In a notable move, the German government transferred a total of 1,300 Bitcoins (BTC) to major cryptocurrency exchanges Bitstamp, Coinbase, and Kraken.

German Government Transfers 1,300 BTC to Major Exchanges
According to Arkham's data, today's transaction, valued at approximately $75.53 million, represents the largest transfer to centralized exchanges (CEX) in recent times.

This significant transfer marks a pivotal development in the crypto space and signifies a strategic decision by the German government regarding its Bitcoin holdings.

The specific reasons for this transfer were not disclosed, but it could indicate a potential liquidation or reallocation of assets.

This move comes amid increasing global interest and regulatory scrutiny of the cryptocurrency market.

As governments and institutions show growing interest in digital assets, such large-scale transfers are becoming more common, underscoring the evolving relationship between traditional financial systems and the burgeoning crypto industry.

This transfer has caught the attention of market analysts and participants, with many speculating on its potential impact on Bitcoin's price and market dynamics.

While such a significant transfer may indicate upcoming market activity, it also highlights the increasing acceptance and usage of cryptocurrency exchanges by government institutions. #bitcoin☀️ #Bitcoin❗ #BTC☀ #btcupdates2024 #cryptocurrencies

While the downward trend in Bitcoin generally impacts altcoins, some altcoins present buying opportunities after their decline.

At this point, Santiment noted that, according to on-chain data, most altcoin investors are experiencing losses and have suffered significant setbacks.

Using this data, Santiment identified the altcoins with the most bullish and bearish potential through the Market Value to Realized Value (MVRV) indicator.

Examining six altcoins—BAT, CHR, HIGH, ENS, OM, and RSR—Santiment cautioned investors about ENS, MANTRA (OM), and Reserve Rights (RSR), noting that these have historically entered a high-risk sales zone.

On the other hand, Santiment pointed out that three altcoins—BAT, CHR, and HIGH—are currently in a favorable buying zone.

“Based on the medium-term average return of each wallet across almost all altcoins, traders are facing significant losses.

The Market Value to Realized Value (MVRV) model indicates that BAT, CHR, and HIGH are at the mathematically appropriate entry points, while ENS, OM, and RSR are in the sell territory.” #AltcoinInvesting #Altcoins👀🚀 #Altcoinseason2024 #Cryptocurrencies #CryptoNewss

While the Bitcoin market finds itself in an intriguing position, selling pressure on the price keeps growing.

Despite general apathy and boredom in the Bitcoin and cryptocurrency markets, the BTC price remains 18% below its March all-time high.

Glassnode, an on-chain analysis firm, stated in its weekly Bitcoin analysis that investor sentiment may improve if BTC surpasses $64,000.

Glassnode's analysis of new Bitcoin investors indicates that these investors have incurred significant losses in their positions.

At this juncture, Glassnode analysts identified key price levels that might alter investor behavior, highlighting $60,000 and $64,000 as critical for BTC.

"The price action between $60,000 and $64,000 indicates a sideways trend where market instability persists.

A drop below $60,000 would lead to losses for many short-term traders (STH) and push the price further below the 200 DMA (daily moving average) at $58,000.

Conversely, a rise above $64,000 would allow a significant portion of short-term investors to return to profit, likely boosting investor sentiment and confidence."

At the time of writing, Bitcoin continues to trade at $60,045. #bitcoin☀️ #Bitcoin❗ #BTC☀ #BTC500K #Cryptocurrencies

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In a significant move to bolster Japan's Web3 ecosystem and enhance regional accessibility in the Asia-Pacific area, the Aptos Foundation and Alibaba Cloud have announced a new collaboration.

Through this partnership, the Aptos Foundation and Alibaba Cloud have launched Alcove, the first co-branded Move developer community in Asia.

With Alcove, Aptos Foundation and Alibaba aim to create a nurturing environment for developers to innovate, thrive, and spearhead the next wave of digital transformation.

As part of this initiative, Aptos Foundation will collaborate with Alibaba Cloud to enhance regional accessibility across the APAC region, with Japan being the first to benefit from this collaboration.

Bashar Lazaar, a senior executive at the Aptos Foundation, commented on the new partnership:

“By teaming up with the Alibaba Cloud team and leveraging their technology, we aim to foster a dynamic environment that supports Japan's growing interest in Web3 and capitalizes on its IP strengths.

“As the foundation works to expand Aptos' ecosystem globally, we are dedicated to creating the best user experiences for the next generation of developers in Japan, APAC, and beyond.”

Following the announcement of this collaboration, the price of APT increased. APT has risen by 2.6% in the last 24 hours and is trading at $7.03 at the time of writing. #AltcoinGains #Altcoins👀🚀 #CryptoNewsCommunity #Cryptocurrencies #CryptoNewss

New York-based investment management firm VanEck, known for its growing interest in the crypto sector, has filed to launch an ETF that tracks the price of Solana. However, it seems unlikely that the current administration will approve this ETF.
This filing represents the first attempt to launch a Solana (SOL) ETF in the US. Many analysts anticipated this move following the US Securities and Exchange Commission (SEC)'s recent approval of Ethereum-based funds, but the success of this endeavor is uncertain.
James Seyffart, an ETF expert at Bloomberg Intelligence, echoed this sentiment, suggesting that the fund might only launch in 2025 if there is a new administration in the White House and at the SEC. Even then, success is not guaranteed, according to Seyffart.
The controversy over Solana's decentralization compared to Ethereum further complicates matters. Some argue that Ethereum is more decentralized, while others, such as Solana developer and Helius founder Mert Mumtaz, claim that Solana ranks in the top 1% of decentralized networks.
Qureshi pointed out that Bitcoin and Ethereum-based ETFs are more likely to meet the SEC's market surveillance requirements due to their established futures markets. He noted that "without a listed futures market, they cannot meet market surveillance standards."
Variant Fund's Chief Legal Officer Jake Chervinsky agreed with Qureshi, predicting that the SEC would reject Solana's ETF application due to the lack of a futures market. Austin Campbell, an associate professor at Columbia Business School, also expressed skepticism about the approval of VanEck's application, suggesting the firm might be positioning itself early in anticipation of future regulatory changes. This strategy raises the question of whether other firms will follow VanEck's lead, similar to the surge of applications following BlackRock's surprise spot Bitcoin ETF filing in late 2023. #SolanaUSTD #solonapumping #Solana_Blockchain #AltcoinInvesting #Cryptocurrencies $SOL

Bitcoin experienced short-term declines due to sales by miners, the German government, and ETF outflows.

Currently, while BTC is beginning to recover after dipping below $59,000, bullish predictions persist despite the general bearish sentiment in the market.

Speaking on CryptoLawTV with Lawyer James Murphy and Custodia Appellate Lawyer Michelle Kallen, Custodia Bank CEO Caitlin Long made significant comments about Bitcoin.

Caitlin Long, a prominent CEO, asserted that Wall Street will eventually integrate Bitcoin into the financial system. She predicted that once Wall Street adopts Bitcoin, it will trigger the largest short squeeze in history.

Despite recent declines, Caitlin Long maintained an optimistic outlook, predicting a major bull run for Bitcoin before the US presidential elections.

Long noted that although the current price has dropped, BTC's fundamentals remain strong. She forecasted a significant increase in Bitcoin's value in October, highlighting that month as a pivotal time for growth.

She added that the recent declines are typical, explaining that miners often sell after a halving to sustain operations, and BTC prices historically drop after each Bitcoin halving. #Bitcoin❗ #bitcoin☀️ #BTC☀ #btcupdates2024 #Cryptocurrencies

Binance Earn is excited to announce a promotion for ETH Staking. Stake ETH now to earn multiple rewards:

- A share of 99,120 SEI in airdrop rewards
- Approximately 3% in dynamic APR* rewards with ETH Staking

Note:
*The dynamic APR is available here and may vary over time.

Promotion Period: 2024-06-20 00:00 (UTC) to 2024-07-07 23:59 (UTC)

How to Participate:
During the promotion period, users who meet the following criteria will be eligible:

1. Opt-in to the promotion
2. Stake a minimum of 0.05 ETH

All eligible users will be ranked based on their total ETH Staking amount during the Promotion Period. The top 500 users will qualify to share the rewards listed below.

Reward Structure:
Rankings by ETH Staking amount During the Promotion Period (in WBETH)

Reward per Eligible User

1st - 10th Places: 1200 SEI
11th - 20th Places: 920 SEI
21st - 30th Places: 840 SEI
31st - 40th Places: 750 SEI
41st - 50th Places: 502 SEI
51st - 100th Places: 220 SEI
101st - 300th Places: 140 SEI
301st - 500th Places: 90 SEI

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According to Foresight News, top developers from Quickswap, the renowned Polygon-based decentralized exchange (DEX), have just launched a groundbreaking perpetual contract trading platform called Kinetix Finance (KAI) on the Kava Chain.

This innovative platform offers users leveraged exposure to cryptocurrencies such as KAVA, axlETH, axlWBTC, ATOM, and USDT, with leverage up to 50x.

Following this announcement, the QUICK token price surged briefly past $0.042 and is currently trading at $0.045, marking a remarkable 3.99% increase in just 24 hours. Don't miss out on this exciting development in the crypto world! #AltcoinInvesting #CryptoNewss #Cryptocurrencies #Altcoins👀🚀 #AltcoinGains

In the past week, withdrawals from Bitcoin BTC investment products totaled approximately $630 million, with total outflows reaching about $1.1 billion over the past 14 days, according to CoinShares.

CoinShares' weekly report "Digital Asset Fund Flows Weekly" reveals that total withdrawals from all cryptocurrency investment products amounted to $584 million by the week ending June 21.

This decrease in cryptocurrency investment is primarily attributed to institutions and long-term investors reducing their exposure to spot Bitcoin ETFs, amid reduced expectations of interest rate cuts by the US Federal Reserve in 2024.

James Butterfill, head of research at CoinShares, wrote:

"We believe this is a reaction to investor pessimism about the Fed's interest rate cut outlook for this year."

The report also highlighted a decrease in weekly trading volumes, reaching $13.6 billion, marking "the lowest traded volume in spot Bitcoin ETPs globally since the launch of spot Bitcoin ETFs in the US in January." Cryptocurrency funds now manage $92.2 billion in assets.

The recent decline in purchases and price reductions is primarily driven by the sale of BTC by the German government and market anticipation regarding Bitcoin refunds by the Mt. Gox trustee.

Continuing alongside the Bitcoin price correction in the past week are ongoing withdrawals from spot Bitcoin ETFs.

Data from Farside Investors shows that institutions withdrew nearly $544.1 million from spot Bitcoin ETFs between June 17 and 21. Fidelity's FBTC saw withdrawals spike dramatically to $271 million in the week. #Bitcoin❗ #BTC☀ #Cryptocurrencies #Altcoins👀🚀 #btcupdates2024

Kinetix is a DeFi center powered by AI, developing the next wave of widespread DeFi adoption. The 2020 DeFi surge marked the birth of decentralized finance, spawning leading platforms in today's Web3 forefront.

By empowering active traders to utilize idle liquidity, DeFi platforms ignited an on-chain renaissance featuring decentralized lending markets, robust order books, bonding curves, synthetic asset platforms, and notably, the Automated Market Maker (AMM) with its sleek user interface.

While the debut of these platforms in 2020 brought new possibilities, it also faced challenges. Alongside diverse use cases, DeFi drove significant increases in on-chain transactions and pushed gas fees to triple-digit levels.

In 2021 and 2022, solutions like sidechains, roll-ups, and Layer 2 networks emerged to meet DeFi's growing demand. Meanwhile, new gas-intensive applications like Web3's perpetual contracts ushered in the second generation of DeFi.

However, for most outside the Web3 community, DeFi has remained overly complex and demanding. Its steep learning curves and specialized terminology have deterred widespread adoption.

Yet, advancements in AI applications have sparked a new phase of Web3 expansion, offering fresh opportunities to support DeFi users seamlessly.

AI-integrated DeFi now emerges as the third and most promising generation of innovative protocols.

With Large Language Models (LLMs) such as OpenAI's ChatGPT gaining traction, DeFi stands at its best chance yet to attract mass market users, providing straightforward, user-friendly tools that build upon the scalable foundation of the second generation. #AltcoinGains #Altcoins👀🚀 #Altcoinseason2024 #Cryptocurrencies #CryptoNewss

Bernstein, a well-known research and brokerage firm, has forecasted that spot Bitcoin ETFs are close to receiving approval from major brokerages. The firm maintains its projection of Bitcoin reaching $200,000 by the end of 2025.

While some argue that interest in spot Bitcoin ETFs has waned, Bernstein analysts believe this view overlooks two crucial factors. Critics often point out that early ETF allocations were primarily driven by individual investors, with institutional involvement limited to "cash and carry" trading rather than holding net long positions.

In a note to clients on Tuesday, analysts Gautam Chhugani and Mahika Sapra explained that this implies ETF flows are not "real."

However, Bernstein analysts contend that institutional basis trading acts as a "Trojan horse" for wider adoption. They suggest that institutional investors are now beginning to consider net long positions, bolstered by increased ETF liquidity:

"We believe the 'basis trade' is mainly driven by hedge funds, which account for 36% of institutional allocation. However, based on our discussions with investors involved in Bitcoin ETFs, we can say that the logical next step after basis trading is to consider taking 'long' positions."

Furthermore, financial advisors' distributions indicate genuine demand. Disclosures show that mostly small-to-midcap advisors have allocated 0.1-0.3% of their portfolios to Bitcoin ETFs. Analysts believe future growth will come from larger advisors endorsing ETFs and the significant allocation potential within existing portfolios. #BTC #bitcoin☀️ #Bitcoin❗ #Cryptocurrencies #CryptoNewss

Major cryptocurrencies declined during Asia trading hours on Tuesday due to ongoing profit-taking and another day of net outflows from U.S.-listed bitcoin exchange-traded funds (ETFs) on Monday, which weighed on bullish sentiment.

Bitcoin (BTC) dropped to nearly $66,500, erasing all gains made on Monday, while ether (ETH) fell to $3,400, reversing gains from the previous week. BTC has been trading around its 50-day moving average at $66,000, testing its medium-term uptrend. Meanwhile, BTC ETFs saw net outflows totaling $145 million, extending last week's poor performance.

Leading losses, major tokens like dogecoin (DOGE) and Solana’s SOL fell by as much as 9% in the past 24 hours according to CoinGecko data. Ton Network’s TON declined by 5%, while BNB Chain’s BNB performed relatively better with losses limited to just 1.5%.

Last week, BTC dropped below the $65,000 mark for the first time in a month amid ETF outflows surpassing $500 million and the Federal Reserve signaling only one interest rate cut in 2024.

“Other factors have compounded this,” noted Neil Roarty, analyst at Stocklytics, in an email to CoinDesk. “Political uncertainty triggered by Emmanuel Macron's unexpected decision to call a snap election in France has bolstered the dollar as traders exit the euro.”

“A strong dollar typically puts downward pressure on Bitcoin,” he added, suggesting that significantly lower interest rates and a weaker dollar would be needed to approach the $70,000 mark.

Elsewhere, FxPro senior market analyst Alex Kuptsikevich cautioned about prevailing bearish sentiment despite positive developments in ether ETFs failing to lift ETH prices.

“Ethereum initially gained over 6% on upbeat ETF expectations after briefly falling below its 50-day MA on Friday. However, it has since lost nearly 1.5% since Monday's start, raising concerns about near-term altcoin performance,” he said in a Tuesday email.

“Increased weekday liquidity is likely to favor selling interest over buying,” Kuptsikevich concluded. #BTC #altcoins #bitcoin #solanAnalysis #doge⚡

Despite reaching this level roughly two weeks ago, Bitcoin's price has mostly moved downward or sideways, reflecting levels seen three months ago. This nearly 7% drop is due to various factors rather than a single major event.

One reason for the stagnation, according to analysts, is the sluggish performance of 11 spot Bitcoin exchange-traded funds (ETFs). Interest in these ETFs surged in January following their approval by the SEC. Data from CoinGlass shows that these ETFs now have a combined value exceeding $53 billion. However, most of the inflows happened during the first two months of their operation.

There was an inflow of $55.3 billion worth of assets into the funds by March 13, indicating a slowdown since then. Last week alone, net outflows reached $580.6 million.

Analysts also point to challenging mining conditions as another factor hindering Bitcoin's growth. Bitcoin's sharp rise was driven by anticipation of the April 19 halving, which cut the supply of newly issued coins by 50% from 6.25 to 3.125 per block. As a result, the hashrate (total computing power used for Bitcoin mining) has been fluctuating. It fell by 11% in the four weeks following the halving in April, briefly recovered, and then declined again.

Matthew Sigel, director of digital assets research at VanEck, described this as “typical” post-halving instability, with miners struggling to turn a profit as the cost per coin doubles.

Sigel predicts that this consolidation phase may persist, but he also foresees a significantly higher Bitcoin price during the U.S. elections in November. He noted that Bitcoin's recent performance is typical for a bull market, with price corrections of up to 20% following an all-time high being common. “An 11% decline is not a cause for concern,” Sigel added.

FalconX research manager David Lawant explained that the recent price drop could also be attributed to “relatively weak liquidity.” #BTC #bitcoin #altcoins #Cryptocurrencies #CryptoNewss

How to Claim ZK Tokens from Binance

To claim ZK tokens from Binance, eligible users need to deposit a minimum of 0.02 ETH from addresses whitelisted on the ZKSync ERA network to Binance.com. Please note that the amount of ETH deposited does not affect the distribution of ZK tokens.

Only ETH deposited directly from the following active user whitelists on ZKSync will be considered valid. Binance will use these addresses as a reference for the token distribution:

- Whitelist batch 1
- Whitelist batch 2
- Whitelist batch 3
- Whitelist batch 4

ZK tokens will be distributed on a first-come, first-served basis to users who meet all the criteria mentioned above.

Binance will allocate 200 ZK tokens to each Binance User ID (UID).

For instance, if a user deposits 0.02 ETH from multiple addresses to the same UID, they can only claim ZK tokens once from the Token Distribution Program. Binance will distribute only 200 ZK tokens per UID. #AirdropGuide #AirdropBinance #altcoins #Cryptocurrencies #ZkSync

Binance ZK Token Distribution Program
Program Duration: 2024-06-17 02:00 (UTC) - 2024-07-16 23:59 (UTC)

In response to community concerns regarding the distribution of ZK tokens, Binance is offering 10,500,000 ZK tokens to a maximum of 52,500 Binance users who satisfy all of the following conditions:

- The user has initiated a minimum of 50 transactions on ZKSync Era (where the user is the sender) between February 2023 and March 2024 (spanning 14 months).
- Transactions were made in at least 7 different months within the February 2023 to March 2024 timeframe. Self-transfers are excluded.
- The claiming address was not eligible to receive ZK tokens from the official ZK Nation airdrop program.
- The claiming address is not a contract/CEX/bridge address. #AirdropGuide #AirdropBinance #zkairdrop #Airdrops_free #altcoins

Binance is set to include ZKsync (ZK) in its listings and will commence trading for the specified spot pairs starting from 2024-06-17 08:00 (UTC).

New Spot Trading Pairs: ZK/BTC, ZK/USDT, ZK/FDUSD, and ZK/TRY.

Users are encouraged to deposit ZK now to prepare for trading.

Withdrawals will be available starting from 2024-06-18 08:00 (UTC). #altcoins #zkSynk #zkairdrop #Cryptocurrencies #AltcoinGains

Analysts at the cryptocurrency analysis platform Spot on Chain reported a significant unlocking of an altcoin.

According to on-chain data, 37.5 million BLUR tokens, worth $11.6 million, were unlocked and promptly transferred to Coinbase Prime.

The price of BLUR saw a decline following the unlocking event, with a decrease of 2.92% in the last 24 hours. The altcoin, which has a market value of $519 million, experienced noticeable price movement after this event.

BLUR, a token within the Ethereum ecosystem, is renowned as one of the most popular platforms in the NFT space. Interestingly, its well-known counterpart, OpenSea, has yet to release any tokens. Over the past year, BLUR altcoin developers have unlocked 728 million tokens valued at approximately $272 million, with almost all of these tokens being transferred to Coinbase Prime, presumably for sale.

As of now, developers still hold $226 million worth of BLUR tokens, which are set to be unlocked in the coming months.#altcoins #TokenUpdate #Cryptocurrencies #AltcoinInvesting #BLUR/USDT

MicroStrategy announced the expansion of the total amount of a 2032 maturity debt issuance, which will be used to purchase additional Bitcoin for the company's treasury.

Initially, it was disclosed that the amount to be raised would be $500 million. However, on Friday, June 14, the company announced that the private offering for qualified institutional investors had been upsized to $700 million.

An unspecified portion of the proceeds will be used to increase the company's Bitcoin holdings, currently totaling 214,246 BTC – equivalent to $14.2 billion at market prices, according to Blockchain Center data.

While Michael Saylor's Bitcoin investment strategy has proven successful, the results could have been even better had MicroStrategy invested in Ethereum. Since the initial investment in August 2020, MicroStrategy has already invested over $7.5 billion to acquire 214,246 BTC, at an average price of approximately $35,315 per unit of the cryptocurrency. In nominal terms, the 88% profit yielded an additional $6.7 billion to the company's cash reserves.

However, contradicting Saylor's assertion that "there is no second best," if MicroStrategy had invested $7.5 billion in Ether, the profit would have been considerably higher.

This amount would have resulted in a treasury of 4,986,791 ETH, equivalent to $17.4 billion at current market prices. The net profit would have been 130%, meaning the investment would have yielded $9.8 billion to MicroStrategy's assets.

The results could have been even better if MicroStrategy had staked its ETH holdings. With an average yield of 4% per year, the company could have accumulated an additional 499,821 ETH, totaling 5,486,613 ETH, currently valued at $19.1 billion. #altcoins #BTC #bitcoin #BlackRock #ETHETFsApproved

Bitcoin experienced significant volatility this week due to the impact of the US CPI and PPI data and the FED interest rate decision.

After reaching close to $70,000 following positive economic data, Bitcoin dropped to $67,000 after the FED's announcement.

Investors are now questioning whether this decline will persist. Experienced analyst Peter Brandt, who accurately predicted Bitcoin's fall to $16,000 in 2022, has provided a new forecast.

Brandt shared his predictions for BTC's price, suggesting a potential downturn that could disappoint investors.

The veteran analyst stated that if Bitcoin's price falls below $65,000, the decline could continue, potentially dropping to $60,000 or even $48,000.

Specifically, if Bitcoin falls below $65,000, it may decline further to $60,000. Should it drop below $60,000, another 20% correction could occur, bringing the price down to $48,000.

Despite this bearish scenario, Brandt also hinted at the possibility of an upward movement. He advised Bitcoin investors to monitor the weekly close, noting that $66,000 is a crucial level. According to Brandt's chart, a close below $66,000 and a drop past $65,000 could push BTC down to $60,000.

However, Brandt also suggested that there might be a rally from the $60,000 level.

At the time of writing, Bitcoin is trading at $67,043. #Bitcoin❗ #BTC☀ #BTC #bitcoin #Cryptocurrencies