Another red day in the markets as the German Government turned out to be an unlikely seller of Bitcoin (BTC). These BTC were originally seized from the operators of Movie2k.to, a film piracy site. So far, over $195 million worth of BTC has been sold on exchanges. With $3.05 billion left in their wallets, markets are spooked at the further sale which would likely dampen BTC prices. Despite the bearish conditions, MicroStrategy bought the dip with another $786 million purchase of Bitcoin. The company now holds 226,331 BTC worth almost $15 billion. If Bernstein analysts' revised target of $200,000 per BTC by the end of next year turns out to be right, then MicroStrategy could be seeing a huge payday. 🤑 We'll cover this and all the other big stories that happened in crypto in the past 24 hours. Here is a quick rundown of today's top headlines: |
Let's dive in after the market overview! | |
| | GLOBAL MARKET CAP | | $2.34T | | ▼3.26% (24h) | | | 24H MARKET VOLUME | | $70.15B | | ▲17.72% (24h) | | |
| | BITCOIN'S DOMINANCE | | 53.9% | | ▼0.18% (24h) | | | FEAR & GREED INDEX | | 52 | | Neutral | | |
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 | Bitcoin | | | $64,001.03 | | ▼3.52% (24h) | |
|  | Ethereum | | | $3,506.19 | | ▼3.06% (24h) | |
|  | BNB | | | $586.28 | | ▼3.41% (24h) | |
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Data as of: 21 Jun 2024 11:20 UTC |
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German Government Begins Massive Bitcoin Sell-Off |
The German government has begun offloading a substantial Bitcoin stash seized from the operators of a movie piracy website, selling over $195 million in Bitcoin within the past 24 hours. This marks a significant portion of the nearly 50,000 Bitcoin confiscated from Movie2k.to, a film piracy site. The sales have already impacted Bitcoin's market price, which has seen a slight decline. Interestingly, while the German authorities continue their sell-off, companies like MicroStrategy remain bullish, recently acquiring $786 million worth of Bitcoin. Click here to read more! |
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Bernstein Analysts Predict Bitcoin Could Reach $200,000 |
Analysts at Bernstein have upped their Bitcoin price target to nearly $200,000 by the end of next year, driven by strong inflows into spot U.S. Bitcoin ETFs since their January approval. This optimistic forecast, revised from an earlier $150,000 target, hinges on the expectation that these ETFs will account for around 7% of the total Bitcoin supply by 2025. Bernstein analysts Gautam Chhugani and Mahika Sapra view institutional adoption of Bitcoin ETFs as a "Trojan Horse" for broader acceptance. With spot Bitcoin ETFs already attracting around $15 billion in new flows, what will this mean for Bitcoin's future market dynamics? Click here to read more! |
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Jupiter Co-Founder Proposes Major Tokenomics Overhaul |
The pseudonymous co-founder of Jupiter, Meow, has proposed a major overhaul to the tokenomics of JUP, the Solana-based decentralized exchange aggregator's native token. The proposal includes a 30% reduction in JUP's total supply, a voluntary 30% cut in the team's allocated tokens, and a corresponding decrease in "Jupuary" emissions. Meow pointed out that Jupiter's fully diluted valuation (FDV) and high total supply are problematic, and these changes aim to address these issues. The proposal has sparked a 7% rise in JUP's price to $0.82, though it has since leveled off. Will these proposed changes revive JUP's market performance and strengthen its community engagement? 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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Kraken Recovers $3 Million in Missing Funds |
Kraken has successfully recovered nearly $3 million in digital assets following a controversial bug bounty exploit by CertiK. The incident began when a "security researcher" exploited a bug to withdraw millions from Kraken's accounts, which led to accusations of extortion against CertiK. CertiK identified itself and defended its actions, stating the large sum was part of testing Kraken's security limits, not an extortion attempt. This episode has raised questions about the necessity of such a large withdrawal and Kraken's security measures. Why did CertiK choose such an extensive method to test Kraken's protections? Find out more! |
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Aptos Labs Partners with NBCUniversal |
Aptos Labs and NBCUniversal have signed a long-term agreement to develop Web3 fan experiences, loyalty programs, and gaming, building on previous successful collaborations. Aptos, known for enhancing fan engagement for Universal films, aims to expand NBCUniversal's Web3 initiatives, such as the game "Free Renfield the Game" and digital experiences for "The Exorcist: Believer." Greg Reed, Universal Pictures' VP of technology partnerships, highlighted the rapidly changing media landscape driven by fan preferences. What innovative Web3 experiences will this collaboration bring next? Read more! |
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| And that's a wrap. We will be back with more updates tomorrow! |
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