Crypto Weekend Highlights_July 01
Over the weekend, Bitcoin embarked on a recovery path, resting at $63K. Altcoins, led by Ethereum, followed with considerable upside momentum.
In the first half of the year, Bitcoin rose 48%, starting at $42,283 and ending at $62,772, peaking at $73,777 in March. Key factors were the Bitcoin spot ETF, the halving event, and meme coins. The U.S. SEC’s approval of the Bitcoin spot ETF in January drove early gains, but the halving event and underperformance of altcoins left investors disappointed. The ETF brought $14.525 billion into Bitcoin, boosting prices but also making the market dependent on ETF movements. Institutional investors’ modest purchases of the Bitcoin spot ETF were also a point of disappointment in the first half of the year. At the time of writing, Bitcoin is trading at $63,335, having recovered approximately 4.30% over the weekend. Bitcoin may see a strong rebound in July following a lackluster performance in June, during which Bitcoin fell almost 7%.
On Sunday, June 30, Ethereum co-founder Vitalik Buterin published a blog post explaining the road ahead for Ethereum and how they might have to part ways with the epoch-and-slot mechanism of its existing rollup-centric roadmap. Buterin proposes a new SSF mechanism to improve transaction time latencies to the order of hundreds of milliseconds or even less. It is not yet clear how this will affect the price of Ethereum, but at the time of writing, Ethereum is trading at $3,483, having risen 3.56% over the weekend.
BTC/USDT Chart (1H)
Almost all digital assets from the top 10 by capitalization ended their assets in the “red zone”. The exception was Solana (+6.3%).
The global cryptocurrency market cap is $2.46 Trillion, a 4.13% change in the last 24 hours and 98.15% change one year ago. As of today, the market cap of Bitcoin is at $1.25 Trillion, representing a Bitcoin dominance of 50.78%. Meanwhile, Stablecoins’ market cap is at $161 Billion and has a 6.57% share of the total crypto market cap.
📈Cryptocurrency Market Financing Amounts to $688 Million in June 2024
-This represents a 35% increase from the $510 million recorded in June 2023, but a 32.5% decrease from the $1.02 billion in May 2024.
🐋Whale Invests $41.62 Million Across Various LSD Protocols
-According to BlockBeats, a whale investor has reportedly invested a total of $41.62 million across various LSD protocols. This makes the investor the top individual pledger in the Symbiolic protocol as of June 29.
🚀Solana’s Meme Token Platform Pump.Fun Revenue Surges By Nearly 63%
-The cumulative revenue of Solana’s meme token launch platform, pump.fun, has exceeded $50 million. The current reported revenue stands at $50.26 million, marking a nearly 63% increase from the beginning of June when it was $30.85 million.
🤖Elon Musk Announces Launch of Grok 2 Model by AI Company xAI
-Elon Musk has announced that his artificial intelligence company, xAI, is set to launch the Grok 2 model in August. Musk made this announcement on the X platform. Further details about the upcoming model are yet to be disclosed.
👏Nigeria’s Crypto Community Applauds Europe’s New Crypto Asset Market Regulation
-The cryptocurrency community in Nigeria has expressed appreciation for the newly introduced Crypto Asset Market Authority (MiCA) in Europe, particularly its provisions on stablecoins.
💸Online Phishing Scam Results in $2.41 Million Loss for Victim
-The incident was detected by Scam Sniffer, a platform that monitors and reports on fraudulent activities. The victim’s identity has not been disclosed, and it remains unclear how the scam was executed.
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