Monday, 10 June 2024

Market Summary

Market Summary 10 June 2024

Bitcoin Price: US$ 69,683.89 (+0.43%) 
Ethereum Price: US$ 3,706.40 (+0.67%) 

Binance CEO Richard Teng recently announced a significant shift in the cryptocurrency industry, moving from the “early adopters” phase to the “early majority” stage, a transition that has contributed to the company’s rapid growth. Despite facing challenges, Binance is ambitiously aiming to onboard one billion users, a goal that necessitates political support from global regulators and a substantial increase in the current number of cryptocurrency owners worldwide. Concurrently, Wintermute CEO Evgeny Gaevoy has highlighted a contradiction in the goals of Ethereum leaders, arguing that they must make a choice between supporting a capitalist or socialist economic system, with Gaevoy advocating for the former as he believes blockchain technology is conducive to creating purely capitalist incentive-based systems. In a related development, Ethereum co-founder Vitalik Buterin has been vocal about celebrity memecoins, asserting that financialisation should serve a purpose that brings value to society. Meanwhile, the Arbitrum Foundation is making strides in the gaming industry within its ecosystem by committing substantial resources, setting aside 225 million Arbitrum (ARB) tokens, valued at approximately $215 million, to be distributed over three years through the newly established Gaming Catalyst Program (GCP). 

Bitcoin’s volatility was among the “bottom 6% of occurrences” for the period between May 24 and June 7, leading to a sharp price decline on June 7, as noted by Swan Bitcoin’s chief investment officer Rapha Zagury. Despite this downturn, Zagury emphasised that during previous periods of similarly low volatility, the average return over the next 30 days stood at 20.95%, and over the course of 365 days, it was an impressive 820.82%. Meanwhile, Binance, the world’s largest cryptocurrency exchange by daily volume, announced on June 8 that it had reached a milestone of 200 million global users, setting it on track to reach 300 million users by 2026. This achievement followed Binance’s announcement in March that it had reached a total of $100 billion in user assets under custody, averaging out to about $500 worth of assets in custody per user. In the political arena, former U.S. President Donald Trump is intensifying his cryptocurrency advocacy as part of his 2024 presidential campaign, proclaiming his goal to become the “crypto president” at a fundraising event in San Francisco. This advocacy comes in the wake of backlash from the crypto industry against current U.S. President Joe Biden, who vetoed a resolution that would have overruled the U.S. Securities and Exchange Commission (SEC) Staff Accounting Bulletin (SAB) No. 121, which mandates institutions that custody crypto assets to record crypto holdings as liabilities on their balance sheets. 

Despite a downturn in Bitcoin, Ether, and the broader altcoin market following the release of U.S. employment data that exceeded expectations on June 7, traders remain optimistic, viewing this as a brief “shakeout” before the upward trend resumes. In the midst of this, Friend.tech, a social media platform built on Coinbase’s layer-2 network Base, announced its plans to develop its own blockchain, Friendchain. This announcement caused confusion among users and led to a significant fluctuation in the price of its native token, FRIEND. Meanwhile, in Nigeria, the decision to halt naira trading on cryptocurrency exchanges has raised concerns among crypto enthusiasts, who warn that this could exacerbate the volatility of the fiat currency. They suggest that instead of prohibition, Nigerian authorities could better achieve their goals through regulation, leveraging the regulatory framework established by the Nigerian Securities and Exchange Commission in 2022. 

Source: https://cointelegraph.com 

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