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Happy Wednesday!

Bitcoin dominance just keeps on rising and that could help fuel a rally to $93,000 soon — is Bitcoin in for a bounce soon?

The Federal Reserve may soon be pivoting towards recession risks over inflation and that could benefit gold, but not so much digital gold (Bitcoin) — but why?

Plus, don’t miss Benzinga’s must-attend virtual forum on the rapidly evolving ETF market! Join us on June 5th at 10 am ET to explore the latest trends in crypto ETFs, thematic ETFs, and innovative structures. Gain valuable insights into strategies reshaping how financial advisors guide clients and how retail investors adjust their portfolios.

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TOP STORY

Bitcoin Dominance Rises: Is A Break To $93,000 Coming?

Bitcoin’s continued dominance over the crypto market is setting the stage for a potential rally to new highs, with traders eyeing $93,000 in the near term.

Crypto analyst Benjamin Cowen sees Bitcoin dominance surging and breaking out of a multi-year wedge currently at 63.08%, or nearly 69% excluding stablecoins.

“Every dollar in an altcoin is a dollar not in Bitcoin,” Cowen warned, adding that altcoin valuations remain too high relative to BTC and may have further downside before any true alt season can begin.

But how will Bitcoin dominance drive BTC to $93,000?

Read the full scoop here.

SPECIAL OFFER

Don’t miss Benzinga’s must-attend virtual forum on the rapidly evolving ETF market! Join us on June 5th at 10 am ET to explore the latest trends in crypto ETFs, thematic ETFs, and innovative structures. Gain valuable insights into strategies reshaping how financial advisors guide clients and how retail investors adjust their portfolios.

Click here to reserve your spot today!

QUICK N DIRTY

Bitcoin will outperform gold in the next few months, according to a bullish Anthony Pompliano — why does he see digital gold rising faster than physical gold?

Shiba Inu continues to burn tokens like a bonfire. 60M coins went up in flames in one transaction alone today — what is going on?

Coinbase says crypto is stuck in a bear market for now. But it might not be for long, as a recovery in 2025 is possible — what needs to happen for it?

FINTECH FOCUS

Fed To Focus On Recession Risk Soon, But Bitcoin Might Not Benefit: QCP Capital

QCP Capital is noting a critical shift in the Federal Reserve’s focus away from inflation and toward recession risk.

“The Fed’s attention is turning toward recession risk,” QCP wrote, citing recent comments from Federal Reserve Governor Christopher Waller, who suggested that inflationary pressures may now be “transitory.”

But “unlike gold, BTC has not caught a safe-haven bid,” QCP stated. “The ‘alternative store of value’ narrative isn’t gaining traction in the current macro regime.”

Is there any hope for Bitcoin to benefit from this?

Read the full scoop here.

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