Bitcoin&#8217;s rise amid fiscal instability highlights its growing role as a safe- haven asset, potentially reshaping global financial strategies. The post Bitcoin inches closer to $110K amid global debt concerns and gold price surge appeared first on Crypto Briefing.

Bitcoin inches closer to $110K amid global debt concerns and gold price surge

On Wednesday, the leading crypto asset bitcoin, vaulted over another price 
barrier, reaching $110,730 per coin. Bitcoin Rockets to $110,730 — Is the Next 
Stop a Moonshot? Throughout the day, bitcoin tapped fresh highs multiple 
times, with the latest peak hitting $110,730 per unit. At that point, BTC 
appeared to settle, hovering just below the […]

Bitcoin Price Charges Into New Territory, Fueled by ETF Frenzy and Soft Inflation

BONK&#8217;s price action has been back and forth in May, and the cryptocurrency is 
now essentially back where it started the month. Recent price action reveals 
that the token is attempting to stabilize at around the 200 EMA after being 
rejected by the local high near the 0.00002581 level. This rejection led to a 
measured pullback towards $0.00001820. However, according to a technical 
analysis on the TradingView platform, the retrace appears to be forming a 
bullish continuation setup with a 77% corrective move in view rather than 
indicating a bearish reversal. Bullish Market Structure Holds Firm For BONK 
BONK’s price retracement has brought it directly into a zone of heavy 
technical interest. At the heart of this confluence lies the 200 EMA on the 
4-hour timeframe, which could technically serve as the next support zone for 
the meme coin moving forward. In addition, the retracement aligns with the 
0.618 Fibonacci level, which is commonly associated with bullish corrections. 
It also aligns with a daily support zone around $0.00001832 to $0.00001841 and 
a resistance zone around $0.00002034. Related Reading: Forget Dogecoin, 
Analyst Says Solana Meme Coin “BONK” Is About To Explode Interestingly, this 
movement has led to a consolidation between these levels since May 15, and 
according to the TradingView analyst, the price structure suggests buyers are 
stepping in to defend the trend. This, in turn, has led to the formation of a 
higher low. From a volume standpoint, each upward impulse has shown rising 
volume since the first week of April. However, the recent decline occurred on 
diminishing volume, hinting at exhaustion from sellers. 77% Upside Move If 
BONK Breaks Above Resistance Even with the current range, BONK is still within 
a bullish setup that could send it towards a new 2025 high and possibly 
towards its current all-time high levels. The important level to watch now is 
the point of control (POC) resistance at approximately $0.00001955. This level 
previously acted as the pivot point before the pullback and now serves as the 
threshold for bullish continuation. Related Reading: This Dogecoin Rival Is 
Set For An Over 100% Pump – It’s Not Shiba Inu A confirmed close above this 
region would likely trigger a rapid expansion move toward the next resistance 
cluster around $0.00002581, before eventually reaching the predicted price 
target of $0.00003243, which would bring it close to its January 2025 open of 
$0.000035. As such, the projected target if this plays out will translate to a 
77% rally. The price target also aligns with a previous swing high on January 
15 and January 18. At the time of writing, BONK is trading at $0.00001995, up 
by 1,6% in the past 24 hours. Its reaction here, just above the POC 
resistance, will be an important deciding factor. If buyers manage to maintain 
pressure and secure a decisive breakout, the stage could be set for a strong 
rally into the upper resistance band and a retest of BONK’s 2025 swing high. 
Featured image from Shutterstock, chart from Tradingview.com

Solana’s BONK Targets 77% Corrective Move After Retrace To 200 EMA

Australia&#8217;s financial regulator will seek the High Court&#8217;s permission to 
appeal a lower court&#8217;s ruling favoring fintech firm Block Earner, which found 
the company&#8217;s crypto-linked fixed-yield earning service is not a financial 
product.
The Australian Securities and Investment Commission (ASIC) said on May 21 that 
it wants to ask the High Court of Australia to clarify what the definition of 
a financial product is and clarify the circumstances when an interest-earning 
product and conversion of assets from one form to another are regulated.
&#8220;The definition of financial product was drafted in a broad and technology- 
neutral way, and ASIC believes it is in the public interest to clarify this,&#8221; 
the watchdog said.
&gt; &#8220;This clarification is important as it applies to all financial products and 
&gt; services whether they involve crypto-assets or not.&#8221;
On April 22, Federal Court Justices David O&#8217;Callaghan, Wendy Abraham and 
Catherine Button found that Block Earner&#8217;s crypto-linked fixed-yield earning 
product is not a financial product, a managed investment scheme or a 
derivative under the Corporations Act.
ASIC said the court will consider its application. Special leave is required 
in an appeal to the High Court, and it&#8217;s only granted in cases where it would 
answer significant legal questions or matters of public interest.
A Block Earner spokesperson told Cointelegraph the matter has now escalated to 
a &#8220;broader legal question&#8221; around the definition of a financial product, which 
extends &#8220;well beyond Block Earner, and the crypto sector.&#8221;
&#8220;We believe the Full Federal Court&#8217;s April ruling was a strong and well- 
reasoned decision that upheld the integrity of our operations,&#8221; the 
spokesperson said. &#8220;We remain confident in the soundness of that judgment and 
will respond to ASIC&#8217;s application through the appropriate legal channels.&#8221;
## Legal saga ongoing since 2022
ASIC first launched legal proceedings against Block Earner in November 2022, 
arguing the company needed a financial services license to offer its yield 
product which was available from March 17, 2022, until the company shut it 
down on Nov. 16, 2022.
_**Related:**__**Australia outlines crypto regulation plan, promises action on 
debanking**_
 _ASIC was arguing Block Earner needed a financial services license to offer 
its crypto-linked fixed-yield earning product. Source:__ASIC_
In February 2024, an Australian court initially ruled the fintech firm would 
need a financial services license to operate its crypto yield-bearing 
products.
Another June 2024 ruling in Australia&#8217;s Federal Court released Block Earner 
from any financial penalties because it had &#8220;acted honestly&#8221; and pursued its 
legal opinions before launching the products, which ASIC appealed.
Block Earner appealed the Federal Court&#8217;s decision that it needed a financial 
services license on July 9, 2024.
_**Magazine:**__**SEC &#8216;s U-turn on crypto leaves key questions unanswered**_

Australian regulator asks High Court to allow appeal in Block Earner case

Bitcoin is charging toward a potential $150K by August as explosive chart 
formations signal unstoppable momentum and historic upside. Peter Brandt Says 
Bitcoin May Hit $150K by August—Chart Signals Align Veteran trader Peter 
Brandt offered a technical perspective on bitcoin’s recent price surge on May 
21, following the cryptocurrency’s breakout to a new all-time high […]

Peter Brandt Eyes $150K Bitcoin by August as Bullish Patterns Explode

U.S. lawmakers are charging forward with a game-changing bill to shield non- 
custodial crypto developers from overreach, unlocking innovation and 
safeguarding America’s blockchain future. Emmer’s Crypto Shield Returns: Will 
Non-Custodial Devs Finally Breathe Free? U.S. Representative Tom Emmer (R-MN) 
announced on May 21 the reintroduction of the Blockchain Regulatory Certainty 
Act (BRCA), a bipartisan proposal intended […]