Bitcoin's Breakthrough Moment
After weeks of consolidation around $9,000 following the halving event, Bitcoin witnessed a dramatic price surge on June 2nd, catapulting past the psychological $10,000 barrier. According to Bitstamp.net data, the rally began at 7:00 AM UTC, with prices peaking at $10,429 before stabilizing near $10,049 (≈¥71,561) by midday.
Market Performance Snapshot
Key metrics from Feixiaohao data at press time:
- Market Cap: $183.4 billion (60.64% of total crypto market)
- Circulating Supply: 18.25 million BTC (86.89% circulation rate)
- 24h Trading Volume: $16.8 billion (9.18% turnover)
Price Trends:
| Timeframe | Growth |
|---|---|
| 24h | +5.53% |
| 7-day | +12.97% |
| 30-day | +15.43% |
| 3-month | +13.23% |
| 6-month | +36.82% |
| 1-year | +17.20% |
The Halving Effect
The May 12th halving reduced miner rewards from 12.5 BTC to 6.25 BTC per block, effectively cutting Bitcoin's annual new supply from 657,000 to 328,500 coins. This supply shock has significant implications:
👉 How Bitcoin halving impacts long-term value
Analyst Akash Girimath suggests the increased Stock-to-Flow (S2F) ratio indicates growing scarcity, potentially driving BTC toward $100,000 by late 2022 as demand outpaces reduced issuance.
Trading Risks Emerge
While spot traders celebrated, derivatives markets saw carnage:
- 24h Liquidations: $388 million (27,600 victims)
- Notable Incident: $10M position wiped out on Bitmex-XBT
- 30-day Total: $3.87 billion in liquidations
Institutional Divergence
Gold Sachs struck a contrarian note during recent client calls, refusing to recognize Bitcoin as an independent asset class despite investments in crypto startups like Circle.
FAQs
Q: Is Bitcoin's current price sustainable?
A: While technical indicators show strength, volatility remains high due to derivatives market influence and macroeconomic factors.
Q: How does the halving affect miners?
A: Reduced block rewards pressure less efficient operations, potentially leading to mining centralization until price appreciation offsets reduced rewards.
Q: Why are institutions divided on Bitcoin?
A: Traditional finance evaluates Bitcoin through different frameworks than crypto-native analysts, leading to valuation disagreements.
👉 Understand Bitcoin's investment potential
Q: What's the significance of $10,000?
A: Beyond psychological impact, this level historically acts as both strong support and resistance, making it a key technical benchmark.
Q: How does Bitcoin's current price compare to 2017?
A: While still below the $20,000 all-time high, today's market features stronger infrastructure, institutional participation, and regulatory clarity.
Q: Should retail investors consider Bitcoin now?
A: Any investment should align with personal risk tolerance, with the understanding that crypto assets can exhibit extreme volatility.