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Polychain Capital is reportedly liquidating its $6 million ROOK token position via DeFi exchanges, rather than utilizing the anticipated arbitrage play. This decision by the prominent crypto hedge fund has sparked speculation about the reasons behind the move and its implications for the ROOK token community.

Recent data from crypto intelligence firm Nansen suggests the fervor for meme coin Pepecoin may be waning, as top-performing traders are reducing their holdings. The hype surrounding the token may be slowing down, with smart money wallets decreasing their PEPE stash by $3 million in the past 24 hours, indicating diminishing potential for profit.

Silvergate Capital announces major workforce reduction, with only 80 employees remaining to liquidate its crypto-friendly bank. The bank, previously catering to clients like Coinbase and Gemini, faced heavy withdrawals, leading to a “challenging macro environment” and raising doubts about its future.

As Bitcoin (BTC) heads toward $27,000, bulls struggle to regain support amid weak market disposition. However, cautious optimism arises from positive macroeconomic indicators, such as the U.S. PPI and unemployment data, hinting at a possible pause in June rate hikes.

Long-term Bitcoin investors accumulate more tokens amidst the recent dip, with net accumulation at its fastest pace since October 2021. However, Bitcoin’s divergence from the Nasdaq index raises concerns, urging both long-term and short-term investors to remain vigilant and assess potential risks and rewards.

The crypto

Bitcoin experienced a significant drop falling below $27,000, linked to a massive transaction from the U.S. government’s wallet. Cryptocurrencies such as AI, BSV, SPONGE, LDO, ECOTERRA, SUI, and SWDTKN stand out for investment consideration based on strong fundamentals and/or positive technical analysis.

The US inflation rate data release has drawn attention to its potential impact on Bitcoin’s price, as cryptocurrencies become more interconnected with the global economy. Increasing inflation concerns have led investors to treat Bitcoin as a hedge, while recent market turbulence and uncertainty over the US government’s seized cryptocurrency sales contribute to volatility.

No Meme Token ($NOMEME) experienced a staggering 700% increase on Uniswap shortly after launch, largely due to a tweet from Elon Musk involving Milady Maker NFTs. Rapid market cap and trading volume growth set a solid foundation, but investors must remain cautious in a volatile market.

Tether announced a net profit of $1.48 billion and a reserve surplus of $2.44 billion. As the company behind USDT, the largest stablecoin, Tether plays a vital role in crypto markets. However, it faces scrutiny over transparency in backing USDT with U.S. dollars and has faced controversies in the past.

Cryptocurrency whales have transferred approximately 140 million XRP tokens, worth around $60 million, between exchanges, despite ongoing regulatory pressure from the US SEC. This activity suggests anticipation of an XRP price increase, and the value has risen by nearly 1.5% within the last 24 hours.

The Royal Group, managed by Abu Dhabi’s royal family, has shifted its investment stance, moving from US equities to short-term US Treasury bonds, commodities, and cryptocurrency amidst recession concerns. This highlights the potential opportunities cryptocurrencies present as a hedge against traditional market downturns and as a diversification tool in investment portfolios.