First Mover Americas: Is Bitcoin Heading Below $26K?

The latest price moves in bitcoin (BTC) and crypto markets in context for June 5, 2023. First Mover is CoinDesk's daily newsletter that contextualizes the latest actions in the crypto markets.

Timeline of Bitcoin

Since last Friday's wMarket report, the cryptocurrency market saw net outflows of $17 billion and currently stands at $1.13 trillion — down 1.54%. The market capitalizations of Bitcoin (BTC) and Ethereum (ETH) plunged 1.74% and 1.99% to $518.99 billion and $224.63 billion, respectively.

In an eventful month overshadowed by macroeconomic uncertainties, Bitcoin experienced an 8.0% decline. However, despite this setback, the network's activity remained remarkably robust, marking the fifth consecutive month of growth.

The cryptocurrency market is once again experiencing a decline as the price of Bitcoin faces significant bearish pressure. Following its yearly peak of $31,170, Bitcoin has entered a retracement phase, resulting in setbacks and causing concerns among investors.

A Russian official has been detained for receiving a $24 million bribe in Bitcoin (CRYPTO: BTC) from members of the hacker group Infraud Organization. What Happened: Marat Tambiev, was the head of the investigative department for the Tverskoy district of Moscow until he was fired for corruption.

After investigating, they found that it was a problem that so far appears to have plagued only less than 1% of the number of monthly active users, with the last suspicious transaction occurring yesterday.

In a cautionary message to investors, a highly regarded crypto analyst, Benjamin Cowen, highlights a potential deep correction looming in the altcoin markets. With a massive following of 783,000 subscribers on YouTube, Cowen asserts that historical trends indicate a significant downturn for altcoins.

Quick Take Miners are continuing to transfer Bitcoin to exchanges. As CryptoSlate identified last week, we saw the largest one-day Bitcoin transfer from miners to exchange in two years.

Arthur Hayes, the former CEO of Bitmex, predicted the coming of a bitcoin bull market in the last two quarters of 2023. In his latest article, Hayes states that for investors, patience is vital, as he explains that the U.S. Federal Reserve will be unable to control inflation as the U.S.

In an exciting development for XRP investors, a renowned crypto trader forecasts a bullish trend for the sixth-largest digital asset, predicting that it will outperform Bitcoin (BTC).

In May, the global Bitcoin ATM market witnessed a remarkable surge in installations, marking a remarkable turnaround after a year-long decline in crypto ATMs. The trend reversal brought hope for the industry, which had experienced a continuous downward trajectory in Bitcoin ATM deployments during the year's first four months.