Binance Square
Home
Notification
Profile
Trending Articles
News
Bookmarked and Liked
Creator Center
Settings
LIVE
LIVE
DeFiDynamo
--・366 views
In the past week, the cryptocurrency market has seen significant changes, with Bitcoin (BTC) maintaining a level above $60,000 and even reaching over $66,000, marking its best week since early March. This surge was influenced by the US CPI announcement and increased inflows to Bitcoin ETFs. Among the larger-cap alts, Solana and Chainlink have shown impressive gains. The market cap stands at $2.533T, with a 24H volume of $78B and BTC dominance at 51.6%. Despite market volatility, Bitcoin's fundamentals remain strong, as highlighted by Bitfinex. However, Ethereum continues to lose ground to Bitcoin, making the 'flippening' seem more distant. Notably, Morgan Stanley revealed a $269 million investment in Grayscale's GBTC, while the Wisconsin State Investment Board invested $164 million in Bitcoin ETFs, potentially prompting similar actions from other states. CME Group plans to enter the spot Bitcoin trading market, potentially creating competition for established platforms like Coinbase and Binance. Lastly, ShibaSwap 2.0 went live on Shiba Inu's Layer 2 Blockchain.

In the past week, the cryptocurrency market has seen significant changes, with Bitcoin (BTC) maintaining a level above $60,000 and even reaching over $66,000, marking its best week since early March. This surge was influenced by the US CPI announcement and increased inflows to Bitcoin ETFs.

Among the larger-cap alts, Solana and Chainlink have shown impressive gains. The market cap stands at $2.533T, with a 24H volume of $78B and BTC dominance at 51.6%.

Despite market volatility, Bitcoin's fundamentals remain strong, as highlighted by Bitfinex. However, Ethereum continues to lose ground to Bitcoin, making the 'flippening' seem more distant.

Notably, Morgan Stanley revealed a $269 million investment in Grayscale's GBTC, while the Wisconsin State Investment Board invested $164 million in Bitcoin ETFs, potentially prompting similar actions from other states.

CME Group plans to enter the spot Bitcoin trading market, potentially creating competition for established platforms like Coinbase and Binance. Lastly, ShibaSwap 2.0 went live on Shiba Inu's Layer 2 Blockchain.

Disclaimer: Includes thrid-party opinions. No financial advice. May include sponsored content. See T&Cs.
0
Explore the lastest crypto news
⚡️ Be a part of the latests discussions in crypto
💬 Interact with your favorite creators
👍 Enjoy content that interests you
Email / Phone number
Relevant Creator
LIVE
DeFiDynamo
@Square-Creator-4d9133506

Explore More From Creator

Bitcoin's price has remained stable over the weekend, hovering just above $66,000. Despite a volatile week marked by anticipation of US CPI numbers and the FOMC meeting, the cryptocurrency's market capitalization has held at $1.3 trillion, with its dominance over altcoins at just over 51%. In contrast, larger-cap altcoins have seen mixed performance. TONCOIN and Uniswap's native token, UNI, emerged as the biggest gainers, with TON adding 10% of value to reach $7.8 and UNI up by 15% to trade above $11.5. Binance Coin (BNB), however, has dropped 11% to $606, following a new all-time high last week of over $715. Despite the volatility, the overall market sentiment remains positive. The total crypto market cap, though having lost over $120 billion in the past seven days, still sits at a robust $2.550 trillion. This resilience underscores the growing strength and maturity of the crypto market, particularly in the face of economic uncertainty.
--
MicroStrategy, the NASDAQ-listed business intelligence software firm, has increased its target for a convertible senior note offering from $500 million to $700 million, a day after the initial announcement. The funds are intended for the purchase of more Bitcoin (BTC) and other corporate purposes. The firm has been using various funding methods, including debt, to accumulate more BTC since its first purchase in August 2020. The company now owns 214,400 BTC, over 1% of Bitcoin's total supply, and despite a retracement from its all-time high in March, it still holds an unrealized profit of $6.6 billion. MicroStrategy's share prices, heavily influenced by Bitcoin's movements, have soared by triple digits since the start of the year. The firm's shares entered 2024 at just under $700, fell to below $500, but have since risen to over $1,900, following Bitcoin's surge. Despite a retracement since the March peak, the shares are still up 120% YTD, closing Friday at $1,495. The optimistic market outlook suggests a promising future for both Bitcoin and MicroStrategy.
--
KuCoin Research's recent report reveals that cryptocurrency investments in May reached $1 billion, a slight decrease from April but a 10.61% increase from May 2023. The report suggests a continued interest and potential growth in the industry, despite a 6.4% decline from the previous month. Institutional investors showed a strong preference for Ethereum, EVM chains, and L2 networks such as Arbitrum and Polygon. Non-EVM chains like Solana, Bitcoin, Fantom, and TON also attracted significant institutional investment. Major Chinese institutions remained active, investing in emerging technologies and public chain networks. Investors' focus shifted towards memes, celebrity tokens, emerging narratives, and low market cap assets, with Notcoin emerging as a major beneficiary. The report also noted the impact of recent US regulatory developments on the crypto market's legal and operational landscape, introducing new challenges and considerations for investors. Despite these challenges, the overall market sentiment remains optimistic.
--
In the upcoming US presidential elections, Donald Trump has positioned himself as a pro-crypto candidate, promising to support Bitcoin (BTC) and the crypto mining industry if elected. AI chatbot ChatGPT predicts that Trump's potential victory could spur a BTC price rally, possibly reaching the $100,000 milestone. Trump's proposed increase in Bitcoin mining efforts and his opposition to a Central Bank Digital Currency (CBDC) could positively influence Bitcoin's price. However, ChatGPT also highlights that broader economic conditions such as inflation, geopolitical stability, and monetary policy could significantly impact BTC's valuation. The Federal Reserve's handling of inflation and interest rates could influence the crypto market, potentially increasing interest in risk-on assets like BTC. Despite recent lower-than-expected inflation rates, the Fed's decision to maintain current rates led to a BTC price decline. This news is not directly related to DeFi or BRC 20.
--
Blockchain intelligence firm TRM Labs reports a significant increase in cryptocurrency deposits to Chinese drug precursor manufacturers in early 2024, more than doubling compared to the same period in 2023. In 2023, these networks received over $26 million in cryptocurrency, with 97% of the 120 manufacturers studied offering payment options in digital currencies. Bitcoin remains the dominant cryptocurrency for these transactions, accounting for approximately 60% of the total payment volume. The TRON blockchain saw about 30% of transactions, while Ethereum was used for roughly 6%. The report also highlighted that 11 manufacturers were responsible for over 70% of all crypto-denominated sales of drug precursors. These manufacturers receive funds from unhosted wallets, cryptocurrency exchanges, and payment services, with their wallets most commonly hosted at exchanges. In addition to cryptocurrencies, Chinese manufacturers also accept fiat currencies through platforms like PayPal, MoneyGram, Western Union, and traditional bank transfers. The report revealed that Chinese drug precursor manufacturers mainly target countries including Canada, the Netherlands, Australia, Germany, and the United States. China's role in the global illicit fentanyl trade has been highlighted, with the country manufacturing over 97% of the precursors used.
--

Latest News

Jupiter Co-Founder Discusses Potential and Challenges of User-Generated Currency
--
Farcaster Co-Founder Dan Romero Clarifies Warpcast's Focus on English-Speaking Users
--
Catizen Gaming Project Surpasses 20 Million Users, Over 500,000 Paying Customers
--
BAKE Experiences Brief Surge, Followed By Rapid Decline
--
Decentralized Social Protocol Farcaster Surpasses $1.79 Million in Total Revenue
--
View More
Sitemap
Cookie Preferences
Platform T&Cs
Sitemap
Platform T&Cs
ba-one-trust-cookie