Crypto Price Analysis 6-7: BITCOIN: BTC, ETHEREUM: ETH, SOLANA: SOL, Ripple: XRP
The crypto market registered a sharp recovery on Friday after Thursday’s sudden drop. Bitcoin (BTC) plunged to a low of $100,811 on Thursday as markets turned bearish. However, the decline was short-lived as the price rebounded on Friday to erase most of the previous day’s losses and settle above $104,378. The flagship cryptocurrency is up over 1%, trading at around $105,128.
Meanwhile, Ethereum (ETH) has struggled after Thursday’s decline, which saw the price dip below $2,400. However, it has struggled to regain momentum and has registered only a marginal increase over the past 24 hours. Meanwhile, Ripple (XRP) is up nearly 2%, while Solana (SOL) is up over 2%, trading around $151. Dogecoin (DOGE) is up almost 6%, and Cardano (ADA) is up over 3%, trading around $0.668. Chainlink (LINK), Stellar (XLM), Toncoin (TON), Hedera (HBAR), Litecoin (LTC), and Polkadot (DOT) have also registered notable increases.
Gemini Confidentially Files for US IPO
Gemini, a cryptocurrency exchange owned by the Winklevoss brothers, has disclosed it confidentially filed for an IPO as crypto exchanges attempt to take advantage of renewed market momentum. Several high-profile companies, including crypto exchanges, have launched successful listings, indicating growing demand and renewed vigor in the capital markets. Recently, USDC issuer Circle went public, making its debut on the New York Stock Exchange. Matt Kennedy, Senior Strategist at Renaissance Capital, stated,
“Pre-IPO crypto companies would be crazy not to move ahead with listings after seeing how Circle traded. Crypto can be an unpredictable market, so when you get a chance like this, you take it.”
The recent spate of IPOs heralds a turning point for the industry, reflecting growing confidence among digital asset firms to attract mainstream investors. It also suggests companies are confident about meeting transparency, regulatory, and capital requirements. Gemini has not determined the size or the proposed range for its offering. Kat Liu, vice president at IPOX stated,
“Gemini’s move contributes to the broader momentum and reinforces the idea that crypto-native firms are increasingly preparing to access public markets. More broadly, this signals that long-anticipated firms are now ready to reengage with public capital.”
Singapore’s Ousted Crypto Firms Have Nowhere To Go
Singapore recently passed an order prohibiting unlicensed crypto firms from serving overseas customers. The order marks the beginning of the end for regulatory loopholes in the blockchain industry. The directive, issued by the Monetary Authority of Singapore, orders crypto firms offering services abroad to get licensed or leave. The movie aligns with a broader global push for compliance and cracks down on money laundering and terrorism financing. Joshua Chu, co-chair of the Blockchain Alliance, stated,
“For exchanges still playing regulatory pinball — constantly seeking loopholes to avoid licensing requirements — the reality is clear: They will soon find themselves having to relocate to their favorite destination, the moon. With jurisdictions like Singapore, Thailand, Dubai, Hong Kong, and others tightening oversight and closing gaps, there’s simply no escaping the global push for compliance.”
Some in the crypto space have interpreted the recent order as a sharp policy reversal. However, the regular said it has always maintained a steady stance. Singapore’s Central Bank stated,
“MAS’ position on this has been consistently communicated for a few years since the first response to public consultation issued on February 14, 2022, and in subsequent publications on October 4, 2024, and May 302025.”
Dow Jones Rises On Back Of Strong Market Data
Wall Street ended the week positively after better-than-expected job numbers boosted investor confidence. The Dow Jones Industrial Average rose 443 points, leading Friday’s gains among major indices. The S&P 500 rose 1.03% to close above 6000 for the first time since February. Meanwhile, the Nasdaq Composite rose 1.2% thanks to a major rebound in tech stocks.
Data from the US Bureau of Labor Statistics showed that the US added 139,000 jobs in May, above the expected 125,000. Meanwhile, the unemployment rate remained unchanged at 4.2%, while the wage growth also came in higher than expectations.
Bitcoin (BTC) Price Analysis
Bitcoin (BTC) recovered from Thursday’s dramatic decline to register an increase of nearly 3% on Friday and recoup a significant chunk of the previous day’s losses. The flagship cryptocurrency has extended its gains in the current session and has reclaimed $105,000 to trade around $105,150. Analysts believe miner activity could impact BTC’s near-term outlook. According to an analysis by a CryptoQuant analyst, miners have increased the volume of BTC transferred to crypto exchanges. According to the analysis, miner-to-exchange inflows exceeded $1 billion per day between May 19 and May 28. Analysts view such inflows as a proxy for miners intending to sell their assets. This could impact short-term supply dynamics and introduce volatility to BTC’s spot market performance.
The spike in realized inflows from miners to exchanges can be interpreted as a sign of growing sell-side pressure. Large-scale transfers to exchanges are generally interpreted as miners preparing to offload their assets. Analysts have pointed out that while miner selling isn’t inherently negative, it could impact short-term price stability. On the other hand, when miner inflows spike, it reflects sentiment regarding profitability, operational stress, or anticipated price changes.
BTC started the previous week positively, registering a marginal increase on Monday. However, it was back in the red on Tuesday, dropping 0.46% to $108,954. Sellers retained control on Wednesday as BTC fell 1.03% to $107,834. Selling pressure intensified on Thursday as BTC fell over 2%, slipping below the 20-day SMA and settling at $105,662. The price declined on Friday, dropping 1.51%, slipping below $105,000 and settling at $104,067. Despite the overwhelming selling pressure, BTC recovered over the weekend, rising 0.69% on Saturday and 0.95% on Sunday to reclaim $105,000 and settle at $105,775.
Source: TradingView
BTC plunged to an intraday low of $103,734 on Monday. However, it recovered to register a marginal increase and settle at $105,903. The price was back in the red on Tuesday, falling 0.44% to $105,435. The price declined on Wednesday, falling almost 1%, slipping below $105,000 and settling at $104,755. Bearish sentiment intensified on Thursday as BTC plunged 3%, falling to a low of $100,421 before settling at $101,615. The price recovered on Friday, rising nearly 3% to $104,378. The current session sees BTC up 0.91%, having reclaimed $105,000, trading around $105,325.
Ethereum (ETH) Price Analysis
Ethereum (ETH) registered a sharp drop on Thursday, losing momentum and plunging below $2,400 to a low of $2,392. While it has recovered, ETH is struggling to push back to pre-Thursday levels and is hovering around $2,500. ETH’s muted price action comes despite spot Ethereum ETFs recording positive inflows. ETH ETFs recorded $25.2 million in net inflows on June 6th marking 15 consecutive days of positive inflows. US-based spot Ethereum ETFs have attracted a combined $281 million in inflows over the past week.
Despite positive inflows, ETH has been unable to cross $2,700, a level where it faces substantial resistance. ETH started the previous week positively, rising 0.49% on Monday. Bullish sentiment intensified on Tuesday, rising nearly 4% to cross $2,600 and settle at $2,662. The price continued to push higher on Wednesday, rising 0.76% to $2,684. ETH raced to an intraday high of $2,790 on Thursday as buyers attempted a move to $2,800. However, it lost momentum after reaching this level and fell nearly 2% to $2,632. Bearish sentiment intensified on Friday as ETH fell almost 4%, slipping below $2,600 and settling at $2,539. The price fell 0.14% on Saturday before rising 0.44% on Sunday, ending the weekend at $2,539.
Source: TradingView
ETH started the week positively, rising almost 3% on Monday to reclaim $2,600, cross the 20-day SMA, and settle at $2,607. However, it was back in the red on Tuesday, registering a marginal drop before rising 0.51% on Wednesday and settling at $2,607. Market sentiment turned bearish on Thursday, and ETH plunged over 7%, slipping below the 20-day SMA and $2,500 to settle at $2,415. The price recovered on Friday, rising nearly 3% to $2,479. ETH is up almost 1% during the ongoing session, having reclaimed $2,500 and trading around $2,505.
Solana (SOL) Price Analysis
Solana (SOL) has made a strong recovery after dropping to a low of $141 on Thursday. The altcoin has reclaimed the $150 price level, with buyers looking to maintain momentum and push towards $160. However, Solana DEX volumes have been falling for four weeks, and a return of bearish sentiment could see the price drop towards $100, breaking its current bullish structure.
SOL started the previous week in the red, registering a marginal decline before recovering on Tuesday and settling at $176. Buyers lost momentum on Wednesday as the price fell 2.55%, slipping below the 20-day SMA and settling at $172. Sellers retained control on Thursday as the price fell over 3%, falling below $170 and settling at $166. Bearish sentiment intensified on Friday as SOL plunged over 6%, slipping below $160 and settling at $156. Despite the bearish sentiment, the price recovered over the weekend, registering a marginal increase on Saturday and almost 1% on Sunday to settle at $157.
Source: TradingView
SOL plunged to an intraday low of $151 on Monday. It rebounded from this level to settle at $156, ultimately registering a marginal decline. The price raced to an intraday high of $164 on Tuesday as buyers attempted a move to $170. However, it lost momentum after reaching this level and fell 1.05%, ultimately settling at $155. Sellers retained control on Wednesday as SOL fell 1.29% to $153. SOL plunged nearly 6% on Thursday as selling pressure intensified, dropping to a low of $141 before settling at $144. The price recovered on Friday, rising 2.47% to $147 as buyers returned to the market. SOL is up nearly 3% during the ongoing session, having reclaimed $150, trading around $151.
Ripple (XRP) Price Analysis
Ripple (XRP) started the previous weekend in the red, dropping 4.59% on Friday to settle at $2.14. The price fell to an intraday low of $2.08 on Saturday as selling pressure intensified. However, it recovered from this level to register an increase of 1.58% and settle at $2.17. Buyers retained control on Sunday as the price registered a marginal increase to end the weekend at $2.17. XRP started the week positively, rising almost 1% and moving to $2.19. Bullish sentiment intensified on Tuesday as the price raced to an intraday high of $2.28 before settling at $2.24, ultimately registering an increase of 2.20%.
Source: TradingView
Despite the positive sentiment, XRP lost momentum on Wednesday, falling 1.95% to $2.20. Bearish sentiment intensified on Thursday as XRP plunged nearly 5%, slipping below $2.10 and settling at $2.09. The price rebounded on Friday, rising over 3% to reclaim $2.10 and settle at $2.16. The current session sees XRP up 1.29%, trading around $2.19 as buyers look to push the price higher.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
