The price of Solana has plunged below the $130 psychological barrier.

If the price falls below $126 level, then it will likely test $120 support level.

The CEO of Helius Labs, the development platform for Solana, Mert Mumtaz, recently provided an update that gives the Solana ecosystem cause for optimism.

Without the need for layer-2 networks, Mumtaz said in an X (formerly Twitter) post that “ZK compression” is being implemented directly on the Solana network. According to him, this completely alters one’s perspective on Solana and the scalability of layer-1 networks.

Price Broke Below the Psychological Barrier

Due to widespread market instability, the price of Solana has plunged below the $130 psychological barrier. Thus, sending short-term traders and investors into a frenzy. With a dive that has pierced the 200-day exponential moving average, the long-term trend is now negative.

Solana recently fell after failing to make progress around the psychological $150 mark. The price dropped close to its yearly low of $130 due to the heavy selling pressure. With a price drop of more than 23.78% so far this month, SOL might potentially hit the $100 demand zone.

Over the last few days, SOL’s RSI (Relative Strength Index) has also dropped significantly. At the time of writing, it was below the 40 level. Suggesting that SOL could be somewhat oversold and might soon see a reversal.

At the time of writing, SOL is trading at $128.47, down 3.56% in the last 24 hours as per data from CMC. Moreover, the trading volume is up 281.63%. If the price manages to go past the $132 resistance level then it will climb further to test the $136 mark. However, if the current bearish momentum continues and price falls below $126 level, then it will likely test $120 support level.

The stock price of MSTR has fallen 30% from its March high, as pointed out by Peter Schiff.

Hedge funds dumping BTC will add to the selling pressure on the cryptocurrency market.

Notable gold investor Peter Schiff has warned that hedge funds are preparing to sell their Bitcoin holdings and initiate short bets on MicroStrategy. This is a huge shift in opinion about the most popular crypto and the software company that is famous for having a lot of Bitcoin.

Companies like MicroStrategy, have substantial investments in digital assets. Thus, are understandably worried about the consequences of the increasing doubt about Bitcoin’s worth, which is why Schiff is sounding the alarm.

Peter Schiff, a well-known investor and economist, has recently made headlines by sounding the alarm about hedge funds. That are preparing to sell Bitcoin while expanding their short holdings on MicroStrategy (MSTR). The stock price of MicroStrategy has fallen 30% from its March high, as pointed out by Peter Schiff.

High Volatility Anticipated

Hedge funds who had been protecting themselves from Bitcoin’s volatility by shorting MicroStrategy’s shares while owning Bitcoin are now changing their strategy. Schiff claims that these hedge firms will now short MSTR exclusively and sell their Bitcoin holdings.

Moreover, the current decline in MicroStrategy’s stock price may be accelerated. If this strategy shift causes these funds to sell their Bitcoin holdings, adding to the selling pressure on the cryptocurrency market.

They consider this as a strategic move to make the most of their short positions in MSTR shares. By taking advantage of the drops that they expect to happen. MicroStrategy’s CEO Michael Saylor has been in the spotlight recently due to the firm’s substantial Bitcoin holdings.

Nevertheless, hedge funds seeking to profit from what they view as vulnerabilities in the cryptocurrency market have targeted the company’s shares due to its strong correlation with Bitcoin’s price fluctuations.

Highlighted Crypto News Today:

Bitcoin Sees Massive Sell-Off, Miners Liquidate BTC Worth $2 Billion

Injective prices show an exciting trend, with values climbing impressively, hinting at a potential breakthrough. As Injective continues to make headlines, Charles Hoskinson, the Cardano founder, brings his own flair to the crypto scene with a new meme coin sparked by a social media post of his pet pig. 

Meanwhile, the new crypto player BlockDAG is making significant strides amid these developments. With the recent release of Keynote 2, BlockDAG has announced an accelerated timeline for its mainnet launch, now just four months away. Analysts are buzzing, forecasting that BlockDAG’s value could soar to $20 by 2027, indicating a vibrant future for this emerging crypto.

Injective (INJ) Price: Poised for New Peaks?

Injective (INJ) price continues its impressive climb, recording a staggering 2,228% increase over the past year, showcasing deep market engagement. Recently, trading ranged between $34 and $41, nudging towards a significant $50 resistance level. 

If current support through key EMAs is sustained, it may further enhance the upward trajectory of the Injective (INJ) Price. Market analysts suggest that the Injective (INJ) price could hit $60.48 by year-end 2024. While this is a noteworthy projection, it relies on the market’s ability to hold steady. 

Cardano Founder Sparks Creation of New Meme Coin

Charles Hoskinson, the Cardano founder, shared a picture of his pet pig Nike on social media, leading to the rapid creation of a meme coin named “NIKE.” This coin quickly became a major player in the Cardano ecosystem, challenging the previously dominant meme coin, SNEK.

The emergence of NIKE underscores the impact of social media on cryptocurrency markets. While it has injected excitement into the Cardano community, it also sparked debate among investors about the seriousness of meme coins in the financial landscape.

BlockDAG’s Keynote 2 Spurs Early Mainnet Launch

BlockDAG has recently distinguished itself in the cryptocurrency arena with the launch of Keynote 2 ‘from The Moon’. This keynote heralded the introduction of an upgraded Blockchain Explorer, designed for more efficient management of transactions, blocks, and nodes. 

New functionalities, including Smart Contract Transactions and Asset Balances, have also been integrated. Furthermore, BlockDAG has accelerated its mainnet launch schedule, initially set for six months ahead but now expected within four months, demonstrating rapid development and robust execution.

Financial indicators for BlockDAG are also strong. The platform has reached Batch 18 in its coin presale, with coins priced at $0.0122 and total funds raised surpassing $53 million, signifying strong investor confidence and market enthusiasm. 

Analysts predict BDAG coin’s value could soar to $20 by 2027, with daily sales projected to increase from $500,000 to $5 million. These achievements underscore BlockDAG’s significant and dynamic presence in the 2024 cryptocurrency market, making it the best crypto presale coin.

Curtains Closed

As the crypto landscape continues to evolve, BlockDAG stands out with its ambitious timeline and robust technological advancements showcased in Keynote 2. The promise of a mainnet launch within four months positions BlockDAG as a formidable contender in the competitive cryptocurrency arena. 

With a projected value reaching $20 by 2027, the platform demonstrates its potential for significant growth and assures investors of its commitment to innovation and market expansion. Keep an eye on BlockDAG; it’s gearing up to be a game-changer in the dynamic world of digital currencies.

Join BlockDAG Presale Now:

Website: https://blockdag.network

Presale: https://purchase.blockdag.network

Telegram: https://t.me/blockDAGnetworkOfficial

Discord: https://discord.gg/Q7BxghMVyu

Disclaimer: TheNewsCrypto does not endorse any content on this page. The content depicted in this article does not represent any investment advice. TheNewsCrypto recommends our readers to make decisions based on their own research. TheNewsCrypto is not accountable for any damage or loss related to content, products, or services stated in this article.

Paris, France, June 24th, 2024, Chainwire

Lingo, the innovative project that seeks to build a rewarding token, is thrilled to announce its Public Presale. As a leading gamified, RWA-powered rewards ecosystem, Lingo is designed for the next billion wave of consumer crypto. Users can stake or quest $LINGO to potentially win real-life rewards.

Lingo’s Reward Ecosystem

Lingo’s rewards ecosystem partnered with top Web3 projects like Magic Eden, Travala and Fizen. The partnership network resulted in rewards redeemable for over 3,000 brands, including Spotify, Netflix, Starbucks, Nike, and PlayStation, providing tangible value to its users. This is a key element to mass adoption that is amongst the main challenges in crypto adoption. By participating in the Lingo network, users can potentially earn real-life rewards as active and passive ecosystem participants.

The RWA Narrative

With Lingo investors managing over $3 billion in assets, Lingo aims to be positioned at the forefront of the Real-World Assets (RWA) movement. Building on Base and Solana, Lingo leverages RWA to power tangible rewards through its innovative ecosystem. As potential interest in RWA is on the rise, Lingo is poised to lead this frontier in the crypto industry.

How It Works

Lingo introduces a new model of generating tangible community rewards supported by Real World Assets. The business model reinvests platform fees into RWAs, creating consistent value and compounding growth in the rewards pool.

Exclusive Benefits for Lingo Island Participants

Lingo Islands, Lingo’s recent SocialFi campaign that went viral on crypto Twitter with over 8 million tweets and half a million participants in less than four weeks, offers exclusive benefits. Holders of First Class, Business Class, Priority Pass, and Economy Pass tickets will unlock special pricing, priority access and increased chances of allocation.

Public Presale Details

Sale Platform: Official Lingo website https://mylingo.io

Official Announcement: Lingo’s official X account https://x.com/lingocoins

Launch Date: June 27, 2024, 11 AM EST, 5 PM CET, 11 PM HK

Community and Network Growth

Lingo has achieved the following traction:

Private Round: $12 million raised, with $35 million in oversubscription

User Base: 700,000 active users

Support: Google Cloud Web3 Startup Program grant

Global Brand: $50 million in branding contracts with mainstream celebrities and creators, including Kingsley Coman, Bryan Habana and P-Square.

The Lingo Team

Lingo’s team comprises industry experts from former Binance, ConsenSys and Google top executives, led by a co-founder who previously founded John-Paul (acquired for $150 million). Lingo advisors include Duncan Murray (ex-Black Rock), Rachel Howes (ex-Managing Director at Booking), Paul Bunting (SMB Director at Microsoft), and Adrien Delaroche (Principal Web3 at Google).

Investors and Partners

Lingo is supported by leading investors, including Morningstar Ventures, GBV Capital, Zerostage Capital, Solidity Ventures, Maven Capital, and more. Strategic investors include influential figures like Carl The Moon, Altcoin Daily, Ivan on Tech, Brian Jung, Miles Deutscher, and more.

Lingo on a Journey

Users can join Lingo in revolutionizing mainstream crypto adoption and potential real-world rewards. Interested users can stay tuned to Lingo’s official channels for more details on how to participate in the public presale and contribute to the future of consumer crypto.

About Lingo

Lingo is a leading gamified, RWA-powered rewards ecosystem, designed to bring real-life rewards for the next billion wave of consumer crypto. Backed by top-tier investors and advisors, Lingo is set to launch in Q3 2024, aiming to lead the RWA and rewards space with its revolutionary model.

Links:

Website: mylingo.io

Twitter: x.com/lingocoins

Contact

CEOHM RawatLingohm@lingocoin.io

This massive liquidation has pushed miner reserves to 1.9M BTC, a level not seen in 14 years.

The revenue of Bitcoin miners was greatly affected by the fourth halving event in April 2024.

Bitcoin miners sold around $2 billion worth of cryptocurrency in June, or more than 30,000 BTC. So far this year, this is the worst monthly sell-off recorded. In addition, when miners began selling off their holdings to keep afloat after the latest Bitcoin Halving, this massive liquidation has pushed miner reserves to 1.9 million BTC, a level not seen in 14 years.

The revenue of Bitcoin miners was greatly affected by the fourth halving event in April 2024. Which reduced block rewards from 6.25 BTC to 3.125 BTC. Because of this, many businesses, particularly those with less assets, had to sell off their holdings to pay for running expenses.

The breakeven threshold for miners is at the $80,000 juncture. And the price of Bitcoin is now far lower than that. This pattern is borne out by the recent massive sales of Bitcoin by “whales,” who sold more than $4 billion worth of the cryptocurrency.

In addition, the German government recently sold $3 billion worth of Bitcoin. With Bitcoin’s price falling below $61,000, market volatility has reached new heights.

Expert Predicts Rebound

The market has been even more unsettled after Mt. Gox announced that it will be repaying creditors around $9 billion in Bitcoin and Bitcoin Cash (BCH), which likely led to this fall. However, according to crypto expert Ali Martinez, there may be a comeback if we look at past tendencies.

On X, he made the observation that the Bitcoin daily RSI has reached an oversold area three times in the last two years. Leading to price increases of 60%, 63%, and 198%, respectively. Perhaps now is the time to purchase the dip, since the relative strength index (RSI) has returned to the oversold zone and bitcoin’s price has dropped severely.

Highlighted Crypto News Today:

South Korean Crypto Exchange Upbit to Launch BLAST This Week

Investing in crypto is a rewarding gamble, with investors continually searching for the best long-term crypto investment. This article will examine the potential returns from Litecoin (LTC), Algorand (ALGO), and BlockDAG (BDAG), focusing on the latest developments and prospects. 

Let’s explore why many Litecoin holders are diversifying their portfolios, how Algorand’s partnerships are boosting its appeal, and why BlockDAG’s presale surge is creating a buzz in the crypto community.

Litecoin (LTC) Holders Seek Greener Pastures

Litecoin (LTC) has long been a household name in crypto, known for its stability and reliability. However, recent times have been challenging for Litecoin (LTC) holders. The coin has experienced a significant price decline, dropping over 7.84% in the past week alone. While some analysts predict a potential rebound, the overall sentiment suggests a period of stagnation for LTC. This has led many investors to diversify their portfolios, seeking projects with higher growth potential.

Algorand (ALGO) Scores with FIFA Partnership

Algorand (ALGO) has recently seen a surge in value thanks to its strategic partnership with FIFA to launch FIFA+ Collect, a platform for digital collectibles (NFTs). This collaboration has significantly boosted the number of unique ALGO addresses and NFT trade volumes, leading to a nearly 30% increase in the Algorand price over the past week. 

While the initial excitement has subsided somewhat, with the Algorand price finding support near the 50 Fibonacci retracement level, the long-term impact on Algorand’s ecosystem could be substantial. Investors are watching Algorand’s collaboration, making it an appealing choice for innovative blockchain enthusiasts.

BlockDAG: The Underdog with a Massive Bite?

BlockDAG is making a name for itself with a presale reminiscent of Bitcoin’s early days. Fueled by strategic marketing and a strong showing, BlockDAG has sold 11.7 billion coins and raised a staggering $53.2 million. Priced at $0.0122 per coin in the 18th batch, BlockDAG has its sights set on a $0.05 launch price and a monumental climb to $10 by 2025. This potential return of up to 30,000x creates a massive buzz among investors.

BlockDAG’s marketing efforts have been nothing short of phenomenal. A viral keynote video displayed on Tokyo’s Shibuya Crossing billboards, with promotional events at Las Vegas Sphere and London’s Piccadilly Circus, have fueled presale enthusiasm. Additionally, BlockDAG’s integration with leading DeFi exchanges like Bitget and CoinEx has solidified its position as a major player in the crypto space.

One of BlockDAG’s key features is the X100 miner, known for its efficiency and technological advancements. The X100 boasts a 2 TH/s hash rate and 1800W power consumption, earning up to 2,000 BDAG daily. With BDAG reaching $1 by 2024, daily earnings could hit $2,000 and soar to a mind-blowing $20,000 when BDAG reaches $10 by 2025. Unlike Proof-of-Stake (PoS) options like ICP and TON, which offer lower yields, BlockDAG’s X100 miner delivers superior results, making it a top choice for crypto miners.

BlockDAG Dominates with Innovative Mining

The cryptocurrency landscape is constantly shifting, and Litecoin (LTC), Algorand (ALGO), and BlockDAG each offer unique opportunities for investors. While Litecoin (LTC) holders are seeking alternatives, Algorand (ALGO) is experiencing a surge in interest due to its FIFA partnership. However, BlockDAG is stealing the show with its massive presale success and groundbreaking mining technology, making it the best long-term crypto investment. With a potential return of up to 30,000x, BlockDAG has the potential to be a game-changer in the crypto investment arena. BlockDAG’s presale presents a rare chance to strike it rich for those looking to capitalise on the next big crypto opportunity.

Join BlockDAG Presale Now:

Website: https://blockdag.network

Presale: https://purchase.blockdag.network

Telegram: https://t.me/blockDAGnetworkOfficial

Discord: https://discord.gg/Q7BxghMVyu

Disclaimer: TheNewsCrypto does not endorse any content on this page. The content depicted in this article does not represent any investment advice. TheNewsCrypto recommends our readers to make decisions based on their own research. TheNewsCrypto is not accountable for any damage or loss related to content, products, or services stated in this article.

The average Bitcoin transaction fee hit its lowest point since October 2023. 

The average price of Ethereum gas has dropped by over 92% after the Dencun upgrade.

Amidst the most volatile week of 2024 in the cryptocurrency market, the transaction costs for Bitcoin and Ether hit a new low, the lowest in several months.

With a low of $1.93 per transaction on June 23, the average Bitcoin transaction fee hit its lowest point since October 2023. The lack of competition and limited network activity is shown by the Bitcoin network’s cheap fees.

When the market is very volatile, particularly when prices are going up, the transaction fees on the Bitcoin network tend to skyrocket. With more people speculating on the market value of cryptocurrencies, competition for block space is heating up.

Thus, costs have increased in tandem with every significant bull run since 2012, with the exception of the 2021 bull run, during which Bitcoin (BTC) prices reached $69,000 but transaction fees stayed relatively low.

Similar Case with Ether

Furthermore, gas fees for Ethereum have dropped to a new low, with prices as low as 1 gwei—the lowest they’ve been in years. At the moment, 4.5 gwei is the gas fee on the Ethereum network. On the Ethereum network, one may purchase and sell products and services using Gwei, a denomination of Ether. One gwei is equivalent to one-billionth of ETH.

Due to transactions shifting from Ethereum’s base layer to its layer-2 network with the March Dencun upgrade, the gas fee on Ethereum is quite cheap. The average price of Ethereum gas has dropped by over 92% after the Dencun upgrade. 

Layer2 Insider claims that the layer-2 networks made $950,000 in the last week. As per data from CMC, several altcoins saw losses of double digits as the price of Bitcoin fell below the $62,000 mark.

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This article explores the shift in investor interest from Solana (SOL)’s meme coins to Alex The Doge (ALEX), a new cryptocurrency with a price of $0.0084. It analyzes Solana (SOL)’s market performance, the unique appeal of Alex The Doge (ALEX), community reactions, and expert opinions on future trends, highlighting the volatility and potential for new cryptocurrencies to emerge in the volatile world of cryptocurrencies.

Solana (SOL)’s Market Performance: A Double-Edged Sword

Solana (SOL) has been one of the standout performers in the cryptocurrency market, known for its high-speed transactions and low fees. This bullish momentum has solidified SOL’s position as a major player in the blockchain space. However, while Solana (SOL) itself thrives, its meme factory coins have not enjoyed the same success. The meme coins, often launched on Solana (SOL)’s network to capitalize on its popularity, have struggled to keep pace with the broader market’s expectations.

The bullish trend for SOL highlights a growing interest in more serious, utility-driven projects within the Solana (SOL) ecosystem. Investors are increasingly looking for assets that offer tangible benefits and innovative applications, rather than those driven purely by hype and speculation. This shift in investor sentiment is paving the way for new entrants like Alex The Doge (ALEX).

The Appeal of Alex The Doge (ALEX): A New ‘Digital Diamond’

Alex The Doge (ALEX) has quickly gained traction, emerging as a strong contender in the meme coin market. Priced at just $0.0084, ALEX offers a ground-floor opportunity for investors. What sets Alex The Doge (ALEX) apart is its unique combination of retro gaming nostalgia and modern decentralized finance (De-Fi) functionalities. Built on the Ethereum blockchain, ALEX integrates gaming, social media, and trading into a seamless ecosystem.

A key aspect of Alex The Doge’s (ALEX) appeal is its Social-Fi platform. This fusion of social media and Web3 technology allows users to engage in social trading groups, bridging the gap between diverse trading communities. The ALEX team is focused on enhancing the user experience, creating a fluid transition from gaming to social interactions and trading. This innovative approach is attracting a broad audience, from gamers to crypto enthusiasts, positioning ALEX as a versatile and promising investment.

Community Reactions: Embracing the New Contender

The community reaction to Alex The Doge (ALEX) has been overwhelmingly positive. Early adopters are excited about the token’s potential, praising its innovative features and the active involvement of its development team. Social media channels are buzzing with discussions about ALEX, with many users highlighting the project’s unique blend of gaming and De-Fi as a significant draw.

In contrast, the meme factory coins on Solana (SOL) are facing skepticism. While they have their dedicated followers, the lack of substantial utility and the over-reliance on market hype have dampened enthusiasm. This has led many investors to pivot towards more promising and innovative projects like Alex The Doge (ALEX).

Conclusion: The Rise of Alex The Doge (ALEX)

The cryptocurrency market is shifting from Solana (SOL)’s meme coins to Alex The Doge (ALEX), highlighting the market’s evolving landscape. ALEX, a blend of gaming, social media, and De-Fi, is emerging as a new ‘Digital Diamond’, offering substantial returns and a dynamic user experience, while Solana (SOL)’s meme coins continue to thrive.

For more information about Alex The Doge (ALEX) presale use the links down below:

Website: https://alexthedoge.live

Telegram: https://t.me/alexthedoge

Twitter: https://x.com/alexthedoge_p2e

Disclaimer: TheNewsCrypto does not endorse any content on this page. The content depicted in this press release does not represent any investment advice. TheNewsCrypto recommend our readers to make decisions based on their own research. TheNewsCrypto is not accountable for any damage or loss related to content, products, or services stated in this press release.

CoinShares earned a $39.78 million profit by selling its FTX claim, yielding a remarkable 116% recovery rate.

The FTX claim sale return will boost CoinShares’ financial health, benefiting shareholders and clients.

CoinShares International, a prominent European digital asset investment company, has finalized the sale of its claim against the defunct FTX exchange. This sale is expected to yield a remarkable recovery rate of 116% after broker fees. This translates to a substantial return of approximately $39.78 million on a claim initially valued at $33.6 million.

The agreement underscores CoinShares’ strategic move amidst the volatile crypto landscape, marking a significant financial boost following earlier setbacks. Notably, the firm had reported losses amounting to $21.7 million earlier linked to its exposure to Terra (LUNA) during the second quarter of 2022.

However, the recovery from the FTX claim is poised to strengthen the company’s financial position. That will deliver substantial benefits to its shareholders and clients.

On the other hand, bitFlyer, a major Japanese cryptocurrency exchange, recently announced its acquisition of FTX Japan. The bitFlyer Holdings will rebrand FTX Japan under a new name, New Custody Company until a permanent name is decided.

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What’s Behind the Sharp Decline in Major Cryptos?

Blocktrade is thrilled to announce that a group of seasoned fintech investors from Estonia have acquired the company. All parties see this transaction as a major turning point that paves the way for an exciting future of expansion and innovation.

Blocktrade will strategically reposition itself under the new management, becoming a user-friendly, cutting-edge financial center that serves both B2B and B2C clients. This change is in line with Blocktrade’s objective to provide its customers, shareholders, and partners with long-term value and services.

Blocktrade will be able to improve and broaden its offerings, delivering complete financial solutions and creating a vibrant environment for both consumers and companies, thanks to the knowledge and resources from the new investor group.

Christian Niedermüller, the former CEO of Blocktrade, has expressed enthusiasm about the acquisition:

“We developed Blocktrade from a pretty average platform into a top-notch market standard platform with lots of special features in the last 2.5 years which has led to significant user growth. Security, regulatory compliance, and the convenience of navigating the platform improved significantly. The ownership change now is another chance for Blocktrade, its investors, and customers to develop Blocktrade even further. Expertise and resources from the new leadership will undoubtedly enhance our platform, and I am confident this acquisition will lead to even greater innovation and an improved user experience for all our users.”

Fred Kaasik, the new CEO of Blocktrade stated:

“We are excited to be part of the journey and take the lead on guiding Blocktrade through the next expansion phase. By leveraging our expertise in traditional finance, capital markets, and compliance, we will execute our vision to shape the company into a modern financial institution. We’ll be implementing a two-stage strategy with immediate effect. The first part will introduce more trading pairs, reduce fees, improve onboarding efficiency, and prepare for the upcoming MiCA regulations. Our second stage will focus on integrating existing and upcoming services with traditional finance, including crypto payments and investing products to deliver tangible user value. Crypto payment services and POS devices, along with the Blocktrade credit card, will be a big part of what the team will focus on in 2024.”

Customers of Blocktrade may anticipate a smooth transition during which they will still be able to use their present services and soon will be able to access new, improved features. The teams are committed to making sure that this shift goes well and benefits all parties involved.

We really appreciate the support and confidence that our customers, partners, and staff have shown us over the years. As we work to create a more promising financial future, we are excited to set off on this amazing adventure together.

Mt. Gox has announced repayments to investors in BTC and BCH.

Following the announcement, Bitcoin immediately declined to $60,567.

Mt. Gox transferred over 140,000 BTC, worth around $9 billion, on May 28.

Mt. Gox, the infamous Bitcoin exchange that lost over 850,000 BTC in a 2014 hack, will start repaying its defunct users. The rehabilitation trustee stated that repayments in Bitcoin (BTC) and Bitcoin Cash (BCH) will commence in July 2024, bringing a sense of closure to investors who have waited over a decade for repayments.

Mt. Gox Repayment Announcement (Source: Mt. Gox )

The announcement has had an immediate effect on the Bitcoin market. Following the news, Bitcoin dropped straight to $60,567, falling over 4.37% in the last 24 hours. This decline reflects the market’s concern over potential selling pressure as large amounts of BTC are reintroduced into circulation. 

On May 28, wallets associated with Mt. Gox transferred over 140,000 BTC, valued at approximately $9 billion, to an unknown address. This transfer created mixed sentiments in the market, resulting in a minimal trading month in June.

Mt. Gox Recovery Efforts

The repayment plan, initially scheduled for October 31, 2024, has been eagerly anticipated by the crypto community. The adjustment to an earlier date signifies progress in the long-standing legal and financial processes surrounding Mt. Gox’s collapse.

Mt. Gox, once the world’s leading Bitcoin exchange, was hacked in 2014 and lost over 850,000 BTC. After years of legal battles, Japanese authorities approved a rehabilitation plan in 2021, allowing creditors to recover some of their lost funds through a process called “civil rehabilitation.”

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What’s Behind the Sharp Decline in Major Cryptos?

Trump has lately shown great support for the cryptocurrency sector.

Since last month Trump has also started accepting cryptocurrency donations.

The CEO of the U.S investment company Ark Invest, Cathie Wood, has stated her intention to cast her ballot for the presumed Republican candidate for president, Donald Trump, who is a former U.S. president. Over the weekend, Kevin Paffrath, a maker of financial information, hosted a conference in Las Vegas, where Wood spoke.

Before the COVID epidemic hit, the first three years of Trump’s presidency were the “best in U.S. economic history,” according to economist Arthur Laffer, whom Wood quoted in her speech. In 2016, Laffer advised Trump’s campaign on economic matters.

While Trump has lately shown great support for the cryptocurrency sector, Ark Invest’s CEO has long been an advocate of the cryptocurrency.

Backing Crypto Sector

In 2015, Ark Invest made headlines when it revealed that its ARK Web x.0 ETF had made history by investing in bitcoin. Since then, the firm has increased its stake by purchasing stock in Coinbase and other crypto-related businesses.

Moreover, since last month, Trump has taken cryptocurrency donations and has spoken out in favor of cryptocurrency, non-fungible tokens, and bitcoin mining. Cameron and Tyler Winklevoss, who are the co-founders of Gemini, donated $2 million worth of bitcoin to the Trump campaign last week.

Industry experts revealed earlier this month that the Biden campaign was in talks with crypto industry heavyweights over the possibility of accepting cryptocurrency donations via Coinbase Commerce.

On June 27, the United States will see the live broadcast of the presidential debate between Donald Trump and Joe Biden. As bears gain strength, the cryptocurrency market is struggling. Bitcoin (BTC) is under heavy selling pressure, plunging below the $62,000 mark. Similar is the case with altcoins, with most of them trading in red.

Highlighted Crypto News Today:

Are Bitcoin Bears Aiming to Lower the Price to $60K?

The acquisition was funded by the company’s recent bond issue.

Metaplanet’s Bitcoin holdings increased to little more than 240 BTC.

A recent purchase has expanded the Bitcoin holdings of Metaplanet, a prominent Japanese investment firm. This decision reflects the firm’s increasing confidence in Bitcoin as a valuable asset and complements the broader trend of more institutions investing in cryptocurrency.

Metaplanet, also known as “Asia’s MicroStrategy,” revealed a huge purchase of Bitcoin for ¥1 billion ($6.25 million) on Monday. The proceeds from the recent issue of bonds were used to finance this acquisition. Metaplanet has decided to use Bitcoin as part of its investing strategy to diversify and hedge against economic unpredictability.

Banking on Bitcoin

A large bitcoin purchase was previously approved by Metaplanet’s directors. Plans to purchase Bitcoin valued at 1 billion yen, or around $6.25 million, were disclosed earlier on Monday.

The acquisition was funded by the company’s recent bond issue, according to the statement. Metaplanet plans to keep its Bitcoin holdings for the foreseeable future. On the other hand, they will record the same amount as current assets if they use it for operational expenses or other purposes.

Metaplanet has dealt with Bitcoin before. Three different purchases of Bitcoin have been made by them in the last two months. With their most recent acquisition of 23.25 BTC, valued at about $1.59 million, Metaplanet increased its total Bitcoin holdings to 141.07 BTC. After this purchase on June 24, Metaplanet’s Bitcoin holdings will increase to little more than 240 BTC, which, at the present price, is equivalent to around $15 million.

The depreciating yen and mounting Japanese debt have led Metaplanet to seek to hedge its bets by purchasing Bitcoin. The Japanese government has a large debt load, and the economy hasn’t benefited from interest rates being at zero for some time.

 Highlighted Crypto News Today:

What’s Behind the Sharp Decline in Major Cryptos?

Within the ever-evolving fintech landscape, Web3 has quickly garnered immense traction, thanks to its promise of not just technological advancements but also a paradigm shift in how different industries operate and grow. Furthermore, as this new digital frontier expands, it brings with it the potential to reshape our understanding of workplace diversity, global collaboration, and merit-based success. 

In this context, it is worth exploring the question: Ccan Web3 be the grand social experiment that finally creates a truly inclusive and diverse industrial landscape?

Web3 — a term encompassing blockchain technology, cryptocurrency, and decentralized applications — stands apart from traditional industries in several key aspects. Unlike its predecessors, Web3 isn’t tethered to a specific geographic location or dominated by a handful of tech hubs. 

Instead, its global reach, with contributors and innovators spread across every continent, affords it an inherently decentralized setup that opens up unparalleled opportunities for diverse voices to be heard and valued.

Decentralizing the global workforce

The Web3 ecosystem is fundamentally merit-based. In this space, the quality of one’s ideas and the ability to execute them often take precedence over traditional credentials or corporate hierarchies. This leveling of the playing field has the potential to break down long-standing barriers to entry and success that have plagued several industries for decades (be it banking, investing, manufacturing, etc).

One company that has exemplified this power of diversity within the Web3 arena is AMGI Studios. The Los Angeles-based digital outfit has built a truly diverse and inclusive workforce, boasting a team where 64% of members represent multicultural backgrounds, both male and female, from countries of origin other than the United States.

This isn’t just a statistic for AMGI because by bringing together talents from various cultural backgrounds, the firm has created a melting pot of ideas that have resulted in a host of popular offerings. For instance, the company’s flagship game, My Pet Hooligan, serves as a testament to this diverse creativity, blending elements of traditional gaming with Web3 innovations. 

For example, players can choose to engage in combat scenarios, showcase their skateboarding skills, create graffiti art, or simply socialize with their friends – all within a richly detailed, immersive environment. 

Moreover, the studio’s commitment to diversity extends to its partnerships as well. Collaborating with global giants like Epic Games, Amazon Prime Gaming, and Nvidia, AMGI has demonstrated how Web3-native firms can successfully operate within a host of different domains — all while maintaining their innovative edge.

Lastly, it bears mentioning that AMGI’s Chief Creative Officer, Colin Brady, was previously affiliated with animation powerhouse Pixar. His journey from mainstream animation to the cutting edge of Web3 gaming presents a case in point as to how this new industry is primed to attract top talent from diverse backgrounds to create something truly innovative.

The Growing Appeal of Web3 is a Global Phenomenon

As the Web3 industry continues to gain significant traction, experts are projecting remarkable growth numbers for this space in the years to come. According to a recent study, the Web3 market is set to reach a staggering valuation of $177.58 billion by 2033, growing at a CAGR of 44.1%.

These numbers aren’t just impressive; they’re indicative of a seismic shift as to how people around the world will engage with digital technologies in the near future. Moreover, this rapid growth suggests that Web3 is not just attracting tech enthusiasts but is beginning to appeal to a broader, more diverse global audience.

As more people from different backgrounds, cultures, and regions enter the industry, they stand to bring with them unique perspectives and innovative ideas. Moreover, the decentralized nature of Web3 technologies means that anyone with an internet connection and an innovative idea can potentially become a key player in this new digital economy. This democratization of opportunity holds the promise of creating a more equitable digital landscape.

Therefore, as the Web3 ecosystem continues to evolve, companies like AMGI Studios are primed to lead the way, showing people how embracing a diverse outlook can lead to groundbreaking innovations and success.

Victoria, Seychelles, June 24th, 2024, Chainwire

Bitget Wallet the world’s leading Web3 trading ecosystem, has launched a comprehensive support package for the TON network. This initiative strengthens Bitget Wallet’s connection to decentralized applications within the TON ecosystem, catering to the community’s growing interest.

With the integration of the TON Connect protocol, users can connect to TON dApps, facilitating exploration and interaction with various applications. The newly introduced TON dApp zone highlights top TON dApps, including sections for Telegram Tap2Earn and Open League. Users can access popular Tap2Earn games such as Catizen and Hamster Kombat, while the Open League section features an incentive program rewarding users who provide liquidity and support to TON projects.

According to Alvin Kan, Bitget Wallet’s COO, the Web3 wallet observed a significant increase in new users following the integration of the TON Connect protocol. This rise is attributed to the growing popularity of TON ecosystem games. Alvin reckons that these developments will attract more users to Bitget Wallet and encourage broader participation in the TON ecosystem and the crypto industry at large.

Last November, Bitget Wallet integrated the TON mainnet, allowing users to create TON wallets and manage assets via its app and Chrome extension. The ecosystem’s growth has been strengthened by Telegram’s 900 million users, leading to a surge in daily active addresses that have surpassed those of Ethereum. The popularity of Telegram bots has further simplified Web3 transactions for users.

Alvin Kan noted, “With 3.2 billion gamers globally, the on-chain gaming sector remains largely untapped. Web3’s token economy might bring a groundbreaking game that attracts traditional gamers.” Bitget Wallet is committed to providing convenient and secure services, aiming to promote cryptocurrency adoption and application.

Bitget Wallet has recently launched the Bitget Onchain Layer and a $10 million BWB Ecosystem Fund aimed at accelerating the development of native dApps within Bitget Wallet. This initiative supports aligned projects and enhances the wallet’s ecosystem. Additionally, Bitget Wallet has also launched its native token, BWB, on the Bitget Launchpad. This token offers community governance, access to ecosystem airdrops, and rewards. The token launch follows a significant $30 million investment from Bitget, emphasizing the wallet’s strategic growth.

These efforts highlight Bitget Wallet’s dedication to expanding its services and enhancing user engagement, solidifying its position as a major player in the Web3 and cryptocurrency sectors. 

About Bitget Wallet

Bitget Wallet is Asia’s largest and a leading global Web3 wallet with over 20 million users worldwide. It offers a comprehensive range of features, including asset management, intelligent market data, swap trading, launchpad, inscribing, NFT, DApp, and token earning center. Currently, it supports more than 100 major blockchains, hundreds of EVM-compatible chains, and over 250,000 cryptocurrencies. Bitget Wallet enhances liquidity by aggregating it across hundreds of top DEXs and cross-chain bridges, facilitating seamless trading on nearly 50 blockchains.

For more information, users can visit: Website | Twitter | Telegram | Discord

Contact

PR teammedia.web3@bitget.com

Bitcoin’s price has failed to test key resistance levels, $65K, $64K, or $63K, since the last week.

BTC’s daily RSI at 29.44 reflects its increased selling pressure.

The crypto market struggles to hold its ground as bears dominate. Dipping to the $62K range, Bitcoin (BTC) tumbles under strong selling pressure. This state has blocked bullish corrections among the altcoins. The global crypto market cap has declined by 3.09% in the last 24 hours. 

The price dipped by 2.97% in the past 24 hours, forming a low at $62,488. Over the past week and month, the price has dropped considerably, by 5.52% and 6.93%, respectively according to CMC. 

During last week, BTC largely underperformed the US stock market, hitting its one-month low in the absence of new stimulants. Despite the US stock market rally, the Bitcoin price went through a 10% correction from its June high of $72K. 

BTC Price Chart Can Bitcoin (BTC) Overcome the Bearish Pressure?  

In the past 3 days, it can be seen that the BTC price failed to recover above the $65,000 level, struggled near $64.5K, and started another decline. It has shown a steady decline below the $64,000 and $63,000 levels. Moreover, the daily RSI (relative strength index) stands at 29.44, indicating the asset’s momentum within the oversold zone.

If there is a recovery wave, the price could face initial resistance near the $63,340 level. The next major resistance could be at $63,950. Further gains will take the price to a key resistance level of $64,300.

Conversely, if Bitcoin fails to climb above the resistance zone, it may continue to drop down. The immediate support on the downside is near the $62,160 level. The second subsequent support may seemingly be found at $61,624. Any more losses might send the price toward the $61,100 support zone.

However, with BTC witnessing continuous outflows from the U.S.-listed ETFs, the selling pressure could potentially drive the asset’s price below $60,000. 

Epic Web3, the global community of Web3 builders, is hosting the biggest conference dedicated to Ethereum Layer 2 Scaling solutions during EthCC. Guests can gain insights into recent technological updates, explore in-depth case studies, and discuss practicals in ETH Layer 2 Scaling.

​Web3 developers, founders, researchers, and enthusiasts are welcome!

​What to expect:

​55+ speakers, including founders of Matter Labs, Celestia, Polygon, Offchain Labs, Aztec and experts from nil; Foundation, Cartesi, Avail, Halliday, Zircuit, Veridise, LimeChain and more!

700+ attendees

5 panel discussions

​Ask Builders – speed networking with web3 builders

​Developer focused conf

​Topic to be covered:

​ETH Rollup Interoperability 

​ZK vs Optimistic

​Modularity

​Data Availability 

​and many more

Epic Web3 is presenting ASK BUILDERS – ​speed networking with web3 builders

​Guests can get a 10-minute consultation slot with our experts during the conference!

July 9, Brussels, EthCC

Get a free ticket here: https://t.ly/kbVHu

Disclaimer: TheNewsCrypto does not endorse any content on this page. The content depicted in this Press Release does not represent any investment advice. TheNewsCrypto recommends our readers to make decisions based on their own research. TheNewsCrypto is not accountable for any damage or loss related to content, products, or services stated in this Press Release.

Giants Protocol, developed by Giants Planet, introduces a groundbreaking approach to digital asset creation on Bitcoin, leveraging the robust security and extensive liquidity of the Bitcoin blockchain. Giants Protocol represents the world’s first digital asset creation protocol utilizing UTXOs (Unspent Transaction Outputs), enabling the creation, management, and upgrading of digital and physical assets. Giants Planet is backed by the Singapore Sovereign Wealth Fund and is committed to building a gamified Bitcoin ecosystem. This ecosystem will enable the creation and gamification of both physical and digital assets, providing a full suite of Bitcoin infrastructure.

Introducing Giants Protocol

Giants Protocol addresses the challenges of managing Satoshis (SATs), inscriptions, and UTXOs by providing a robust framework for creating and managing digital and physical assets on Bitcoin. This protocol pioneers innovations in the Bitcoin and Web3 ecosystems, rebuilding Bitcoin’s foundation with UTXOs to unlock the potential for a wide range of digital assets, extending beyond gaming to include AI and real-world asset (RWA) creation.

Core Functionalities of Giants Protocol

User-Defined Asset Creation: Design and define unique assets with specific attributes using metadata. This can include in-game characters, event tickets, real-world asset representations, and more.

Scalable Asset Management: Batch deployment through etching streamlines asset creation, eliminating repetitive processes.

Interoperable Asset Integration: Facilitates seamless connections and integrations with various digital and physical assets.

Flexible Asset Upgradability: Utilize delegate IDs to dynamically manage and upgrade assets with new attributes.

Innovative Applications and Real-World Impact

The Giants Protocol empowers developers to embed unique in-game assets directly into the Bitcoin blockchain through a process known as “etching,” ensuring these assets are permanently inscribed and tamper-proof. This capability could revolutionize the management and tracking of assets such as property deeds, investment portfolios, and rare collectibles in a transparent and secure manner.

Giants Protocol’s Metadata Management

By efficiently managing and processing metadata, Giants Protocol enhances the Bitcoin ecosystem. Giants Planet supports this protocol, ensuring seamless integration and well-organized information. This framework allows users to include metadata, offering additional context such as creation dates and creator details for each asset.

Roadmap and Future Developments

Giants Planet is preparing to launch its gamification and GPS game in early Q3 2024, aiming to enhance user engagement within the Giants Protocol ecosystem by offering rewards for various activities. Users can earn points through activities like minting and etching, redeemable for prizes such as loot boxes and entries into weekly raffles featuring top-tier runes like $DOG, $RSIC, and $PUPS. Community beta testing has been underway since Q2 2024, providing an early glimpse into the platform’s capabilities.

Bitcoin’s Evolution and Dominance

Originally designed by Satoshi Nakamoto as digital gold, Bitcoin’s capabilities have expanded significantly. With recent innovations like the Taproot upgrade and L1/L2 solutions, Bitcoin is unlocking new potentials for complex applications. Despite the emergence of Ethereum as a leader in smart contracts and decentralized applications, Bitcoin maintains the largest market capitalization, nearly three times that of Ethereum. This underscores Bitcoin’s depth of capital and liquidity, positioning it as a formidable platform for digital asset creation.

About Giants Planet

Giants Planet is at the forefront of the Bitcoin ecosystem, creating assets and a gamified Real World Asset (RWA) experience with a full suite of Bitcoin infrastructure. Enabling the creation and gamification of both physical and digital assets, Giants Planet utilizes its innovative Giants Protocol to provide a scalable, customizable system for asset management. This approach not only enhances user engagement through rewarding activities but also ensures unparalleled convenience and security for businesses entering the decentralized realm. Supported by the Sovereign Wealth Fund of Singapore, Giants Planet is poised to revolutionize the Asian digital economy and unite the world through its pioneering use of crypto technology.

Try it now: https://runes.giantsplanet.com/  

Twitter: https://x.com/giants_planet 

Discord: https://discord.gg/giants-planet 

Read more: https://medium.com/@giantsplanet/giants-protocol-worlds-first-bitcoin-digital-asset-creation-protocol-6c2b9dcef0a1

Disclaimer: TheNewsCrypto does not endorse any content on this page. The content depicted in this press release does not represent any investment advice. TheNewsCrypto recommend our readers to make decisions based on their own research. TheNewsCrypto is not accountable for any damage or loss related to content, products, or services stated in this press release.

Introducing CoralApp: Your Ultimate Gateway to the Web3 Lifestyle

Founded by a team of North American data scientists, CoralApp is a practical AI-driven project within the Web3 domain, poised to revolutionize digital interactions and herald the future of mobile technology. At its core is the Coral Phone, a groundbreaking device designed as the ultimate entry point into the Web3 lifestyle.

What is Coral Phone?

The Coral Phone is more than just a smartphone; it’s a comprehensive platform that seamlessly integrates with the Web3 ecosystem. While it supports all traditional apps, Coral Phone promotes a wide array of decentralized applications (dApps) that empower users to take control of their digital lives. Whether diving into decentralized finance (DeFi), exploring decentralized physical infrastructure networks (DePIN), engaging in social interactions, or immersing in gaming, Coral Phone is a versatile companion in the digital age. 

CoralApp’s Bold Move – Coral AI-Phone

Building upon the pioneering capabilities of the Coral Phone, the Coral AI Phone represents a leap forward in mobile technology by incorporating advanced AI functionalities. Designed to provide users with unparalleled AI-driven experiences, this flagship device includes a privacy-first personal AI assistant. This on-device AI assistant, equipped with in-depth Web3 knowledge, empowers users to effortlessly navigate the complexities of the Web3 ecosystem.

In addition to its sophisticated AI assistant, the Coral AI Phone offers a suite of groundbreaking features tailored for the decentralized physical infrastructure network (DePIN). Users can benefit from decentralized AI inferencing, decentralized federated learning, and decentralized data scraping. These features collectively enhance the device’s ability to deliver an intelligent, secure, and efficient Web3 lifestyle, setting a new standard for mobile technology in the digital age.

The Web3 Lifestyle: A New Era of Digital Interaction

The Web3 lifestyle represents a shift towards decentralized applications and services that prioritize user control, privacy, and rewards. Here’s how Coral Phone stands out:

1. DePIN: Decentralized Physical Infrastructure Networks

Coral Phone promotes seamless integration with DePIN services, enabling it to participate in and contribute to these networks, earning passive income. Users have full control over these services and can easily toggle them on or off with a single switch, optimizing their involvement according to their preferences and needs.

2. DeFi: Decentralized Finance

With Coral Phone, users can access a plethora of DeFi services right at their fingertips. Manage investments, trade cryptocurrencies, and earn interest on digital assets with ease. The device supports multi-chain functionalities, ensuring interaction with various blockchain networks without hassle. By staking, restaking, and providing liquidity, users can enhance their assets’ returns while supporting the ecosystem.

3. SocialFi: Decentralized Social Networks with Financial Benefits

Coral Phone promotes decentralized social networks that allow users to connect with others, share content, and communicate securely without compromising privacy. User data remains under their control, free from centralized oversight. Additionally, as users interact within these networks, they can earn rewards, turning social engagement into a profitable venture. This new way to socialize ensures that activities are both meaningful and rewarding.

4. GameFi: On-Chain Gaming Experiences with Earnings

Coral Phone supports fully on-chain games, offering a trustless gaming experience where achievements and assets are truly owned by the users. Traditional gaming platform limitations are eliminated. As users play, they can earn money through various in-game activities and rewards, making the gaming experience both fun and lucrative. This seamless blend of entertainment and financial opportunity defines the world of GameFi.

CoralApp Rewards: Unlock Exclusive Rewards with Coral Phone

Coral Phone users can maximize their benefits through a range of exclusive rewards designed to enhance their Web3 experience. From airdrops to passive income, unique perks are tailored to promote a Web3 lifestyle.

Airdrop Rewards

Receive CoralApp Token Airdrops: Users get airdrops of CoralApp tokens directly from CoralApp.

Ecosystem Partnership Airdrops: Enjoy token airdrops or point incentives from CoralApp’s ecosystem partnerships.

Meme Project Airdrops: Benefit from airdrops from popular meme projects.

Passive Income

Automatic DePIN Mining Rewards: Users can earn automatic DePIN mining rewards through partnerships integrated into Coral Phone’s backend, providing a steady stream of passive income.

Lifestyle Income

Engage with Web3 Games and Services: Actively participating in Web3 games and services earns users rewards.

Web3-Integrated Services: Using Coral Phone for Web3-integrated services like mobile carrier networks, streaming, rideshare, food delivery, and cloud storage allows users to grow their income through their lifestyle choices.

Coral Phone is positioned as a gateway to a rewarding Web3 lifestyle, providing seamless and lucrative opportunities at users’ fingertips.

Curating an Exciting Web3 Digital Lifestyle

CoralApp aims to curate a digital lifestyle that is not only rewarding but also engaging and empowering. The goal is to make the transition to Web3 seamless and enjoyable for everyone. Whether a crypto enthusiast, gamer, or someone exploring new social networks, Coral Phone offers something for everyone.

Imagine a world where users control their data, earn rewards for their activities, and participate in a decentralized economy. Coral Phone makes this vision a reality, offering a dynamic and interactive platform that brings the best of Web3 to users’ hands.

Join the Revolution

The future of digital interaction is here, and it’s decentralized. Coral Phone is the gateway to this exciting new world, revolutionizing how technology is interacted with and experiencing the full potential of the Web3 lifestyle.

Stay tuned for more updates, and get ready to embark on a journey like no other with Coral Phone and CoralApp.

Website

Twitter

Medium

Telegram Channel

Discord

Contact 

Disclaimer: TheNewsCrypto does not endorse any content on this page. The content depicted in this press release does not represent any investment advice. TheNewsCrypto recommend our readers to make decisions based on their own research. TheNewsCrypto is not accountable for any damage or loss related to content, products, or services stated in this press release.

Bitcoin (BTC) drops to the $62,000 range, triggering a significant decline in the crypto market.

In the last 24 hours, 69,378 traders were liquidated, totaling $163.08 million in losses.

Top cryptocurrencies are facing tough times, while traditional assets like the NASDAQ are growing. What’s causing the chaos?

Today, the cryptocurrency market is displaying a significant downturn, with major altcoins witnessing sharp declines. The global crypto market capitalization has decreased by 3.38% to $2.27 trillion. This drop has been largely influenced by Bitcoin’s (BTC) decline below the $62,500 range, currently trading at a low of $62,299. This marks a 15% decrease from its all-time high of $73,750 recorded three months ago. Ethereum (ETH), the second-largest cryptocurrency, has also followed a similar downward trajectory.

Cryptocurrency Headmap (Source: TradingView )

Despite recent positive developments such as the launch of Australia’s first Spot Bitcoin ETF and the conclusion of the SEC’s investigation into Ether, the market’s response has been overwhelmingly negative. This is reflected in Bitcoin and Ethereum’s losses of 6.5% and 6.9% last week, respectively.

Large-Cap Altcoins in Freefall Amid Market Turbulence

In the upcoming days, the crypto market may see continued pressure, with bearish trends possibly halting any recovery. Following the Bitcoin drop, large-cap cryptocurrencies have faced heavy losses today. Among them, Binance Coin (BNB), Solana (SOL), and Ripple (XRP) have experienced declines despite their previous high gains.

Solana dropped over 9% in the past 24 hours to a three-month low of $123, while XRP fell 4% to a weekly low of $0.47. BNB, the native cryptocurrency of the largest crypto exchange Binance, declined by 5% amid news that India’s anti-money laundering unit fined Binance $2.2 million for non-compliance with local regulations.

Moreover, LayerZero (ZRO), the Ethereum layer 2 solution launched just last week, has gained a maximum loss of 15% in the last 24 hours, bringing its current trading price to $2.67.

However, despite these losses, investors remain active, as evidenced by the daily trading volume of these cryptocurrencies continuing to trend upward. However, the prevailing bearish trends suggest that the market may face ongoing challenges in the near future.