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BTC rebound from $53.4K is possible with the rising USDT OTC premium

BTC rebound from $53.4K is possible with the rising USDT OTC premium

Hot projects + Market overview

I. Mainstream exchange news

  • Binance will support the token swap, increase, and rebrand of Galxe (GAL) to Gravity (G).
  • Upbit has listed Jupiter (JUP).
  • BitMEX has launched a new memecoin Basket Index, which tracks the top 10 memecoins in the crypto market.

II. Mainstream projects and trending events

  • The largest ETH bulk options trade today involved buying a $3,200 call option and selling a $4,200 call option, both expiring at the end of the year, data from Deribit has shown.
  • Non-custodial crypto wallet SafePal has been integrated into Telegram.
  • Fear and Greed Index was 29 on July 5th, the lowest since January 2023, indicating significant market fear.
  • Hamilton has launched tokenized US Treasury bonds on Stacks, Core, and BoB (Build on Bitcoin) Bitcoin layer-2 solutions.
  • Data from the decentralized prediction platform Polymarket has shown an increased probability of US Vice President Kamala Harris becoming the Democratic candidate, coinciding with a 69% probability of Joe Biden stepping down from the race.
  • A German parliament member has urged the government to stop selling Bitcoin.
  • MakerDAO has reported record-high revenue of approximately $85 million in Q2 2024.
  • The CEO of Telegram has said that Hamster Kombat plans to issue its token on the TON blockchain.
  • F2pool, one of the largest mining pools, has stated that ASIC miners with an efficiency below 23 W/T would be unprofitable at an electricity cost of $0.08 per kWh.
  • Aevo, a new platform for automated trading, has launched Aevo Strategies, an automated trading library that executes complex strategies on behalf of users.
  • DeFi protocol Symbiotic has added 210,000 wstETH and has reached its limit, with its TVL surpassing $1 billion.

III. Funding news

  • UniSat Wallet has completed a Pre-A financing round led by Binance.
  • Blockchain game Swords and Dungeons has raised $5 million in funding.


IV. Regulatory news

  • The Central Bank of Bolivia has discussed the potential benefits of cryptocurrencies and the utility of stablecoins as an alternative to the US dollar.
  • South Korea has strengthened its cryptocurrency regulations, cracking down on fraudulent trading activities.

V. Popular projects 

Market Overview

BTC dropped to a low of $53,485, breaking the previous low of $56,552 and confirming the new low trend mentioned yesterday. The current support is around $52,000.

BTC has to hold above $58,000 to mitigate the risk of continued decline. If BTC fails to stabilize above $58,000, it cannot be concluded that the adjustment from $71,997 is over. The market will start its next major upward wave only after the current adjustment concludes.

Market Volatility as Mt.Gox Moves BTC

On July 5th, Mt. Gox's address transferred 47,228 BTC, intensifying market volatility. This, combined with the German government's Bitcoin sales and US BTC ETF outflows, led to a continued decline in BTC prices.

However, the rising USDT OTC premium suggests BTC may rebound once these impacts are absorbed.

GIGA surged against the bearish trend

GIGA is a memecoin on the Solana chain, featuring Russian bodybuilder Ernest Khalimov, known as "Gigachad" for his perfect physique and jawline.

The GIGA token has recorded a market cap of $69.55 million, on-chain liquidity of $1.33 million, and a price surge of over 8% in the past 24 hours.

FTN surged against the bearish trend

FTN is the official token of the Fastex ecosystem, developed by tech giant SoftConstruct. Leveraging SoftConstruct's extensive network, over 1 million active users, and 700 global partners, FTN has numerous real-world applications, including business settlements, gaming, transactions on over 100 websites, and paying gas fees on the Bahamut blockchain.

Since its launch in January 2023, FTN's value has increased more than five-fold, ranking 89th with its current market cap of $728 million.

Symbiotic reached a new staking limit

Symbiotic, a competitor to EigenLayer, has reached a staking limit of 210,000 wstETH, bringing its total locked value to $940 million. In January 2024, Symbiotic raised $5.8 million from a seed round led by Paradigm and Cyber Fund.

Symbiotic aims to provide a permissionless restaking protocol, enabling decentralized networks to coordinate node operators and economic security providers more efficiently. This solution offers greater flexibility, permissionless access, and reliability, compared to EigenLayer.

On-chain Daily

1. PEIPEI: PEIPEI is the Chinese version of Pepe, characterized by its red body and a hat with the Five-Star Flag. The token recently surged over 4X, showing a strong comeback.

Current Price: $0.0(6)198

Historical High: $0.0(6)281

24-Hour Change: +8%

Current Market Value: $83M

Official Twitter: https://x.com/Peipeierc20

2. Ponzio: PONZIO’s supply halves every four days, and staked tokens yield 13.37% profit every four days.

Current Price: $1.949

Historical High: $2.07

24-Hour Change: +2.7%

Current Market Value: $2M

Official Twitter: https://x.com/PonzioTheCat

3. BUD: BUD is a memecoin featuring a character from the Pepe comic "Boy’s Club".

Current Price: $0.0(8)65

Historical High: $0.0(7)18

24-Hour Change: -20%

Current Market Value: $2.7M

Official Twitter: https://x.com/BigBudEth

4. mao: mao is a memecoin on the Solana chain, featuring a cute cat with changing outfits, similar to Michi. The project is now community-managed (CTO).

Current Price: $0.0081

Historical High: $0.014

24-Hour Change: -5%

Current Market Value: $7.9M

Official Twitter: https://x.com/MAOcatonsolana

5. KAMA: KAMA is a memecoin on the Solana chain featuring US Vice President Kamala Harris. It gained attention amid rumors of her potential candidacy if Biden steps down.

Current Price: $0.0119

Historical High: $0.0222

24-Hour Change: +4.6%

Current Market Value: $11.9M

Official Twitter: https://x.com/kamalahorriss

6. SPIKE: SPIKE is a memecoin on the Solana chain, featuring the first documented drawing by Matt Furie.

Current Price: $0.00319

Historical High: $0.0476

24-Hour Change: -3.9%

Current Market Value: $31.9M

Official Twitter:https://x.com/spiketheog

Daily Rune Observation

Gas Fee Change: The current BTC transaction fee is 7 bytes/satoshi, remaining low due to Bitcoin's downturn.

Today's Popular Projects

BYZANTINE•GENERAL

  • Minting: Completed
  • A popular project with a market value of $125K
  • 24-hour trading volume: $14,000 (88% increase)
  • Holding addresses: 561

BONES•OF•BITDOG

  • Minting: Completed
  • A popular project with a market value of $6M
  • 24-hour trading volume: $13,400 (77% increase)
  • Holding addresses: 2,998

NICOLAS•PI•RUNES

  • Minting: Completed
  • A popular project with a market value of $6.6M
  • 24-hour trading volume: $178,800 (15% increase)
  • Holding addresses: 7,363

Top Rune Projects Tracking

DOG•GO•TO•THE•MOON: Rune #3, also known as the airdrop Rune of Runestone.

  • Current price: 9.23 Sats
  • 24-hour change: -1.5%
  • Current Market Value: 9,229 BTC

BAMK•OF•NAKAMOTO•DOLLAR: A synthetic dollar protocol built on Bitcoin L1.

  • Current price: 8.3 Sats
  • 24-hour change: -10%
  • Current Market Value: 1,743 BTC

RSIC•GENESIS•RUNE: Rune #8, established by the prominent inscription mining project RSIC.

  • Current price: 7 Sats
  • 24-hour change: -8%
  • Current Market Value: 1,465 BTC

Disclaimer

The information provided in this article is for general informational purposes only and does not constitute financial, investment, legal, or professional advice of any kind. While we have made every effort to ensure that the information contained herein is accurate and up-to-date, we make no guarantees as to its completeness or accuracy. The content is based on information available at the time of writing and may be subject to change.

Please note that this article includes references to third-party websites and data, which are provided solely for convenience and informational purposes. We do not endorse or assume any responsibility for the content, accuracy, or reliability of any information, products, or services offered by third parties.

Cryptocurrencies, staking, and restaking involve significant risk and may not be suitable for all investors. The value of digital currencies can be extremely volatile, and you should carefully consider your investment objectives, level of experience, and risk appetite before participating in any staking or investment activities.

We strongly recommend that you seek independent advice from a qualified professional before making any investment or financial decisions related to cryptocurrencies or staking. We shall in NO case be liable for any loss or damage arising directly or indirectly from the use of or reliance on the information contained in this article.

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