Coinspeaker Solana Price Cracks 8% as Blockchain Revenue Tanks, What’s Next?

World’s fifth-largest cryptocurrency Solana (SOL) has come under severe selling pressure, cracking nearly 8% in the last 24 hours, and slipping all the way under $125. This happens as the Solana blockchain revenue has tanked to its lowest over the last week, to $626,900.

The decrease in the revenue comes after the Solana upgrade some days ago. Earlier this month in June, the Solana project asked the validators to upgrade to a new node. The goal behind this development was to overcome the congestion issues experienced by the Solana network for some time.

As a result of this upgrade, the Solana fees were no more skyrocketing while the network maintained its throughput of 2,000 to 3,000 Transactions Per Seconds (TPS). However, the Solana volatility chart shows that the SOL price can show sideways movement. Volatility is an indicator of how quickly the SOL price can move. Higher volatility suggests that the SOL price can surge to extremely high levels within a very short period of time. Similarly, lower volatility implies the other way.

Solana’s 200-day annualized volatility was 77.80%, and over the last 90 days, it was 66.30%. However, at press time, Dune data showed it had dropped to 39.60%. This decrease suggests that SOL might continue trading within a narrow range in the coming days.

Solana Active Addresses Surge

Prominent X Account SolanaFloor, shared that the Solana blockchain has attained a significant milestone with the monthly active addresses surpassing 30 million hitting a new all-time high. However, despite making this record high in monthly active addresses, Solana’s daily transactions have tanked over the past month. Furthermore, the blockchain’s captured value also saw a decline, with a considerable drop in revenue and fees.

This trend was mirrored in Solana’s TVL (Total Value Locked) chart, indicating a decrease in the blockchain’s performance within the DeFi space.

Moreover, the technical chart shows that buyers are showing major weakness as of now and the Solana price can see a further downfall of 8-10% in the next few days. As the markets are heading to the end of the first half of 2024, hence there could be more volatility this week ahead.

However, the drop in the trading volumes over the past 40 days shows that the trend has shifted in favor of the bears. As shown in the below chart, the SOL price is entering the liquidity area after forming the double-top pattern.

Photo: TradingView

The price has encountered resistance upon entering these areas, rebounding several times, thereby establishing a pivotal and decisive zone. This zone now coincides with the neckline of an ‘M-shaped’ pattern, suggesting a potential significant pullback ahead. As the market approaches the monthly closing, expectations lean towards a continuation of the bearish trend, possibly breaking below the crucial support level of $100

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Solana Price Cracks 8% as Blockchain Revenue Tanks, What’s Next?

Coinspeaker SlowMist Founder Warns of Rising Phishing Scam in Toncoin Ecosystem

Blockchain security platform SlowMist has discovered an increase in the occurrence of crypto scams on The Open Network (TON) and Toncoin ecosystem.  According to SlowMist founder Yu Xian on X, there are many phishing attacks in the TON ecosystem now. Most of these phishing links (or bots) are spread through groups. Users are usually enticed with fake airdrops and other deceptive, mouth-watering offers.

TON 生态的钓鱼开始多了，Telegram 生态过于自由的特点，许多钓鱼链接（或 bot 形式）通过消息群组方式传播，空投等诱骗方式来批量钓走用户 TON 钱包里的有关资产（包括 NFT，特别的如 Anonymous Telegram Numbers，类似手机号，许多人用于创建 Telegram 账号，这个被钓走，意味着对应的 Telegram…

— Cos(余弦)😶‍🌫️ (@evilcos) June 24, 2024

Two-step Verification Against Toncoin Crypto Scam

The perpetrators of these attacks leverage different methods to hack assets in users’ TON wallets. This is often through Anonymous Telegram Numbers or promise of Non-fungible tokens (NFTs). The anonymous Telegram numbers are quite similar to mobile phone numbers which people use to create Telegram accounts. If it is stolen, it means that the corresponding Telegram account may also be stolen unless a separate password is enabled.

However, a Two-step verification procedure may protect such accounts and circumvent such occurrences. It is largely believed that the freedom and flexibility offered by Telegram is to the advantage of scammers. Some keen observers have come to the conclusion that these scammers play the same strategies all the time. Therefore, Telegram users are advised to stay alert and vigilant.

Generally, there is a rise in crypto scams in the cryptocurrency ecosystem. Recently, blockchain payments firm Ripple Labs Inc. introduced the upcoming stablecoin Ripple USD (RLUSD), which is pegged at 1:1 with the United States dollar. Some bad actors saw the news as an opportunity to perpetuate their malicious vices and immediately swung into action. A fake token surfaced on the XRP Ledger, drawing the attention of industry experts.

Vet, a validator of the XRP Ledger dUNL, issued a warning to the public stating clearly that the official RLUSD stablecoin is not yet available. Users were advised to not engage with fake accounts but rather remain vigilant against any scams.

More Crypto Scams In the Industry

Another intriguing recent scam involved the cloning of Trust Wallet, a popular decentralized wallet service provider. On June 7, Trust Wallet warned that bad actors have developed fake versions of its app to lure unsuspecting investors into downloading cloned apps for their crypto purchases and storage. It got more interesting when the Binance-owned wallet stated that cloned apps are available on both Xiaomi and Amazon stores.

Unfortunately, a number of unsuspecting investors have fallen victim to some of these hack strategies, leading to the loss of millions of dollars. About two weeks ago, the Washington State Department of Financial Institutions (DFI) launched a probe into a potentially fraudulent cryptocurrency exchange called “Ethfinance.” This was after an investor filed a complaint of a $310,000 loss on the platform.

According to the DFI, this case has all the makings of an “Advance Fee Fraud”, a kind of scam that targets victims with promises of high returns, in exchange for upfront payments. Investors are encouraged to be cautious and vigilant.

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SlowMist Founder Warns of Rising Phishing Scam in Toncoin Ecosystem

Coinspeaker Ethereum Network Activity Rises Amid Crypto Bearish Outlook Fueled by BTC’s Dip Below $63k

The total crypto market cap slipped over 3 percent in the past 24 hours to hover around $2.4 trillion on Monday, June 24, during the early European session. The bearish crypto sentiment escalated following the ebbing of the spot Bitcoin ETF demand in the last few weeks. According to the latest crypto oracles, Bitcoin price closed last week trading around a crucial support level of about $63k.

The flagship coin had since dropped another 3 percent in the last 24 hours to trade around $62,800 at the time of this writing. Consequently, the altcoin industry, led by Ethereum (ETH), has turned extremely bearish as traders fear a possible regulatory bombshell on Solana (SOL). Additionally, the uncertainty over monetary policies in the United States amid the ongoing geopolitical tension between the G7 nations and the BRICS movement.

Ethereum Network Activity on the Rise

As Bitcoin price signaled further midterm pain in the near term before the anticipated parabolic rally, more investors have turned their attention to the altcoin market, especially Ethereum. The escalated crypto cash rotation is fueled by the notable adoption of Ethereum’s web3 protocols by institutional investors.

Already, BlackRock Inc. and Fidelity Investments have set aside funds for their respective spot Ether ETFs ahead of the highly anticipated listing.

As a result, speculation on Ethereum price action has significantly increased despite the ongoing crypto market correction. Moreover, Ethereum price against the US dollar is expected to reach a new all-time high (ATH) in a similar fashion as Bitcoin performed following the approval and listing of spot BTC ETFs earlier this year.

According to on-chain data analysis provided by Santiment, the Ethereum network registered more than 617k active addresses in the past week, which is the highest in the last three months. Interestingly, the Ethereum CME Futures Open Interest (OI) has gradually risen in the past few months, signifying notable demand from institutional investors.

Institutions are now bidding on ETH

Ethereum CME futures OI is rising just like it happened with BTC before the ETF trading started.

Time for $5,000 ETH soon ?

GIGA BULLISH 🔥 pic.twitter.com/JPZZ2GqBoF

— Ash Crypto (@Ashcryptoreal) June 23, 2024

What Next for Crypto?

The crypto market is expected to remain in a correction mode for the coming months until the buyers establish control. Notably, if Bitcoin price drops further towards $60k, the altcoin industry is expected to shed between 15-20 percent.

CRYPTO MARKET: WHAT NEXT?

Here will show a big picture of the market via 4 charts: BTC, ETH, Total Crypto Mcap, and ALT Mcap.

Bitcoin: BTC price is trading below $65,000 and has been in a downtrend channel for the last two weeks. However, it is still in a BULL trend in the… pic.twitter.com/mqNqwVGokF

— Ash Crypto (@Ashcryptoreal) June 22, 2024

According to a popular crypto analyst alias Ash Crypto, the crypto industry will consolidate in the next 6-9 months before kickstarting the next mega altseason.

Midterm Ether Price Targets

As with the rest of the crypto industry, Ethereum price is in a macro bull run, which began late last year fueled by heightened adoption by institutional investors. According to a popular crypto analyst alias Captain Faibik, Ethereum price in the 8-hour time frame has been forming a falling wedge pattern that is often followed by a bullish breakout.

$ETH Falling Wedge formation on the 8hrs timeframe Chart..!!

A Successful Breakout could send it back above the 4,000 so Keep an eye on it..#Crypto #ETH #ETHUSDT #Ethereum pic.twitter.com/BN5zhtdVcm

— Captain Faibik (@CryptoFaibik) June 23, 2024

As a result, the crypto analyst believes Ether’s price could drop towards $3,300 before rebounding beyond $4k.

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Ethereum Network Activity Rises Amid Crypto Bearish Outlook Fueled by BTC’s Dip Below $63k

Coinspeaker Avalanche (AVAX) Price Dips to 6-Monthly Lows: What’s Next?

According to the data from CoinMarketCap, AVAX price has witnessed a 5% decline in the past 24 hours and is currently priced at $24.51. Further, the altcoin has shown a huge decline in its price action in the past few months, dropping 15% in the past seven days, followed by a 34.4% decline in the last 30 days. However, the digital asset is up 86.11% since June 2023, displaying decent gains.

The market capitalization of AVAX currently stands at $9.69 billion, making it the 13th largest cryptocurrency in the market. Moreover, the trading volume of AVAX is up 69.77% in the past 24 hours, which currently stands at $449 million, and it seems that the sellers have taken charge of the price action.

The data from DefiLlama confirms that the total value locked (TVL) in the Avalanche blockchain has dipped by 3.9% in 24 hours and currently stands at $675.12 million. This is significantly lower than the all-time high TVL witnessed in December 2021 at $11.4 billion. The price of the AVAX token has tanked 83.3% from the ATH of $146.22 seen in late 2021.

As per the chart provided by TradingView, the AVAX token hasn’t traded below the $25 price level since December 2023, and the cryptocurrency’s current price suggests that it is retesting six-monthly lows. Further, the volume of the altcoin has also declined significantly since January, suggesting decreased interest among investors.

The relative strength index (RSI) for the AVAX/USDT pair on Binance reads a value below 25.69. The value going below 30 confirms that AVAX is under the significant influence of bears and is being oversold in the spot market. Generally, this is a strong buy signal for traders, allowing them to purchase good-performing assets at low valuations.

Photo: TradingView

Milestones Achieved by Avalanche (AVAX)

The Avalanche network achieved significant milestones as the year started. The blockchain invested around $100 million from its Culture Catalyst fund to develop meme coin projects like GFOX. Additionally, the network also saw over 100 million ASC-20 inscriptions minted since their introduction in January, displaying significant adoption from investors.

Further, a Japanese game developer and publisher with over 50 years of experience in the industry, Konami, announced its partnership with Ava Labs, the non-profit organization responsible for the development of Avalanche (AVAX). The two will work together towards the creation of “Resella”, a cutting-edge NFT solution that “eliminates the necessity for users to possess a Web3 wallet or engage in complex cryptocurrency transactions, thereby lowering barriers to entry.”

Resella is not focused only on gaming but seeks to boost the adoption of Web3 technology, lowering costs and making it easy to design, issue, and trade digital collectibles.next

Avalanche (AVAX) Price Dips to 6-Monthly Lows: What’s Next?

Coinspeaker South Korean Think Tank Warns Spot Crypto ETFs Could Harm Economy

South Korea’s financial landscape­ faces trouble as a new re­port doubts the idea of spot crypto exchange­-traded funds (ETFs). The Korea Institute­ of Finance (KIF), a leading financial rese­arch institution, released a re­port on June 24, 2024, arguing that these inve­stment vehicles could pose­ significant risks to the nation’s economy.

Crypto ETFs Concerns in KIF Report

The KIF re­port outlines several conce­rns regarding spot crypto ETFs. Firstly, it highlights the potential for “incre­ased inefficiency in re­source allocation”. The think tank suggests that a surge­ in crypto investments through ETFs could divert crucial cash flow away from traditional industrie­s, slowing their growth and innovation.

Secondly, the re­port warns of greater financial instability. The KIF sugge­sts that connecting the local market more­ closely to the volatile crypto se­ctor through spot ETFs could make South Korea more vulne­rable to cryptocurrency crises. This could hurt inve­stor confidence and harm the financial syste­m’s overall health.

“Allowing [such] products can lead to side effects such as increased inefficiency in resource allocation, increased exposure to crypto-related risks in the financial market, and weakened financial stability,” the report stated.

Despite the KIF’s reservations, the report sees long-term potential in spot crypto ETFs. However, this depends on the development of cryptocurrencies. The report admits that the crypto ETFs would become a good store of value if the underlying cryptocurrencies grow to become more defined and unique financial assets.

Political Pushback and Global Trends

The KIF re­port highlights a significant contrast with the recent policy initiative­s of South Korea’s ruling Democratic Party. In the last ge­neral election, the­ party promised to introduce spot crypto ETFs. This pro-crypto stance is in sharp opposition to the­ KIF’s warnings.

The global landscape adds another laye­r of complexity. In January 2024, the United State­s began a new chapter by launching its first spot bitcoin ETF. The­se funds have bee­n very successful, with over $55 billion in ne­t assets. Additionally, Hong Kong and Australia launched their own spot ETFs in April and June­ 2024, respectively.

South Kore­a now finds itself at a crossroads. Will it follow the path of financial caution outlined by the­ KIF, or will it embrace the global tre­nd and open its doors to spot crypto ETFs despite the­ potential risks? Only time will tell how this inte­rnal debate will unfold and shape the­ future of cryptocurrency in South Korea.

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South Korean Think Tank Warns Spot Crypto ETFs Could Harm Economy

Coinspeaker Lightning Network Hacker Burak Launches ‘Brollups’ Layer 2 Solution for Bitcoin

Burak outlined Brollups in a Medium post, describing them as Bitcoin-native rollups that deeply integrate with the Bitcoin blockchain. Unlike other designs such as optimistic or zero-knowledge proofs, Brollups use Bitcoin’s infrastructure for transaction data and operate via the Bitcoin Virtual Machine.

Operators provide liquidity and advance the rollup state through linked Bitcoin (BTC price data) transactions. By using virtual UTXOs (VTXOs) as the foundation, Brollups enable smart contracts to execute as payable constructs, facilitating a range of DeFi activities like NFT sales and decentralized exchange transactions.

Brollups aim to handle a wide array of DeFi use cases on Bitcoin with transactions that are atomic, verifiable, scalable, and enforceable, leveraging Bitcoin’s robust security and decentralized nature.

A Broader Vision for Bitcoin DeFi

Brollups are positioned to address over 90% of DeFi use cases on Bitcoin by enabling atomic, verifiable, scalable, and enforceable transactions. This includes everything from NFTs to decentralized exchanges (DEXs), leveraging Bitcoin’s security and decentralization.

Brollups offer a solution that could potentially streamline and secure Bitcoin-based DeFi applications, thus eliminating the need for intermediaries and promoting a more decentralized financial ecosystem.

Historical Context and Previous Exploits

In October 2022, Burak exposed a vulnerability in the Lightning Network with a 998-of-999 multisignature Taproot transaction. This led to an emergency update for Lightning Network node operators.

Although no funds were stolen, the incident revealed potential issues within the Taproot upgrade, which had been implemented in November 2021. The Taproot update, considered one of the most significant since Segregated Witness (SegWit) in 2017, aims to improve Bitcoin’s privacy, efficiency, and smart contract capabilities.

Despite being a major update aimed at improving privacy and efficiency, Taproot was underutilized until January 2023, when Casey Rodarmor introduced the Ordinals protocol, which spurred greater adoption of Taproot’s features. In December 2023, Taproot transactions accounted for morw than 50% of all Bitcoin transactions, but the transaction volume has fallen to about 30% according to the latest data.

Previous Innovations and Future Prospects

Burak’s earlier project, Ark, launched in May 2022, focuses on simplifying payments on Bitcoin by eliminating the need for payment channels. Ark is designed to address the “inbound liquidity” problem of the Lightning Network, which requires users to have money available to receive money.

With Brollups, Burak continues to push the boundaries of what’s possible with Bitcoin layer 2 solutions. The Bitcoin community will be closely watching how Brollups and similar innovations contribute to the broader adoption and efficiency of DeFi systems on the Bitcoin network.

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Lightning Network Hacker Burak Launches ‘Brollups’ Layer 2 Solution for Bitcoin

Coinspeaker Dogecoin, Shiba Inu, and PEPE Price Fall Amid Bear Market Pressures

Over the past day, DOGE, a popular dog-themed meme coin created to poke fun at Bitcoin (BTC), has seen its value drop by over 5%, while SHIB, another dog-themed crypto, has dropped by 6%. On the other hand, the price of PEPE, a memecoin based on the internet-famous frog character, has experienced a similar downturn, falling by 11% between Sunday and early Monday morning.

Continued Decline

These cryptocurrencies have been on a downward trajectory since last week, with DOGE price falling by over 11%, according to data from CoinMarketCap. The “king of the meme land” is currently trading around $0.11, a far cry from its all-time high of $0.73.

Both SHIB and PEPE are also retesting their previous lows as large investors retreat to safer assets. As of June 23, SHIB price  has seen a seven-day decline of over 16%, currently trading around $0.00001702, while PEPE faced an 11% correction.

On June 17, SHIB broke the key support level of $0.00002, which analysts believed would be instrumental in the token’s potential rally, for the first time since early March 2024.

That same week, blockchain research platform Santiment suggested that the decreased interest in meme coins could be a buying opportunity for “patient traders” who have been on the sidelines waiting for a buy-in opportunity.

📉 Crowd sentiment has dropped significantly for XRP, Dogecoin, and Shiba Inu after their respective price drops. Patient traders who have been waiting for the crowd to give up on these large cap altcoins may finally have their buy opportunity with FOMO at a 2024 low. pic.twitter.com/Pf65huJJnd

— Santiment (@santimentfeed) June 17, 2024

Market Positions

Despite the decline, DOGE is still maintaining its position on the list of the top 10 largest cryptocurrencies by market capitalization.

The dog-themed meme coin and people’s favorite is currently sitting at the ninth position with a market cap of over $17 billion, surpassing Cardano’s ADA, which is ranked tenth with a market value of over $13 billion.

SHIB, on the other hand, is currently the 12th largest crypto with a market capitalization of around $10 billion.

While DOGE and SHIB continue to maintain their previous positions in the market, other assets in the meme sector have suffered significant declines that led to their removal from their previous rankings.

For example, Dogwifhat (WIF), another dog-inspired crypto based on the Solana blockchain, saw its value decline by approximately 15% on Monday and by 38% over the past week. The token’s market capitalization also fell by 9% within 12 hours, resulting in WIF’s removal from the list of the top 50 cryptocurrencies by market capitalization. Currently, the token is seated at the 52nd position on CoinMarketCap with a valuation of $1.5 billion.

Interested to learn more about these meme coins? Explore our comprehensive guides on DOGE, Shiba Inu, PEPE as well as other popular meme coins.

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Dogecoin, Shiba Inu, and PEPE Price Fall Amid Bear Market Pressures

Coinspeaker Light Protocol and Helius Labs Unveil ‘ZK Compression’ to Enhance Solana’s Efficiency

Solana-based developers Light Protocol and Helius Labs have introduced an innovative technology known as “ZK Compression,” aiming to significantly enhance the scalability and cost-efficiency of applications on the Solana blockchain. This new approach, officially announced by the two firms, is poised to revolutionize how developers store and manage data on the network.

ZK Compression utilizes a method called state compression, which allows developers to store specific types of data using Solana’s cheaper ledger space rather than its more expensive account space. This process involves storing a “hash” or fingerprint of off-chain data on-chain for verification, employing a structure called “sparse state trees”, as detailed in the documentation for ZK Compression.

According to Light Protocol, this new technology offers a dramatic reduction in costs for developers. For instance, storing 100 compressed token accounts will cost approximately 0.000004 SOL, compared to the usual cost of around 0.2 SOL – a 5000-fold reduction in price. Additionally, a compressed PDA (Program Derived Address) account can be up to 160 times cheaper. The protocol ensures the integrity of the compressed state using small zero-knowledge proofs, or validity proofs.

Crypto Community Initiates a Debate

Helius Labs founder Mert Mumtaz highlighted the cost benefits on social media platform X, illustrating the potential savings with a practical example: “Take an airdrop to 1,000,000 users / this today would cost over $260,000 for state alone / now, it’s $50 – 5,200x cheaper.”

Despite the excitement within the Solana community, the new primitive has faced criticism from some members of the Ethereum community. Alex Gluchowski, founder of ZKsync, remarked on X:

“The whole monolithic Solana thesis is gone at once. Impressive. Meanwhile, ZKsync has been quietly building asynchronously composable ZK future for Ethereum. Big reveal this week.”

Adding to the debate, Ethereum (ETH price data) investor Ryan Berckmans criticized the announcement for not characterizing the new approach as a Layer 2 network, labelling it as “unethical BS” in an X post. “Their new product is actually an L2. L2s are a winning model,” Berckman asserted.

In response, Solana co-founder Anatoly Yakovenko provided a robust defense, outlining the unique benefits of ZK Compression over traditional Layer 2 solutions:

“Sure. It’s an L2 that doesn’t need a security council multisig, users don’t need to switch chain ids, doesn’t need a governance token, doesn’t need an external sequencer, solana validators still get all the transaction fees. It’s like an L2 without all the things that people complain about L2s.”

This development underscores the ongoing innovation and competitive dynamics within the blockchain space. ZK Compression represents a significant step forward for Solana, potentially setting a new standard for efficiency and scalability in blockchain technology.

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Light Protocol and Helius Labs Unveil ‘ZK Compression’ to Enhance Solana’s Efficiency

Coinspeaker Michael Saylor: Bitcoin Provides Economic Immortality, $10 Million Coming by 2030

With all the FUD surrounding Bitcoin amid the current selling pressure and BTC price correction, MicroStrategy executive chairman Michael Saylor has shared his outspoken views in his recent podcast interview. Saylor claimed that Bitcoin has attained “economic immortality” and that he expects the BTC price to rally all the way to $10 million by 2030. Saylor said:

“The cost of Bitcoin’s going to go up to ten million dollars a coin”. He further referred to Bitcoin as the perfect money stating that “Perfect money is economic immortality. Imperfect money is: we all have a short, brutal life.”

The key takeaway from Michael Saylor’s recent interview was regarding the future of money wherein BTC would serve society in the form of a corporate immortality machine. Michael Saylor posed a thought-provoking question: “What if I told you I could make your company live forever?” He argued that, from an economic perspective, the advent of Bitcoin has rendered everything that preceded it obsolete. Saylor said:

“Economics is pseudoscience before Satoshi. It’s a quasi-religious liberal art and it’s full of people’s opinions and prejudices and biases. … All the economists before Satoshi were trying to work out the laws of economics with seashells and glass beads and pieces of paper and credit instruments.”

Bitcoin Provides Corporate Immortality

Michael Saylor’s arguments majorly revolved around the idea that companies that invest in Bitcoin are likely to last longer than those who continue to be negligent of it. In the interview, he said:

“The average life expectancy of a corporation is something like 10 years. … We’re talking about eliminating corporate mortality, we’re talking about stretching economic vitality easily by a factor of 10, maybe by a factor of a hundred, maybe by a factor of a million.”

Regarding the specifics of how this would work, Saylor seems to have a clear plan. He confidently predicted that the Chinese people and government would eventually embrace Bitcoin. Additionally, he forecasted that, at some point in the future, a single Bitcoin would be worth $10 million.

Last week, Michael Saylor’s Microstrategy announced the purchase of 11,900 additional Bitcoin funded by $800 million worth of convertible notes. The BTC price has already corrected 5% since then. However, MicroStrategy’s average purchase price currently stands at $36,798 with the company holding 226,331 Bitcoins accumulated over the last four years.

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Michael Saylor: Bitcoin Provides Economic Immortality, $10 Million Coming by 2030

Coinspeaker Metaplanet to Issue Bonds to Acquire More Bitcoin

Japanese investment firm Metaplanet Inc. has announced its plan to purchase Bitcoin (BTC price data) worth 1 billion yen ($6.26 million) after it reached an agreement with its board of directors.  The capital for the BTC purchase will be raised through an upcoming round of bond issuance. Notably, this is scheduled to be the second series of ordinary bonds with guarantees.

The plan is to set the annual interest rate for the bonds at 0.5% with the maturation date as June 25, 2025. Metaplanet explicitly stated that “the funds raised will be used to purchase Bitcoin,” while also noting that the payment date for the bonds is June 26, 2024.

Following the announcement of the plan to issue bonds and its board of directors’ support, the Japanese investment firm saw its stock price jump over 12% in the early hours of Monday.

At the beginning of June, the Tokyo-listed investment firm acquired 250 million yen worth of Bitcoin, approximately $1.58 million. Metaplanet bought 23.351 BTC, which brought its total Bitcoin holdings to over 141.07 BTC at the time. This was after two earlier BTC purchases on April 23 and May 10. Per a published statement from the company, its average purchase price per Bitcoin was 10.27 million yen, or about $65,300.

All these BTC purchases align with Metaplanet’s latest resolution which was announced in May. The Tokyo-listed company said that it has adopted Bitcoin as its strategic treasury reserve asset, a move that many other institutions are beginning to make. The disposition to Bitcoin hinges on the fact that it offers a better resilience as a store of value when compared to Fiat.

“The move is a direct response to sustained economic pressures in Japan, notably high government debt levels, prolonged periods of negative real interest rates, and the consequently weak yen,” Metaplanet highlighted.

MicroStrategy Leads Charge to Adopt Bitcoin as a Reserve Asset

Michael Saylor’s MicroStrategy Inc (NASDAQ: MSTR) is one of the organizations that have adopted Bitcoin as a treasury reserve. It is safe to project that Metaplanet is closely following MicroStrategy’s Bitcoin strategy.

MicroStrategy’s acquisition of the leading digital asset dates as far back as 2020 when the Covid-19 pandemic hit the world. After recently securing $800 million through convertible notes offerings, MicroStrategy acquired an additional 11,931 BTC for $786 million, according to the pre­ss release on June­ 20, 2024.

The ne­w purchase brings MicroStrategy’s Bitcoin holding to 226,331 Bitcoins. With the market price of Bitcoin at the time of the latest purchase ($66,000), the entire holding is worth nearly $15 billion. At the time of this writing, Bitcoin’s curre­nt price is $62,334.78 with a 3.13% drop within the last 24 hours.

Noteworthy, this Bitcoin holding is a clear indication that Saylor and MicroStrategy are leading the charge to adopt Bitcoin as a reserve asset. Metaplanet’s announcement underscores the fact that other corporate treasuries are beginning to follow suit.

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Metaplanet to Issue Bonds to Acquire More Bitcoin

Coinspeaker Ether (ETH) Price Might Crash 30% if Spot Ethereum ETF is Approved

Ether (ETH price data), the native token of the Ethereum blockchain, is predicted to crash almost 30% if the United States Securities and Exchange Commission (SEC) approves the trading of spot ETH exchange-traded funds (ETFs) in the country.

Andrew Kang, a founder and partner at Mechanism Capital, a venture capital firm focused on cryptocurrencies and the blockchain sector, made a bearish prediction for Ether (ETH), contrary to the sentiments of the investors. It is widely believed that the approval of ETH ETFs would push prices higher, but Kang says otherwise.

In a post on social media platform X (previously known as Twitter), Kang stated that while the approval of spot Bitcoin ETFs “opened the door for many new buyers to make bitcoin allocations within their portfolio”, the impact of ETH ETFs “is a lot less clear-cut”. Kang pointed out several reasons for his prediction as well.

“From the cycle bottom, BTC has returned 4.0x and ETH has returned a similar 4.0x. So how much upside would an ETH ETF Provide? I would argue not much unless Ethereum develops a compelling pathway to improve its economics,” Kang said.

The Mechanism Capital executive said that there is less incentive for investors to convert their ETH into ETF format, Ether (ETH) attracts lesser institutional interest than Bitcoin (BTC), and the network cash flows are not impressive, while supporting his prediction of a 30% decline in price.

Kang noted that it wasn’t the approval of spot BTC ETFs that pushed BTC price from $40,000 to $65,000, but there was an increase in buyers in the spot market as well. He said that Bitcoin is an asset that “has truly become validated globally as a key portfolio asset and has many structural accumulators”, giving examples of Michael Saylor’s MicroStrategy, stablecoin issuer Tether, HNWI retail, and others. While ETH also has some structural accumulators, Kang believes that the magnitude is quite lesser than BTC.

“It is natural that those deep in the crypto space have a relatively high mind share and buy in of Ethereum. In reality, it has much less buy in as a key portfolio allocation for many large groups of non crypto native capital,” Kang added.

Ether (ETH) at $3,000-$3,800

Kang believes that Ether (ETH) will trade in the range of $3,000 to $3,800, and as Bitcoin moves up, it will drag ETH with it to a certain extent. However, he expects that post-ETH ETF approval, the digital asset will trade between $2,400 and $3,000, and if BTC makes a move towards $100,000 in late 2025, there is a chance that ETH will also witness new highs.

Kang also noted that in the very long run, “there are developments to be hopeful about, and you have to believe that Blackrock/Fink are doing a lot of work to put some financial rails on blockchains & tokenized more assets.” But he is uncertain about how much value this “translates into for ETH and on what timeline.”

Recently, the SEC approved 19b-4 filings for spot ETH ETFs, but the S-1 filings have yet to be approved for the same.

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Ether (ETH) Price Might Crash 30% if Spot Ethereum ETF is Approved

Coinspeaker Standard Chartered Bank to Launch Crypto Trading Desk for Bitcoin and Ethereum

According to a Bloomberg report citing people familiar with the matter, the firm is setting up a trading desk for Bitcoin (BTC) and Ethereum (ETH) services. The desk is expected to debut soon as it is almost completed.

Standard Chartered Makes History

Once the platform is introduced, the bank will become the first financial giant to offer Bitcoin and Ether spot trading services to customers. The new platform will be operated from London and will be part of the company’s FX trading unit known as WFX.

So far, other banking giants such as Goldman Sachs have been offering crypto derivatives services to customers since 2022. However, these companies have been unable to expand into the spot market due to stringent regulations imposed by the Basel Committee on Banking Supervision.

The committee proposed new regulatory measures for banks to apply a 1,250% risk weighting to any unhedged crypto exposure, making it difficult for firms to generate profits from their ventures.

Standard Chartered told Bloomberg that it has been working with regulators to ensure that institutional customers get the opportunity to trade cryptocurrencies:

“We have been working closely with our regulators to support demand from our institutional clients to trade Bitcoin and Ethereum, in line with our strategy to support clients across the wider digital asset ecosystem, from access and custody to tokenization and interoperability.”

Standard Chartered and Crypto

Despite becoming one of the first global banks to enter spot crypto trading, Standard Chartered has been engaging with the crypto economy.

In November 2023, the company rolled out a blockchain tokenization platform known as Libeara through its venture capital unit, SC Ventures.

The platform is currently among blockchain companies helping the Singaporean government explore the possibilities of developing a tokenized government bond using its fiat currency.

Standard Chartered has also made strategic investments in many crypto-native companies, including Zodia Custody and Zodia Markets. The bank owns substantial stakes in both companies, which offer custody services and over-the-counter trading to institutional customers.

Last year, the bank announced plans to launch crypto custody services for institutional investors to safeguard their BTC and Ether purchases in Dubai.

In May 2024, the bank revealed it had completed a Euro-denominated cross-border transaction between Hong Kong and Singapore on Partior, a blockchain global unified infrastructure market.

The company said it was the first Euro settlement bank to go live on the platform. However, its relationship with Partior began in November 2022 when the bank made a strategic investment in the Blockchain company.

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Standard Chartered Bank to Launch Crypto Trading Desk for Bitcoin and Ethereum

Coinspeaker Santiment: Bitcoin Experiencing “Extended Level” of FUD on X

This extended level of FUD is uncommon, with many traders expressing fear or disinterest. Santiment suggests that this trader fatigue, combined with whale accumulation, typically leads to price rebounds that benefit patient investors.

Over the past week, Bitcoin price has varied, reaching highs of around $67,000 and dipping to lows in the $64, 000 area.

Santiment’s Weighted Sentiment Index, which measures Bitcoin mentions on X and assesses the ratio of positive to negative comments, has been in negative territory since May 23. The current reading of -0.738 indicates a predominance of negative sentiment.

The Fear and Greed Index, another metric that considers social media sentiment, has also dropped to 64, down 11 points from last week. While still in the “greed” zone, this decline signals growing caution among crypto investors. It reflects the current cautious sentiment prevailing in the market, including social media reactions.

In line with the prevailing sentiment, on-chain activity on the Bitcoin network seems to be on the decline. Crypto market intelligence platform IntoTheBlock reported via X that Bitcoin transaction fees have experienced a significant 64% decrease this week, amounting to $19.2 million, due to reduced on-chain activity.

Longest Period of Consolidation

Amidst the FUD, Bitcoin is now in its longest consolidation period, lasting 92 days. Analysts believe this extended steadiness could set the stage for a significant rally. Historically, longer consolidation periods have led to larger expansions, assuming a breakout occurs.

A recent post by popular pseudonymous Twitter analyst Daan Crypto Trades noted:

“Bitcoin has now been almost 100 days of consolidating near the previous cycle’s all-time high. Generally, the longer a consolidation, the larger the expansion afterward.”

Despite widespread skepticism among the crypto community, analysts are hopeful for a major rebound. This optimism is further fueled by recent developments such as the approval of spot Bitcoin exchange-traded funds (ETFs) and recent regulatory changes.

Broader Market Implications

The extended FUD coupled with prolonged consolidation could hold significant promise. If historical trends hold, the current sentiment might lead to a substantial rally. In the short term, this heightened investor caution could lead to reduced trading activity and increased market volatility as investors adopt a more wait-and-see approach. Since Bitcoin’s sentiment often influences the broader market, altcoins could similarly be affected.

As the market waits and watches, the interaction between fear, disinterest, and strategic accumulation will likely determine Bitcoin’s next major move. Traders and investors need to stay vigilant and consider historical patterns as they navigate the current market conditions.

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Santiment: Bitcoin Experiencing “Extended Level” of FUD on X

Coinspeaker Elon Musk Has No Plans to Integrate Crypto Payments on X

According to a 350-page document and emails seen by Bloomberg, the billionaire CEO of Tesla and SpaceX wants to transform X into a Venmo-like app where users can store, send and receive money through their X accounts and pay for goods and services from physical stores but not crypto transactions.

Musk previously hinted about the planned transformation to turn X into a financial hub during an all-hands call with X employees in October last year.

“When I say payments, I actually mean someone’s entire financial life. If it involves money, it’ll be on our platform. Money or securities or whatever. So it’s not just, like, send $20 to my friend. I’m talking about, like, you won’t need a bank account,” Musk said in a recorded audio of the meeting obtained by The Verge.

The crypto community had hoped the plan would include digital asset payments due to Musk’s history with the emerging economy. The billionaire CEO had previously accepted Bitcoin (BTC) payments for Tesla products and is an ardent supporter of Dogecoin (DOGE).

However, according to the documents and emails obtained by Bloomberg, there is no plan to integrate digital asset payments on the platform or even support crypto transactions.

X Payments and Regulatory Compliance

As reported, the payment services would be offered through a dedicated subsidiary, X Payments, which has submitted applications to become a payment transmitter across all 50 US states.

The move aims to enable the company operate across different jurisdictions in America in compliance with local regulations. According to the company’s website, X Payments has obtained regulatory approval from 28 states, including Wyoming, Rhode Island, Utah and Louisiana.

The documents also showed that the firm is prepared to wait for a multi-year process to get the permits it needs to service users across the United States.

Initially, Musk planned to roll out the payment services globally in the first quarter of 2024 but encountered regulatory hurdles that postponed the release to a future date.

X to Offer Cheap Transaction Fees

Last year, the company told financial regulators in Massachusetts that it would continue its pursuit for international  money transfers after obtaining enough permits in the majority of US states. The firm plans to resubmit its application to the financial authorities when its ready.

X Payments sees the introduction of payment features on X as a way to improve its business offerings through “increased participation and engagement” on the app. The company plans to charge relatively low transaction fees when it starts processing transactions for users to remain competitive with other payment platforms like Venmo and PayPal.

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Elon Musk Has No Plans to Integrate Crypto Payments on X

Coinspeaker Tron USDT Overtakes Visa in Daily Transaction Volume

An on-chain data released by Lookonchain revealed that the 24-hour trading volume of Tether (USDT) on the Tron network has reached up to $53.031 billion, increasing by 10% in the last 24 hours, overtaking Visa’s average daily trading volume. This record by Tron is notable, as Visa is one of the world’s largest payment processing companies, handling billions of transactions across more than 200 countries and regions.

USDT Tops Visa’s Daily Transactions

The value of Tron USDT  has grown quickly, as the number of holders is now over 45 million, with the number of times it has been transferred rising to more than 1.8 billion. The spike in the volume can be partly attributed to the increase in demand for stablecoin in a period when the crypto market is experiencing a downturn.

Tron, a blockchain project developed for building decentralized applications, has also experienced a rise in its total value locked (TVL) as it increased to more than $8.1 billion, making it the second blockchain network, only behind Ethereum, the first on the ladder. The Tron ecosystem has also generated over $730 million in revenue so far this year, second only to Ethereum’s $1.6 billion.

Visa has long established itself as a go payment processor. However, the continuous growth of USDT and other stablecoins could pose a potential challenge. Thus, for a chance to compete with these fast-rising solutions, Visa may need to launch its own blockchain-based system and stablecoin.

Stablecoins Outpacing Traditional Payment Networks

In data released by Nansen, an on-chain analytics firm, in April, it was revealed that the top three crypto largest stablecoins, Tether, USDC, and DAI, have experienced higher trading volumes than Visa. The analysis which was conducted around March showed that the monthly volume around that period surpassed that of the payment company’s in 2023.

The on-chain firm further revealed that Tether processed $654 billion around that same period, while DAI had $394 billion and USDC saw $321 billion. Thus, the total of these three was $1.369 trillion, while Visa, on the other hand, was $1.23 trillion in 2023. Also, in the data released, Tether had almost the same monthly volume as Mastercard, the second-largest card provider. According to Nansen, the average monthly volume of Mastercard was 750 billion in 2023, which was, in total, $9 trillion by the end of 2023. Not only that, Tether also surpassed PayPal, which was gaining $125 billion each month in the same year.

This achievement by USDT in surpassing Visa’s transaction volume shows the growing adoption and influence of cryptocurrencies and stablecoins in the global financial ecosystem. Thus, with the current clampdown on the crypto market, it is very likely to see more of an increase in the transaction volume of stablecoins as many crypto traders will want to keep their assets in them.

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Tron USDT Overtakes Visa in Daily Transaction Volume

Coinspeaker ConsenSys Calls for Delay of New IRS Reporting Rules as Industry Unites Against ‘Unclear’ Regulations

ConsenSys, a leading blockchain development firm, is urging the US Internal Revenue Service (IRS) to postpone the implementation of new crypto tax reporting regulations. The company argues that the proposed rules lack clarity and uses excessively broad terms in ways that unnecessarily burden the entire industry, particularly for software developers.

ConsenSys Bemoans IRS’ Unclear Definitions and Heavy Burden on Businesses

The major point of argument for ConsenSys is the broad definition of a “broker” within the proposed regulations. Under these rules, various entities facilitating crypto transactions, including software developers like ConsenSys (creators of the popular MetaMask wallet), might be classified as brokers. This means, multiple parties could end up reporting the same transaction, causing complications and general confusion.

Furthermore, ConsenSys also criticizes the lack of clear instructions on how to complete the new Form 1099-DA, designed for reporting crypto transactions. In its letter to the IRS, ConsenSys pointed out that the form lacks clear instructions for brokers, raising even more challenges.

Privacy concerns are also among the issues raised by ConsenSys. The firm noted that the developers of self-custody wallets like MetaMask, may not have access to all the information required to fill out the transaction reporting forms, potentially compromising user privacy. An excerpt from the letter sent to the IRS by the software development firm reads:

“It cannot be more emphatically stated that providing software developers with a form that requires manual inputs would single-handedly destroy U.S. companies.”

ConsenSys also noted that the regulator has given little to no time for businesses to adjust accordingly. With the tax filing deadline fast approaching, businesses may not meet up in compliance with the new reporting requirements.

Rallying Call to Crypto Industry as Optimism Rises

It appears that ConsenSys aims to use the letter, which is publicly available, as a call to action for the general blockchain industry. Bill Hughes, the company’s senior counsel, encouraged other affected firms to voice their concerns to the IRS before the deadline for public comments.

Notably though, like ConsenSys, some prominent industry participants have also been airing their criticism of the proposed IRS regulations. The Crypto Council for Innovation CCI, for instance, noted that the idea of classifying unhosted wallet providers as brokers, is impracticable. That is because these entities do not possess complete transaction details or user identities as the reporting would require.

Generally, there is an air of optimism around the broader industry in terms of regulations. This was detailed in an earlier report by Coinspeaker where ConsenSys founder Joseph Lubin recently said the odds are now high that the regulatory crackdowns on crypto firms by the United States Securities and Exchange Commission (SEC) would soon come to an end.

Lubin’s views border on the Commission’s recent decision to end its prolonged battle with Ethereum (ETH price data). While the SEC has dropped its investigation into ETH, ConsenSys has assured that it will continue its lawsuit with the regulator and see it to a logical end. The lawsuit, which was filed in April, seeks to have the SEC provide better clarity regarding the regulation of cryptocurrencies.

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ConsenSys Calls for Delay of New IRS Reporting Rules as Industry Unites Against ‘Unclear’ Regulations

Coinspeaker Federal Judge Suggests Denying Motion to Dismiss in SEC vs Kraken Case

The le­gal battle betwee­n the US Securities and Exchange Commission (SEC) and crypto exchange­ Kraken took a significant turn on June 20, 2024. During a hearing in the­ U.S. District Court for the Northern District of California, Judge William Orrick hinte­d at denying Kraken’s motion to dismiss the case­. This suggests the court may be incline­d to view certain digital assets on the­ exchange as securitie­s.

Kraken Challenges SEC’s Approach

Both parties pre­sented opposing arguments at the­ hearing. Kraken’s lawyer, Matthe­w Solomon, argued against the SEC’s approach of treating the­ exchange as a unified “e­cosystem” where all toke­ns are bundled as investme­nt contracts. He emphasized the­ need for the fair and consiste­nt application of existing regulations to crypto assets, just like­ any other financial product.

The SEC, repre­sented by Pete­r Moores, presente­d a contrasting viewpoint. Their argument hinge­d on classifying tokens as “concepts” within the Krake­n ecosystem, potentially qualifying the­m as securities under the­ Howey Test, a legal frame­work for identifying investment contracts.

Solomon furthe­r distinguished Kraken’s case from pre­vious SEC actions against Terraform Labs and Telegram. He­ also reference­d Judge Analisa Torres’ decision in the­ SEC’s case versus Ripple Labs. While­ the Ripple case saw XRP toke­ns classified as securities for institutional inve­stors, Solomon suggested a closer comparison lie­s with cryptocurrency exchange Coinbase­.

While Judge Orrick didn’t make a final ruling on the­ motion to dismiss, his inclination towards denying it suggests the case­ will proceed. He e­stimated a year for the discove­ry phase, a crucial period for both parties to gathe­r evidence.

SEC Scrutiny of Ethereum

Although not directly involve­d in the SEC v. Kraken case, Ethe­reum (ETH price data) is still a major focus in the ongoing regulatory conflict. Earlie­r reports hinted at the SEC’s conside­ration of categorizing ETH as a security, which could lead to e­nforcement actions against companies de­aling with the token.

A rece­nt development in this conte­xt is the SEC’s closure of its investigation into Consensys, a blockchain firm that had sued the commission regarding a possible­ enforcement action conce­rning ETH. This development raise­s questions about the SEC’s current stance­ on classifying Ethereum.

With the pote­ntial classification of certain digital assets as securitie­s, the industry might face stricter re­gulations and increased scrutiny. The unce­rtainty could impact investor confidence and hinde­r the cryptocurrency market’s growth.

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Federal Judge Suggests Denying Motion to Dismiss in SEC vs Kraken Case

Coinspeaker Bitcoin Options Market Continues to Stay Bullish with $100K Calls Despite Selling Pressure

Despite the strong selling pressure in Bitcoin (BTC) recently, the BTC derivatives data from Deribit shows that the crypto options traders are strategically putting bets while divulging from the recent downtrend. In the last 24 hours, the Bitcoin price has continued to face additional selling pressure slipping under $65,000. In the last two weeks, the BTC price has pulled back by 10% from the high of $72,000.

As per the data on the crypto derivatives platform Deribit, the flow in the Bitcoin options remains biased towards call options at levels much higher than the current BTC price. This shows that sophisticated investors expect the ongoing BTC price weakness to translate into a strong bounceback and a run to even higher levels.

A call option grants the buyer the right, though not the obligation, to purchase the underlying asset, such as BTC, at a pre-agreed price on a future date. By purchasing a call option, the buyer expresses a bullish sentiment toward the market.

As per the recent market update by Singapore-based QCP Capital, there’s an abnormally large flow into Bitcoin options with  Dec and Mar [expiry] $90-$100K calls in the last 24 hours.  This shows that professional players see a bottom formation into Bitcoin very soon thereby positioning themselves for a sustained rally, that might extend further into 2025.

The below chart highlights the most active Bitcoin options in the last 24 hours. Most of the activity has focused on call options expiring in June at $65,000, $68,000, and $70,000, with additional interest seen in July calls at $110,000 and December calls at $95,000.

Photo: Velo

A Look Into Bitcoin Call-Put Ratio

According to Amberdata, the divergence between the options market sentiment and Bitcoin’s price is notably reflected in the call-put skew. This skew reveals that premium traders are willing to pay for asymmetric payouts in either the upward or downward direction.

Photo: Amberdata

Across different timeframes – one month, two months, three months, and six months – the skew has remained consistently positive despite recent pullbacks in BTC price. This indicates a prevailing preference for call options or potential upside movements. However, the seven-day skew has turned negative, indicating increased demand for protective options against potential downside risks.

In recent weeks, Bitcoin has been largely decoupling from the strong uptrend in Nasdaq. This is majorly due to the selling by long-term holders along with the sell-off from the Bitcoin miners. Also, there have been major outflows from the spot Bitcoin ETFs in the past week.

On Thursday, June 20, the German government moved a total of 1,700 Bitcoins to crypto exchanges Coinbase, Kraken, and Bitstamp, with the intent of selling.

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Bitcoin Options Market Continues to Stay Bullish with $100K Calls Despite Selling Pressure

Coinspeaker Bitcoin Price Down 2.3% as US Spot BTC ETFs Registers 5 Consecutive Days of Net Cash Outflows

The total cryptocurrency market slipped over 2% in the past 24 hours, led by Bitcoin (BTC), to hover around $2.46 trillion on Friday during the London session. The altcoin industry registered more bearish volatility, thus resulting in more than $129 million in forced liquidations.

The LayerZero (ZRO) airdrop caught the attention of most retail traders as the Binance crypto exchange ushered in its airdrop period for the BNB (BNB price data) holders.

Bitcoin Suffers Heightened Selling Pressure

Bitcoin (BTC) price has struggled to rally beyond $72k in the past few months, despite the approval of several spot BTC ETFs in different jurisdictions led by the United States and Hong Kong. The lack of Bitcoin’s bullish momentum has been attributed to heightened selling pressure, precisely originating from Coinbase Global Inc. (NASDAQ: COIN).

#Bitcoin selling pressure is originating from Coinbase. pic.twitter.com/Cwz95TLsCt

— Ki Young Ju (@ki_young_ju) June 20, 2024

Notably, Coinbase has been absorbing the heightened Bitcoin selling pressure from spot BTC ETFs in the last few weeks.

On Thursday, June 20, United States-based spot BTC ETFs registered a total cash outflow of about $139 million.

Grayscale’s GBTC led in net cash outflow on Thursday of about $53 million, closely followed by Fidelity Investments’ FBTC with a total of $51 million. Bitwise’s BITB registered one of its highest daily cash outflows of about $32 million.

Meanwhile, BlackRock’s iShares Bitcoin Trust (NASDAQ: IBIT) registered a total cash inflow of about $1 million on Thursday. As a result, US-based spot BTC ETFs have registered five consecutive days of net cash outflows.

🚨 $BTC #ETF Net Inflow June 20, 2024: -$140M!

• The net inflow has been negative for 5 consecutive days.

• Only #BlackRock (IBIT) experienced a small inflow of $1.5M yesterday.

• #Grayscale (GBTC) experienced the highest outflow of the day at $53M. This ETF has suffered a… pic.twitter.com/XC6n5bJl5D

— Spot On Chain (@spotonchain) June 21, 2024

What Next for BTC Price Action

Bitcoin price has signaled midterm bearish sentiment after consistently closing below the daily 50 Simple Moving Average (SMA). Additionally, the weekly Relative Strength Index (RSI) has been falling towards the 50 level after slipping below the 70 level in April.

According to Axel Adler, an on-chain analyst and macro researcher at CryptoQuant, Bitcoin price has entered a macro waiting phase as low demand and market pessimism continue to rise.

The weekly change in the cost basis Bitcoin cohorts dropped to 0%. This could be interpreted as market pessimism or a lack of demand and supply.

I would call this a “waiting phase.”#HODL pic.twitter.com/g6X9D5GppL

— Axel 💎🙌 Adler Jr (@AxelAdlerJr) June 20, 2024

From a technical standpoint, Bitcoin price could continue dropping in the coming weeks towards the support level of around $63,300k. If the $63k support level fails to hold, the flagship coin will drop further towards the range between $58k and $60k.

Ultimately, Bitcoin price is on a macro-rising trend following the fourth halving event, in addition to other favoring fundamentals. As a result, some crypto analysts have set a long-term target of between $$120 and $250k.

Bigger Picture

The approval of spot Ethereum ETFs in the United States amid the changing crypto regulatory environment has favored the mass adoption of the altcoin industry. Already, a Solana ETP could be unveiled soon in Canada, which could trigger the application of similar products for other altcoins.

With Bitcoin dominance approaching a major resistance zone, which could lead to a reversal, the altcoin industry will experience heightened bullish volatility ahead.

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Bitcoin Price Down 2.3% as US Spot BTC ETFs Registers 5 Consecutive Days of Net Cash Outflows

Coinspeaker Bitwise Prepares for Ethereum ETFs with Mintable NFT Commercial 

On June 20, Bitwise released its first-ever commercial for the new investment offerings, which are still awaiting final approval from the US Securities and Exchange Commission (SEC). According to the company, the ads can be minted as a non-fungible token (NFT) on the Ethereum network (ETH price data).

TV Ad Minted as NFT

The ads, titled “Capture a piece of crypto history: the 1st national TV spot minted as an NFT,” features a 39-second short video-clip to demonstrate the always-on nature of the blockchain technology unlike the traditional financial system which clock’s out by 4pm.

In the video, two actors, an older man representing big finance, and a younger man representing Ethereum, dressed to signify their respective domains were seen discussing their day’s activities. Big finance proudly told Ethereum that he would like to sleep after “moving billions around the world.” In response, the younger actor while trying to tuck big finance into  bed said he does not have the luxury of sleep. According to him,  “stablecoins, NFTs, and loans—people need him to stay active 24/7,” without interruption.  However, he encouraged big finance to get some rest as “everyone is different.”

Minting on the Zora Network

Bitwise said the video is available for minting on the Zora Network, an Ethereum scaling solution built on the Optimism OP Stack to help bring media on-chain. The network is designed to support the NFT culture. So far, the platform has minted about 1,198 of the Bitwise commercial into an NFT from 530 unique minters.

Bitwise said that 50% of proceeds generated from the sale of the NFTs will be donated to Protocol Guild, a collective funding mechanism developed by Ethereum core contributors. According to the company, the remaining 50% will be used to compensate Jamie Kaler and Michael Tacconi, the actors who starred in the commercial. To date, both the actors and Protocol Guild have earned a combined $1,865, or 0.53 Ether, from the NFT mints.

Bitwise’s Track Record in Innovative Advertising

Meanwhile, this is not the first time Bitwise has outpaced other asset issuers to become the first to release an ads  before the launch of a new product.

For instance, the company released the first ever Bitcoin ETF commercial in December 2023 in anticipation of the launch of the product offerings. The ads which featured Jonathan Goldsmith, a popular Hollywood actor known for his role as “The Most Interesting Man in the World”, went viral as it appeared on televisions, social media platforms, and digital channels.

Additionally, it was also aired on prominent business news networks like CNBC, Bloomberg, and Fox Business Network. One month after the commercial’s release, the SEC announced the approval of 11 Bitcoin spot ETFs for trading on January 10, 2024.

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Bitwise Prepares for Ethereum ETFs with Mintable NFT Commercial