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BTC risks further decline if it doesn't break $59,000 and $61,000

BTC risks further decline if it doesn't break $59,000 and $61,000

Hot projects + Market overview

I. Mainstream exchange news

  • ​​Binance has merged the OCEAN, AGIX, and FET tokens, naming the new token ASI. 
  • Binance will remove AMB/BTC, IOST/BTC, and LINA/BTC spot trading pairs.

II. Mainstream projects and trending events

  • Tether CEO Paolo Ardoino has said that the company is developing a decentralized AI model.
  • UniSat will launch in September, Fractal Swap, a scaling solution that will include an incentive mechanism.
  • Nate Geraci, president of the ETF Store has predicted that an Ethereum spot ETF is likely to launch the week of July 15th.
  • EVM-compatible blockchain Celo has launched the L2 testnet Dango, built on OP Stack.
  • The Lido community has proposed hiring a legal counsel for a collective lawsuit involving Lido DAO.
  • Mining companies Bit Digital and Iris Energy have reported a decline in Bitcoin production for Q2.
  • The US Federal Reserve's semi-annual monetary policy report indicates that more confidence in controlling inflation is needed before rate cuts can be considered.
  • Ethereum Layer 2 Zircuit will release its mainnet soon, with the first-quarter points snapshot scheduled for July 7th.
  • Creditors of defunct crypto exchange Mt. Gox could wait up to three months before receiving their Bitcoin.
  • 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 this year, data from Deribit has shown.

IV. Regulatory news

  • South Korea has delayed the implementation of virtual asset tax regulations until 2025.
  • The European Union has introduced new regulations requiring crypto exchanges to comply with travel rule guidelines and enhance anti-money laundering measures starting December 30th.

V. Popular projects 

Market Overview

After hitting a new low of $53,485 over the weekend, BTC began to rebound and peaked at $58,475.

To confirm an upward trend and end the correction from $71,997, BTC needs to stabilize and break two critical levels: $59,000 and $61,000.

If BTC fails to quickly surpass these levels, there is still a risk of further decline. The support level is at $51,500.

US BTC Spot ETF Updates - July 5

 

Overall Data:

Total Net Inflows: $14.76 billion

Daily Net Outflows: $143 million

Single-Day Turnover: over $2.81 billion

Proportion of BTC’s Market Value: 4.42% 

Breakdown by ETF:

 

GBTC:

Net Asset Value: $15.46 billion (-0.18%)

Single-Day Net Outflows: $28.57 million

Cumulative Net Outflows: $18.6 billion

Single-Day Turnover: $390 million

 

IBIT:

Net Asset Value: $17.36 billion (0%)

Single-Day Net Inflows: $0

Cumulative Net Inflows: $17.74 billion

Single-Day Turnover: $1.5 billion

 

FBTC:

Net Asset Value: $9.65 billion (+1.23%)

Single-Day Net Inflows: $117 million

Cumulative Net Inflows: $9.36 billion

Single-Day Turnover: $526 million

 

ARKB:

Net Asset Value: $2.63 billion (+0.43%)

Single-Day Net Inflows: $11.3 million

Cumulative Net Inflows: $2.43 billion

Single-Day Turnover: $174 million

UDS is up 28% in a day

Undeads (UDS) is an MMORPG survival game based on the Ethereum blockchain and in-game NFTs. Since its launch in May, the UDS token has shown strong performance despite minor fluctuations. 84.2% of the UDS tokens are locked in contract addresses, limiting the token market circulation

The token price has surged 28% in a day to a new high, with a current market cap of $26.61 million.

SATS is up 20% in a day

 

UniSat has made progress in systematically scaling Bitcoin with a method called Fractal Bitcoin. This approach utilizes Fractal Swap, a swap product similar to the mainnet swap module, to ensure projects have good liquidity from the outset.

SATS will be used as the gas fee within the process, leading to a notable 20% daily rebound in SATS prices.

On-chain Daily

1. MOJO: MOJO is claimed to be the first recorded artwork by Matt Furie.

Current Price: $0.0(8)64

Historical High: $0.0(7)112

24-hour Change: +28%

Current Market Value: $2.6M

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

2. SPIKE: Spike is a creation by Matt Furie from 1984. The token's distinctive feature is its address starting with 0x1984.

Current Price: $0.0(4)211

Historical High: $0.0(4)275

24-hour Change: +37%

Current Market Value: $8.3M

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

3. SHIBA: SHIBA is the American version of the Shiba Inu token.

Current Price: $0.0(8)169

Historical High: $0.0(8)228

6-hour Change: +28% (Token Launch Time: 7/7, 20:30 UTC)

Current Market Value: $861K

Official Twitter: https://x.com/americanshib?s=21&t=g39zXlKHlUmuL9k26cHZbg

4. BODP: BODP is a memecoin on the Solana chain, named Book of Dump.  It refers to the recent market crash caused by the German government and Mt.Gox selling BTC.

Current Price: $0.0271

Historical High: $0.0298

24-hour Change: +5.5%

Current Market Value: $2.6M

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

5. Doogle: Doogle is a memecoin on the Solana chain, featuring a character created by Matt Furie in 2018.

Current Price: $0.00849

Historical High: $0.0114

24-hour Change: +57%

Current Market Value: $8.5M

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

6. HOPPY: HOPPY is a memecoin on the Base chain, featuring the main character from Matt Furie's first comic book "The Night Riders."

Current Price: $0.0217

Historical High: $0.0315

24-hour Change: +565%

Current Market Value: $21.7M

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

Daily Rune Observation

Gas Fee Change: The current BTC transaction fee is 6 bytes/satoshi, remaining low due to Bitcoin's downturn.

Today's Popular Projects

HAWK•TUAH•FOR•PRESIDENT

- Total pieces: 50,000

- Reserved: 0%

- Currently minted: 17,239

- In memory pool: 645

- Minting progress: 35%

- Holding addresses: 184

THE•DONALD•TRUMP

- Minting: Completed

- A popular project with a market value of $4.7M

- 24-hour trading volume: $4,803 (1% increase)

- Holding addresses: 3,065

NICOLAS•PI•RUNES

- Minting: Completed

- A popular project with a market value of $4.7M

- 24-hour trading volume: $99,900 (0.1% increase)

- Holding addresses: 7,662

Top Rune Projects Tracking

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

- Current price: 7.9 Sats

- 24-hour change: -9%

- Current Market Value: 7,953 BTC

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

- Current price: 10.4 Sats

- 24-hour change: +4%

- Current Market Value: 2,184 BTC

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

- Current price: 6.9 Sats

- 24-hour change: -3.7%

- 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.

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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.

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