Daily CRYPTO NEWS recap📈🔥- 18.06.2024
•Bitcoin in correction phase, will it drop below $64000?
The first cryptocurrency, Bitcoin, is currently experiencing a visible pullback of -6.7%. This type of market behavior is common and often precedes a significant upward movement, commonly referred to as a "pump." There are various assumptions and predictions regarding its price movement. However, the most likely scenario is a drop to the $62,000 to $64,000 level. Then, after short accumulation phase, $BTC should go to the MOON! (DYOR).
•Tether launches new gold backed, US Dolar pegged stablecoin - Alloy
According to the company, Alloy will be overcollateralized by Tether Gold (XAUt) — a token that provides ownership of physical gold — but pegged to the U.S. dollar. By definition, the new token is a synthetic dollar, which is designed to mimic the value and functionality of the U.S. dollar without being directly backed by it. The synthetic dollar can be minted by depositing XUSDT through a smart contract and price oracles.
•Memecoins are going down, why?
Memecoins, such as $PEPE , $DOGE , are currently experiencing significant declines in today's market. The primary reason for this altcoin downtrend is generally attributed to Bitcoin's pullback. Memecoins are particularly affected by this trend because they are typically considered to be less useful and more reliant on market hype for their value. As Bitcoin's price drops, it tends to drag down the prices of these more speculative and volatile assets. Another reason for the decline in memecoins sector is the decreasing trading volume. Fewer traders are showing interest in these risky assets, contributing to their downturn.
Stay tuned for more updates from MarMag! New posts coming soon :))
