BTC could surpass $71K, possibly a false breakout or a push past $73.7K

BTC could surpass $71K, possibly a false breakout or a push past $73.7K

May 27, 2024

Hot projects + Market overview

I. Mainstream exchange news

  • Binance will temporarily suspend the deposits and withdrawals of tokens on the Sei and Kaden network, to support their network upgrade and hard fork.
  • Coinbase allows New York clients to trade BONK.
  • Coinbase includes Core (CORECHAIN) in its listing roadmap.
  • Binance is to release Cristiano Ronaldo's NFT collection on May 29th.
  • Binance is to support Neo (NEO) network upgrade and hard fork.
  • Apple reportedly agreed with OpenAI to introduce ChatGPT into iOS 18.
  • Friend.tech co-founder, Racer hints at leaving the Base network, FRIEND token fell below $1.
  • Trump promises to pardon the founder of Silk Road if elected.
  • Sei V2's upgrade proposal has been approved, and the mainnet will upgrade on May 27th.
  • NEAR's native issuance of USDC exceeds $200 million.
  • deBridge receives 59% of votes at the 3rd round of Jupiter LFG Launchpad voting.
  • Game and AI modular data layer CARV partners with social public chain Cyber.
  • State Street Bank plans to introduce ETFs into the US retirement plan.
  • Uniswap Foundation on-chain voting starts on May 31st, to reward UNI token holders.
  • Musk mourns the death of DOGE prototype, Kabosu.
  • Lista tokenomics allots 1 billion tokens, 10% for airdrops, and 40% for community.

III. Funding news

  • Web3 entertainment studio Feature completes $1.9 million in funding.
  • Options protocol IVX raises $1.2 million, funding led by Animoca Ventures and AVID3.
  • Crypto governance consultancy MetaLeX raised $2.75 million in seed funds.
  • LBank Labs invests in blockchain network service provider XION.

IV. Regulatory news

  • Chinese newspaper Ming Pao reports that high compliance costs and a less attractive local market have prompted crypto platforms to withdraw VASP license applications in Hong Kong.
  • S. Koreans pressures its regulators, in response to the approval of US Ethereum spot ETFs.
  • Indian Central Bank warns retail investors that cryptocurrencies lack accountability and stability.

Market overview

Bitcoin continues to exhibit a narrow trading range. Its value dipped to a recent low of $66,312 but did not breach the $66,000 support level. Two primary trends are currently anticipated:

Bitcoin could dip below $66,000 after a correction, followed by a bullish trend, possibly extending its consolidation phase.

Bitcoin could exceed $71,000, possibly indicating a false breakout, followed by a retracement for further consolidation, or a direct push past the previous high of $73,777.

Ethereum maintains strong performance, with the ETH to BTC ratio expected to rise until S-1 filing approval, targeting $4,900 in the medium term, suggesting new opportunities for Ethereum holders.

BTC Spot ETF as of May 24th

Overall Data

Total net inflow: $13.69 billion

Daily net inflow: $251 million

Single-day turnover: $1.63 billion

Proportion in BTC’s market value: 4.36%

Breakdown by ETF:

GBTC

Single-day net outflow: 0

Cumulative net outflow: $1.8 billion

Single-day turnover: $273 million

Net asset value: $20 billion

IBIT

Single-day net inflow: $182 million

Cumulative net inflow: $16 billion

Single-day turnover: $776 million

Net asset value: $19.79 billion

FBTC

Single-day net inflow: $44 million

Cumulative net inflow: $9 billion

Single-day turnover: $407 million

Net asset value: $1.14 billion

ARKB

Single-day net inflow: $4 million

Cumulative net inflow: $3 billion

Single-day turnover: $87.44 million

Net asset value: $3 billion

MEGA, a Trump-themed memecoin on the Ethereum chain, is one of the biggest gainers in this market round.

Current Market Cap: $239 million

On-chain Liquidity: $4.19 million

Daily Turnover: $50.95 million

TRUMP, a Trump-themed project on the Ethereum chain, is the leading project in this round of speculation.

Current Market Cap: $575 million

On-chain Liquidity: $11.18 million

Daily Turnover: $11.35 million

TRUMPE is a combination of PEPE and Trump IP on the Ethereum chain.

Current Market Cap: $6 million

On-chain Liquidity: $503,000 

Daily Turnover: $3.96 million

MELANIA is a Trump-themed memecoin on the Ethereum chain, with IP from Trump's wife. 

Current Market Cap: $7.44 million

On-chain Liquidity: $369,000

Daily Turnover: $390,000

MAGA (TRUMP'S HAT) is a Trump-themed memecoin built on the Solana chain.

Current Market Cap: $2.67 million

On-chain Liquidity: $241,000

Daily Turnover: $4.28 million

WJD is a Biden-themed memecoin on the Ethereum chain.

Current Market Cap: $2.34 million

On-chain Liquidity: $310,000

Daily Turnover: $2.18 million

On-chain Daily

1. BTC: With the full name being Boost Trump Campaign, BTC is a Trump-related memecoin.

Current price: 0.0(4)185

Historical high: 0.0(4)228

6-hour increase: 110% (Token listing time: 5/26 12:40 UTC)

Current Market Cap: $7.8M

2. Jenner: Jenner is associated with Caitlyn Jenner. It might be her personal project or possibly a case of account theft, current views are divided. Caitlyn Jenner, known as the father of the famous Kardashian family, was the champion of the men's decathlon at the 1976 Olympics and later transitioned (male to female).

Current price: 0.0258

Historical high: 0.0283

6-hour increase: 288%  (Token listing time: 5/26 20:10 UTC)

Current Market Cap: $25.8M

3. MELANIA: MELANIA's IP is Melania Trump. It is another Trump-themed memecoin for the US election.

Current price: 0.158 (also historical high)

24-hour increase: 16.7% 

Current Market Cap: $7.4M

4. Pepe: This is the Solana version of Pepe. A unique feature of this project is that the developers have sent all the tokens they own to the infamous KOL Pauly.

Current price: 0.0183

Historical high: 0.0303

24-hour increase: 153% 

Current Market Cap: $18.4M

5. Pepe: This is the Base version of Pepe. Features include a blue Pepe and an address that starts with 0x69.

Current price: 0.0(7)366

Historical high: 0.0(6)114

24-hour decrease: 19% 

Current Market Cap: $15M

6. GROOVE: GROOVE is equivalent to Rotten Tomatoes in the music industry. Fans can stream and review music from emerging artists. Reviewing favourite songs can earn money.

Current price: 0.00174

Historical high: 0.00446

24-hour increase: 286% 

Current Market Cap: $1.7M

The content above is neither a recommendation for investment and trading strategies nor does it constitute an investment offer, solicitation, or recommendation of any product or service. The content is for informational sharing purposes only. Anyone who makes or changes the investment decision based on the content shall undertake the result or loss by himself/herself.

The content of this document has been translated into different languages and shared throughout different platforms. In case of any discrepancy or inconsistency between different posts caused by mistranslations, the English version on our official website shall prevail.

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