Cryptocurrency daily summary:
TON Application Chain and Polygon Collaborate to Launch TON L2
Singer Doja Cat's X account was used by hackers to promote scam coins
Messi-promoted Meme Coin surges 350%
Let’s first look at the trading activities of Bitcoin ETFs. According to Farside Investor data, on July 9, Grayscale Bitcoin Spot ETF (GBTC) saw an outflow of US$37.5 million; at the same time, Fidelity Bitcoin Spot ETF (FBTC) saw an inflow of US$91 million, Bitwise Bitcoin Spot ETF (BITB) saw an outflow of US$4.7 million, and ARK 21Shares Bitcoin Spot ETF (ARKB) saw an inflow of US$43.3 million.
BTC and ETH have recently experienced a large correction, but many institutions have submitted the S-1 form for the ETH spot ETF. The S-1 document for the ETH spot ETF may be approved by the SEC in July, most likely next week.
TON Application Chain and Polygon Collaborate to Launch New TON L2
TON Application Chain (TAC) and Polygon Labs announced the introduction of Ethereum Virtual Machine (EVM) capabilities to the TON ecosystem. Through this collaboration, TON L2 integrates Polygon CDK and interoperability protocol Agglayer, enabling EVM-compatible decentralized applications (DApps) to run on TAC.
The move aims to expand the application scope of the TON network to cover multiple fields such as decentralized finance (DeFi), games and identity solutions. In an interview with Cointelegraph, TAC CEO Pavel Altukhov said that EVM compatibility will break down barriers to using the TON network, which is expected to trigger strong interest in DeFi and GameFi applications.
Currently, there are no EVM-compatible applications on the TON network. The bridging process is complex and expensive, and only crypto-native users can use it smoothly. In addition, TON recently integrated USDT and launched a Tap-to-Earn application called Notcoin, which has driven the number of monthly active on-chain wallets on Telegram to 5.8 million.
Through applications such as Wallet in Telegram, EVM-compatible integration will allow Ethereum developers to reach a large number of users on Telegram and enable more real-world crypto applications. For example, DeFi applications, games, and decentralized identity solutions.
According to blockchain analysis company Messari, the number of daily active addresses on the TON network has surpassed Ethereum in June 2024. However, as the TON ecosystem has grown rapidly, phishing attacks have also increased. On June 24, SlowMist founder Yu Xian warned that the Telegram ecosystem is "too free" and phishing links are spread through the platform's message groups, airdrops, and other "deceptive means."
Singer Doja Cat's X account was hacked and used to promote scam coins
Singer and rapper Doja Cat warned on July 8 that her X account with 5.6 million followers was hacked and used to promote the Solana-based token DOJA. The hacker posted the message "Buy $DOJA or else" on her account and attached the Solana contract address of the token.
Doja Cat later clarified on her Instagram to her 24 million followers that the misleading X messages were not from her. According to celebrity news account Daily Trends, Doja Cat's X account was hacked on July 8 and used to promote scam tokens in the name of the rapper. In addition, celebrity news website Daily Mail also reported that Doja Cat's account was used by hackers to post negative posts about rapper Iggy Azalea.
The scam token "Doja Cat (DOJA)" once reached a market value of $1.65 million after being promoted by stolen accounts, but then quickly fell to $16,820, and investors lost more than $1.63 million. According to DEXScreener data, the token price soared to $0.001656 in the first hour after listing, but then plummeted. As of the time of publishing this article, the token price is $0.00001682, with a market value of only $16,820.
Messi promotes Meme Coin on Instagram, price surges 350%
Football legend Lionel Messi promoted the Solana-based meme coin WATER in his Instagram, causing the token’s price to surge 350% in two hours. Messi shared a picture of the token’s mascot and attached a link to the project’s Instagram page. After the post, the price of WATER jumped from $0.00032 to $0.00146.
WATER has since fallen back, trading just above $0.001 at the time of writing, up 215.6% in the past 24 hours, according to CoinMarketCap. The token has a market cap of around $94 million and a 24-hour trading volume of just under $40 million. The project’s website claims that WATER aims to have a positive impact on the real world through philanthropy, but does not go into detail on how this will be achieved.
Messi’s move has sparked criticism from the cryptocurrency community, with some commentators pointing out that Messi’s previous projects, Leafty and Planet, had both run into problems, with the former having its liquidity removed just five days after being promoted, and the latter having lost 90% of its value since being promoted.
Market analysis: BTC rebounds and fluctuates at high levels, market sentiment is still in fear
Market Trends
BTC
-Current price: around $57,700, rebounding high and fluctuating, consolidation trend
-Market Dynamics: Bitcoin spot ETF continues to see large inflows, showing strong demand from institutional investors
ETH
-Current price: Above $3,050, relatively strong trend, continued rebound
- Influencing factors: Ethereum spot ETF may be passed next Monday
Altcoins
-Trend: Mixed, Meme coin sector performs better, showing the preference of speculative funds
Market Indicators
-AHR999 index: 0.71 (suitable for fixed investment)
-Fear and Greed Index: 28 (market sentiment is still in a state of fear)
Macroeconomics
- US stock market trend: mixed, market sentiment is relatively cautious
-Federal Reserve interest rate decision: The probability of keeping interest rates unchanged in August is 95.3%, indicating that the market's expectations for the Fed's policy are relatively stable
Market Hotspots
1. Ethereum Name System (ENS)
-Price fluctuations: ENS once reached $34 yesterday, with an intraday fluctuation of more than 30%
-Market performance: Strong performance in this round of market, significantly better than other Ethereum ecosystem tokens
- Influencing factors: It has been mentioned by Ethereum founder Vitalik Buterin many times and was launched on the Korean exchange yesterday.
2.Meme coin section
-Major currencies: POPCAT, MOG, BONK, BRETT, etc. rose
-Market dynamics: Solana chain continues to hype cat-like meme coins, and the Bonk community has submitted a proposal to destroy a large number of BONKs, which may further push up prices
3. Privacy coin sector
-Main currencies: ZEN, ZEC
-Price trend: intraday increase of more than 10%
Summarize
The current market is showing a more complex situation. The strong rebound of Bitcoin and Ethereum has provided some support to the market, but the overall market sentiment is still in a state of fear. Meme coins have performed outstandingly, showing the market's preference for specific sectors. The macroeconomic environment is relatively stable, and the Fed's policy expectations are clear, which will help the short-term stability of the market.
Macro: Rate cut expectations rise, S&P 500 and Nasdaq hit new highs, Asian stocks fall
On July 9, U.S. Federal Reserve Chairman Jerome Powell told lawmakers that more "good" economic data would bolster the case for rate cuts, pushing the S&P 500 and Nasdaq to record closing highs.
Among the three major indexes, the S&P 500 rose 0.07%, the Nasdaq rose 0.14%, and the Dow fell 0.13%. This was the sixth consecutive record closing high for the Nasdaq and the fifth consecutive record closing high for the S&P 500, as optimism about the growth of artificial intelligence in the US corporate sector offset uncertainty about the Federal Reserve's path to rate cuts.
Among large-cap stocks, AI chipmaker Nvidia rose 2.5%, offsetting losses in other chip stocks. Microsoft fell 1.4%, while Tesla rose 3.7%.
Powell expressed greater confidence that inflation will fall, but did not reveal the specific timing of a rate cut later this year. In his testimony to Congress, he mentioned that although inflation remains above the 2% target, it has improved in recent months and "more good data" will strengthen the case for a rate cut.
Asian stocks opened slightly lower on Wednesday, July 10. The MSCI Asia Pacific stock index fell 0.27% in early trading, losing some momentum after surging to a more than two-year high at the beginning of the week. Japan's Nikkei rose 0.08% as the yen weakened.
In currency markets, the dollar remained largely stable, with the pound at $1.2787 and the euro down 0.01% at $1.0813. The New Zealand dollar rose 0.05% to $0.6128, with the Reserve Bank of New Zealand (RBNZ) set to announce its interest rate decision later in the day, with the market expecting the RBNZ to maintain a hawkish stance and only one rate cut before the end of the year.
In commodities, oil prices rebounded after three days of declines after an industry report showed U.S. crude and fuel inventories fell last week, indicating steady demand and improved prospects for rate cuts. Brent crude futures rose 0.24% to $84.86 a barrel, while U.S. West Texas Intermediate (WTI) futures rose 0.29% to $81.65 a barrel.
Gold prices rose 0.07% to $2,365.09 per ounce.