Schlagwort: crypto business

• Fidelity’s FBTC sees $106 million in outflows, nearly half of the $226 million spot bitcoin ETF outflows on June 13.
• BlackRock’s IBIT only fund to see net inflows on the day with $18 million.
• Bitcoin price continues to struggle, down 5.8% this past week.

The US spot Bitcoin exchange-traded fund (ETF) market recorded yet another day of net outflows on June 13, with Fidelity Investments’ FBTC seeing the most outflows on the day.

While BlackRock’s IBIT reported net inflows of $18 million, data by SoSoValue shows the spot ETFs cumulatively recorded net outflows of $226.21 million.

Fidelity’s FBTC slumped to $106 million – the second-largest outflow for the ETF since its trading debut, to account for nearly half of the net outflows. Grayscale recorded net outflows of $62 million for its GBTC ETF, while Ark Invest’s ARKB and Bitwise’s BITB saw $53 million and $9.8 million exit the funds respectively.

VanEck’s fund HODL also saw net outflows, with $11.3 million moving out, while about $2.7 million exited Invesco and Galaxy Digital’s BTCO.

Bitcoin ETFs total inflows at $15.3 billion

The outflows on June 13 came after Wednesday has seen the US spot Bitcoin ETFs market snap a two-day streak of outflows with $100.8 million worth of inflows. 

Data shows the total net inflows to all US spot Bitcoin ETFs reached $15.5 billion on the day before yesterday’s $206 net outflows pulled it back to about $15.3 billion.

On Wednesday, SEC chair Gary Gensler told lawmakers that he sees the agency finally approving S-1 filings for spot Ethereum ETFs “in the summer.”

Both BTC and ETH prices hovered below key levels amid this news and the spot BTC ETFs outflows.

The price of Bitcoin retreated from highs near $70,000 to about $66,450 and is currently around $66,900 at the time of writing, down 5.9% this past week.

Ethereum price remains around $3,500, down nearly 8% this past week.

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• Ethena (ENA) struggles with bearish trends, eyes set on $0.65 support.
• Oasis (ROSE) showcases bullish resilience driven by robust technology.
• Bitbot presale investors eyes token claiming via Telegram ahead of plans DEX listing.

Ethena (ENA), recently a darling of many crypto investors with an impressive bullish rally, is facing a prolonged bear trend, prompting investors to seek alternative opportunities in assets like Oasis (ROSE) and innovative platforms such as Bitbot.

While Ethena declines, Oasis stand as compelling alternative for its sustained gains and Bitbot’s native token, $BITBOT, is projected to surge upon exchange listing.

Ethena price falls as analysts point to further decline

Market analysis of Ethena (ENA) reveals a downtrend marked by failed attempts at bullish reversals and significant price retracements.

Despite initial optimism, the token struggled to maintain key psychological levels, notably failing to sustain the $1 mark.

While some traders anticipate a potential bullish comeback if critical support levels around $0.65 hold firm, technical indicators, including the MACD and EMA charts, highlight ongoing bearish pressures.

The death cross formation on the 4-hour chart underscores the substantial influence of bearish sentiment, suggesting that Ethena may face further challenges in reclaiming previous highs without significant market shifts.

Oasis (ROSE) captures investors’ attention with its sustained rally

In contrast to Ethena’s struggles, Oasis (ROSE) has emerged as a beacon of optimism in the cryptocurrency market.

The native asset of Oasis Network, ROSE, has defied broader market trends with a notable uptrend characterized by a rounding bottom pattern and a golden cross of the 50-day and 200-day EMAs—a bullish signal highly regarded in technical analysis.

Investor sentiment towards ROSE has been bolstered by its resilience amidst market volatility. The token recently saw a significant rebound from support levels around $0.080, reclaiming key thresholds like $0.10 and nearing the billion-dollar market capitalization mark.

Analysts speculate that ROSE could potentially reach the psychological milestone of $1 within the near future, buoyed by robust technical indicators and growing investor confidence.

The integration of privacy-focused technologies and scalable solutions within Oasis Network, including Sapphire and native rollup support, further positions ROSE as a promising contender in sectors spanning decentralized finance (DeFi), artificial intelligence (AI), and beyond.

Bitbot investors eagerly await token claiming and exchange listing

While Oasis (ROSE) offers an alternative investment opportunity for Ethena investors, Bitbot, the pioneering AI-powered Telegram trading bot, has garnered significant attention following the successful conclusion of its public presale, which raised over $4.3 million.

Designed to democratize access to institutional-grade trading tools, Bitbot offers features such as real-time market data integration, non-custodial wallet capabilities, and a user-friendly interface accessible directly through Telegram.

Following the successful presale, Bitbot investors are now eagerly anticipating the commencement of token claiming via its Telegram bot in the coming weeks. This feature will allow users to secure their tokens and participate in the platform’s ecosystem, which includes earning incentives through trading fees and token taxes.

Looking ahead, Bitbot’s roadmap outlines ambitious plans, including listing on decentralized exchanges (DEXes), launching its native mobile app, and expanding to support multiple blockchain networks.

These developments are set to further enhance Bitbot’s functionality and accessibility, catering to a global community of crypto enthusiasts seeking innovative trading solutions.

Conclusion

While Ethena (ENA) faces challenges amidst a bearish market sentiment ROSE’s impressive performance and technological advancements make it a compelling option for those seeking growth.

On the other hand Bitbot’s upcoming developments promise to revolutionize how traders engage with digital assets.

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• Current CEO Chris Amani announced that Terraform Labs will wind down.
• Terraform Labs will sell its remaining assets to various digital asset management firms.
• More information about Terraform Labs’ dissolution and the distribution of its assets will be released in the coming weeks.

The CEO of Terraform Labs, the blockchain protocol founded by Do Kwon, has announced that it is ceasing operations after reaching a settlement with the U.S. Securities and Exchange Commission (SEC).

The $4.5 million fine settlement, which reached on Wednesday June 12, marked the end of a tumultuous period for the company, which has faced significant legal and financial challenges since the TerraUSD (UST) stablecoin collapsed in 2022. The UST collapse wiped out wiped out almost half a trillion U.S. dollars from the crypto markets.

Terraform Labs had a shutdown plan just in case

Terraform Labs’ decision to cease operations comes after a settlement with the SEC, which had initially sought a $5.3 billion penalty.

The $4.5 billion fine, while substantial, reflected a compromise between the federal regulator and the company’s legal representatives.

The settlement was intended to serve as a deterrent against misconduct in the crypto industry, highlighting the SEC’s commitment to enforcing federal securities laws.

In his announcement on X, the CEO Chris Amani stated that the company had always planned to dissolve if necessary and is now proceeding with that course of action. Amani expressed pride in the company’s efforts to innovate despite the numerous challenges it faced.

As the firm winds down, the remaining assets of Terraform will be sold to several entities, including Pulsar Finance, wen3 interface Station Wallet, and DAO management firm Enterprise Protocol. This distribution aims to ensure that the valuable components of Terraform Labs’ technological and financial ecosystem continue to benefit the broader digital asset community.

Implications of Terraform Labs’ dissolution

The SEC’s case against Terraform Labs and Do Kwon has been a significant event in the crypto world and the $4.5 billion fine is a part of a broader legal strategy to regulate and oversee the rapidly evolving cryptocurrency market.

Do Kwon’s involvement in the collapse of Terra Luna and the UST stablecoin, which led to a loss of billions from the crypto market, has been central to the SEC’s case against Terraform.

After evading authorities for months by hiding in various countries, Kwon was eventually apprehended in Montenegro. He now faces potential extradition to either the United States or South Korea, where he could face further legal consequences.

The outcome of the case sends a clear message to the crypto industry that regulatory compliance is crucial, and those who attempt to circumvent federal laws will face significant penalties.

After Terraform Labs’ shutdown, the legal proceedings against Kwon will likely influence future regulatory approaches and enforcement actions in the crypto space.

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• Bitcoin price has declined by nearly 7% in the past week, with bulls failing to hold above the $70k level. BTC has today retreated to around $66,350 amid fresh selling pressure.
• While prices are down as the market reacts to macroeconomic events, analysts at CryptoQuant say some of the downside comes from sell-off pressure facing miners.

According to a CryptoQuant update on Thursday, there’s been an uptick in mining pool transfers and OTC desk sales for BTC. Some major publicly-traded Bitcoin mining companies have also recently reduced their holdings.

“BTC miners have ramped up selling as prices fluctuated between $69k and $71k. On June 9th, transfers from mining pools to Binance surged, hitting a 2-month peak of over 3,000 BTC. This shift aligns with a price correction, that dropped Bitcoin to $66k,”the CryptoQuant team noted in a post on X

Data also shows increased OTC sales, with the latest being a 1,200 BTC OTC desk sale on June 10.

Meanwhile, major US Bitcoin mining firms have sold off coins – for instance, Marathon Digital (MARA) offloaded 1,400 BTC in June. The company only sold 390 in May.

Miner revenue plummeted 55%

Miner sell-off pressure has intensified as mining revenue fell.

For example, post-halving, daily miner revenues have reached $35 million. In March, that peaked at over $78 million, indicating a sharp decline of 55%.

“Amidst low miner revenues post-halving, daily Bitcoin transaction fees have dropped to around 65 Bitcoin from 117 prior to April 18th. Despite record-high transactions, median transaction fees in USD remain low, underscoring the pressure on miners’ income,” the CryptoQuant team noted.

The analysts also say that the Bitcoin network has also seen a dip in hashrate post-halving, but that’s only by 4%.

It means miners face stiff competition amid a reduced block reward and a combination of low miner revenues and high hashrate “often point to potential market lows.”

“Since May, miners have faced significant underpayment, suggesting we might be near a price bottom,”

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• Solciety is a new Solana meme coin launching in presale on June 18.
• The meme coin combines politics, political buzz and meme coins, offering the first political party for degens.
• SLCTY will be available in a fire-sale, 30-day presale featuring only 10 stages.

As the global political landscape heats up amid multiple heavyweight elections, there’s something else that’s creating waves – the rise of the political meme coins.

Solciety, the new project that brings the first political party for Degens on Solana, launches the presale for the SLCTY token on June 18.

Accordingly, Solciety’s token will be available for early adopters via the official presale page.

What is Solciety?

In 2024, politics is at the center of interest in some of the world’s leading economies, including the United States, the UK and India. Meme coins have gone viral amid the rising political temperatures.

PolitiFi memes are more than just the political world. It’s where memesphere takes hilarious moments and turns them into a movement. Degens, the digital army behind this buzz, has spectacularly fused this political menu with blockchain technology, creating opportunities that have driven massive gains for early adopters.

Tokens such as MAGA (TRUMP), Jeo Boden (BODEN), Doland Tremp (TREMP) and Super Trump (STRUMP) have emerged to rival big-time Solana-based hitters dogwifhat (WIF) and Bonk (BONK).

Solciety (SLCTY) is the newest politics-inspired meme coin in the market. But rather than be a typical dog-themed, cat-themed or such other token, this is a fiery political party memecoin for degens. Solciety also strikes a chord across the political divide.

It’s where the love or hate of politics collide to offer degens the platform to serve political commentary as they see it – all the while reaping massively from their interactions across the ecosystem.

Solciety tokenomics and presale details

The Solciety presale will run for 30 days, span 10 stages and offer early access at the heavily-discounted price of $0.000963 in the first stage.

After every 72 hours, the token’s price will rise, hinting at a potential 125% increase from stage 1.

In terms of tokenomics, the presale offers 30% of the supply with 3 billion tokens up for grabs. The project has set 20% for marketing and 10% for community rewards and incentives programs, while liquidity will account for 17%.

Solciety and meme coin market: Is SLCTY worth a look?

The past year has been phenomenal for crypto, with Bitcoin making a mark with its surge to a new all-time high. Altcoins too have seen a remarkable past year. Yet meme coins have had the most spectacular performances, riding the rise in Solana and Base memes.

Experts say this outlook will continue to play out as the ecosystem matures. In the short term, it’s the ‘Summer of Memes’ that has the market extremely excited. The season of politics is now the season of political meme coins.

In just a few days, the PolitiFi ecosystem that currently boasts over $1.6 billion in market capitalization and $577 million in trading volume, could be poised for a new dose of upside momentum.

Whereas MAGA (TRUMP), Jeo Boden (BODEN) and Doland Tremp (TREMP) currently dominate the space, the latest frenzy is with the soon-to-launch SOL-based meme coin Solciety (SLCTY).

Learn more about Solciety and its upcoming presale here.

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