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Second week of June 2024

FinCrypt Staff

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Second week of June 2024

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Top 10 Crypto News: Second Week of June 2024

There were many big changes in the world of cryptocurrencies in the second week of June 2024. There were big price changes, regulatory changes, and strategic predictions. Check out the top 10 news that changed the crypto market during this period.

Bitcoin (BTC) Price Drops to $69K, Leading to $450 Million in Liquidations

Bitcoin volatility with stock market crash, businesspeople reacting to changesBitcoin nearly reached an all-time high on Thursday and then fell to $69,000 on Friday, a 2.5% drop in 24 hours. The sell-off was larger in the cryptocurrency market as a whole, with the CoinDesk 20 Index falling 5%. Ether (ETH), Tezos (XTX), and EOS (EXOS) prices fell by 10%. Solana (SOL) prices also fell by 7%.

The drop came after a good jobs report in the US, which dashed hopes of a Federal Reserve Interest Rate cut. The market also fell because Roaring Kitty’s YouTube live stream was not very interesting. The sale caused liquidations worth US$450 million, the largest amount since mid-April.

Mainstream Crypto Adoption Has Increased in Recent Months, Says Canaccord

People using Bitcoin to transact in a colorful digital marketplaceWith a buy rating, Canaccord Genuity raised its price target to Digital Galaxy (GLXY) from C$17 to C$23. Because of things like the SEC’s surprise approval of eight ether spot ETFs, the company is in a good position to benefit from the widespread use of digital assets.

Galaxy Digital has a lot of institutional exposure and works with big names in the ETF Market, such as Inveco, DWS and Itaú, which is good for its future. Additionally, the value of the company’s Helios mining facility in Texas could increase if power-hungry AI companies continue looking for ways to work with bitcoin miners.

AI-Linked Crypto Tokens Underperform as Apple Event Fails to Impress Traders

Businesspeople in an AI trading room, Apple logos and floating stocksAI-linked cryptocurrencies fell as Apple’s annual developer event failed to live up to traders’ hopes. Many tokens, such as Render (RNDR), Fetch.ai (FET), and SingularityNET (AGIX), are down between 3 and 5 percent. Bittensor’s TAO fell by almost 6%.

AI-related tokens on the CoinDesk Computing Index fell 2.5%, less than Bitcoin (BTC) and the CoinDesk 20 Index as a whole.

of the apple event revealed its AI plans, such as Apple Intelligence and a partnership with OpenAI. However, after the news broke, Apple shares fell almost 2%, showing that the market was disappointed, despite the main US stock indexes rising.

Federal Reserve should cut US interest rate as restrictive stance is increasing inflation, Democrats say

Federal Reserve Meeting on Interest Rate Cuts, Financial Discussions and ChartsThree Democrats, Elizabeth Warren, Jacky RosenIt is John Hickenlooperasked the Federal Reserve to reduce the federal funds rate from 5.5%, which is the highest level in 20 years.

They say keep interest rate high for a long time is slowing down the economy and doing nothing about the main causes of inflation. The senators want to move away of the 2% inflation target because high rates make things like housing, construction and car insurance more expensive, which could cause a recession.

They point out that rates have already been cut by the European Central Bank and the Bank of Canada and say the Fed should do the same.

Will Trump defeat Biden? Polymarket traders are betting on this.

Prediction Markets about Polymarket show that Donald Trump has a 56% chance of defeating Joe Biden to become President of the United States in 2024. The FiveThirtyEight polling average, on the other hand, shows a much smaller margin.

Non-US Polymarket users may favor Trump because they are required to do so through an agreement with the Commodity Futures Trading Commission. Trump supports cryptocurrency. But past trends show that these markets often reward those who are ahead of the competition.

Polymarket traders also do not think Trump will be convicted of another crime before the election; they think it’s only 14% likely.

Crypto and AI Could Be a $20 Trillion Megatrend, Says Bitwise

An asset manager called Bit by bit said in a report that artificial intelligence (AI) and cryptocurrency could add $20 trillion to the world economy by 2030. The resources that bitcoin miners possess, such as powerful chips and advanced cooling systems, are a good match for AI needs in data centers, chips and electricity.

The report talks about partnerships like CoreWeave’s agreement with Scientific Center for AI services worth $3.5 billion. AI and cryptography could work together in areas other than mining, such as verifying information and creating virtual assistants. This means that both industries have a lot of room to grow.

SEC Approval of ETH ETFs Paves the Way for Ethereum Dominance

Ethereum (ETH) exchange-traded funds (ETFs) were recently approved by the SEC. This could have a greater effect on Ethereum than Bitcoin. Bitcoin will always be a secure way to store valuebut Ethereum has a lot of competition from other smart contract platforms.

The SEC’s approval is expected to make regulations clearer, which will attract institutional investors and strengthen Ethereum’s position as a leader in the blockchain space. Ethereum is still the most popular place for developers to workand is home to major projects like EigenLayer, Ethena, and BlackRock’s BUIDL.

If the price of ETH rises, it could further boost the Ethereum DeFi economy. This could make Ethereum the “Amazon” of the digital asset economy.

Bitcoin (BTC) Price Gives Back Gains on Aggressive Fed Outlook

The Federal Reserve held its key federal funds rate steady at 5.25% to 5.50% and said it would only cut rates by 25 basis points this year, below its original forecast of three cuts. Although there has been some progress towards the 2% inflation target, Fed Chairman Jerome Powell highlighted that inflation is still too high.

Inflation slowed in May, according to the US Consumer Price Index report. This initially helped cryptocurrencies and stock markets. But the Fed’s “hawkish” outlook tamed these rises. As the market closed, Bitcoin (BTC) fell to $67,300, erasing previous gains. US stocks and bonds also gained, but not as much as before.

MicroStrategy (MSTR) Is Building the World’s Largest Bitcoin (BTC) Company, Says Bernstein

Bernstein believes Bitcoin could reach $1 million by 2033 and be worth $200,000 at its peak in 2025. The firm has started covering Microstrategy, which is the largest company that owns Bitcoin. They gave the stock an outperform rating and a $2,890 price target. The 214,400 bitcoins that MicroStrategy owns are worth about $14.5 billion. Since 2020, the company has used bitcoin as a reserve asset.

Michael Saylor, who started the company, made MicroStrategy a leading Bitcoin company. Bernstein believes Bitcoin will be worth $500,000 by 2029 due to high demand for spot ETFs and limited supply.

Nigeria Drops Tax Charges Against Binance Executives Tigran Gambaryan and Nadeem Anjarwalla: Family Spokesperson

O IRS (FIRS) of Nigeria has dropped tax charges against Tigran Gambaryan and Nadeem Anjarwalla, two Binance executives. The charges were amended to only name Binance through its local representative.

Even so, the two executives continue to be named in a money laundering case. Gambaryan, responsible for preventing financial crime at Binance, is still detained and faces serious health problems. There will be another trial date for the money laundering case on June 19.

Gambaryan’s family wants the U.S. government to help release him immediately because his health is deteriorating.

Key Takeaways

  • Bitcoin falls for $69K: After a good US jobs report, Bitcoin fell to $69,000, which caused $450 million in liquidations.
  • More people are using cryptocurrencies: Canaccord raised Galaxy Digital’s price target to C$23, citing strong partnerships with institutions.
  • AI-Linked Tokens, like Render and Fetch, don’t work well. When Apple had a bad event, AI dropped 3-5%.
  • Democrats want the Federal Reserve to lower interest rates: Senators called on the Federal Reserve to cut rates by 5.5%, saying high rates slow the economy.
  • Prediction markets put Trump ahead: Polymarket gives Trump a 56% chance of winning the 2024 election, which is much more than most polls say.
  • A big trend in cryptography and AI is that they could add $20 trillion to the world economy by 2030, according to Bitwise.
  • Effects of Ethereum ETF approval: If the SEC approves Ethereum ETFs, it could give Ethereum a big boost in the market.
  • The Federal Reserve kept interest rates the same and said they would only cut fees once this year, which affected the price of Bitcoin.
  • MicroStrategy Bitcoin Bet: Bernstein believes that Bitcoin could reach $1 million by 2033, which shows MicroStrategy’s plan.
  • There was tax charges against Binance executives in Nigeria, but those charges were dropped. However, the executives are still investigated for money laundering.

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We are the editorial team of FinCrypt, where seriousness meets clarity in cryptocurrency analysis. With a robust team of finance and blockchain technology experts, we are dedicated to meticulously exploring complex crypto markets with detailed assessments and an unbiased approach. Our mission is to democratize access to knowledge of emerging financial technologies, ensuring they are understandable and accessible to all. In every article on FinCrypt, we strive to provide content that not only educates, but also empowers our readers, facilitating their integration into the financial digital age.

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Crypto Markets Rebound as Spot Bitcoin ETFs Attract Massive Inflows

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Crypto Markets Rebound Ahead of Early Ethereum ETF Approval

This week saw $722 million worth of Bitcoin spot ETF inflows, including the largest daily inflow in a month.

Cryptocurrency markets rallied on Wednesday, driven by inflows into spot Bitcoin exchange-traded funds (ETFs).

The price of Bitcoin (BTC) is up 3% over the past 24 hours to last change hands at $65,200, according to CoinGecko. Ethereum (ETH) is up 2% and is trading at $3,471. Solana (SUN) and Polkadot (POINT) increased by 4%.

Bitcoin spot ETFs saw $422 million in daily inflows on Tuesday, the highest in the past 30 days, according to Far side data, . The all-time record for a single day was $1.05 billion on March 12.

Among Tuesday’s top contributors, BlackRock’s IBIT led with $260 million in inflows, followed by Fidelity’s FBTC with $61 million. This week has already seen more than $722 million in inflows.

Among the top 100 cryptocurrencies by market cap, Worldcoin (WLD) led with a 28% increase, followed by Helium (HNT) with 20% and Lido DAO (LDO) with 15%.

Worldcoin, a decentralized identity project led by OpenAI CEO Sam Altman, announced is extending the lockups for early investors and team members. This means that tokens will be gradually released through 2029, instead of the original 2027 plan. Token unlocks are generally seen as a negative because they increase supply and early investors can sell their tokens for profit.

Meanwhile, XRP, the token of the XRP Ledger network, jumped 8% after the CME and CF benchmarks introduced new indices and reference rates for XRP.

U.S. stocks faced a downturn on Wednesday. The S&P 500 fell 1%, while the Nasdaq Composite and Dow Jones Industrial Average both fell 2%.

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Altcoins on the cusp of a major breakout – WLD, AR, and INJ prices could surge by 20% in the coming days

FinCrypt Staff

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Altcoins on the cusp of a major breakout – WLD, AR, and INJ prices could surge by 20% in the coming days

Crypto markets appear to have been taken over by the bulls as major tokens have surged above their crucial resistance zone. Bitcoin surged above $65,000 while Ethereum was above $3,500, and XRP, which had remained passive for quite some time, surged over 40% in the past few days to hit $0.6. The uptrend has been captured in most altcoins, with Worldcoin (WLD), Arweave (AR), and Injective (INJ) leading the rally. Here’s what to expect for these tokens in the coming days.

Worldcoin (WLD) Price Analysis

O Worldcoin Price has been trading inside a descending wedge since it marked a new ATH near $12 in the final days of Q1 2024. The recent price action helped the price break out of the upper resistance of the wedge, breaking above the crucial resistance zone between $2.21 and $2.39. Market sentiments have changed, but technicals suggest that the bulls may remain passive for a while, which could offer some room for a bearish pullback.

The price broke out of the wedge with a significant increase in volume, but the current volume suggests that the bulls have taken a step back. Meanwhile, the RSI is about to reach the upper boundary, which could attract bearish forces. Additionally, the DMI has undergone a bullish crossover, but the decline in the ADX suggests that the rally may remain consolidated above the gains. Therefore, the WLD price is expected to maintain a horizontal consolidation between $3 and $3.3 and trigger a fresh rally to $4.4 during the next bullish rally.

Arweave (AR) Price Analysis

Arweave formed a strong base around $25, which helped the rally trigger a recovery during the bearish attack. Mt. Gox and German terror forced the price to fall below $20. However, the recent price action has brought the altcoin within the bullish range and raised expectations of maintaining a decent uptrend for a few more days.

AR price has hit one of the major resistances around $30 to $31.5, which could act as a strong base once overcome. The buying volume is slowly increasing, which could keep the bullish hopes for the rally high. Moreover, the supertrend has just flashed a buy signal, indicating a clean reversal of the trend. Therefore, AR price seems primed to maintain a healthy uptrend and rally above $40. However, if the bulls maintain a similar trend, making new highs above $50 may not be a tedious task for the bulls.

Price Analysis of Injective (INJ)

Injective price has been showing sharp strength since the beginning of the year and hence, the recent turnaround is expected to revive a good uptrend going forward. The bears engulfed the rally to a large extent, but the recent price action suggests that the bulls have regained their dominance. Therefore, INJ price is expected to maintain a strong uptrend with a bearish interference on the way down.

INJ price has surged above the lower support zone and has registered consecutive bullish candles. Although the volume is below the required levels, the OBV is maintaining a sharp uptrend. Furthermore, the Ichimoku cloud lead span B is heading towards the lead span A and a healthy crossover indicates the start of a new uptrend. However, INJ price may be out of the bears’ reach once it secures the resistance zone between $30.77 and $32.12, which seems to be on the horizon.

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Ethereum at $3.5K, Exchange Supply Hits 34-Month High

FinCrypt Staff

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Ethereum at $3.5K, Exchange Supply Hits 34-Month High

Ethereum (ETH) supply on exchanges has hit a 34-month high as the asset’s price surpassed the $3,500 mark.

ETH has risen 2.3% over the past 24 hours and is trading at $3,490 at the time of writing. The second-largest cryptocurrency — with a market cap of $419 billion — briefly touched an intraday high of $3,517 earlier today.

ETH Price, Whale Activity, RSI, and Exchange Supply – July 17 | Source: Santiment

Ethereum’s daily trading volume also increased by 7.6% to reach $19.8 billion.

According to data provided by Santiment, the supply of Ethereum on exchanges has reached $19.52 million ETH. This level was last seen in September 2021, when the asset was trading around the same price.

On the other hand, data from the market intelligence platform shows that the number of whale transactions has fallen by 12% in the last day — falling from 8,730 to 7,629 unique transactions per day.

The move shows that the supply of Ethereum on exchanges has been increasing with small deposits rather than large transactions from whales.

Additionally, the ETH Relative Strength Index (RSI) is currently hovering at the 60-mark, per Santiment. The indicator shows that Ethereum is slightly overbought at this price point, but it may not be in a critical position due to its large market cap.

One of the main drivers of Ethereum price increase is ETH spot expectations ETFs in the US Investment products are scheduled to start trading on July 23rd.

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Bits + Beeps: How to Play the ‘Trump Trade’ in Cryptocurrencies After the Assassination Attempt

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Bits + Bips: How to Play the ‘Trump Trade’ in Crypto After the Assassination Attempt

Also, how much will the Fed cut rates (and when)? What will be the inflows into ETH ETFs? And what is the near future for Bitcoin?

Posted on July 17, 2024 at 12:00 PM EST.

Listen to the episode at Apple Podcasts, Spotify, Capsules, Source, Podcast Addict, Pocket molds, Amazon Musicor on your favorite podcast platform.

In this episode of Bits + Bips, hosts James Seyffart, Alex Kruger and Joe McCann, joined by guest Jack Platts, dive into the market reaction to the recent assassination attempt on former President Donald Trump, analyzing how this event will influence the 2024 US presidential election and the cryptocurrency markets.

They also cover potential rate cuts: Could there be a cut in July? How big could the September rate cut be? Could the decision be influenced by the upcoming election?

They also give their predictions on what percentage of BTC ETF inflows the ETH ETFs will reach, and James talks about what he expects for Grayscale’s ETHE (hint: his outlook would be positive for ETH).

Finally, they delve into what’s next for Bitcoin as the German government runs out of BTC and Mt. Gox distributions begin. Just now?

Program Highlights:

  • Whether Trump’s shooting decided the election and whether the event caused a “flight to safety”
  • How election markets are becoming a place to watch election probabilities and whether cryptocurrencies “lean right”
  • Whether rate cuts will occur in July or September and by how much they will cut: 25 bps or 50 bps
  • How Joe sees the relationship between global liquidity cycles, rate cuts, and the potential rise of Bitcoin
  • What are the new updates about Ethereum ETFs and their expected launch?
  • Why Solana Hasn’t Performed Significantly Better Since Trump News
  • What Market Breadth Indicates About the Current Market Rally and the Impact of Rates on Small Caps
  • Everyone’s predictions on ETH ETF inflows and how much outflow we’ll see on Grayscale’s ETHE
  • What’s Next for BTC After German Government Exits Bitcoin and Mt. Gox Giveaways Starting This Week

Hosts:

Guest:

  • Jack PlattsCo-Founder and Managing Partner of Hypersphere Ventures

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