It's quite clear that the approval of an Ethereum ETF failed to ignite the bull run that many crypto experts were anticipating. Just when the community was gearing up for a potential market surge, the price action took an unexpected turn. Instead of becoming a trigger for the bull market, it became a sell-the-news event. But as we always say: one thing is certain in crypto, and that's 'uncertainty.' And this time, it's the politician-based meme tokens (most of which are based on Trump) that are stealing the spotlight, seemingly unbothered by the former president's recent conviction. Defying all odds, these political meme tokens have managed to maintain their upward trajectory. So, let's discuss this event in detail along with other big stories that happened in crypto in the past 24 hours. Here is a quick rundown of the top headlines: |
- Bitcoin staying below $70K as traders await a macroeconomic catalyst. But what force could possibly shake up the OG crypto from its current snooze? 🤔️
- The TRUMP memecoin shrugged off the former president's conviction. But what's fueling the surge in the political meme token category? 🧐️
- DBS bank is rumored to be hiding a billion-dollar crypto stash. But how did investigators manage to track down their wallets? 😏️
- Crypto hacks and fraud losses are on the decline, offering a glimmer of relief for the industry. Didn't we witness some major hacks this year though? 👀️
- Iggy Azalea has vowed to burn her MOTHER token stash for every celebrity crypto rug pull. An unconventional move, but what's the strategy behind this bold decision? 🔥️
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And with that, let's dive into the details behind each of today's top stories! |
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| | GLOBAL MARKET CAP | | $2.54T | | ▲0.69% (24h) | | | 24H MARKET VOLUME | | $74.03B | | ▼9.97% (24h) | | |
| | BITCOIN'S DOMINANCE | | 52.94% | | ▲0.0% (24h) | | | FEAR & GREED INDEX | | 62 | | Greed | | |
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 | Bitcoin | | | $68,333.76 | | ▲0.7% (24h) | |
|  | Ethereum | | | $3,783.35 | | ▲1.1% (24h) | |
|  | BNB | | | $594.49 | | ▲0.13% (24h) | |
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Data as of: 31 May 2024 11:25 UTC |
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Bitcoin Staying Below $70K as Bulls Await Macro Catalysts |
Bitcoin is stuck in a holding pattern below $70,000. Meanwhile, the crypto market is bracing for macroeconomic catalysts to shake things up. Since briefly cracking that big psychological level over the weekend, BTC has retreated back down to $68,430. The momentum has stalled, with bulls struggling to string together enough power for a decisive push higher. Analysts say the $67,000 zone has emerged as a key line for buyers aiming to reclaim $70K. But the order books around that support suggest limited power, with sellers still taking advantage of any bounces. But what macroeconomic event are the bulls waiting for? Read the full story! | |
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Political Meme Coins Are Staying Strong! |
Donald Trump was convicted of 34 felony counts related to hush money. But the biggest Trump-based token, MAGA (TRUMP), is showing its diehard spirit. After initially plunging 16% on the conviction news, TRUMP has not only reclaimed those losses but hit a high at $14.81. The market clearly shrugged off the news pretty quickly. Not that the former president's meme-fueled supporters were ever known for losing faith. Of course, the pro-Trump crowd wasn't the only one trying to meme the situation. The Biden-themed Jeo Boden token (BODEN) saw a brief 6.4% victory rally before giving it all back. So all in all, the political meme token category keeps on making gains while the crypto market as a whole is facing resistance. But what's pushing the political meme token category? Read the full story! |
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DBS' Billion Dollar Crypto Stash? |
The latest rumors seem to indicate Singapore's banking giant may have quite the crypto portfolio tucked away. The (alleged) 173,000 ETH holding was first reported by on-chain analytics firm Nansen. If it is true, it wouldn't be too surprising to find more of DBS's financial footprint in the crypto realm. Traditional players are continuing to build exposure as blockchain and crypto technologies gain traction. But how did they track their wallets? Read the full story! |
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Crypto Fraud and Hacks Losses Are Declining |
The crypto world takes a collective sigh of relief… According to Immunefi, losses from fraud and hacking incidents dropped 12% YoY in May, Around $52 million was stolen in crypto last month, marking a notable improvement from the $59 million lost in the same period a year ago. The figure also represents a 28% reduction compared to April's total. The findings continue a downward trend of diminishing losses, building on Q1 2024 numbers that showed a 23% year-over-year decline in crypto fraud and hacks. While any losses are unwelcome, the data suggests the industry is making progress in fixing security vulnerabilities. But didn't we witness bigger hacks this year? What are the details? Read the full story! |
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Explore Community Insights and Discussions in CoinMarketCap |
Delve into the community insights and engage in discussions at CoinMarketCap. |
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| Expand your crypto knowledge by connecting with other enthusiasts and exploring diverse opinions and strategies shared within the community. |
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The MOTHER of All Statements |
In the wild world of celeb-backed memecoins, it's getting harder to separate the gems from the epic rug pulls. But one unlikely hero is vowing to fight fire with fire - by torching her own token stash whenever a celebrity coin turns out to be a scam. Iggy Azalea is putting her own stash of MOTHER tokens at stake here. Every time a new celebrity crypto turns out to be a rug pull, Iggy plans to burn a portion of her MOTHER supply to send a message. But what's the logic behind it? Read the full story! |
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And that's a wrap. We will be back with more updates next week! |
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