Cryptocurrency daily summary:
Bitcoin falls below $64,000 as liquidations surge
Modular blockchain Particle raises $15 million in token round
Pantera Capital is raising funds for its second TON token investment
Let's first look at the trading activities of Bitcoin ETFs. According to Farside Investor data, on June 21, Grayscale Bitcoin Spot ETF (GBTC) continued to outflow $34.2 million; at the same time, Fidelity Bitcoin Spot ETF (FBTC) outflowed $44.8 million, Bitwise Bitcoin Spot ETF (BITB) inflowed $29 million, ARK 21Shares Bitcoin Spot ETF (ARKB) outflowed $28.8 million, and WisdomTree Bitcoin Spot ETF (BTCW) had a net inflow of $6.6 million.
Bitcoin price drops below $64,000 as liquidations surge
Bitcoin price is hovering around $63,600 after the correction, with long liquidations surging to over $27 million in the past day.
According to Coinglass data, $33.85 million worth of Bitcoin positions were liquidated in the past 24 hours, while more than $132 million in positions were liquidated in the broader cryptocurrency market. Of these total liquidations, about $105 million were long positions.
As of this writing, Bitcoin is trading at around $63,649, down more than 2.4% in the past 24 hours. Ethereum prices are down more than 2% in the same period, at $3,434. According to Coingecko, the global cryptocurrency market cap is currently $2.45 trillion, down 3.2% in the past 24 hours.
Modular blockchain Particle raises $15 million in token round
Particle Network, a modular blockchain developer focused on chain abstraction technology, has successfully raised $15 million in Series A funding.
Particle Network is a modular layer 1 blockchain that focuses on chain abstraction technology to simplify the experience for developers and users. The main product is "Universal Accounts", which allows users to use funds on any chain to trade across the entire blockchain ecosystem. Universal Accounts are supported by two major features: "Universal Liquidity" and "Universal Gas", which enable users to use their tokens on any chain and pay transaction fees or gas fees.
Particle Network announced Thursday that the round was co-led by Spartan Group and Gumi Cryptos Capital, with participation from SevenX Ventures, Morningstar Ventures, Flow Traders and HashKey Capital.
Particle founder and CEO Wang Pengyu revealed that the round of financing started in March and was completed last month. The financing adopted a simple agreement for future tokens (SAFT) structure, although Wang Pengyu did not comment on the valuation. The Series A financing brings Particle’s total financing to $25 million - before this, the company had raised $10 million in three rounds of financing.
Particle Network is currently in the first phase of the testnet, has registered about 1.3 million general accounts, and has recorded more than 114 million transactions. The network is built using the Cosmos SDK, is compatible with the Ethereum Virtual Machine, and is integrated with Berachain's BeaconKit framework. Particle's main competitors include NEAR (chain signature technology) and Polygon's AggLayer (chain unification technology).
Pantera Capital is raising funds for its second TON token investment
The TON blockchain, formerly known as Telegram Open Network, was originally launched by Telegram. However, Telegram withdrew from the project in 2019 after the U.S. Securities and Exchange Commission accused Telegram of violating federal securities laws by selling tokens called "Grams." In 2020, Telegram and its subsidiary TON Issuer Inc. agreed to return more than $1.2 billion to investors and pay a civil penalty of $18.5 million.
The number of users and transactions on the TON blockchain has grown rapidly recently. Tether’s USDT stablecoin also launched on the TON network in April. Pantera said in an email that USDT’s adoption on the TON network has surpassed all previous blockchains, with more than 400 million USDT in circulation in less than two months.
In response, cryptocurrency venture capital firm Pantera is raising money for a new fund dedicated to investing in the open network’s Toncoin, doubling down on the token. Pantera’s new TON fund comes shortly after the firm made its largest investment since its founding in 2003. While Pantera did not disclose the terms of the deal, the investment was reportedly made in March at a price “well below spot prices.” Pantera officially announced the investment in May.
Judging from the latest TON fund, Pantera is confident about the prospects of the token. Pantera partner Ryan Barney said last month: "We believe that the TON network is still in its early stages and look forward to seeing the adoption of its ecosystem and new features by the Telegram user base."
Market analysis: The market continues to decline, but the decline of altcoins has narrowed
Market Trends
-BTC: It fell below $63,000 in the morning. Bitcoin spot ETFs continued to experience net outflows. The market lacked new capital inflows and investor sentiment was cautious.
-ETH: It almost fell below $3,400 this morning, but the volatility has now decreased.
- Altcoins: Altcoins generally fell, but the decline was narrower than in previous weeks, indicating that some investors may be buying on dips or that market selling pressure has eased.
Market Hotspots
1. Public chain TON: TON has performed relatively well among many altcoins, mainly due to the numerous small games within its ecosystem. These small games have enhanced the market's expectations for TON's market value with extremely high daily active users.
2. BLAST airdrop: Blast, a Layer2 project issued by Pacman, the founder of NFT trading platform Blur, is about to have a token airdrop. Currently, Blast's TVL is $2 billion. Due to the overall sluggish market, new currencies have performed poorly, as can be seen from the great controversy caused by the popular Layer2 project ZK last week. Investors should be cautious about new projects.
3. Meme section: The U.S. election concept token MAGA performed well over the weekend, rising 30% at one point. However, the rebound after the sharp drop this morning was not weak. The presidential election debate will be held on the 27th, showing that the market is sensitive to political events. sex. Celebrity coin DADDY has been continuously promoted by Andrew Tate, and its price has doubled. The current circulating market value is approximately US$170 million. Celebrity power and social media promotion have a significant impact on Meme tokens.
Summarize
As the overall market sentiment is relatively low, investors should remain cautious and avoid making large investments when the market is unstable. You can pay attention to projects with more potential such as TON and BLAST, but at the same time, pay attention to the overall market sentiment and the specific performance of new projects to avoid blindly following the trend. In addition, users should also consider diversifying their investments and avoid concentrating funds on a single project or sector to reduce risks. Stay flexible, adjust investment strategies in a timely manner, and do a good job of stop loss and stop profit.
Macro: Weak tech stocks and a stronger dollar weigh on global markets, while inflation and politics drag down Asian stocks
Global stocks fell for a second straight session on Friday, June 21, weighed down by weakness in technology stocks, while the dollar hit its highest level since early May. The move came as an index measuring U.S. business activity edged up to its highest point in more than two years.
S&P Global said its U.S. composite PMI output index, which tracks the manufacturing and services sectors, edged up to 54.6 this month, the highest level since April 2022, from a reading of 54.5 in May. A reading above 50 indicates economic expansion.
The Dow Jones Industrial Average rose 0.04% to 39,150.33, the S&P 500 fell 8.55 points, or 0.16%, to 5,464.62, and the Nasdaq Composite fell 0.18% to 17,689.36. Last week, the Dow Jones Industrial Average rose slightly by 1.44%, its biggest weekly gain since mid-May. The S&P 500 rose 0.61%, its third straight weekly gain. The Nasdaq rose just 0.003% this week, also its third straight weekly gain.
Although the number of initial claims for unemployment benefits in the United States fell last week, the latest data showed that the total number of people receiving unemployment benefits reached the highest level since January, indicating a continued cooling in the job market.
Asian stocks fell on Monday, June 24, as investors awaited the upcoming U.S. price data, hoping that it would show that inflation continued to slow. MSCI's Asia-Pacific stock index excluding Japan fell 0.9%, South Korean stocks fell 0.8%, and Japan's Nikkei index rose slightly by 0.2%. At the same time, the dollar tested the 160 yen mark, and the market remained vigilant about possible intervention measures by Japan.
Geopolitical information is of particular interest, with the first U.S. presidential debate on Thursday and the first round of voting in the French presidential election over the weekend.
In currency markets, the dollar index, which measures the greenback against a basket of major currencies, rose 0.17% to 105.81, while the euro fell 0.09% to $1.069. The dollar rose 0.43% against the yen to 159.59. Data released on Friday in Japan showed that demand-led inflation slowed in May, casting a shadow on the Bank of Japan's prospects for a rate hike.
In commodities, oil prices retreated slightly after rising about 3% last week. Brent crude fell 17 cents to $85.07 a barrel, while U.S. crude fell 18 cents to $80.55 a barrel.
Gold prices were pressured by a stronger dollar to $2,324 an ounce.
