Markets
Top Crypto News Impacting Markets This Week
This week, several significant events are about to impact the crypto market. The FOMC meeting, major token mergers, airdropsand new developments in liquid staking have the crypto space buzzing with anticipation.
Investors and market observers closely monitor these events to assess their potential influence on market dynamics and asset prices. Here’s a detailed look at what’s on the horizon.
Launch of Fjord Foundry on Solana
Fjord Foundry (FJO) will live about Solana today. This project is a community-focused platform that connects projects with engaged supporters. It offers several token sale methods, including Liquidity Bootstrapping Pools (LBPs).
This launch marks its first non-EVM integration, promising lightning-fast transactions and access to Solana ecosystem projects. The platform aims to democratize access to early-stage opportunities, providing projects with a seamless liquidity startup while offering funders a range of promising early-stage investments.
See more information: Top 7 projects on Solana with huge potential
Federal Open Market Committee (FOMC) Meeting
On June 12, the FOMC meet Assess the state of the U.S. economy and make critical decisions regarding the federal funds rate. After a series of interest rate increases to contain inflation, the Fed kept the rate stable since July 2023.
US Consumer Price Index (CPI) data will be released this week, a crucial point for market watchers. Consensus expects the CPI to remain at 3.4%, but any deviation could significantly impact Bitcoin prices.
Therefore, the outcome of this meeting is likely to influence several financial markets, including crypto. Crypto analyst Markus Thielen from 10x Research offers insight into the current situation.
“If the CPI is 3.3% (or less), Bitcoin could try to break out. If CPI is 3.5% or higher, Bitcoin will likely correct in the coming weeks (not our base case). We would still have an upward bias for higher Bitcoin prices,” he observed.
Merger of FET, OCEAN and AGIX tokens
Early last week, SingularityNET (AGIX) announced which would merge with Fetch.AI (FET) and Ocean Protocol (OCEAN) to form the Artificial Superintelligence Alliance (ASI). This merger will unify the three networks into one AI network, with a combined market capitalization target of $7.5 billion. Jochem Herber, head of ecosystem at collaborative data marketplace Nuklai, shared his thoughts on merging these AI tokens.
“The merger will help drive the narrative forward, and by combining the AI capabilities of Fetch.ai and SingularityNet, there will be advancements in the open and decentralized AI space. There have been small mergers in the past, and in the traditional world, mergers tend to be difficult because different cultures, technologies, and organizational structures are often combined. However, in the Web3 space, ecosystem play will be more beneficial. The more companies that are part of this ecosystem, with their own models and problem solutions, the more successful the decentralized AI movement will be,” Herber told BeInCrypto.
From June 11th, FET will be renamed ASI, and the token merger will be completed on June 13th, after which the three original tokens will cease to exist. FET token holdersAGIX and OCEAN can exchange their tokens for ASI with specific conversion rates:
- FET at 1:1
- AGIX at 1: 0.433350
- OCEAN at 1: 0.433226.
This merger aims to create a more powerful and scalable AI ecosystem by increasing the value and utility of the constituent tokens. A secure and audited token migration agreement will facilitate conversion for over 200,000 token holders, ensuring a smooth transition to the new ASI token.
Starknet (STRK) and Other Major Crypto Token Unlocks
On June 15, Starknet will unlock 64 million STRK tokens, valued at approximately US$72.32 million. Starknet will distribute these tokens to initial investors and contributors.
This token unlock is part of Starknet’s broader strategy to encourage participation and growth of the network. The release of these tokens could introduce new liquidity into the market, potentially affecting the price dynamics of STRK and related assets.
STRK token unlock. Source: Token unlocks
In addition to Starknet, other crypto projects including Aptos (APARTMENT), ImmutableX (IMX) and ApeCoin (MONKEY), will unlock significant amounts of their respective native tokens this week. To read This article for detailed information on the top crypto token unlocks this week.
Potential zkSync token launch and airdrop
zkSync is ready to launch its ZK token following the recent completion of the v24 upgrade. Last week, zkSync announced that the deployment of the v24 update on mainnet has been completed.
Speculation arose when the zkSync team suggested on X about the launch of “the missing pieces” by the end of June. The crypto community believes that the missing pieces relate to token launch and airdrop.
A recent report indicates that zkSync planned its token generation event (TGE) for the end of May, with the token launch and airdrop expected within 30 days of the TGE. The token will have a total supply of 21 billion tokens, with the airdrop likely around June 13th, before the Blast token airdrop on June 26th. This development marks the final planned upgrade of the protocol before transferring network governance to the community.
See more information: What is zkSync?
pSTAKE Liquid Staking for Bitcoin
Investors are also looking forward to the launch of a liquid staking solution for Bitcoin (BTC) by pSTAKE, built on Babylon’s BTC Stake Protocol. This new feature will allow Bitcoin holders to earn rewards on idle assets while maintaining liquidity. Announced In mid-May, BTC deposits for net betting are expected to go live soon, offering a new avenue for Bitcoin holders to generate income.
These events collectively represent a significant week for the crypto market. From regulatory decisions and technological advances to innovative financial products, each development has the potential to change market sentiment and asset valuations.
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