Wednesday, 26 June 2024

Market Summary

Market Summary 26 June 2024

Bitcoin Price: US$ 61,848.44 (+2.52%) 
Ethereum Price: US$ 3,394.91 (+1.26%) 

Nubank, a Brazilian neobank, is partnering with Lightspark to integrate the Bitcoin Lightning Network for its 100 million Latin American customers, enhancing speed and reducing transfer costs through blockchain technology. Meanwhile, the most profitable crypto sectors in the first half of 2024 were memecoins with 1,834% returns, real-world asset tokenisation at 214%, and AI blockchain projects at 72%, although the layer-2 sector saw a decline with 41% losses. Ava Labs is utilising its Avalanche blockchain to manage intellectual property for South Korean K-pop artists, aiming to provide transparency and efficiency in protecting artists’ rights against underreporting and unauthorised use. Additionally, platforms like Overlai and Audius are offering blockchain-based solutions for visual artists and musicians to secure their creations and manage digital rights, with prominent artists like Ghostface Killah and Megadeth exploring blockchain for creative and exclusive fan experiences. 

Tether’s supply growth sharply declined, reflecting reduced crypto market liquidity with a drop in month-on-month supply growth to less than 1.5% and a significant decrease in trading volume since March. Bitcoin markets have seen substantial outflows and price declines, influenced by ETF dynamics and broader macroeconomic pressures, as highlighted by the ETC Group’s report on global growth expectations. VanEck filed form 8-A for a spot Ether ETF, potentially bringing it closer to trading, with speculation about an early July launch amidst varying opinions on the SEC’s timeline for approval. Meanwhile, the GameFi sector is evolving, with new projects like Seraph: In the Darkness investing millions in development to enhance gaming experiences and integrate Web3 elements, attracting significant player engagement and financial transactions during test phases. 

More than half of institutional investors in Japan plan to invest in crypto within the next three years, according to a survey by Nomura Holdings and Laser Digital, which revealed that 54% see digital assets as a diversification opportunity despite concerns over counterparty risk and regulatory hurdles. Meanwhile, Bybit has overtaken Coinbase to become the second-largest cryptocurrency exchange by trading volume, a rise attributed to Binance’s regulatory issues and Bybit’s introduction of zero-fee USDC trading. The Solana Foundation announced a new feature allowing crypto transactions on any website via shareable links, enhancing usability for various applications like crowdfunding and onchain voting, while Solana’s blockchain saw a surge in activity, particularly in decentralised exchanges and memecoins. 

MakerDAO has partnered with Sherlock for a historic $1.35 million security audit contest to bolster the security of its Endgame launch, aiming to create a self-sustaining governance system with SubDAOs. In the political realm, Donald Trump is gaining support as a pro-innovation, crypto-friendly candidate from notable figures like Cathie Wood and the Winklevoss twins, who have endorsed him for the 2024 U.S. presidential election, viewing his policies as favourable for technological advancement and blockchain integration. Concurrently, the German government has sold over $54 million worth of Bitcoin through multiple transactions to exchanges like Coinbase and Kraken, raising concerns about potential selling pressure on Bitcoin prices from these large transactions and the upcoming Mt. Gox repayments. 

Source: https://cointelegraph.com 

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