kenya, Nigeria Jail Scammers Kenya crypto news: Binance applauds Kenya’s crypto regulation progress South Africa crypto news: VALR and MoonPay partners to boost crypto access Nigeria crypto news: Nine Chinese nationals jailed for 1-year for crypto scams The post Africa Crypto News Week in Review: Binance Praises Kenya, VALR and MoonPay Partner, Nigeria Jails 9 Chinese Scammers appeared first on 99Bitcoins.

After hitting a one-week low on Thursday, Bitcoin (BTC) is attempting to reclaim the key $104,000-$105,000 area as support, but some analysts have warned that a visit to its range’s lows could be in BTC’s short-term future if volatility continues. Bitcoin to Continue Choppy Performance On Thursday afternoon, Bitcoin dropped 5.5% to the $102,000 support fueled by the news of the Iran-Israel conflict. Amid the market pullback, the flagship crypto failed to hold its $108,000-$110,000 three-day range, falling to the mid-zone of its post-November breakout range. Notably, BTC had just recovered from last week’s retest of the $100,000 level, reclaiming the key $106,800 area as support earlier this week. Daan Crypto Trades noted that the cryptocurrency “saw a clear trigger on that retest of the range high,” driven by the headlines of the Middle East turmoil, as it is “still quite a volatile and headline-driven market currently.” Bitcoin took the liquidity above and below its local price range, the analyst explained, adding that it is “already starting to trade more like the choppy (pre) summer environment” he had forecasted. Despite the drop, the analyst highlighted that the range high remains the key level for a larger move up: I think the range high is a key area for the Bulls to hold on to. If not, I think there’s a case to be made for a local high to be put in and for the market to move back further within this range. At this point, I’m fairly certain that if price breaks either the current monthly high or low, it will keep trending that direction for the rest of June (and possibly beyond). However, he suggested investors be cautious until BTC price breaks back above the range high convincingly and holds it as support on the higher timeframes. “Don’t chop yourself up in the next few weeks/months,” he warned. Volatility Could Send BTC To Range Lows Analyst Carl Runefelt from The Moon Show highlighted a potential double top pattern forming on BTC’s 4H chart, noting that if the price didn’t bounce from the previous descending resistance, reclaimed a week ago, it could further drop into the mid-zone of its range. According to the analysis, if it loses the mid-range, BTC could risk a retest of the range lows, around the $90,000-$92,000 area. Similarly, market watcher Merlijn The Trader suggested that Bitcoin could fill the lower CME gaps if the war narrative intensifies. BTC opened two CME gaps between the end of April and the start of May, situated at the $92,500 and $97,300 levels, respectively. Nonetheless, the trader considers that this could serve as a discount entry for investors, as BTC “already left higher CME gaps open,” signaling that a rebound to the levels is likely. Moreover, he noted that Bitcoin is displaying the same structure as last year, which could hint at a massive rally brewing. In 2024, the cryptocurrency faced rejection from a multi-month descending resistance following its all-time high (ATH) rally, which set the Range high level. According to the post, after the liquidity grab, BTC broke out of the key downtrend line, was rejected from the range high, and retested the descending resistance as support before a new rally. In 2025, Bitcoin appears to be following this path, currently retesting the descending resistance after the breakout. “If you know the pattern, you know what comes next,” he concluded.

Data shows the Ethereum spot exchange-traded funds (ETFs) have seen weekly inflows five times the recent average, while Bitcoin has seen a slowdown in momentum. Ethereum Spot ETFs Have Seen 154,000 ETH In Inflows This Week In a new post on X, the analytics firm Glassnode has talked about the latest trend in the netflow related to the US-based Ethereum spot ETFs. The “spot ETFs” refer to investment vehicles that allow an alternate means of exposure to a given asset. This means that with a spot ETF, a trader can ‘invest’ into an asset without having to directly own it. In the context of cryptocurrencies, this is especially relevant, as the ETFs trade on traditional platforms. Some investors may not want to fiddle with digital asset exchanges and wallets, so the ETFs offer them a familiar path into cryptocurrencies. The option of the spot ETFs is a relatively recent one in the sector, with Bitcoin’s version gaining approval from the US Securities and Exchange Commission (SEC) at the start of 2024 and Ethereum’s in mid-2024. Below is a chart that shows how the netflows related to the latter’s spot ETFs have looked during the past month. From the graph, it’s visible that the Ethereum US spot ETFs have been witnessing net inflows for the last few weeks, a sign that there has been demand for the coin from the traditional investors. “This week alone, they’ve seen 154K ETH in inflows – 5x higher than their recent weekly average,” notes Glassnode. “For context: the biggest single-day ETH inflow this month was 77K ETH on June 11th.” While the trend has been that of growth for Ethereum, it has looked a bit more mixed when it comes to the number one digital asset, Bitcoin. As displayed in the above graph, the Bitcoin US spot ETFs have also seen positive netflows this week. The scale of the inflows, however, hasn’t been anything impressive, as only around 7,800 BTC has entered into the ETFs. This is above average, but far lower than the highs witnessed in May, when at one point the daily inflow had reached a peak of 7,900 BTC, more than the inflows for the entire current week. Last week, the Bitcoin spot ETFs witnessed an outright negative netflow, so it seems the momentum has recently just been slower for the asset. In contrast, things have looked much more green for Ethereum indeed. ETH Price While Ethereum has been seeing consistent ETF inflows, its price has still underperformed against Bitcoin over the past day as it has dropped to $2,540, a decline of 7% compared to BTC’s 2% loss.

Bitcoin’s recent rally appears to have paused as the asset declined to just above $104,000 following a 2.1% drop over the past 24 hours. This latest movement signals a potential shift in short-term market momentum, with traders increasingly opting to exit positions. While the broader cryptocurrency market has experienced similar pullbacks, Bitcoin’s trajectory is attracting closer scrutiny due to its influence on overall sentiment and market structure. Analysts are looking into how external factors, particularly geopolitical developments, are impacting trading behavior. One such development is the reported military engagement between Israel and Iran on June 13, which triggered sell pressure across high-risk assets, including digital currencies. Amid these events, key metrics on Binance, particularly Net Taker Volume, are showing increased sell-side dominance, suggesting short-term volatility may continue. Binance Net Taker Volume Hits Multi-Week Low Amid Bitcoin Panic Selling According to on-chain analyst Amr Taha on CryptoQuant’s QuickTake platform, Bitcoin’s Net Taker Volume on Binance fell to -$197 million, the most negative reading since June 6. This metric, which compares aggressive selling to aggressive buying, indicates heightened urgency among traders to sell at market prices, bypassing limit orders. The seven-hour moving average (7HMA) has remained in negative territory since June 12, reinforcing the current downward pressure. Historically, such extremes in net taker volume have been linked to local price bottoms, as they often signal panic-induced capitulation by retail and overleveraged traders. Taha highlighted that a similar event occurred on June 6, followed by a 4% rebound in Bitcoin’s price within 24 hours. The implication is that, while aggressive selling may signal weakness, it also presents conditions that have previously preceded price reversals. Geopolitical Shock Triggers Liquidation Cascade, May Signal Local Bottom Taha also pointed to the geopolitical backdrop, specifically the sudden escalation between Israel and Iran, as a major catalyst for recent market behavior. News of the strike led to a surge in liquidation activity, especially among long-leveraged positions. The correlation between the timing of the conflict and the spike in Binance sell volume suggests that traders are reacting to broader market uncertainty, contributing to downward momentum. Despite this, Taha still views these conditions as potentially bullish in the medium term. Heavy selling often flushes out weaker hands, creating opportunities for long-term holders or institutional participants to accumulate positions at lower prices. Taha suggests that while the short-term outlook remains volatile, the current setup resembles previous recovery phases, marked by contrarian buying and reduced selling pressure. Featured image created with DALL-e, Chart from TradingView

Brewing tensions between Israel and Iran have triggered global de-risking across risk-on assets, including Bitcoin (BTC). The top cryptocurrency by market cap is down 1.7% over the past 24 hours. That said, technical indicators still point toward a potential new all-time high (ATH) for BTC in the coming months. Bitcoin Tracing The ABCD Pattern According to a recent post on X by crypto analyst Titan of Crypto, BTC appears to be following the ABCD pattern. The analyst noted that Bitcoin is currently trading within a wedge formation and could target as high as $137,000 if it breaks out. For the uninitiated, the ABCD pattern is a classic chart setup with four points and three legs – AB, BC, and CD – where AB and CD are typically equal in length, and BC serves as the retracement. It helps identify potential reversal zones and signals when a price move may be losing momentum. Several other technical indicators also point to a potential new ATH for BTC. For instance, crypto analyst Crypto Caesar shared the following 4-hour Bitcoin chart highlighting a bullish double bottom pattern that suggests BTC is primed for recovery. Fellow crypto commentator Jelle identified a cup and handle pattern on the daily BTC chart. Jelle shared the following chart showing that BTC has already formed the “cup” and is now beginning to shape the “handle,” which typically precedes a sharp upward move. Meanwhile, crypto trader Merlijn the Trader pointed to the Hash Ribbons – an on-chain indicator historically associated with major rallies. Merlijn shared the following BTC daily chart, noting that the last four appearances of this signal preceded strong Bitcoin uptrends. To explain, Hash Ribbons is an on-chain indicator that uses Bitcoin’s 30-day and 60-day hash rate moving averages (MA) to spot miner capitulation and recovery. A bullish signal appears when the short-term average crosses above the long-term one. Are BTC Bears Regaining Ground? Although BTC remains above the psychologically important $100,000 mark, some concerning signs are beginning to emerge. The cryptocurrency was recently rejected from the $110,000 resistance level again, giving bears temporary control. Similarly, on-chain data shows that long-term holders are beginning to exit the Bitcoin market which retail investors are starting to join in. Such dynamics are typically observed during the late phase of a bull cycle. In parallel, short-term holders are showing signs of declining confidence in BTC, as reflected in recent on-chain activity. At the time of writing, BTC trades at $105,568, down 1.7% over the past 24 hours.

Bitcoin’s market price has experienced renewed downward pressure, falling to just under $106,000 in the last 24 hours. This marks a 1.8% dip over the past day and places the asset approximately 6% below its all-time high of over $111,000 reached last month. While the correction is not severe compared to historical volatility, it highlights ongoing uncertainty in the market as BTC consolidates near record highs without sustained upward momentum. One metric drawing attention amid this price movement is the Puell Multiple, a tool used to evaluate whether Bitcoin is overvalued or undervalued relative to miner income. Bitcoin Puell Multiple Suggests Miner Revenues Have Yet to Catch Up CryptoQuant analyst Gaah highlighted that while prices recently surged above $108,000, the Puell Multiple remains below 1.40, a level typically associated with discounted or non-euphoric market phases. This decoupling between BTC price and miner revenue offers insight into how recent gains may be more demand-driven than organically supported by on-chain mining fundamentals. The Puell Multiple measures the daily issuance of BTC in USD terms relative to its 365-day moving average. Historically, readings below 1.0 are seen during market bottoms or accumulation phases, indicating undervaluation. Gaah points out that current readings hovering around 1.40 suggest miner profitability is still lagging, even as the asset trades near historic highs. This pattern contrasts with previous bull cycles where high prices were often accompanied by elevated miner earnings, driven by both network activity and block rewards. This disparity may be due in part to the April 2024 Bitcoin halving event, which reduced block rewards from 6.25 BTC to 3.125 BTC per block. While halving events typically drive price appreciation through reduced supply, they simultaneously put downward pressure on miner revenue. In this case, despite a climb in market price, the halving’s impact continues to suppress income for miners, implying that the price increase has not yet been accompanied by the kind of broader economic expansion that would traditionally drive a full-fledged bull market. Potential for Continued Growth as Institutional Forces Drive Demand Gaah also points to the possibility that external factors may be playing a more dominant role in driving recent price action. These include increasing institutional inflows through spot Bitcoin ETFs, as well as a tighter circulating supply as long-term holders reduce active selling. These forces could be supporting price without necessarily boosting miner profitability in the short term, especially if the uptick is concentrated in secondary market demand rather than new BTC issuance. The current environment may signal a unique window for participants analyzing Bitcoin’s valuation. A high market price combined with conservative fundamentals suggests the market is not yet in a speculative excess phase. If miner revenues eventually rise in line with growing demand, driven by either increased transaction fees or broader network usage, it could support further upside. As such, both technical and fundamental indicators may continue to evolve in the coming months, offering a clearer view of whether the current cycle has more room to run. Featured image created with DALL-E, Chart from TradingView

A fresh XRP/BTC chart released on 12 June by the market technician known as Dr. Cat has injected new controversy into one of crypto’s most stubborn trading pairs. The analyst, posting to X, argues that despite a bruising six-week slide, conditions still favour an eventual breakout for XRP that would leave Bitcoin lagging. He assigns the scenario a formidable 70 percent probability. XRP Vs. Bitcoin: 70% Chance Of Breakout, But When? At the heart of Dr. Cat’s thesis is the 2,041-satoshi level, where three separate Ichimoku timeframes—monthly, bi-monthly and tri-monthly—intersect. “The price keeps eating support after support with no reaction from bulls at all as if supports don’t exist,” he concedes, but he stresses that this specific shelf is “the most important support.” Candles on the attached one-month chart already hover fractionally below the line; a decisive monthly close beneath it, he warns, would flip the three-day structure fully bearish and scatter the pair into unpredictable, possibly chaotic ranges. Even so, the strategist insists history is on the side of XRP bulls. “Price has spent years performing very well and coiling up with higher lows for this attack now,” he writes, framing the past twelve quarters as a prolonged accumulation that has never surrendered its series of macro higher lows. That coiling, he believes, will allow XRP to mount at least a “minor … attack in August” toward the 3,000-satoshi region—roughly a 45 percent appreciation from current levels—and perhaps fuel a “much bigger attack” once the broader market cycle matures. The optimism is not unqualified. Dr. Cat calculates a 30 percent chance of a complete flop if 2,041 sats fails on a monthly-close basis. Under that bearish branch, the cross could slice toward 1,800 – 1,900 sats, attempt a feeble rebound, or continue a “slow bleed all the way down to the bottom of the range where it started the monster move.” In such a setback, he would not expect the long-anticipated “monster bullish move” until Q4 2025 at the earliest. For the moment, therefore, the market hangs on a single number. Hold above 2,041 and Dr. Cat sees a clear shot at outperforming Bitcoin—first modestly, then dramatically. Slip beneath it, and the road map dissolves into what he bluntly calls an “unpredictable/choppy” expanse. Either way, XRP traders now know exactly where the cycle’s pivot resides and precisely how thin the margin for error has become. At press time, XRP traded at $2.1287.

Northern Ontario Business calls the Ring of Fire “the garden of agony” for mining companies ever since the discovery of nickel and chromite in the James Bay region in 2007-08: Over the decades, the vast and open-ended mineral potential of the remote Ring of Fire has received its share of passionate lip service from Ottawa and Queen’s Park. But these two orders of government have also contributed to the lack of Far North development through apathy and inaction, arduous assessment processes, and diverging policies over how — or even if — resource extraction should take place in the James Bay lowlands. The sclerotic pace of development though could be quickening, thanks to a change of federal government, new initiatives from the Doug Ford-led provincial government, and progress on roadbuilding that is being headed up by local First Nations. A promise of new mining infrastructure has brought a fresh wave of optimism from resource companies advancing deposits in the region, who see a new “area play” developing. Curiously though, this area play, i.e, mineral exploration that takes on a regional perspective, involves mostly major and mid-tier mining firms rather than junior resource companies that normally create areas plays where one company makes a discovery then begins staking ground, followed by others with similar ambitions. What is the Ring of Fire? The Ring of Fire is one of the most promising opportunities for critical minerals development in the Canadian province of Ontario. Wikipedia says “The Ring of Fire is a vast, mineral-rich region located in the remote James Bay Lowlands of Northern Ontario Canada. Spanning approximately 5,000 square kilometres (1,900 sq mi), the area is rich in chromite, nickel, copper, platinum group elements, gold, zinc and other valuable minerals. Discovered in the early 21st century, the Ring of Fire is considered one of the most significant mineral deposits in Canada, with the potential to greatly impact the nation’s economy and global mining industry.” “The region is centred on McFaulds Lake near the Attawapiskat River in Kenora District, approximately 400 kilometres (250 miles) northeast of Thunder Bay, about 70 kilometers (43 miles) east of Webequie, and due north of Marten Falls and Ogoki Post, which is near/on the Albany River in the James Bay Lowlands of Ontario, Canada.” The Sudbury Star notes the Ring of Fire spans an area of Ontario bigger than Quetico Provincial Park — itself nearly as big as Algonquin Park. According to the Canadian Mining Journal, the number of mining claims in the Ring of Fire has increased by over 28% since September 2022. The 33,074 claims, as of September 2023, now cover approximately 626,000 hectares, nearly 10 times the size of Toronto. Privately held Juno Corp currently holds the most claims at 17,000 covering about 333,000 hectares. More on Juno and other companies operating in the ROF below. Minerals found in the Ring of Fire to date include: chromite copper zinc gold diamonds nickel platinum group elements Source: Ontario government Source: Canadian Geographic Ontario’s Critical Minerals Strategy is a five-year roadmap that will secure the province’s position as a reliable global supplier of responsibly sourced critical minerals. According to the provincial government, Ontario is a globally significant producer of critical minerals including nickel and cobalt and is home to several advanced lithium and graphite development projects. Other critical minerals that have either been produced in the province, or that occur in deposits currently being developed, include barite, chromite, fluorspar, magnesium, molybdenum, niobium, phosphate and tungsten. These minerals are key components of stainless steel and other important building materials that contribute to economic growth. The global supply chain issues that have taken root over the last couple of years and recent geopolitical conflicts demonstrate that, now more than ever, steps must be taken to ensure that we have the minerals and advanced materials required to continue transitioning to a more connected, cleaner and technology-driven economy. Currently, a great deal of global mine production and important mineral processing and refining capacity for critical minerals, such as those minerals and materials required to produce electric vehicle batteries, is concentrated in only a handful of jurisdictions outside of North America. Where and how critical minerals are mined, processed and refined is important to manufacturers and consumers. Ontario’s exceptional mineral potential, supportive business climate and strong environmental and social governance fundamentals make the province a premier global destination for investment into critical minerals development. The Ontario government goes on to say the Ring of Fire is “a transformative opportunity for unlocking multi-generational development of critical minerals,” and that “Ontario continues to make progress on the ‘Corridor to Prosperity’ leading to the Ring of Fire region by collaborating with First Nations partners on legacy infrastructure development in Northern Ontario.” Source: Ontario government The Ring was discovered in 2007 by late Sudbury prospector Richard Nemis. As mining lore has it, Nemis came upon the first trove of chromite in the region and, being a fan of Johnny Cash, named the area after Cash’s hit song. The Sudbury Star points out that it was actually his financier friend Robert Cudney, however, who suggested the name while dining with Nemis and former mining exec John Harvey at a Toronto restaurant, according to the book ‘Ring of Fire: High-Stakes Mining in a Lowlands Wilderness’. The name also alludes, however, to the shape and nature of the geological formation that contains the minerals — a crescent of ancient, volcanic rock. Cash’s song “Ring of Fire,” was written by his 2nd wife June Carter in 1963. Carter wrote the song trying to express what it felt like falling in love with the man in black. Mineral endowment The Star quotes Stan Sudol, a Toronto-based analyst and frequent contributor to the newspaper, who called the Ring of Fire “the most important mining discovery in Canadian history,” which could “even exceed the legendary Sudbury Basin” in output someday. The Ontario mines ministry says the area is rich in chromite, cobalt, nickel, copper and platinum group elements. The underlying greenstone belt is similar to the world-famous Abitibi Greenstone Belt that runs from Timmins and Kirkland Lake in Ontario to Quebec’s Rouyn-Noranda and Val d’Or. The Ring of Fire’s metal resources have a wide variety of applications, everything from EV batteries to military equipment, wind turbines and semiconductors. Chromite, found in larger quantities in the ROF than anywhere else in North America, is turned into ferrochrome, a key alloy in the manufacture of stainless steel. (Sudbury Star) As for how much wealth is trapped in the rock, Ontario Premier Ford’s estimated economic potential of “upwards of a trillion” is likely hyperbole. The more scientific figure is in the tens of billions. The Star notes a decade ago, late geoscientist James Franklin estimated future output at $30-50 billion, while in February 2025, Ricochet Media said Ford’s trillion-dollar figure “is astronomically out of step with actual estimates that go as high as $77 billion, when adjusted for inflation.” New roads Extracting the Ring of Fire’s metals however is far from easy. Nothing can happen without a way to transport material in and out. That statement is easier to appreciate when one considers that this vast, isolated area still has no rail or road access — the nearest road apart from ice roads built during the winter is 300 km away. The area which consists largely of muskeg is also home to multiple First Nations, that by law must be consulted before any mining or mining infrastructure can take place on their territories. According to the Canadian Mining Journal: Although chromite, copper, and nickel were discovered in 2007, the area’s remoteness, lack of infrastructure, opposition from some neighbouring First Nations, and bureaucratic red tape have been ongoing issues. The remote location can only be accessed by planes and winter roads (ice roads) only accessible for about two months of the year… Three permanent roads are planned, connecting two of the communities and proposed mines. The Marten Falls community access road would create a 200-km north-south permanent route from Marten Falls First Nation to the provincial highway. The Webequie supply road is a proposed 107-km road which would provide year-round access from the community’s airport to the Ring of Fire. The proposed 117 km to 164 km northern road link would connect the mines to the two local roads. According to the Marten Falls First Nation website, “Better access would allow reduced transportation costs for goods and services; meaning more affordable food, fuel, and other vital supplies and services; enhanced access to emergency, health and social services; increased opportunity for training and jobs for First Nation people and businesses during planning and construction; and increased opportunity for local sustainable economic development.”… Road construction is estimated to take from five to 10 years and will be carried out by the Marten Falls and Webequie First Nations. The roads are estimated to cost approximately two billion dollars. Northern Ontario Business reported this week that the Webequie released an environmental report on the Webequie supply road — seen as a key step toward opening the region to mining development: The draft assessment and impact statement outlines possible effects of the proposed two-lane all-season road and other planned and existing projects, including the Eagle’s Nest and Big Daddy mines, as well as the Marten Falls community access road. Global News said on June 3 that “blob:https://aheadoftheherd.com/ebdc6501-e7e4-4bcd-82c1-3dce56fc0d38A road to the mineral-rich Ring of Fire in northern Ontario is at the centre of the Ford government’s economic strategy, relying on mining contracts to create jobs and prosperity in the face of tariffs from the United States.” Source: Ontario Government “Development of a regional infrastructure corridor providing all-season road access, led by First Nation communities, is key to unlocking the Eagle’s Nest deposit,” Wyloo states on its website. Plugged In Last year 16 First Nations received power from the grid in Ontario and all the First Nations in the Ring of Fire are expected to have power by the end of this year. That’s very positive in that these communities are going to be getting off diesel power, and of course these same communities want to see roads in, because they’re going to benefit from lower costs, better access to housing, energy, schools, health care, and at the same time there’s obviously an interest in developing the mines because of the economic benefits. Cutting red tape The Ring of Fire has been under the spotlight recently as both Ontario and the federal government look to counter US trade moves and build domestic mining and energy capacity. The Ford government, particularly, has grown frustrated with the long timelines for opening mines and completing major projects. This is the justification it offers for tabling Bill 5, the ‘Protect Ontario by Unleashing Our Economy Act’. Passed by Queen’s Park on June 4, Bill 5 aims to speed up mining projects and other developments in areas deemed to have economic importance. The legislation allows for creation of Special Economic Zones, where Cabinet would be allowed to exempt projects from certain environmental and labor laws. Ford has said the Ring of Fire will be among the first places that get this designation — cutting the time period for project approvals in half. His government has committed $1 billion to build out the Ring of Fire. Prime Minister Mark Carney has pledged to work closely with the Ontario government to rapidly develop the area, in part through a ‘One Window’ approach that will enable companies “to navigate regulations faster and with fewer redundancies.”(Sudbury Star) In March, Carney staked out his position in calling for an “action-oriented economy” vowing to end the duplicative environmental impact assessment processes for projects deemed nationally significant. “One project, one review; it’s time to build,” Carney said. (Northern Ontario Business). Canadian Mining Journal mentions several Ontario government initiatives for developing mineral resources in the province. They include the Junior Exploration Program that helps juniors finance early-exploration projects; the Critical Minerals Innovation Fund that supports Ontario companies in developing new mining technologies; and Bill 71, the Building More Mines Act: Bill 71 introduced amendments to the Mining Act that include changes to closure plans, recovery of minerals frameworks, and decision making. The minister can issue an order to defer one or more elements of a closure plan to prevent the delay of mining projects. Minor site alterations do not require filing a Notice of Material Change… According to the minister of mines, “The economic benefits are already starting to accrue. Within the communities, the province has announced a billion-dollar commitment to develop the broadband and facilities, as well as the transmission corridors. There have already been hundreds of millions of dollars put into the Indigenous communities in the area.” Projects and companies The two biggest players in the Ring of Fire are Australia-based Wyloo Metals (privately owned), whose parent company is iron ore giant Fortsescue Metals; and unlisted Juno Corp, based in Toronto. As mentioned, Juno is the largest claim holder in the region with claims covering 4,600 square kilometers. According to its website, “Juno has an extensive and diversified list of targets for elements including Ni-Cu-PGE, VMS polymetallic Cu-Zn-Au, Au, Ti-V, and Cr.” Other companies: KWG Resources owns the Black Horse chromite project and maintains an interest in other deposits. KWG owns 90% of some chromite resources but the main chromite is owned by Wyloo. The remaining 10% is owned by Bold Ventures. PTX Metals (TSXV: PTX) is a junior with a copper-nickel-cobalt-PGE asset. PTX is surrounded by Barrick on the West end of its 250 sq km W2 Project. Under the Spotlight – Greg Ferron, CEO PTX Metals Canterra Minerals (TSXV: CTM) has a 100%-owned Ring of Fire property and has entered into a deal with Teck Resources for Teck’s potential acquisition of the property, subject to a 1.5% NSR royalty. Ecora Resources PLC (TSX: ECOR), a royalty and streaming company, has a 1% life-of-mine NSR royalty over a number of claims on the Black Thor, Black Label and Big Daddy chromite deposits owned by Wyloo Metals. MacDonald Mines Exploration, acquired by Canuc Mines in May, is developing the SPJ project which spans 19,710 hectares and is situated approximately 40 kilometers northeast of the prolific Sudbury Mining Camp. Bold Ventures’ (TSXV: BOL) Koper Lake project consists of four claims comprising approximately 1,024 hectares hosting chromite and massive sulfide occurrences that have yet to be delineated. In 2012 Bold Ventures signed an option agreement with Fancamp Exploration to earn in for up to 60% of the Koper Lake project. Bold’s Ring of Fire project was originally comprised of claims held by Bold Ventures and Rencore Resources. Pursuant to a merger transaction concluded in 2012, Rencore became a subsidiary of Bold Ventures. The Rencore claims were drill-tested in 2012. Copper Lake Resources’ (TSXV: CPL) exploration portfolio includes the Marshall Lake VMS copper, zinc and silver property west of Lake Nipigon, and the Ring of Fire Norton Lake nickel, copper, cobalt, palladium and platinum property. Both are in northwestern Ontario and serviced from Thunder Bay. Ongold Resources’ (TSXV: ONAU) Ring of Fire property is October Gold, which covers more than 10 km of the prospective Rideout Deformation Zone, with gold endowment estimated at >15m ounces. Eagle’s Nest Wyloo acquired Noront Resources in 2022 and now owns the Eagle’s Nest nickel-copper mine. It is touted as the largest high-grade nickel discovery in Canada since Voisey’s Bay. Wyloo says it hopes to begin construction of its mine in 2027, with production commencing by 2030. (Sudbury Star) Northern Ontario Business reports Eagle’s Nest contains more than 15.7 million tonnes of high-grade nickel with significant amounts of copper and platinum group metals. Wyloo has already invested $630 million on the Noront deal plus $25-30 million spent annually on the project, the publication states. Last May, Wyloo chose Sudbury as the battery mineral host city for a downstream battery mineral processing plant to be fed by Eagle’s Nest. Mine construction would start in 2027, coinciding with the start of road construction. Wyloo expects to release an updated feasibility study on Eagle’s Nest in a few months, Northern Ontario Business reported in April. According to its 2012 feasibility study, the mine will last about 11 years and cost approximately $609 million to build, states the Canadian Mining Journal. Reserves are estimated at 11.1 million tonnes grading 1.68% nickel, 0.87% copper, 0.87 g/t platinum, 3.09 g/t palladium, and 0.18 g/t gold. The company received a $500,000 grant from the Critical Minerals Innovation Fund to test storing tailings as underground backfill in mine workings. Conclusion The above-mentioned companies and their shareholders stand to benefit greatly from the road and power infrastructure the Ontario government is promising for the Ring of Fire. Wyloo has already spent $650 million on Eagle’s Nest which is a feasibility-stage mine. Agnico Eagle has made a substantial investment in the Ring through Juno Corp. Teck Resources and Barrick have both come into the camp. The First Nations have started to build roads from their communities to the supply roads. As this continues, you’ll see a wave of capital coming in for exploration, and then you’ll see these majors want to make significant investments because they realize the potential of this camp is billions of dollars worth of mineralization. The Ontario government wants to build a concentrator in the Ring of Fire and then have the refineries in Sudbury finish the product. As far as investors go, the Ring of Fire is currently an area play driven by major and mid-tier mining companies. It’s hard to invest directly into the ROF because the exposure is mostly to large, diversified mining firms. As you can see from the above list of juniors, quantity is scarce and that limits the number of quality junior vehicles into the play for investors. Musselwhite, Red Lake, Timmins and Sudbury have something in common, the camps never existed until the infrastructure came in. I believe if the federal and provincial government’s do what they promised, the whole area is going to become a very hot area for the majors to be a part of. That makes, for me, a junior with a quality land position in the Ring of Fire a must own. Especially a junior with a shallow resource on a massive, under explored mineralized footprint. Richard does not own shares of PTX Metals (TSXV:PTX). PTX is a paid advertiser on his site aheadoftheherd.com This article is issued on behalf of PTX. Legal Notice / Disclaimer Ahead of the Herd newsletter, aheadoftheherd.com, hereafter known as AOTH. Please read the entire Disclaimer carefully before you use this website or read the newsletter. If you do not agree to all the AOTH/Richard Mills Disclaimer, do not access/read this website/newsletter/article, or any of its pages. By reading/using this AOTH/Richard Mills website/newsletter/article, and whether you actually read this Disclaimer, you are deemed to have accepted it.

The Shiba Inu development crew has rolled out a new tech layer that could shift how people use SHIB. According to reports, the beta version of Shib Alpha Layer went live on June 12, 2025. It’s made in partnership with ElderLabs, and it got built without any VC backing. Now users can test it before the full launch. Shib Alpha Layer Beta Launch Based on reports, the Shib Alpha Layer brings all the separate rollups in the ecosystem under one hood. You won’t need to jump from bridge to bridge. You transact as if you’re on a single chain, even though dozens of rollups run beneath the surface. The project reached beta in record time, and the team says they did it all with their own funds. User Friendly Experience Users can pay fees in SHIB, BONE, or any token they hold. That cuts out the problem of having to swap tokens just to cover gas. You’ll also get near‑instant finality, so transactions show up almost right away. Those features may seem small, but they could pull in people who find current rollup setups clunky and slow. Shiba Inu: Security And Privacy Features Shib Alpha Layer uses ZAMA’s Fully Homomorphic Encryption. That lets smart contracts run on encrypted data, so the logic stays private. It’s rare to see FHE live in a crypto network, but the beta is already up and running. Security audits have been promised before the public release, which should ease some worries about bugs or hacks. Integration With Shibarium Shibarium is set as the settlement layer under this new system. According to lead developer Kaal Dhairya, every rollup becomes an L3 network, picking up the security that Shibarium offers. Future updates will open up rollup deployment to everyone and boost multi‑chain links. Instant bridging is on the roadmap, too, so moving assets between chains could happen in a click. The team’s main coder, Kaal Dhairya, pointed out that early critics called SHIB a joke coin. They’d ask “Wen Shibarium?” and spread fear, uncertainty and doubt. He said those jibes didn’t slow them down. Instead, they focused on building. Shytoshi Kusama, another lead developer, popped back on X after a few weeks off to highlight this work. He’s been drafting a whitepaper on how AI could team up with the Shiba Inu network. He also flagged Shiba’s new Web3 gaming push on Astra Nova’s TokenPlay.ai. Calling an end to SHIB’s “meme era” is a bold claim. But if the new layer works smoothly, it could mark a shift in how people think about Shiba Inu. Either way, June 12, 2025, will go down as the day this project vied for more than just the dog coin tag. Featured image from Unsplash, chart from TradingView

After a volatile but bullish start to June, Solana (SOL) is now facing strong selling pressure amid rising global uncertainty. The sudden escalation in the Middle East—triggered by Israel’s recent strike on Iran—has sparked market-wide volatility, prompting a flight to safety and a pullback across risk assets. Solana, which had been showing momentum alongside Bitcoin and Ethereum, has dropped over 15% since June 11, erasing much of its early-month gains. As macro risks continue to rise, the altcoin market remains vulnerable to further downside. SOL is now approaching a critical technical level, and a breakdown could signal deeper losses if global tensions persist. Top analyst Cheds shared a technical analysis revealing that Solana is now re-testing a key daily demand zone, a level that previously supported bullish continuation. If this area fails to hold, Solana could revisit lower support levels seen earlier this year. For now, traders are watching closely to see if buyers step in to defend the zone or if further conflict will fuel more risk-off behavior. The next few days will be critical in determining whether SOL can bounce or if the broader market downturn intensifies. Solana Re-Tests Key Support As Market Tensions Mount Solana is standing below key levels, retracing after a brief rally attempt earlier this week. The asset had spent several days consolidating beneath the $170 level, failing to break above resistance as selling pressure intensified amid rising global tensions. Now, with the broader market on edge following the Israel–Iran conflict escalation, SOL finds itself back at a critical support zone. Bulls remain cautiously optimistic, encouraged by the broader market’s resilience and the potential for Bitcoin and Ethereum to regain strength. However, caution dominates sentiment as Solana, like most altcoins, still trades significantly below its all-time high near $260. The current environment of geopolitical risk and macroeconomic uncertainty has suppressed momentum in the altcoin space, making support levels all the more important. Cheds highlighted in a recent update that Solana is now re-testing a key daily demand zone around the $145 level. This zone has previously acted as a launchpad for bullish moves, and holding above it could provide the structure needed for a new leg higher. However, failure to maintain this level might open the door for further downside, with the next major support below $130. For now, all eyes are on how Solana reacts around $145. A solid bounce with increased volume could attract short-term buyers looking to ride a potential recovery. But with global markets rattled by uncertainty, the coming sessions will be crucial in determining whether this demand zone becomes a springboard—or a trapdoor. SOL Price Analysis: Re-Test of Support as Volatility Spikes Solana is currently trading at $145.24 after an aggressive drop from the $165–$170 range. The 4-hour chart shows a clear breakdown below all key moving averages (50, 100, and 200), which had previously served as dynamic support. The red 200 SMA at $165.33 now acts as overhead resistance, capping short-term recovery attempts. The recent sell-off—triggered by broader geopolitical tensions in the Middle East—pushed SOL straight into a key demand zone around $143–$145, where buyers have historically stepped in. The long lower wick from today’s candle reflects strong intraday buying at these levels, suggesting that some participants see this as a value zone. However, volume remains elevated, and the structure appears fragile. Any failure to hold $145 could open the door to a deeper retracement toward the $130 region. On the flip side, reclaiming the 100 SMA at $157.46 would be an early sign of renewed bullish momentum. Momentum indicators likely remain oversold, and if the broader market stabilizes, this level could mark a temporary bottom. Still, with volatility high and macro uncertainty looming, traders may want to stay cautious until a clear direction emerges. For now, $145 is the line in the sand. Featured image from Dall-E, chart from TradingView

Ethereum’s price action this week has been very notable, with the leading altcoin breaking above $2,800 again for the first time in four months. Ethereum managed to break above the $2,800 mark for the first time since February, briefly touching $2,870 before pulling back slightly. Two separate analyses by crypto strategist Crypto Patel on the social media platform X suggests Ethereum is now on the right track. The first, based on an 8-hour chart, highlights a rally toward $4,000. The second, using a long-term two-week timeframe, outlines a bullish setup that could send Ethereum soaring to $10,000 and beyond. Ethereum’s Breakout From Sideways Consolidation Zone In a recent analysis shared on X, a crypto analyst known as Crypto Patel highlighted Ethereum’s attempt to break out of its established range. Using the 8-hour candlestick chart, he pointed out how the Ethereum had spent many weeks since early May trading between clear support at $2,366 and resistance around $2,734. The breakout seen on the chart occurred just above this resistance zone, when Ethereum briefly pushed past $2,800 before facing some rejection. If this breakout holds above $2,800, Ethereum could initiate a steep upward rally toward the $3,500 to $4,000 region in the coming weeks. Crypto Patel noted the importance of watching whether Ethereum sustains above the $2,750 breakout line, as a successful confirmation could trigger an influx of bullish momentum. Ethereum’s To $10,000 In The Long-Term In a follow-up post analyzing a much larger timeframe, Crypto Patel shared a two-week candlestick chart that mapped Ethereum’s longer-term structure since 2018. The chart revealed a well-defined bullish setup, including a bounce from a key bullish order block around $1,400 in April. This bounce acted as a support level, with the resulting candlestick being a bullish one that broke through another order block between $1,700 and $2,500. Patel pointed out that Ethereum is now showing signs of a long-term bullish continuation pattern. With support levels already locked in for the next bear market, the analyst projected a target above $10,000, citing a 438% upside potential from current price levels. The chart also marks $2,500 as a structural pivot point, with Ethereum’s ongoing upward trajectory expected to strengthen if this support level continues to hold. Therefore, the path to $10,000 will depend on Ethereum’s ability to turn its recent resistance break into sustained momentum. The $2,800 region must now serve as a support base rather than a resistance ceiling. However, this has failed to really materialize in the past 24 hours, as Ethereum is currently down by a massive 9.6%. The ensuing price action has seen the leading altcoin now back trading within this consolidation range. Failure to hold above $2,500 could cascade to more losses over the weekend until it closes on $2,366 again and probably initiate another bounce from here.

When Alberta-based Buffalo Rock Mining acquired KORITE, North America’s largest producer of ammolite, it flew right under the mining industry’s radar, even as the company’s creations were featured in the New York Times. The acquisition, say Indigenous owners Tracy and Beth Day Chief of the Kainai Nation, reflects a revitalized vision for the company, in committment to ethical and sustainable mining. The value of the transaction was not disclosed, and privately-held Buffalo Rock Mining does not disclose mineral resource information. Ammonite extraction is one of the rarest and most delicate mining processes in the world, and KORITE established itself as the leading global producer, controlling 95% of the world’s known ammonite reserves, and selling mainly into European and Asian markets. Ammolites are rare, rainbow coloured gemstones derived from the fossils of ammonites — extinct marine mollusks from the dinosaur-era. Ammonite fossils are mined solely in south-central Alberta to produce the organic gemstone ammolite. The Blackfoot peoples recognize ammonite—which they call “Iniskim” meaning ‘Buffalo Healing Stone’—as a sacred stone that brought prosperity. The only known reserves in the world are in the Bearpaw formation, which spans the Canadian provinces of Alberta and Saskatchewan and the US state of Montana. Ammolite fossil. Image from KORITE KORITE has been in business for 45 years and Buffalo Rock has been mining for over 20 years and the combined company employs about 30 people, including miners. The company owns the mineral rights from its flagship namesake mine. Buffalo Rock was mining and selling rough stones to the market, while KORITE was cutting and polishing stones, sold both as preserved fossils and as art and jewelry. KORITE’ ammonite fossils retail online for up to C$120,000 — and one fossil sold on Christie’s auction for C$250 000, according to president Amarjeet Grewal. “We own 95% of the market share of the ammolite deposits in Alberta, and its only found in Alberta – you can’t find this anywhere else in the world,” Grewal told MINING.com in an interview. “It’s mine to market – not only the mining but cutting the gemstones [and] making jewelry. We have always been mine to market whereas Buffalo Rock Mining did only the mining part, so two different companies to the point that we were almost in competition,” Grewal said. “We didn’t sell rough.. we cut the gemstones and finished jewelry whereas Buffalo Rock Mining weren’t interested in finishing any gemstones – they weren’t supplying in volume to the market.” Now that the company is vertically integrated, Grewal said the protocols to follow both at provincial and federal levels are rigorous, and the environmental standards are high. “We work with Heritage Canada because this is cultural property, so every piece of fossil that leaves the country needs a permit,” she said. Buffalo Rock Mining has, on the reserve, another 30-40 years of mineral rights, Grewal said, adding that how many acres the company mines per year will depend on the supply and demand. While KORITE is well known in Asian markets, Grewal said the aim after the acquisition is to gain visibility in the Canadian market. “In southeast Asia from a feng shui perspective ammolite is a holistic stone and it brings good luck and good energy so it’s very well received, so that’s our primary market,” she said. Grewal also noted the irony of the company selling its Canadian fossils and jewelry in foreign markets while the brand is virtually unknown locally. “You’re selling overseas and in your own backyard your neighbors don’t know you exist,” she noted. Stay tuned as MINING.com tours the KORITE ammolite mine in Alberta with Buffalo Rock Mining on a site visit in July

Week in review: Sentiment jumps around between positive CPI & PPI reports and major geopolitical turmoil The week began quietly across most asset classes, except for cryptocurrencies—Bitcoin surged to the $110,000 level before pulling back. Forex markets remained subdued as participants awaited key US inflation data, with the Consumer Price Index (CPI) and Producer Price Index (PPI) released on Wednesday and Thursday, respectively. One recurring theme was the underwhelming progress in US-China talks, which yielded few concrete outcomes beyond commitments to continue discussions. We got two consecutive Inflation reports that were welcomed news for markets with the Core PPI coming in at 3.0% vs 3.1% exp. and Core CPI coming in at 0.1% m/m vs 0.3% expected. [Linked: Full data breakdowns] Turning to less-publicized data, the third consecutive Weekly Jobless Claims report came in above expectations, a developing trend that warrants further attention. This softer labor data contributed to some safe-haven demand, evidenced by a strong 30-year US Bond auction—a rare sight throughout the past year. Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © {CURRENT_YEAR} OANDA Business Information & Services Inc.

“Men lie, women lie, but charts and numbers do not lie,” EGRAG CRYPTO stated in a recent post on X, as he highlighted the importance of the Fib 0.5 level in XRP Dominance. According to him, this level has historically served as a major resistance zone. It acted as a key barrier in October 2019 and November 2020, both instances marking the onset of bear markets. In the current cycle, the Fib 0.5 level has once again proven significant, as it has rejected price advances in January and March 2025. The Knocking On The Door Analogy For XRP To drive his point home, EGRAG CRYPTO introduced what he called the “Knocking on the Door” analogy, a simple yet powerful metaphor to explain how resistance levels work in technical analysis. He stated that resistance is like a door; each time it is tested or “knocked on,” the likelihood of it eventually opening increases. EGRAG pointed out that XRP Dominance has now tested this macro resistance level four separate times. These repeated tests are not just coincidences; they indicate building pressure at that level. Traders and analysts often interpret such repeated encounters as signs that the asset is preparing for a significant move, as momentum continues to build with each attempt to break through resistance. Looking ahead, EGRAG suggested that the fifth “knock” on this resistance level might be the one that finally breaks it. If this happens, XRP Dominance could form a bullish Bull Flag pattern, a technical formation that often precedes upward moves. According to EGRAG, this breakout could propel XRP Dominance to around 27%, marking a major shift in its market strength and possibly setting the stage for a broader bullish trend. Market Cap Projection & Future Potential The analyst unveiled a compelling projection that has stirred excitement within the XRP community: if XRP reaches a price of $27 with a 27% market dominance, this could push the total market capitalization to $5.5 trillion. This bold forecast reflects not only the possible future strength of XRP but also envisions a significant expansion of the broader crypto market. He further explained that with a $5.5 trillion total market cap, XRP claiming 27% of that share would result in a market capitalization of approximately $1.485 trillion. Such a figure would further solidify its status as a key player in the blockchain space. He maintained that XRP could still reach $27 while maintaining 27% market dominance, especially if the overall market experiences a strong bullish cycle. In his view, $1.485 trillion is not just a dream but a viable target that highlights XRP’s massive growth potential.

A sudden wave of selling hit crypto markets in the early hours of Friday, as reports of an Israeli airstrike on Iran set off fresh jitters. Bitcoin sank 5%, slipping under the $104,000 mark. Altcoins fared worse, with losses ranging from 6% to 9%. Based on reports from Coinglass, more than $1 billion was wiped out in liquidations, over $1 billion of which were long positions. Rising Tensions Shake Global Markets According to market watchers, the strike prompted a swift move into safe assets. S&P 500 futures tumbled 1.9%, while oil and gold jumped sharply. WTI crude climbed more than 12%, reaching about $77 per barrel. Gold surged past $3,400 an ounce as investors sought shelter. Crypto Traders Feel The Heat Arthur Hayes, the ex-CEO of BitMEX, warned of rough waters ahead. “Hold on to your butts out there, degens,” he wrote after the crash. He also pointed to US President Donald Trump’s planned tariffs as an added layer of risk. Ethereum slid 8% down to $2,505, right at a key support level. Other coins fell up to 10% in just a few hours. Safe Havens Caught In The Crossfire Based on reports, gold and oil didn’t hold back. Oil prices have climbed about 30% since May lows, analysts say. Anyone betting on lower inflation or early rate cuts may have to rethink things. Gold’s climb suggests that many feel uneasy about what comes next. Even so, some expect this spike to calm once tensions ease. What Comes Next For Crypto Short-term views remain mixed. Some traders see this as a knee-jerk reaction and expect a rebound once headlines fade. Others warn that the US CPI release later this week could add another twist. Inflation data could either fuel more selling or pave the way for relief if numbers come in cooler than expected. Volatility is back with a vengeance. Over the past weeks, markets were already on edge amid chatter of higher interest rates and global conflicts. Now, with the Middle East front in focus again, big swings may stay in place. Analysts even suggest Bitcoin could dip to $95,000 if selling continues to gather steam. A $1 billion wave of liquidations isn’t small. At the same time, the speed of the move may leave some traders hoping for a quick bounce. Watching safe-haven assets, US economic data, and any new developments in the Iran-Israel tensions will be key in the hours and days ahead. Featured image from Stratfor, chart from TradingView

Dow Jones recovers 400 points from daily low.Middle East tensions impacting market sentiment.Defense stocks rise, airlines stocks fall.Markets could face gaps over the weekend.Read More: Oil Surges 10%, Gold Above $3400/oz as Israel Strikes Iran The Dow Jones Index has recovered around 400 points from its daily low as markets shrug of initial fears of a wider Middle East conflict. There are a lot of conflicting reports circulating online about the attack on Iran overnight as Israel appears to have easy access to Iranian airspace. These developments as well as bullish comments from US President Trump about Israels rights to defend itself and that the US would provide aid in the case of an Iranian response appear to have led to a slight improvement in sentiment. Markets appear to be of the belief that a significant Iranian response may not be forthcoming given the scope of the Israeli offensive which has led to the death of many Commanders of the IRGC as well damage to ballistic missile launchers and the Iranian air defense system. close Source: TradingView (click to enlarge) Source: TradingView (click to enlarge) Follow Zain on Twitter/X for Additional Market News and Insights @zvawda Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © {CURRENT_YEAR} OANDA Business Information & Services Inc.