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Updated April 22, 2024

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On Jul 05, 2024, 15:05 PM(UTC). According to Binance Market Data, Bitcoin has crossed the 56,000 USDT benchmark and is now trading at 56,233.269531 USDT, with a narrowed narrowed 1.99% decrease in 24 hours.

According to Odaily, Multicoin Capital has pledged to provide up to $1 million in funding to support crypto-friendly senatorial candidates. The plan involves financially backing four Republican candidates through donations to the conservative Super Political Action Committee (PAC), Sentinel Action Fund. The candidates being supported are Sam Brown from Nevada, David McCormick from Pennsylvania, Bernie Moreno from Ohio, and Tim Sheehy from Montana.

Multicoin Capital's commitment is a significant move in the political landscape, demonstrating the growing influence of cryptocurrency in politics. The selected candidates have shown a positive stance towards cryptocurrency, making them ideal recipients of the funding.

The involvement of Multicoin Capital in the political sphere could potentially influence future policies regarding cryptocurrency. The funding could provide the necessary resources for these candidates to win their respective races, leading to a more crypto-friendly Senate. This move by Multicoin Capital underscores the increasing intersection of politics and cryptocurrency, and the potential impact this could have on future legislation.

According to Odaily, Wall Street Journal reporter Nick Timiraos has suggested that the employment report for June could make the Federal Reserve meeting in July more intriguing. This is due to the possibility of the first real debate on whether to lower interest rates at the next meeting in September. This would be the first such discussion this year. The employment report's impact on the Federal Reserve's decisions could lead to significant changes in the economic landscape.

According to Foresight News, Argent, a smart contract wallet, has sparked speculation by releasing a countdown image featuring the number '4'. This suggests that a significant announcement could be made in four days, on July 8th. Further details are yet to be revealed.

According to U.Today, Bitcoin advocate Adam Back has cautioned cryptocurrency investors about the risks of investing in meme coins, a market sector that has recently gained significant attention. Back, the co-founder of blockchain technology company Blockstream, believes that Bitcoin is the only 'investment grade' cryptocurrency and advises market participants to avoid other alternative cryptocurrencies. The meme coin sector has seen a resurgence due to the success of coins such as Pepe (PEPE) and dogwifhat (WIF), with celebrity meme coins from influencers like Iggy Azalea further driving speculative interest.

Former Goldman Sachs analyst Murad Mahmudov recently suggested that market participants should focus solely on meme coins, but recommended avoiding microcaps. However, there are notable industry figures who oppose the speculative frenzy surrounding meme coins. For example, Vitalik Buterin, a critic of Back, has also expressed concerns about celebrity meme coins due to their lack of utility and interesting mechanics.

Back, who was cited by Satoshi Nakamoto in the Bitcoin whitepaper, recently commented on the Bitcoin market crash, encouraging holders not to panic and buy the dip. He also observed that Bitcoin's recent drawdowns were less severe compared to previous bullish cycles. The largest cryptocurrency by market capitalization is currently trading at $55,536, after dropping to a five-month low of $53,898.

According to BlockBeats, KiloEx, a leading perpetual contract DEX, and Trust Wallet have initiated their 'Ultimate Trading Showdown' event on July 5. Users can complete event tasks on opBNB using Trust Wallet to win KiloEx&Trust Wallet OAT and earn KiloEx points. Additionally, OAT holders will share a massive prize pool of up to 50,000 USDT. The event will run from July 4 to July 18.

KiloEx is a leading perpetual contract DEX on the BNB Chain, opBNB Chain, and Manta, supported by institutions such as BinanceLabs, Foresight Ventures, and the Manta Foundation. The KiloEx platform offers traders fast transactions, real-time market activity tracking, full integration with LSTfi, and an intuitive trading experience. It also provides liquidity providers with risk-neutral positions and friendly LP solutions.

According to CoinDesk, the CoinDesk 20 Index, a broad-based index traded on multiple platforms globally, has experienced a significant drop in its trading value. The index is currently trading at 1852.82, marking a 5.7% decrease, or a drop of 111.28 points, since the previous day's close.

In this downturn, all 20 assets included in the index are trading lower. Among these, SOL and DOT are leading the pack with a lesser decrease of 3.3% and 3.4% respectively. On the other hand, LTC and ATOM are the laggards, experiencing a more substantial decrease of 12.0% and 10.5% respectively.

The CoinDesk 20 Index is a globally recognized index, traded on multiple platforms across various regions. Despite the current downturn, it continues to be a significant indicator of the performance of the leading and lagging assets in the cryptocurrency market.

According to BlockBeats, on July 5, data from YCharts revealed that the premium of Ethereum Trust (ETHE) over its net asset value reached 0.31% on July 3. This development comes as the market anticipates the launch of a spot Ethereum ETF in the United States, and it is expected that ETHE will no longer trade at a negative premium prior to this event.

Since the bottom of the cryptocurrency bear market in December 2022, ETHE has been trading at a negative premium. However, following the launch of a Bitcoin ETF in January, predictions surrounding the approval of a spot Ethereum ETF by the US Securities and Exchange Commission (SEC) have been on the rise. Consequently, the negative premium of ETHE has been steadily narrowing until it turned into a positive premium this month. It is reported that Grayscale ETHE currently manages assets worth $9.5 billion.

According to U.Today, a Bitcoin address that has been dormant for 12.4 years has been activated, as reported by Whale Alert. The address, which contained 119 BTC, is now worth $6.99 million, marking a significant gain of 1,166,666% from its 2012 value of $599. The reactivation of such long-dormant addresses often suggests that holders may be preparing to liquidate their assets, which could potentially flood the market with substantial amounts of Bitcoin. This could increase selling pressure and drive prices down, leading to a cautious market reaction as traders prepare for potential sell-offs.

This month has seen a notable trend of decades-old wallets being reactivated. This is not the first such instance, with another dormant address containing approximately $2.6 million worth of BTC being activated just hours earlier. On July 2, another address containing $2.1 million worth of BTC was activated after 13 years of dormancy. These movements are particularly significant given the current state of the crypto market, with Bitcoin's price continuing to trade in the red. The leading cryptocurrency hit $57,300 today, a level not seen since late April.

The market downturn, combined with the reactivation of these old addresses, has created a climate of uncertainty and caution among traders. This could potentially lead to increased selling pressure and a further drop in Bitcoin prices.

According to U.Today, Murad Mahmudov, a former analyst at Goldman Sachs, recently criticized Ripple-affiliated XRP and Cardano (ADA) in a social media post. He referred to these two major alternative cryptocurrencies as 'cult' meme coins. Mahmudov also suggested that those interested in the meme coin scene should focus on projects with a current market valuation ranging from $5 million to $200 million.

Mahmudov, a Princeton graduate, predicted that altcoins would outperform every other sector of the cryptocurrency market during the current cycle. However, he does not anticipate a significant altcoin season due to the depletion of American household savings.

XRP experienced significant growth during the 2017 bull run, which resulted in Ripple founders becoming some of the wealthiest individuals globally. Despite gaining some regulatory clarity last year, the cryptocurrency is still down 87% from its all-time high in January 2018. Similarly, Cardano (ADA), which saw substantial price gains during the last bullish cycle, is down by approximately 87.8% from its record peak in September 2021.

Mahmudov gained prominence by leading a hedge fund called Adaptive Capital. However, the fund was forced to close following a significant crypto crash in March 2020.

According to U.Today, Toncoin (TON) has witnessed a significant 257% surge in large transaction volume, a sign of substantial whale activity. This increase comes amidst a downturn in the crypto market, which has seen $321 million in liquidations. The large transaction volume, typically linked with cryptocurrency whales or investors holding large amounts of crypto, implies that these key players may be actively buying or selling Toncoin despite the overall negative market trend.

Data from IntoTheBlock reveals that Toncoin's large transaction volume has risen by 257.65% in the last 24 hours, reaching $7.58 million, or 962,270 TON in crypto terms. The crypto market has been under selling pressure, resulting in a significant sell-off across various digital assets. Toncoin has not been spared, currently down 9.16% in the last 24 hours to trade at $7.10. The token has also fallen by 7.68% in the last seven days.

Several factors could be contributing to the increased whale activity in Toncoin. Whales might be strategically accumulating TON in anticipation of future price increases or developments within the Toncoin ecosystem. Positive news or upcoming technological advancements related to Toncoin could be triggering increased interest and large transactions, with whales positioning themselves ahead.

Last month, Telegram CEO Pavel Durov introduced a TON-linked 'Stars' currency, which would allow users to purchase digital products and services via Telegram micro apps within a crypto-backed economy. Telegram mini-app developers can now sell digital goods and services in exchange for Stars, which can be converted into Toncoin. The TON token is currently the eighth most valuable cryptocurrency on the market with a worth of $17.5 billion.

According to U.Today, XRP has witnessed a significant increase in bullish liquidations, a stark contrast to the relatively quiet activity on bearish positions. CoinGlass data reveals that in the last 24 hours, a whopping $3.95 million have been liquidated from long positions, significantly overshadowing the $53,100 from short positions - a massive difference of 7,900%. This unusual activity coincides with a 6.3% drop in XRP's price, suggesting a change in investor sentiment.

Simultaneously, derivative trading volumes for XRP saw an increase of over 83.49% during the same period, indicating heightened market activity amidst uncertainty. Some market enthusiasts believe these unusual liquidation patterns could lead to a period of relative stability for XRP, potentially indicating a rebound from key support levels. However, as bearish traders take advantage of the price decline to secure profits, bullish investors are facing losses from the recent downturn.

It is speculated that the surge in bullish liquidations could be due to over-leveraged positions being squeezed out, margin calls triggered by the price dip, or unexpected negative news events. Some suggest a potential shakeout of weaker hands as less confident bulls exit the market.

Moving forward, the focus remains on how these developments will influence XRP's market trajectory in the near term, given the continued market volatility.

According to U.Today, the cryptocurrency market has experienced its second largest liquidation event in history, with nearly $700 million worth of long orders being wiped out overnight as Bitcoin's value fell below $55,000. This significant downturn has triggered a cascade effect, causing large-scale liquidations and inciting investor panic, which in turn has led to further price drops.

The situation has been exacerbated by panic sales, which have resulted in even more liquidations and a steeper decline in prices. This pattern is currently being observed in the market, with potentially severe consequences. The market has been under considerable selling pressure due to the transfer of funds from the now-defunct Mt. Gox exchange, which has increased the total quantity of Bitcoin available for purchase and subsequently lowered prices.

Another key factor contributing to the downturn has been the recent selling pressure from exchange-traded funds (ETFs). Despite previously accumulating Bitcoin, ETFs have now become a major source of selling pressure. When these funds offload substantial quantities of the cryptocurrency, the market price of Bitcoin is adversely affected.

The situation is further complicated by the fact that the governments of the U.S. and Germany have been liquidating their cryptocurrency holdings. This government liquidation has increased supply and lowered prices, exacerbating the market's problems. The current selling volume is beyond the market's liquidity capacity, meaning even modest sales volumes can have a significant impact on the price.

Given the scale of the liquidations, large sell-offs from institutional and governmental sources, and overall negative market sentiment, a rapid recovery seems unlikely. It may be prudent to prepare for a midterm bearish market.

According to U.Today, the enigmatic leader of the Shiba Inu team, known by the pseudonym Shytoshi Kusama, has made a public appearance at the annual Web3 start-up event in Japan, IVS 2024. However, his identity remains a mystery as he was seen wearing two masks, making it impossible to see his face. A video from the event was shared by a Japanese SHIB fan, showing a man in black clothes, two masks, and a hood, interacting with IVS 2024 participants at the SHIB booth. The man's attire resembled a Batman costume, with a mask similar to a Black Death plague doctor mask covering the upper part of his face, on top of another mask that concealed his entire face.

Earlier in the week, Kusama had hinted at his first public appearance at IVS 2024. He invited the SHIB army to his 'first ever meet and greet' via a tweet. Despite his public appearance, Kusama continues to remain pseudonymous. He has been hiding his real name and appearance since he took over from the founder Ryoshi in 2021. He revealed that 'Shy' represented his natural desire to avoid the public, 'toshi' was in honor of Bitcoin creator Satoshi Nakamoto, and Kusama was in reference to Japanese artist Yayoi Kusama, whom he admired.

In the past, Kusama had considered revealing his identity after his mentor suggested it. However, despite promising to give a speech at the ETH Toronto event while presenting Shibarium, he only presented a recording of his speech processed by AI software. Following Kusama's public appearance, the SHIB price has shown a slight recovery. After a significant 15% drop overnight, the meme coin has regained 5% of its losses.

According to U.Today, Shiba Inu (SHIB) is currently facing a challenging situation as large holders, also known as whales, are exiting the market. This has led to a significant drop in large transactions, indicating that these whales have capitulated. As a result, a large amount of SHIB is left on the market, waiting for buyers. The cryptocurrency's value has dropped to $0.00001329, reflecting the negative sentiment in the market.

The withdrawal of these large holders suggests a lack of trust among them, leading to an overall negative market sentiment. This trend is also reflected in the trading volume of SHIB, which exceeded 1 trillion in the last 24 hours. It reached a seven-day high of two trillion on July 3 and a seven-day low of 947 billion on June 29.

The bearish outlook is further reinforced by on-chain signals. The 'In the Money' metric, which indicates that the majority of SHIB holders are losing money, adds to the unfavorable sentiment in the market. The volume difference between bid and ask suggests that buyers and sellers are exerting equal pressure. However, the absence of bullish signals from exchange metrics indicates a lack of buying interest at the current prices.

Furthermore, the absence of futures contracts for SHIB leaves investors without a way to protect themselves from additional drops, which could potentially intensify the selling pressure. The flight of whales and the subsequent 15% decline in SHIB's value are significant indicators of the eroding market faith in this cryptocurrency.

According to U.Today, Shiba Inu, the dog-themed cryptocurrency, has experienced a significant 466% increase in weekly burns, despite a 22% drop in its price over the same period. The Shibburn X account reported that 364,382,742 SHIB tokens were burned in the past week, marking a 466.83% increase in the weekly burn rate. This surge in burns suggests a collective effort within the community to increase the coin's scarcity, potentially leading to a price boost.

However, the reality has been quite different. Despite the high burn rate, the price of SHIB has fallen, showing a 22% decrease over the past week. This price drop could be due to a range of factors, including overall market conditions, investor sentiment, and profit-taking activities by investors.

The cryptocurrency market has seen increased volatility since the beginning of the week, with many coins experiencing downward pressure. Bitcoin has fallen for the fourth consecutive trading session, as part of a larger crypto sell-off that contrasts with recent record highs in global stock markets. Shiba Inu has suffered higher losses, reaching 10%.

The price of SHIB has been steadily declining from its July 3 highs of $0.0000173 and will mark the third consecutive day of losses if it closes in the red today. At the time of writing, SHIB was down 9.39% in the last 24 hours to $0.00001384 after hitting lows of $0.00001266. The token is down 22% weekly.

Investors are now awaiting U.S. jobs statistics due later today for the latest insights into the Federal Reserve's policy stance. Recent weak economic indicators have strengthened the argument for the U.S. central bank to relax monetary policy in the coming months.

According to Foresight News, Web3 gaming points protocol XOOB, formerly known as LaunchJoy, has successfully raised $1.6 million in funding. This includes $1.4 million from an incubation round and $200,000 from a pre-seed round. Notable participants in the funding round included Chromia, Mines of Dalarnia, and My Neighbor Alice.

According to Odaily, the London High Court has issued a global freezing order against Craig Wright, demanding him to pay £1.548 million. This payment is intended to cover the legal fees of Peter McCormack, who was sued for defamation by Wright in 2019. The court's decision is a significant development in the ongoing legal battle between Wright and McCormack.

The global freezing order is a powerful tool used by courts to prevent a defendant from disposing of their assets before a judgment is made. In this case, the order is aimed at ensuring that Wright has sufficient funds to cover McCormack's legal fees if he loses the case.

This legal dispute began in 2019 when Wright, a controversial figure in the cryptocurrency world, sued McCormack for defamation. McCormack, a well-known cryptocurrency podcaster, had publicly challenged Wright's claim to be the mysterious creator of Bitcoin, known as Satoshi Nakamoto. The case has been closely watched by the global cryptocurrency community, given the high stakes and the controversial nature of Wright's claims.

According to PANews, a report by blockchain intelligence firm TRM reveals that the amount of cryptocurrency stolen through hackers and network vulnerabilities more than doubled in the first half of this year, reaching $1.38 billion. Five major attacks accounted for 70% of the stolen cryptocurrency. Despite this increase, the amount stolen in the first half of this year is still less than the nearly $2 billion stolen in the first half of 2022, which was a record year for cryptocurrency theft.

TRM stated that hackers primarily steal cryptocurrency by obtaining private keys and seed codes, types of encrypted strings. The largest attack this year occurred at the Japanese exchange DMM Bitcoin, where over $300 million worth of Bitcoin was stolen, exceeding 4500 tokens. The cause of the attack has not yet been determined.