Defi market TVL data
The recent market turmoil has sent shockwaves through the crypto space, resulting in up to $455 million in liquidations. While the dominant BTC and ETH were not immune, the Defi market faced a more severe impact. The Defi market TVL fell from $104.123 billion to $99.148 billion in one day, an absolute drop of nearly $5 billion. Avalanche suffered a heavy blow of 5.60%. Thorchain's TVL fell by more than 29% in just 24 hours, raising questions about the stability of the Defi industry.
Market analysis:
Yesterday, the BTC spot ETF had a net outflow of 2,189 coins, worth $146 million. Yesterday, the market closed with a lower shadow line, and there was a certain amount of selling pressure above it.
At present, it is still at the main support level of 65,000. As we have said before, the longer this level is horizontal, the greater the risk factor.
Yesterday, BTC dropped to around 64,000 and closed above 65,000 in the early Asian session. This also confirms what we said earlier that this position is an important reversal position.
Pay attention to the resistance above 65745-66000 USD during the bull market. In the process of bull market, hold on to the altcoins you hold, especially the meme sector and L2 sector.
SEC ends securities investigation into ETH
The United States Securities and Exchange Commission (SEC) is closing its securities investigation into Ethereum, the second-largest cryptocurrency by market cap, it was confirmed today.
“The SEC Enforcement Division has informed us that it is closing its investigation into Ethereum 2.0,” adding: “This means the SEC will not be pursuing charges that the ETH sales were securities transactions.”
Consensys’ tweet further confirmed that the decision came after the U.S. blockchain company sent a letter to the regulator on June 7, asking for “confirmation as to whether the approval of an ETH ETF in May (assuming ETH is a commodity) means the agency will conclude its investigation into Ethereum 2.0.”
While BTC is the market leader, the price has retraced 0.51% over the past day, while the Ethereum token’s valuation surged by 3.26% following the conclusion of the ongoing investigation by the U.S. Securities and Exchange Commission (SEC). Additionally, the top Ethereum tokens have shown similar trends, adding significant valuations to their respective portfolios.
XRP Market Analysis
We have allowed entry of first positions near 0.52 before. You can pay attention to the position of 0.485 to add a position. The current chip concentration range is 0.518-0.522. If this position is effectively broken through, it will reach the upper edge of the next concentration area of 0.532-0.55.
Currently, XRP is trading above $0.4850, however, it is facing a huge resistance around $0.4980, which coincides with the 61.8% Fibonacci retracement level of the recent drop from $0.5104 to $0.4765.
If XRP manages to close above the $0.5020 resistance, the price momentum could take a positive turn. A breakout of this hurdle could result in a test of the $0.5200 mark. A sustained move above this level could set the stage for a climb towards $0.5320, while $0.5500 is the further upside target.
XRP is at a critical juncture. A successful breakout above the critical resistance level of $0.50 could spark a sharp rally, while a failure to do so could result in a further decline.
