Affected by the theft of the Indian exchange, the crypto market saw a small correction, with Bitcoin returning to the $63,800 level and Ethereum returning to the $3,400 level.
Altcoins as a whole are also following the market's correction, among which GAL and BANANA have performed the best, rising against the trend by more than 20%.
The news worth noting is:
1. Indian exchange WazirX was hacked and its multi-signature wallet on the Ethereum network was stolen. A total of $234.9 million was transferred to a new address.
The stolen assets of WazirX include SHIB worth over USD 100 million, ETH worth USD 50 million, Matic worth USD 11.24 million, PEPE worth USD 7.6 million, etc.
Currently, the altcoins SHIB, MATIC, and PEPE held by the WazirX hacker are close to being sold out, and 56,813 ETH have been exchanged. Only altcoins worth $25.29 million have not been sold.
2. There are reports that the Ethereum ETF may be approved on July 23.
A Bloomberg analyst also wrote that he added some Ethereum ETFs to the Bloomberg terminal today in preparation for the start of trading next week.
There have been a lot of developments regarding Ethereum ETFs in the past two days. Some institutions have submitted revised documents and mentioned details such as management fees.
Grayscale’s Ethereum Trust charges a 2.5% management fee, while other ETF issuers offered zero fees in the early days.
However, Grayscale’s mini version of the Ethereum Trust Fund has also been approved by the US SEC, with early fees of only 0.12%.
It can be seen that the current institutional interest in Ethereum is very high. They need a diversified portfolio, not just Bitcoin.
An Ethereum spot ETF could be the next catalyst for a market rally.
Some analysts also believe that Bitcoin has broken through its all-time high, while Ethereum has not yet reached that point, so they feel that Ethereum is undervalued.
3. Organizers of the Bitcoin conference, which Trump will attend, are stepping up security measures in preparation for an expected record number of visitors.
Since the announcement that Trump would attend the conference, ticket sales for the Bitcoin conference have accelerated, with predictions that the final attendance could be between 20,000 and 45,000 people.
The conference could provide a unique symbiotic opportunity for the Bitcoin industry and politicians.
According to industry insiders, Trump will make a landmark statement at the Bitcoin 2024 conference and may plan to use Bitcoin as a strategic reserve asset for the United States.
4. According to the results of a Reddit community survey, Mentougou creditors are not in a hurry to sell their Bitcoins. 56% of creditors plan to continue holding Bitcoins after receiving compensation.
This will alleviate the panic in the market to a certain extent and will be beneficial to the short-term price trend of Bitcoin.
5. According to data, the number of wallet addresses for Bitcoin and Ethereum are increasing, which is generally seen as a good sign of increasing market activity.
The number of Bitcoin addresses is growing significantly, especially those holding more than 32 Bitcoins, which means that more people are starting to hold Bitcoin.
At the same time, the number of Ethereum wallet addresses is also rising, indicating that people's interest in Ethereum is also increasing. These growths may indicate that a new inflection point in the market is coming.
6. It should be noted that although the price of Bitcoin has recovered, the market trading volume remains sluggish and lacks buying support from new funds.
Past price increases were usually accompanied by active buying demand, but now we are at a low point. The funding rate heat map also shows that the current market activity is far less than before.
In addition, the number of profitable Bitcoin addresses is increasing, but the growth is smaller than before. This may indicate that there are fewer new funds and users in the market, but more investors are fleeing with profits.
This is not a good sign for the short-term market, and there may be uncertain selling pressure in the market in the future.
7. According to CNBC, OpenAI launched a new artificial intelligence model GPT-4o mini, saying that the new version is the most powerful and cost-effective small model today, and plans to integrate images, videos and audio into it later.
8. Binance announced the launch of the first phase of the Holder airdrop project, Banana Gun. From 8:00 on June 23, 2024 to 7:59 on July 6, 2024, users who use BNB to subscribe for regular or current products on the EarnCoin platform will receive airdrop allocations.
After the news was released, the price of Banna soared to $87. At the same time, the Telegram robot track also ushered in a wave of increases.
9. TON game Pixelverse announced the details of the PIXFI token airdrop. 10% of the total amount will be used for airdrops, and users must claim it within one week.
In general, this market correction was mainly due to the hacker attack on the Indian exchange WazirX, in which hackers sold $200 million worth of altcoins.
In addition, the overall market trading volume is relatively sluggish and new funds are relatively small. Everyone is waiting to see when the Ethereum spot ETF will be officially launched.
Next, Ethereum's spot ETF and Bitcoin 2024 Conference will become the next catalyst for the market's rise, so you can pay close attention to them.
In terms of operation strategy, 80% of the long-term positions are held in cash, and 20% of the positions can be bought low and sold high according to market sentiment.
