James Wynn: Bitcoin Breaks Out of Local Downtrend, Reversal Underway

June 6th. Lael Brainard, a governor of the Federal Reserve Board, and Esther George, the president of the Kansas City Fed, both stated on Thursday that the current inflation pressure poses a more urgent risk compared to a slowing labor market. This indicates their support for maintaining the current monetary policy for a longer duration. Both officials specifically cautioned that tariffs might push up prices in the upcoming months, and the impact is likely to gradually become evident over time. The market anticipates that the Federal Reserve will keep the current interest rate range of 4.25%-4.50% unchanged at the June policy meeting. (FXStreet)

On June 6th, as per the monitoring of Onchain Lens, a whale closed his long position in ETH (with a multiple of 25). He earned a total profit of $5.19 million from this trade and withdrew all funds from HyperLiquid.

On June 6th, as per Decrypt, Greg Solano, the CEO of Yuga Labs, put forward a plan to dissolve the ApeCoin DAO. The assets and responsibilities of the ApeCoin DAO would be transferred to a new entity established by Yuga Labs called ApeCo. Solano criticized that the ApeCoin DAO "has deviated from a commitment to a slow, noisy, and unprofessional governance performance." Resources were wasted on "vain proposals and low-impact plans." The new entity will concentrate on supporting high-quality projects and strengthening the three core pillars of ApeChain, Bored Ape Yacht Club, and Otherside. If the proposal gets approved, ApeCoin holders will lose all governance rights. This move is part of Yuga Labs' strategic restructuring. The company has recently sold NFT project IPs like Moonbirds and CryptoPunks in order to refocus on its core business.

On June 6th, the Trump Media Group (traded on Nasdaq and NYSE Texas: DJT) announced that it had submitted an S-3 registration statement to the U.S. Securities and Exchange Commission regarding a previously signed debt and equity subscription agreement with approximately 50 investors, with a total revenue of around $2.3 billion. This is regarded as "one of the largest publicly traded company Bitcoin reserve transactions." The registration statement encompasses the resale of approximately 56 million shares of stock and 29 million shares of convertible bonds to investors. Additionally, it includes a shelf registration for future mergers and capital raising to offer flexibility to the company. CEO Devin Nunes stated that these actions will provide Trump Media with the capital, assets, and independence required to achieve rapid expansion and attract more users to the "patriotic economy."

On June 6th, The Kobeissi Letter put out an article saying that Elon Musk has now succeeded in annoying both the Republican Party and the Democratic Party. In reality, Elon has now openly been against both parties, but he has always had the same goal: to bring an end to America's deficit spending. Nonetheless, this shows Musk's mission of setting aside politics and reducing America's deficit spending. The Kobeissi Letter advocates that "We must set aside politics to end the American debt crisis."

On June 6th, due to the showdown between Musk and Trump last night, Tesla's stock price dropped by more than 14%, causing its market value to shrink by $153 billion, marking the largest single-day decline in history.
Musk holds approximately 12.8% of Tesla's shares. As a consequence, the value of this portion of stocks has shrunk by more than $19.5 billion.