Kategorie: Crypto News

• PEPE and BONK look to be defying this outlook with notable gains in the past 24 hours.
• Respected crypto analyst Michael van de Poppe believes a crypto bounce is likely amid multiple macroeconomic events this week.

Pepe (PEPE) and Bonk (BONK) are leading top meme coin gainers today as Dogecoin and Shiba Inu struggle alongside the broader crypto market.

Bitcoin’s sharp declines on Tuesday, coupled with bleeding for Ethereum, Solana and other altcoins, saw the sell-off pressure cascade into memecoins.

Analyst on crypto market outlook

According to crypto analyst Michael van de Poppe, while BTC and altcoins have struggled with downside pressure, a “bottom could be in” amid several macroeconomic events lined up for this week.

It includes the anticipated CPI release, FOMC meeting and the Federal Reserve’s interest rate decision. These are events that could have a notable impact on the broader market.

“The markets have been correcting down as the anticipation of these events usually has a negative relationship with the price action on the crypto markets, especially altcoins. On top of that, Roaring Kitty’s event and GameStop’s correction of last week didn’t have a positive impact on the price action,” he posted on X.

Van de Poppe says a bullish flip is likely given previous market reactions to FOMC meetings.

Pepe price

PEPE traded to lows of $0.00001163 on June 11, hitting the level amid downside pressure across the market.

While the price of Pepe remains below a downtrend line formed after the rejection from around $0.000017 in late May, today’s bounce sees it trade near $0.000013.

This price level has Pepe up 8% in the past 24 hours after paring some of the early gains amid intense volatility across the meme coin market.

Nonetheless, PEPE looks poised for more upside action if buyers hold the support area.

Bonk price

Bonk (BONK) is the first Solana-based dog-themed memecoin, which went parabolic in late 2023 to help Solana break above the $200 level.

In recent months, this token has lagged newly launched counterparts such as dogwifhat (WIF). However, Bonk remains a top meme coin on Solana and is currently soaring alongside GME.

Price of Bonk is currently at $0.00002872, up 6% in the past 24 hours. BONK soared to an all-time high of $0.00004547 in March this year.

While down 17% this past week, today’s bounce could spark a new surge.

The post Pepe, Bonk surge despite sell-off in memecoins appeared first on CoinJournal.

• Ripple has completed the acquisition of Standard Custody & Trust Company, according to a news release published on Tuesday.
• The news comes months after Ripple revealed its intention to acquire the regulated digital assets custody solution.

Ripple closes Standard Custody acquisition

Standard Custody allows Ripple to add a regulated limited purpose trust company to its portfolio, given the New York Department of Financial Services (NYDFS) has licensed the custody firm.

According to the blockchain company’s announcement today, the deal received all the necessary regulatory approvals.

With this deal, Ripple has now completed two huge acquisitions in the digital assets custody market.

In May 2023, Ripple acquired Metaco, a leading digital asset custody provider for institutional investors. This new deal underscores Ripple’s growth and presence within the digital assets ecosystem, per the announcement.

Ripple’s eyes on stablecoin market

Ripple traction is now across cross-border payments, crypto custody, CBDCs and tokenized real-world assets (RWAs) – including stocks, bonds and commodities. Ripple is also eyeing entry into the stablecoin market.

“This is an exciting new chapter for Ripple to strengthen its existing product offerings and explore new, complementary products like stablecoins—underpinned by a commitment to regulatory compliance,” Ripple wrote in a blog post.

Ripple recently announced plans to debut a US dollar-backed stablecoin, a development that will see the company tap into the stablecoin and the native crypto token XRP to bolster its payments solution.

The US-based crypto company plans to issue the new stablecoin on the XRP Ledger and will leverage it to expand liquidity to XRPL’s native decentralized exchange (DEX).

“There is huge demand for stablecoins that deliver trust, stability and utility, and Ripple will leverage its decade-plus of experience building real-world financial solutions for global institutions to address this growing market,” the company noted.

Jack McDonald, CEO of Standard Crypto, joins Ripple as Senior Vice President of Stablecoins.

The post Ripple finalizes acquisition of Standard Custody appeared first on CoinJournal.

Key takeaways

• Bitcoin has dropped below $68k following a poor start to the week.
• Bitbot is working on its staking feature after raising more than $4m in presale.

Bitcoin fails to break past the $72k resistance level and could dip lower

Bitcoin, the leading cryptocurrency by market cap, has been underperforming over the last few days. It has lost nearly 3% of its value in the last 24 hours and is currently trading above $67k per coin. 

The poor performance comes as spot Bitcoin ETFs recorded a $64 million outflow on Monday. This was the first time the US-based spot Bitcoin ETFs recorded outflows in the last three weeks. 

What is Bitbot?

The crypto market is still consolidating but that hasn’t stopped projects from building excellent products. One project that has completed its presale and is currently developing its products is Bitbot. 

Bitbot is an exciting project that has raised capital from investors in a bid to address certain pain points in the market. This Web3 project seeks to bring unique value propositions to traders in the cryptocurrency space. 

As a Telegram trading bot, Bitbot will be self-custodial, enabling users to trade via their cold wallets on Telegram. Bitbot users will enjoy certain features available only to institutional investors, making it easier for traders to grow their trading portfolios.

Bitbot to roll out staking features to users

Bitbot is rolling out tech solutions that could help retail traders excel in the cryptocurrency market. After its presale round, Bitbot is using the funds to develop products that investors can use to boost their trading activities.

According to their recent X post, the Bitbot team revealed that they are currently working on the Staking Feature for the bot. By integrating a staking feature into the Bitbot product, users who claim their tokens through the bot can stake them and earn a competitive Anual Percentage Yield.

In addition to the staking feature, Bitbot will also leverage the Knightsafe to offer a self-custody solution. This solution helps in mitigating the typical risks associated with Telegram trading.

The integration of anti-MEV and anti-rug solutions will further help users protect their assets. Finally, some of the funds raised in the presale are already being chanelled towards integrating Ultra-flexible wallet management fuelled by non-custodial API technology. 

Bitbot raised over $4m in presale

The Bitbot presale has ended and the team raised $4,323,777 during the event. With the Bitbot presale now over, the team is focusing on other aspects of its project. 

According to its website, Bitbot is currently working on the formation of its team, smart contract development, community formation, marketing drive, and alpha testing. Once those are completed, Bitbot will focus its attention on getting the $BITBOT token listed on crypto exchanges, top influencer partnerships, and its Telegram Bot launch.

The whitepaper indicated that the Bitbot development team will hold 20% of the total token supply and use it to fund ongoing development. An additional 14% is allocated to marketing & CEX listings while 3% is allocated to exchange liquidity provision.

Should you buy the Bitbot token when it launches on exchanges?

Since the presale is now officially over, the only way to obtain the $BITBOT token is to purchase it once it gets listed on centralised and decentralised exchanges. It is tough to determine the listing price as token prices are usually volatile once they launch on crypto exchanges.

However, Bitbot could be an excellent crypto project if the development team rolls out its products and they get massive adoption. Bitbot is looking to gain massive adoption in the market by offering unique technologies that would allow traders to improve their trading activities. Its $BITBOT token could be a big winner in the coming months and years with the right level of adoption.

The post Bitcoin dips below $68k as Bitbot develops its staking feature appeared first on CoinJournal.

• Pendle (PENDLE) price dips 3% to near key support area.
• A whale has deposited 755k PENDLE tokens on Binance.
• Arthur Hayes has also staked 1.65 million PENDLE, worth about $8.4 million.

Pendle (PENDLE), the native token of the tokenization and future yield trading protocol Pendle Finance, has dropped 3% in the past 24 hours.

PENDLE’s price dip comes as a major whale deposits a huge chunk of the token on Binance likely for profit.

However, former BitMEX CEO Arthur Hayes has staked 1.65 million PENDLE until September.  

PENDLE price declines amid whale activity

According to CoinGecko data, PENDLE price hovered around 5.13 across top crypto exchanges, down 16% this past week.

The declines follow a broader market dip for cryptocurrencies after the Bitcoin price slipped below $68,000 on Tuesday.

Meanwhile, PENDLE price has struggled with sell-off pressure after last week’s major unstaking of the token by crypto whale and former BitMEX CEO Arthur Hayes.

On June 6, Lookonchain reported that Hayes had unstaked 1.55 million PENDLE worth over $9.41 million. The unstaking saw PENDLE price dip from around $6.30 to lows of $5.34.

On June 11, Lookonchain also shared on-chain data showing another major whale deposited millions worth of PENDLE to the Binance exchange. Specifically, the whale deposited 755,000 PENDLE tokens worth $3.83 million to the exchange.

This whale initially withdrew 5.02 million PENDLE from Binance on August 18, 2023. At the time, the tokens were worth $2.73 million, with each token priced at $0.54.

Hayes stakes 1.65 million PENDLE

While Arthur Hayes unstaked a huge chunk of tokens last week, he’s just locked 1.65 million PENDLE worth $8.4 million. The new locked tokens are until September 5, 2024. Is this bullish for the token?

Hayes has previously expressed an optimistic outlook for the rapidly expanding liquid staking derivatives finance (LSDfi) token.

The Pendle ecosystem’s total value locked (TVL) stands at over $6.52 billion, up 53% in the past 30 days. 

While PENDLE  is now trading at price levels last seen in early May, bulls can retake control if they hold above $5.00. On the flipside, a dip below $5.00 could strengthen bears.

The post PENDLE price outlook as whale deposits tokens on Binance appeared first on CoinJournal.

• Uniswap Labs announced the acquisition of Crypto: The Game (CTG) on Monday.
• The price of UNI, the native token of the Uniswap decentralised exchange (DEX) protocol rose slightly amid this news.

Uniswap Labs has acquired Crypto: The Game (CTG), a crypto-focused elimination game that’s set to launch its third season.

The price of Uniswap (UNI) rose slightly following the news. According to CoinGecko, UNI had a 24-hour gain of just over 5% at the time of writing, trading at about $10.33. 

Uniswap Labs acquires Crypto: The Game

In an announcement, the Uniswap Labs team said that the acquisition will see CTG founders Dylan Abruscato, Tyler Cagle and Bryan Lee continuing as its developers under Uniswap Labs.

“We’re excited to announce that Uniswap Labs has acquired Crypto: The Game (CTG) — the interactive, on-chain survival game. As part of this acquisition, the CTG team will join Uniswap Labs to continue their work on the highly anticipated Season 3. The team will also experiment with on-chain activations for the Uniswap community,” Uniswap Labs said in a blog post on Monday.

Crypto: The Game Season 3 loading

CTG is gearing up for its Season 3, the first two having lit up the crypto market. The game’s survivor-like elimination created a buzz on social media – particularly on X (formerly Twitter). Interest in the game saw NFT passes for its Season 2 sell out within minutes.

For the two seasons, contestants entered the challenge by buying in with 0.1 ETH. The tribes participated in challenges, with subsequent voting over ten-day seasons seeing one individual emerge the winner.

Uniswap will use the deal to help build an even more exciting experience for the CTG community, according to an announcement.

The UNI token price surged on Monday following the news, trading at around $10.33 and up by more than 5%.

The post Uniswap Labs acquires Crypto: The Game appeared first on CoinJournal.