World Gold Council CEO David Tait says Bitcoin (CRYPTO: BTC) is going to zero, calling it “pure instinct” with no reasoning behind the view.

Gold Council CEO: Bitcoin Doesn’t Offset Risk Assets

Tait explained on Tuesday that Bitcoin correlates with risk assets during crises instead of offsetting them as intended. 

He believes Bitcoin was meant to disassociate itself from risky assets but hasn’t delivered on that promise.

“I thought it was meant to be an offset, something that you could compensate for having exposure to risky assets,” Tait stated. “It didn’t really do that to that extent,” he added.

He also argued that investors should hold both gold and Bitcoin if they have…

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Bitcoin (CRYPTO: BTC) trades around $77,000, following $1 billion in outflows last week after a six-week inflow streak.

Bitcoin Failed At 200-Day MA On First Real Macro Shock

Bitcoin popped above $82,000 on the CLARITY Act vote, then reversed hard and now sits below the 200-day moving average at $82,200 after getting rejected five times this month.

Support holds at $76,000-$78,000. Breaking below $75,000 opens up $70,000-$72,000.

The weekend slide toward $77,000 triggered $657 million in liquidations, $584 million from longs.

Meanwhile, Ethereum (CRYPTO: ETH) dropped 10%, continuing to underperform across spot and derivatives. ETH/BTC pressed 0.0275 with funding softer and relative implied…

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U.S. stock futures rose on Wednesday following two consecutive days of lower closes for the S&P 500 and Nasdaq 100 indices on Tuesday.

Additionally, the Federal Reserve will be releasing the minutes of the Fed meeting later in the afternoon.

Meanwhile, the 10-year Treasury bond yielded 4.65%, and the two-year bond was at 4.10%. The CME Group’s FedWatch tool‘s projections show markets pricing a 96.7% likelihood of the Federal Reserve leaving the current interest rates unchanged during June’s meeting.

IndexPerformance (+/-)Dow Jones0.08%S&P 5000.30%Nasdaq 1000.68%Russell 20000.36%Stocks In FocusToll Brothers
Benzinga’s Edge Stock Rankings indicate that TOL maintains a weak price trend… Read more on Benzinga

Popular NFT brand Pudgy Penguins said on Tuesday that it’s extending its collaboration with English soccer club Manchester City, following the launch of a limited-edition collectible and hoodie earlier this year.

PENGU In Soccer Mode

In an X post, Pudgy Penguins said that they are building on the “success” of the first drop and will share more details soon.

“Together, we’ll be creating exciting experiences at the intersection of physical and digital and bringing Pengu and Pudgy Penguins to City fans worldwide,” Pudgy Penguins stated.

An attached video showed Pudgy Penguins’ mascot PENGU wearing a Man City jersey and posing with a soccer ball.”

The Manchester City Collectible set,…

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21Shares’ new Hyperliquid ETF pulled more than $5 million in inflows within days of launch and generated $8 million in trading volume Thursday alone.

Strong Early Demand Signals Appetite For Always-On Trading

Eli Ndinga, global head of research at 21Shares, explained that Hyperliquid’s appeal comes from letting traders access crypto, oil, silver, and gold markets around the clock. 

The firm previously launched a Hyperliquid product in Europe before bringing the strategy to U.S. investors. The ETF follows Hyperliquid Strategies Inc (NASDAQ:PURR) as a way of getting exposure to HYPE.

Trading activity during recent geopolitical tensions involving Iran demonstrated the platform’s value. 

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Senator Elizabeth Warren (D-Mass.) on Tuesday questioned the Office of the Comptroller of the Currency letting nine crypto firms operate as banks without proper safeguards.

Warren Questions OCC Approval Of Nine Crypto Trust Charters

“These companies are effectively crypto banks that want to evade the fundamental safeguards and obligations that come with being a bank,” Warren wrote. 

She argued the OCC’s decision to facilitate this regulatory arbitrage conflicts with federal law and poses serious risks to consumers and the banking system.

The OCC has granted trust charters to crypto firms as the agency embraced President Donald Trump‘s agenda to elevate the crypto sector and…

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Bitcoin Bottomed At $60,000 On Peak Bearish Sentiment

Maeda pointed to the Fear and Greed Index hitting the lowest reading in crypto’s history last month at $66,000 Bitcoin—lower than the 3AC collapse, Luna crash, or COVID crash.

“We hit the lowest fear and greed rating in the history of crypto’s existence last month at 66,000,” Maeda stated. 

He argued that sellers ran out of tokens after months of liquidations and capitulation.

Michael Saylor’s aggressive Bitcoin purchases through Strategy Inc. (NASDAQ:MSTR) provided the catalyst.

Saylor bought $1.5 billion in March, $3.5 billion in April, and $2 billion in May, creating a positive reflexive loop where higher prices attract…

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