Ethereum continues to struggle to maintain above $4,000, reflecting the lack of momentum in the broader market. However, data suggests growing demand for the world's largest altcoin. 📈🌐

According to CryptoQuant head of research Julio Moreno, demand for Ethereum has surged thanks to significant purchases of “permanent holders” of the cryptocurrency. This group of holders recorded the second-highest daily purchase volume in history on June 13, purchasing 298,000 ETH, worth more than $1 billion.

Ethereum price, on the other hand, is down almost 8% over the past week after several corrections. However, the latest surge in demand highlights the growing interest and confidence in Ethereum among long-term investors.

Wealthy investors continue to accumulate assets, as evidenced by the rise in the number of Ethereum addresses holding 10,000 or more ETH over the past three weeks. Moreover, Coinbase recently experienced the largest Ethereum outflow this year on June 12, when over 336,000 ETH, worth $1.17 billion, was withdrawn.

SEC Chairman Gary Gensler updated the Ethereum ETF approval process, which is expected by the end of this summer. After the initial approval of a batch of such products, the process proceeds “smoothly”.

Tokenization platform Omnichain Holograph experienced a hacker attack, causing the value of its native HLG token to drop by 80%. The hacker exploited a vulnerability in the operator's contract, creating 1 billion HLG tokens, initially valued at $14.4 million. The Holograph team has confirmed the breach and assures users that the vulnerability has been fixed and the attacker's accounts have been frozen on cryptocurrency exchanges. 🚨🔒

Immediately after the attack, the price of HLG fell from $0.014 to $0.0029, which is a 79.4% drop. The current value of the 1 billion stolen tokens is about $7 million. According to Etherscan, the attack began on June 13 at 9:47 UTC.

Network data suggests the hacker may be a "reckless developer" who prepared for the attack months in advance. Holograph operates within the Omnichain ecosystem, enabling tokenization, seamless interoperability and secure cross-asset transactions across all EVM blockchains.

Dogecoin (DOGE) lost 12% for the week, falling to $0.14, but analysts expect potential price gains based on technical patterns. 📉📈 DOGE has strong support at $0.115 and resistance at $0.16, with an RSI of 48, indicating it is not overbought or oversold.

Despite the downward trend, many users are expecting more explosive moves from DOGE. Traders speculate that DOGE is following a specific bullish parallel channel that could eventually push the price to $12.

Market intelligence platform IntoTheBlock recently suggested that the meme coin is "above a significant level of support on the blockchain." They estimate that 45 million assets have been accumulated at an average price of $0.115, "indicating a strong demand area that could prove important if the market shows weakness."

Riot Platforms purchased an additional 1,432,063 shares of Bitfarms for $2.7 per share, investing approximately $3.87 million. Riot's total shareholding now stands at approximately 57.62 million, representing approximately 14% of Bitfarms. 📈

This is part of Riot's strategy to try to take over Bitfarms. In response to Riot's aggressive strategy, Bitfarms took defensive measures, including the use of a "poison pill." 🛡️

If any company acquires more than 15% of Bitfarms shares before September 10, the company will issue new shares to dilute that company's stake.

Riot Platforms CEO Jason Les criticized Bitfarms' defensive tactics, accusing the board of directors of dishonesty and obliviousness to the interests of shareholders.

The Polkadot price is near the critical resistance level at $6.5. There may be a slight bullish recovery in the near future due to potentially increased demand at this level.

However, the price remains in a critical range limited by the support at $6.5 and the downward trend line. The next breakout will likely determine the next price move.

On the 4-hour chart of Polkadot, there is a noticeable increase in demand around $6.2, which led to a sharp increase to the short-term local resistance level of $6.8. However, then the price encountered sales, which led to a correction.

Polkadot's price is currently hovering around $6.5. The Binance liquidation map shows significant buy orders and liquidity above the $7.3 mark. This makes it a potential target for buyers, especially if there is a bullish recovery in the coming days. 📈📊

The cryptocurrency market experienced a sharp drop last Friday. The price of Bitcoin fell below $70K, causing significant selling of assets. Total capitalization fell by $100 billion, amounting to about $2.57 trillion.

Everything was going well until the bears decided to throw a late party on Friday. The price of Bitcoin fell below $70K, causing a significant decline in the entire cryptocurrency market. This led to the liquidation of hundreds of millions and raised fears of a long-term correction.

The next seven days were incredibly turbulent. The price stabilized over the weekend, but bulls attempted to recover later in the week. Unfortunately, it was unsuccessful. The move towards $70K was caused by the publication of the CPI index for the previous month.

On Thursday, the price collapsed again, unable to maintain the gains made in an attempt to recover to $70K. Bitcoin is currently trading around $67K, completely unable to break out of this level upward. Most altcoins have followed a similar fate, but many are showing larger losses.

Despite the depressing price performance, the market and wider industry remains as interesting as ever and it's exciting to see what next week brings!

Market data

Market Cap: $2.57T | 24H Volume: $90B | BTC Dominance: 51.5%

BTC: $67,136 (-5.4%) | ETH: $3,510 (-0.7.3%) | BNB: $609 (-13.4%)

The US Federal Reserve decided to keep its benchmark interest rate at 5.25% to 5.5%. Some cryptocurrency analysts believe that this could lead to increased fluctuations in Bitcoin's price.

DeFi token CRV crashed 30% as Curve Finance founder was completely liquidated.

MicroStrategy announces a $500M bond offering to purchase more Bitcoin.

Bitcoin supply on exchanges hits December 2021 low: what does this mean for the BTC price?

Paxos allegedly cuts staff by 20%: details.

Andrew Tate and Iggy Azalea are accused of insider trading while promoting meme coins.

Polkadot announced a partnership with Heroic to implement Deloitte's KYC solution via the Polimec protocol. The community also plans to allocate 3 million DOT tokens to support DeFi activities. 🎮🔗

Despite these gains, Polkadot's DOT cryptocurrency is down 10% in a week, but some analysts are optimistic about its future. 💹📉

Polkadot continues to gain attention thanks to significant growth in its ecosystem and important partnerships. As part of this partnership, Polkadot's branding will be incorporated into the Heroic kit design and live stream overlays.

Following this, the Polimec protocol (a decentralized, community-driven funding platform) introduced Deloitte's "breakthrough" customer accounting (KYC) solution to Polkadot as a DF grant. These credentials are based on the Kilt protocol (one of Polkadot's parachains) and use advanced infrastructure capabilities.

Finally, the Polkadot community plans to allocate 3 million DOT tokens (equivalent to almost $20 million at current rates) to support DeFi activities in the ecosystem. One million assets are slated to be allocated to liquidity mining incentives, while another million is earmarked for non-custodial liquidity in Omnipool.

Despite numerous developments around Polkadot recently, its native cryptocurrency, DOT, has underperformed. Its price is currently hovering around $6.40, which represents a weekly decline of 10%.

About 20,000 Bitcoin options worth $1.35 billion are set to expire today. However, the impact on the market will be minimal as it is less than in previous weeks. 💼📉

A significant event is expected on June 28 - the expiration of Bitcoin options worth $6.7 billion. Today's BTC contracts have a put/call ratio of 0.49, meaning there are twice as many long (call) contracts expiring as short (put) contracts.

The maximum pain point is $68,500, slightly above current spot prices. This is the level at which the largest amounts will be lost.

Bulls still dominate BTC derivatives with nearly $1 billion in open interest at $100,000, according to Deribit. The $75,000 and $80,000 levels also attracted plenty of OIs, with $723 million and $807 million respectively.

In addition to today's batch of Bitcoin options, 200,000 Ethereum options are expiring with a put/call of 0.36, a maximum pain point of $3,600, and a notional value of $710 million.

Ripple is appealing the Securities and Exchange Commission's (SEC) proposed fine of $2 billion, arguing that it should not exceed $10 million. 🏛️👨‍⚖️ The legal battle between Ripple and the SEC has been going on for more than three years. Ripple compares its case to the case between the Commission and Terraform Labs, which agreed to pay a $4.47 billion fine for fraudulent activity. Ripple's lawyers argue that an "appropriate" fine for Ripple should not exceed $10 million. Ripple CEO Brad Garlinghouse expects a decision by the summer of 2024.

Cryptocurrency markets are down more than 5% over the past seven days, with the bulk of the funds, about $150 billion, flowing out of small-cap assets. 👎📉 Real Vision's chief analyst, Jamie Coutts, notes that the decline in altcoins has been ongoing for several months.

Over the past three months, the Top 200 index is down 33%, compared with the market cap index, which is down about 12%. If this is a typical mid-cycle correction, expect some opportunities in mid- and small-caps once the market stabilizes.

Despite further evidence of slowing US inflation, altcoins continue their sharp sell-off. Overall cryptocurrency markets have fallen 11.5% since peaking at $2.89 trillion in mid-March.

Technical analyst 'Moustache' paints a bleaker picture for altcoins, noting that they have been in decline since the last cycle peak in 2021. In any case, altcoins will not receive much attention until Bitcoin breaks out of its channel where it has been trading since early March. 📊🔍

On June 14, cryptocurrency hardware wallet manufacturer Trezor introduced three new products aimed at self-storage of digital assets. 🆕

The first is the Trezor Safe 5 hardware wallet, allowing users to securely store, manage, stake and trade thousands of different cryptocurrencies through Trezor desktop and mobile apps. 🛡️

The second product is a Bitcoin-only version of their hardware wallet, and the third is a "Trezor Expert" service for commissioning.

Trezor devices are open source, allowing the community to test and identify bugs and vulnerabilities. However, with this in mind, Trezor Safe 5 is EAL 6+ certified and undergoes extensive testing to confirm its ability to withstand sophisticated attacks.

The cryptocurrency market has been fluctuating sideways for several days, after a significant decline at the beginning of the week. Traders are looking for direction, and major cryptocurrencies are trading around important levels.

Let's start with Bitcoin. Bitcoin price cannot confidently break above the $67K mark it dropped to earlier this week. At the time of writing, BTC is trading around this level, showing a loss of 1% over the last 24 hours.

Altcoins also cannot move forward; most cryptocurrencies from the top 100 by total capitalization cannot show growth. Solana is down 2.6% and is trading below $15, while XRP has fallen below the critical $0.5 level and is now down 1.5%.

Meme coins became an important part of the market in 2024. However, this week's decline did not spare them either. DOGE is down 0.4%, SHIB is flat, PEPE is down 4.8%, WIF is down 3.9%, FLOKI is down 3.1%, and Book of Meme (BOME) is up 10% following Coinbase's announcement. support for this coin. 📉📈

Meme coins have seen phenomenal growth this year, reaching nearly $60 billion. But not everyone is thrilled. Many experts and market participants have spoken out about how meme coins have eclipsed more legitimate projects in the industry.

Galaxy Digital CEO Michael Novogratz believes these tokens have the "most powerful narratives." He explained that investors make money from meme coins in two ways: by choosing the right meme coin to invest in or by creating their own.

However, the CoinShares report highlighted the risks associated with investing in meme coins. Market manipulation and liquidity issues due to the concentration of assets among a few owners pose a serious threat to meme coin holders. 📉💰

The cryptocurrency market is experiencing significant volatility, but Solana-based meme coin, BOOK OF MEME (BOME), is up 10% on the day. 📈 This may be due to Coinbase's decision to allow trading on it.

Despite the general correction, BOME is turning green. Most of the leading digital assets including Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and the meme coin sector including Dogecoin (DOGE), Shiba Inu (SHIB), Pepe (PEPE), dogwifhat (WIF) and Floki Inu (FLOKI) show negative dynamics.

The rise in BOME came shortly after crypto exchange Coinbase announced the launch of BOME perpetual contracts. The offer will take effect on June 20.

BOME launched in mid-March of this year, and soon attracted the attention of industry participants when its capitalization exceeded $1 billion. The token's capitalization currently stands at over $700 million, making it the 117th largest cryptocurrency.

It is worth noting that Notcoin (NOT) perpetual contracts will also become available to Coinbase users on June 20th. However, the asset did not show price growth, remaining in the red zone.

Binance is expanding its list of trading pairs by adding WIF/EUR, NOT/BRL, and TRU/TRY to Binance Spot on June 13th. However, availability varies depending on the user's region. The company also warned of imminent deletion of several existing pairs on June 14, advising clients to update or cancel their trading bots to avoid potential losses. 😲💱

Popular meme coin dogwifhat (WIF) rose slightly following the announcement, but then fell back. It is currently trading around $2.50, which represents a 10% decline in 24 hours.

Binance regularly removes some existing pairs for reasons such as low liquidity. Let us recall that earlier this week it announced the termination of services for the following pairs: ALPACA/BTC, NFP/TUSD, MDX/BTC, QUICK/BTC and XAI/BNB.

Stablecoin company Paxos has laid off 20% of its employees, reducing its workforce by 65 people, Bloomberg reports. According to the report, Paxos CEO Charles Cascarilla said the reduction will allow the company to focus on future opportunities in the tokenization and stablecoin sectors. 📉💼

Those laid off were offered compensation, including health insurance, support for transitioning to a new job and additional benefits. Despite the cuts, Paxos is in a strong financial position with more than $500 million on its balance sheet. 🏦💰

Paxos recently launched a new yield stablecoin, Lift Dollar (USDL), which pays out daily income from its reserves.

The UwU Lend protocol, which previously suffered a $20 million hack on June 10, has suffered a new cryptocurrency hack that resulted in the loss of $3.7 million. 😱

Data analytics platform Cyvers was the first to alert UwU Lend to the ongoing hack. According to her, the attackers behind this latest incident appear to be the same as those behind the earlier $19.3 million incident.

Following the initial hack on June 10, the UwU Lend development team notified the community to implement immediate measures to mitigate the damage. The protocol was temporarily suspended while investigations were conducted into the vulnerabilities exploited by hackers.

In an update published on June 12, the UwU development team said that they have identified a specific vulnerability related to the sUSDe market oracle and claim that they have fixed it.

Following the incident, UwU began efforts to recoup losses, telling users that "the protocol will clear all bad debts as quickly as possible."

On June 13, the team reported that they had successfully refunded a total of $9,715,288 to affected users. 💸

UwU Lend, a fork of the open AAVE v2 protocol, offers its users various decentralized financial system services such as lending, borrowing, and staking.

Joe Biden's presidential campaign is considering accepting cryptocurrency donations through Coinbase. This has drawn widespread response from the crypto community, given that the Biden administration previously accused Coinbase of offering unregistered securities. 🤔📰

Meanwhile, Donald Trump is strengthening his ties to the crypto industry, using it as an advantage over his anti-crypto rival.

Bitcoin's price briefly rose to $70,000 this week, but soon fell back. At the time of writing, the cryptocurrency is trading around $67,000. However, a decrease in supply on exchanges to December 2021 levels could indicate a possible bullish reversal. 📉🐂

According to a tweet from Santiment, the supply of Bitcoin on exchanges has reached its lowest level since December 2021. There are currently approximately 942,000 BTC available on trading platforms. This could limit selling pressure and indicates bullish investor sentiment.

The supply of Ethereum and Tether on exchanges is increasing. For the altcoin, the supply is around 18 million ETH. Also, the supply of Tether on exchanges is close to the all-time high of 16.95 billion USDT. This could be seen as a bullish signal as investors are ready to buy.

CryptoQuant analysis shows that more than 20,000 BTC entered the wallets of large investors. This indicates strong investor interest despite short-term market fluctuations.

Long-time Bitcoin owner MicroStrategy has announced plans to offer $500 million worth of bonds through 2032. Proceeds from this initiative will be used to purchase more Bitcoin and other corporate purposes.

The NASDAQ-listed company also plans to grant initial purchasers of the notes an option to purchase up to $75 million in additional notes within 13 days of the issuance date.

The notes will be unsecured senior obligations of the company with interest payable biannually on June 15 and December 15 of each year beginning on December 15, 2024.

Beginning June 20, 2029, MicroStrategy will be able to repurchase all or a portion of the notes for cash, provided that at least $75 million of notes remain outstanding and not subject to redemption on the notice date.

MicroStrategy also said that through December 15, 2031, the notes will be convertible only upon the occurrence of certain events and during certain periods.