June 4, 2024

Bitcoin's price fell below $69,000 during the European morning having briefly topped $70,000 late on Monday. BTC is currently priced at about $68,900, down just over 0.2% compared to 24 hours ago. Other major crypto tokens also dropped, and the broader digital asset market, as measured by CoinDesk 20 Index (CD20), lost 0.70%. Crypto exchange Bitfinex said on Monday that bitcoin's slump since March was driven by long-term holders selling. This trend has now stalled, however, with the number of net accumulating BTC addresses growing over the past month, a sign of increasing bullish sentiment.

Crypto trading firm DWF Labs will buy $12 million worth of floki tokens from the open market and the Floki treasury to support the dog meme coin-turned-utility project’s growing ecosystem. This follows a previous commitment to purchase $10 million worth of FLOKI in February, which contributed to a 50% jump in FLOKI prices the following week. Floki will release the mainnet version of its flagship utility product, the Valhalla metaverse game, later this year. DWF’s purchases will support the growth of these ventures and provide the requisite liquidity. Floki first announced a partnership with DWF Labs in May 2023, when the trading firm purchased $5 million worth of FLOKI tokens.

Bitpanda enlisted Deutsche Bank to process fiat deposits and withdrawals for its users in Germany. Bitpanda users can now access German international bank account numbers (IBANs), effectively converting crypto to fiat and vice versa. Deutsche Bank will also provide support for incoming and outgoing transactions on Bitpanda. "Bringing the best parts of the industry together is where we can create real value for people ... From today, we can access a range of Deutsche Bank’s products, unlocking benefits for our team and our users," said Lukas Enzersdorfer-Konrad, Bitpanda's deputy CEO. Deutsche Bank is no stranger to crypto and tokenization, having added crypto custody and tokenization to its repertoire last year through a collaboration with Taurus.

On-chain analysis firm CryptoQuant said 50% of the long-term bitcoin supply is “inactive,” or showing no movements or changes in holdings across tracked wallets. This is considered a sign of strong long-term conviction, which may indicate further price gains, it said in a Tuesday report.

As such, the sentiment around bitcoin’s continued growth remains strong, with Singapore-based QCP Capital seeing an increase in trading activity.

“The market remains stubbornly bullish in spite of negative headlines about Mt. Gox and the DMM hack last week, BTC rallied confidently above $69,000 in Asia,” QCP said in a broadcast message late Monday. “This bullishness is likely to continue as the market waits for the ETH spot ETF to usher in new demand.”

“Another reason for persistent bullishness is speculators increasing long positions in other crypto majors in anticipation of additional spot ETF approvals in the near future,” the firm said.