And the chaos continues… Bitcoin took a nosedive below $66,000, leaving investors wondering if they should be reaching for the panic button or the "buy the dip" button. And to add to this uncertainty, the fear and greed index is sitting pretty at 55 - aka "who knows what's gonna happen next" territory. While the crypto market is busy playing mind games, some users are being showered with airdrops. This time, it's zkSync's stealing the spotlight. So let's discuss this in detail and all the other big stories that happened in crypto in the past 24 hours. Here is a quick rundown of the top headlines: |
- The SEC's crypto chief bids adieu after 9 years, leaving us wondering what's in store for the future of crypto regulation. Do they already have somebody to fill the position?
- Crypto ETFs are seeing more outflows now. Are institutional investors getting cold feet?
- Tether's new gold-backed stablecoin has entered the chat, sparking debates about whether it's a game-changer or just another shiny object. What benefits does it offer to USDT holders?
- Bitcoin takes a backseat while altcoins hit new highs. Are we already in the mid of the bull run (hint: alts season)?
- zkSync's token launch hits the ground running, despite a few network hiccups and security jitters along the way. How can users claim the airdrop?
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Let's dive in after the market overview! |
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| | GLOBAL MARKET CAP | | $2.34T | | ▼2.21% (24h) | | | 24H MARKET VOLUME | | $92.86B | | ▲59.27% (24h) | | |
| | BITCOIN'S DOMINANCE | | 54.96% | | ▲0.75% (24h) | | | FEAR & GREED INDEX | | 55 | | Neutral | | |
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 | Bitcoin | | | $65,200.48 | | ▼1.05% (24h) | |
|  | Ethereum | | | $3,408.29 | | ▼3.38% (24h) | |
|  | BNB | | | $582.85 | | ▼2.65% (24h) | |
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Data as of: 18 Jun 2024 11:35 UTC |
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Crypto ETFs are seeing more outflows now |
Last week, digital asset exchange-traded products and funds experienced significant outflows, shedding $600 million, the largest since March 22. The majority of these outflows were from Bitcoin investment vehicles, which saw a $621 million exodus, influenced by a hawkish stance from the Federal Reserve suggesting high-interest rates. Interestingly, while Bitcoin funds struggled, altcoins showed resilience with Ether attracting $13.2 million in inflows and other altcoins like LIDO and XRP also gaining. Why are altcoins performing better amid Bitcoin's downturn? Discover the insights behind this trend and the future of institutional adoption in the crypto market. Click to read more. |
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Tether's new gold-backed stablecoin has entered the chat |
Tether is venturing into new territory with the launch of Alloy (aUSDT), a gold-backed stablecoin pegged to the U.S. dollar. Alloy is overcollateralized by Tether Gold (XAUt) while being designed to emulate the value and functionality of the dollar, offering a unique blend of stability and flexibility for digital asset holders. This innovative synthetic dollar allows long-term holders to maintain gold exposure while using a dollar-referenced asset for everyday transactions. How will this impact the future of digital payments and asset tokenization? Dive deeper into Tether's groundbreaking move and what it means for the crypto market. Click to read more. |
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CMC Token Unlocks: The Token Unlock Heads-Up Your Portfolio Deserves |
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| CMC introduces Token Unlock feature that let's you stay one step ahead of the supply curve! |
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Bitcoin takes a backseat while altcoins hit new highs |
Bitcoin's price dipped below $65,000 for the second time in three days, following substantial outflows from spot Bitcoin ETFs. CoinShares' latest report reveals that digital asset investment products saw significant outflows totaling $600 million last week, ending a five-week streak of inflows. This downturn, attributed to mixed U.S. macroeconomic data and a hawkish stance from the FOMC, has particularly impacted Bitcoin, which experienced $621 million in outflows. Interestingly, while Bitcoin faced negative sentiment, large-cap altcoins like XRP and Toncoin posted gains. What does this shift mean for Bitcoin's market position? Discover more about the recent trends and their implications by reading the full article. |
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zkSync's token launch hits the ground running |
The zkSync token (ZK) made its debut on major exchanges like Binance and KuCoin on June 17, with an initial surge in price to $0.30 before stabilizing around $0.21. However, the excitement was dampened by an influx of malicious DApps impersonating zkSync, targeting users eligible for the recent airdrop. These scams proliferated on Twitter, using verified accounts to lend credibility to fraudulent links. Additionally, zkSync faced network strain, leading to issues with crucial RPC services, which the team is actively addressing. How will zkSync manage these challenges and ensure a fair token distribution? Dive into the full article to uncover more details about the launch and ongoing efforts. |
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| CoinMarketCap Application Tutorial The Ultimate Guide 2024 |
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SEC's crypto chief bids adieu after 9 years |
David Hirsch, head of the SEC's Crypto Asset and Cyber Unit, has left the agency after nearly nine years, marking his departure with a reflective post on LinkedIn. During his tenure, Hirsch oversaw significant advancements and challenging investigations in the crypto space. While he hasn't disclosed his next steps, he hinted at future plans after a break. How will Hirsch's departure impact the SEC's approach to crypto regulation, especially as political pressure mounts over issues like spot Ethereum ETFs? Discover more about his contributions and the future of the SEC's crypto oversight. |
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| And that's a wrap. We will be back with more updates tomorrow! |
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