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Bitcoin Braces for CPI, FOMC as Exchanges Shed $1.2B of BTC in a Day

Bitcoin stabilizes around $67,500 amid heavy exchange withdrawals and upcoming U.S. economic data.

• Main Points:

  • Price Fluctuation: Bitcoin steady at $67,500 after a drop and $50M in liquidations.

  • Exchange Withdrawals: $1.2B in BTC withdrawn from exchanges, indicating strong demand.

  • Market Sentiment: Mixed outlook; some traders see a potential drop to $60,000.

  • Historical Trends: The BTC price cycle aligns with past post-halving patterns, with no early breakout.

• Detailed Insights:

  • Price Fluctuation: Bitcoin dropped to $66,000, triggering significant liquidations, then steadied as markets awaited CPI and Fed meeting.

  • Exchange Withdrawals: Major withdrawals from Coinbase Pro led to the lowest exchange balances in seven years.

  • Market Sentiment: Traders are divided, with some predicting further declines while others expect a breakout.

  • Historical Trends: Current price movements match historical post-halving cycles, with no early breakout expected.

Related: Robert Kiyosaki: ‘The Easiest Way to Become a Millionaire’

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Putin Says US Dollar Dominance Diminishing as Use of 'Toxic Currencies' Declines

Russian President Vladimir Putin claims U.S. policies are reducing the dollar's global dominance, as Russia shifts to using the ruble and local currencies for BRICS trade.

• Main Points:

  • US Dollar Impact: U.S. policies are diminishing the dollar's global influence.

  • Trade Deficit: Putin labels the U.S.’s $1 trillion trade deficit as neocolonialism.

  • Currency Shift: Russia increasingly uses rubles and local currencies in BRICS trade.

  • Payment Systems: Trust in Western payment systems is declining, boosting national alternatives.

• Detailed Insights:

  • US Dollar Impact: Putin stated U.S. policies are accelerating the decline of the dollar’s dominance by pushing global agents away from it.

  • Trade Deficit: He criticized the U.S. trade deficit as a form of neocolonialism.

  • Currency Shift: Russia is moving towards the ruble and local currencies in BRICS trade, reducing reliance on Western currencies.

  • Payment Systems: Declining trust in Western payment systems leads to increased use of national payment systems, with rubles now used in nearly 40% of Russia's trade transactions.

Related: Mexican billionaire Ricardo Salinas advises buying Bitcoin amidst Naira's decline.

BRICS Meeting Highlights Shift to Local Currencies

BRICS Foreign Ministers emphasize using local currencies for trade, boosting economic resilience, and reducing reliance on the U.S. dollar.

• Main Points:

  • Local Currency Use: BRICS ministers stress using local currencies in trade.

  • Strategic Partnership: Reaffirm commitment to BRICS cooperation.

  • Economic Resilience: Aim to lower dependency on the U.S. dollar and euro.

• Detailed Insights:

  • Local Currency Use: On June 10, BRICS Foreign Ministers emphasized using local currencies in trade to reduce dependence on the U.S. dollar.

  • Strategic Partnership: Ministers reaffirmed their commitment to BRICS cooperation in politics, security, economy, and finance.

  • Economic Resilience: Expanding to include new members, BRICS focuses on mitigating exchange rate risks and lowering transaction costs by prioritizing local currencies.

Related: 8 Things You Can Buy with Bitcoin_In honor of Bitcoin Pizza Day

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This article is not financial advice. Market conditions can change rapidly, and past performance does not guarantee future results