Cryptocurrency daily summary:
German Government Moves $172 Million in Bitcoin to Multiple Locations
Hamster Kombat plans to issue tokens on TON blockchain
Blast Jumps to 7th Largest Network After Massive Airdrop
The market will be closed on Thursday, July 4, for the U.S. Independence Day.
German Government Moves $172 Million in Bitcoin to Multiple Locations
The German government recently made a massive Bitcoin transfer that could have a significant impact on the market. They moved more than 3,000 Bitcoins (worth about $172 million) to different addresses. According to data from the on-chain analysis platform Arkham Intelligence, the initial 1,300 Bitcoins were transferred to a centralized cryptocurrency exchange, while the remaining 1,700 Bitcoins were transferred to an independent wallet.
The wallet, which has been tagged as being associated with the German government, has been holding 50,000 bitcoins since February 2024 and has gradually moved most of its funds over the past few months. These large transfers from the German and U.S. governments, coupled with the upcoming Mt. Gox compensation payments, could create more selling pressure on the Bitcoin market.
Telegram CEO: Hamster Kombat plans to issue tokens on TON blockchain
Telegram CEO Patel Du Rove announced on his personal channel that Hamster Kombat plans to issue its tokens on the TON blockchain, aiming to bring the advantages of blockchain to hundreds of millions of users.
Hamster Kombat has become the latest internet phenomenon, with 239 million signups in just 3 months. The Telegram mini-app reached 100 million monthly active users in 73 days, with between 4 and 5 million new users every day, making it one of the fastest growing digital services in the world.
Telegram and the TON ecosystem have received much attention recently. According to Coingecko data, TON's market value has exceeded $19.1 billion, surpassing Dogecoin and rising to ninth place in market value ranking.
Blast Jumps to 7th Largest Network After Massive Airdrop
After a controversial “early access period” that began in November 2023, Blast officially launched its mainnet in February. Since its launch, Blast’s various indicators have been on an upward trend. In terms of total locked value, Blast has become the seventh largest network with assets approaching $1.5 billion.
The launch of Blast attracted many big-name backers and developers, not least of which was the fact that it offered native yields on stablecoins and Ethereum. This yield made Blast unique in the market, and on-chain metrics surged after the airdrop. Currently, Blast has issued 17 billion tokens, showing strong momentum, and this trend is likely to continue.
For the first phase of the airdrop, Blast has allocated 100 billion (50% of the total supply) to the community and said there will be more airdrops over the next three years. Since the airdrop application was launched on June 26, the number of active addresses and transaction volume have not increased significantly, and its market value reached US$493 million on the day of release. However, BLAST tokens also subsequently experienced a typical airdrop selling phenomenon, and the market value fell.
As of mid-June, Blast was ahead of OP Mainnet in terms of 7-day moving averages of transaction volume and active addresses, although it still lagged far behind Arbitrum One and Base, both of which have been growing steadily since the mainnet went live.
Market analysis:
The current market sentiment is extremely depressed, and major cryptocurrencies BTC and ETH have experienced a sharp decline. The following is an analysis of specific market trends and influencing factors:
-BTC: fell below $57,000, and volatility decreased significantly. The large amount of transfers from the Mentougou Exchange, the continuous selling by the German government, and the outflow of BTC spot ETFs exacerbated the depressed market sentiment and increased risk aversion among investors.
-ETH: Dipped below $3,100, also affected by the overall market decline.
- Altcoins: generally fell sharply, with almost no currency rising in the market.
Macroeconomics
- U.S. stock and bond markets closed: Due to Independence Day, the U.S. stock and bond markets were closed for one day. The lack of major trading activities in the market may lead to increased volatility in the cryptocurrency market.
- US Dollar Index: The US dollar index fell towards the 105 mark, reporting 105.13, a new low since mid-June. A weaker dollar is usually good for cryptocurrencies, but the current market sentiment is extremely depressed and has failed to boost cryptocurrency prices.
Market Hotspots
1. Public chain Ton: TON price fell by more than 10% following the market. Telegram CEO announced that Hamster Kombat will issue tokens on the Ton blockchain. Hamster Kombat has 239 million registered users in 3 months, with 4-5 million new users every day.
2.Politifi concept: MAGA and PEOPLE fell more than 30% today. Since the US presidential debate on June 27, politifi concept tokens have generally fallen. This may be due to increased political uncertainty and rising risk aversion among investors.
The current market is in an extremely depressed state, with major cryptocurrencies and altcoins experiencing sharp declines. Changes in the macroeconomic environment, the closure of the U.S. stock and bond markets, and market hotspots (such as the large-scale transfer of funds from the Mentougou Exchange and the continued selling by the German government) have all had a negative impact on market sentiment. Market sentiment and trends tend to be cyclical, and maintaining a calm and rational investment strategy will help achieve better investment returns in a volatile market.
Macro: U.S. markets closed; Asian stocks hit new highs; Pound calm after Labour landslide victory
On July 4, the U.S. market was closed for the Independence Day holiday, and the public focus turned to the presidential debate. During the debate, Biden's age and mental acuity attracted attention. A survey by the Wall Street Journal showed that Trump beat Biden by 48% to 42%, increasing his lead by one percentage point, while a poll by the New York Times showed that Trump's lead widened to 49% to 43%, an increase of three percentage points.
Despite pressure to drop out of the race, Biden reiterated his commitment to staying in the 2024 presidential race in a call with campaign staff and meetings with Democratic lawmakers and governors on Wednesday, trying to shake off the negative impact of his poor debate performance last week.
On Friday, U.S. employment data took center stage on the economic calendar. Hiring is expected to slow and the unemployment rate to rise slightly, leaving room for U.S. interest rate cuts. A string of dismal data, including a slide in the U.S. ISM services activity index to its lowest level since mid-2020 earlier this week, has markets raising the odds of a September rate cut to 73% and pricing in 47 basis points of cuts this year.
Asian stocks hit new highs; pound calm after Labour landslide victory
Asian stocks hit new highs at the open on July 5 as investors assessed the likelihood of a September rate cut in the United States and remained optimistic. Meanwhile, the euro hit a three-week high ahead of the French election.
Sterling firmed to $1.2767 as Britain's Labour Party looked set to win a landslide election victory, ending 14 years of Conservative rule. Elsewhere, the dollar weakened slightly and U.S. Treasury yields in Tokyo rose slightly as trading resumed after the U.S. Independence Day holiday.
Japan's Nikkei and Topix both rose to records, with Taiwan's benchmark index also rising. MSCI's index of Asia-Pacific shares rose 0.2% to its highest level in two years, while Samsung's forecast of a more than 15-fold increase in second-quarter profit helped push South Korea's KOSPI index to a two-year peak.
Japanese government data on Friday showed that Japan's household spending unexpectedly fell in May, further complicating the outlook for interest rates as a weak yen curbed consumer purchasing power. The yen rose slightly to 160.9 against the dollar. FTSE futures opened 0.3% higher on Friday.
In commodity markets, a weaker dollar pushed gold prices to their biggest weekly gain in a month, up 1.4% to $2,357 an ounce. Oil prices also hit their highest level since April, with Brent crude futures holding above $87 a barrel after a bigger-than-expected drop in U.S. crude inventories pointed to strong demand as the summer driving season kicks off in the United States.
