FED Leaves Rates Unchanged, But The Statement Issued Is More Critical.

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According to the published statement, the FED decided to keep interest rates constant, but the published dot plot and statements are critical.

The FED decided to keep interest rates constant. However, it was seen that the FED followed a rather hawkish attitude in the statements it published with the interest rate decision.

Here are the statements made by the FED along with the interest rate decision:

The FED left the overnight interest rate constant in the range of 5.25-5.50% and foresees only one interest rate cut in 2024.

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Despite the 'lack of progress' mentioned in the May 1 statement, 'modest progress' was made towards the 2% inflation target.

The Fed does not think it would be appropriate to lower its policy target range until it gains greater confidence that inflation is sustainably moving toward 2%.

The economy continues to grow at a solid pace, employment growth is strong, and the unemployment rate remains low.

The risks to achieving policy objectives have moved towards a better balance.
Inflation decreased last year but remains high.

The FED will continue to reduce its holdings of Treasury securities and mortgage-backed securities.

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According to FED forecasts, 4 out of 19 officials do not foresee a rate cut in 2024, while 7 predict 1 and 8 predict 2 cuts.

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Terraform Labs Reaches $4.47 Billion Settlement With US SEC
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Terraform Labs, the company at the center of a significant collapse in 2022, has agreed to pay a substantial settlement of $4.47 billion to resolve a civil lawsuit filed by the US Securities and Exchange Commission (SEC).

This legal action was undertaken following the collapse, which resulted in the loss of $40 billion in investor assets and sent shockwaves throughout the cryptocurrency industry.

Terraform Labs And Do Kwon Liable For Collapse
The SEC recently sought approval from a federal judge in New York for the settlement with Terraform. The agreement was reached subsequent to a jury finding the company and its co-founder, Do Kwon, liable for the collapse after a two-week trial.

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According to the settlement filing, “Payment of the monetary remedies against Kwon shall be deemed satisfied, provided that all transfers by Kwon to the SEC and the Terraform bankruptcy estate in the Bankruptcy Case total no less than $204,320,196.

Transferring into an escrow account agreed by Kwon and the Commission staff $4,700,000 within 30 days of Final Judgment.”

Victory For SEC
The SEC’s allegations against Terraform Labs and Kwon state that from at least April 2018 through May 2022, Terraform and Kwon offered and sold crypto asset “securities in unregistered transactions” and perpetrated a fraudulent scheme that led to the loss of at least $40 billion of market value.

Additionally, regulators alleged the defendants misled investors about TerraUSD’s stability, falsely claiming Terraform’s blockchain was integrated into popular Korean mobile payment apps.

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Ultimately, this development represents a victory for the US SEC, as Terraform Labs and its founder Do Kwon, who is facing extradition to the US, had previously proposed civil penalties of up to $3.5 million, with Do Kwon requesting a penalty of $800,000. 

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Shiba Inu Sees 3,275% Spike In Burn Rate As Sentiment Improves, Time To Get Back In?
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The Shiba Inu burn rate has seen a notable spike over the last 24 hours, following significant burns from the community.

This is a notable change from the prior week’s slow and disappointing burn rate, showing a return of bullish sentiment among investors.

Shiba Inu Burn Rate Spikes 3,275%
According to data from the Shiba Inu burn tracking website, Shibburn, there has been a 3,275% increase in the burn rate in the last day.

The website shows that more than 232 million tokens have been burned in this time period, a stark increase from the 1.37 million tokens that was burned yesterday.

Interestingly, while there have been a total of nine burn transactions recorded during this time, only one transaction made up the majority of the burned tokens for the day.

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At the time of the transactions, the tokens burned by this wallet were worth approximately $5,000. This means that this address alone accounts for 97% of all of the tokens that were burned in the 24-hour period, being the sole reason for the 3,275% spike in burn rate.

The daily burn rate is not the only metric that has been positively impacted by this burn. As Shibburn reports, the burn has also pushed the weekly burn rate to 265.86 million, a 560.94% increase from the prior week. This figure means that the “0xd9a84f7” wallet burn makes up 85% of the total weekly burn so far.

SHIB Starting To See Positive Metric
The Shiba Inu burn rate is not the only thing that has turned positive recently as investor sentiment has starting moving toward bullishness once more. One major instance of this is crypto analyst Mags predicting a major price increase for the meme coin.

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According to the crypto analyst, SHIB has entered a buying zone, and it could be the last time to get into the meme coin before it surges.

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Bitcoin Drops As Federal Reserve Announces No Rate Cuts In June
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The Federal Reserve announced on Wednesday that it would not change its policy interest rate despite increasing political pressure to change course.

No Rate Cuts Yet, Says Federal Reserve
In a press release, the Federal Reserve declared that job growth and economic expansion have “remained strong” while inflation has only seen “modest progress” towards its 2% target.

“The Committee would be prepared to adjust the stance of monetary policy as appropriate if risks emerge that could impede the attainment of the Committee’s goals,” the statement read.

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This comes after the U.S. Bureau of Labor Statistics (BLS) released its latest inflation CPI inflation figures, showing 3.3% annualized inflation in May.

That’s slightly above the 3.4% inflation reading in April, and a notch above what economists were expecting, according to Reuters.

“Indexes which increased in May include shelter, medical care, used cars and trucks, and education,” wrote the BLS on Wednesday. Among other things, costs for new vehicles, communication, and recreation dropped over the month.

A lower inflation reading was a signal to markets that the Federal Reserve is getting closer to its 2% inflation target, and thus could be more willing to lower its policy interest rate back down to standard levels.

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That’s bullish for both stocks and crypto, which have historically performed well when it’s cheap for investors to borrow money.

Bitcoin’s Price Reaction
Bitcoin surged 3% on Wednesday morning following the May CPI print but dropped slightly after the Fed’s largely expected no-cuts announcement.

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While the central bank said after its last meeting that it “does not expect it will be appropriate to reduce the target range” anytime soon, certain developments in June gave reason to believe the Fed might hesitate.

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Meme Coins Brett, Bonk and Pepe Top Gainers Amid Market Lull
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Meme coins and the broader crypto market are struggling to perform while Base chain's Brett, Solana's Bonk, and Ethereum's Pepe rise.

Meme coins are performing well amid a broader market lull, with Base chain token Brett leading the pac

While industry leaders Bitcoin and Ethereum are largely unmoved over the past 24 hours, Brett (BRETT) jumped 7%, Pepe (PEPE) leaped 6%, and Bonk (BONK) climbed 4%.

This puts them all in the top six gainers out of the top 100 tokens by market capitalization with Brett in first place.

The token on Coinbase’s Ethereum layer-2 network also leads the pack for gains over the past week surging a huge 51%. To put this into perspective, the second largest gainer over the same period is Injective (INJ) with only 10%. While both Bitcoin and Ethereum have slipped 4% and 6.5% respectively in the past 7 days.

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During this successful week for Brett, other “blue chip” meme coins have struggled to perform as well. Leading meme coin, Dogecoin (DOGE), has dropped 13% down to $0.1405. Shiba Inu (SHIB) has also dropped 14.5%, Dogwifhat (WIF) has tumbled 23%, and Floki (FLOKI) fell 27%.

At the time of writing, Brett sits at $0.1673 and has attracted nearly $130 million of trading volume in the past 24 hours.

Brett is a meme coin inspired by Matt Furie’s comic series Boy’s Club—the same comic that spawned Pepe the Frog. Brett is Pepe the Frog’s “best friend,” as per the meme coin’s official site, he’s also a “dancer and loves video games.”
Last week Brett broke past a $1 billion market cap.

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This came after the token climbed 24% in a day. Now, the token sits at a $1.7 billion market cap and is the 67th largest crypto token on CoinGecko. And it’s now threatening to flip its Solana competitor, BONK, which is just $200 million ahead.

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$BONK $SHIB

Ripple Strengthens Ecosystem with New Partnership
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Ripple has announced a significant new partnership aimed at expanding its ecosystem and improving user experience.

The collaboration introduces a bridge that enhances network capabilities, making it easier for more users to engage with the Ripple platform. Here are the key details of this announcement.

Ripple has opted for the interoperability platform Axelar to facilitate the conversion of XRP into eXRP, allowing it to be moved outside the XRP Ledger (XRPL).

This process is similar to the concept of wrapped tokens, providing users with more flexibility and interoperability within the blockchain ecosystem.

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Following the announcement, AXL Coin has seen a significant price increase, rising to $0.78. The altcoin had experienced a daily low of $0.71 before starting its recovery.

This surge is attributed to the positive sentiment generated by Ripple’s new bridge initiative.

Ripple’s statement emphasized that using Axelar would significantly simplify the user experience and enhance security. By consolidating the process into a single bridge, it eliminates the complexity associated with using multiple bridges and cross-chain smart contracts.

“Using two different bridges, XLS-38 for XRP and Axelar for other tokens, and making cross-chain smart contracts complicates the user journey. Ripple simplifies the process by combining it into a single bridge, making it more intuitive and user-friendly,” Ripple noted.

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User Insights
This partnership will allow users to easily convert XRP to eXRP.
The single-bridge approach will make cross-chain transactions simpler and more secure.
Positive market reactions indicate increased confidence in Ripple’s ecosystem enhancements.

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Bonk Price Surges: What to Expect in June
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Bonk, has seen a 4% surge in the past 24 hours, now trading at approximately $0.00002785. This comes after a recent drop from its peak of $0.0000444 on May 28, as investors took profits. Despite a general bearish market trend, Bonk shows signs of a potential bullish comeback.

Recent Performance of Bonk in the Market
Bonk's recent performance stands out amid a generally declining market. Despite broader bearish trends, Bonk's price has rebounded, supported by a 35% increase in trading volume to $331 million.

This indicates strong trader interest and a slight increase in market cap to $1.89 billion, showing growing bullish sentiment.

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Key Technical Indicators
Several key technical indicators suggest Bonk might be on the verge of a bullish trend:

Relative Strength Index (RSI): The RSI has bounced back into the neutral zone above 30. If it continues to rise towards the overbought area, it could signal a stronger upward
trend.

Exponential Moving Average (EMA): Bonk needs to move above the 20-day EMA at $0.000028 and close above this level to confirm a bullish trend.

Strong Pattern Suggests Potential
Growth for Bonk

Bonk's price decline has formed a falling wedge pattern, which is often a bullish signal. The upper trendline represents resistance, while the lower trendline has prevented a steeper decline. If Bonk can break above the upper trendline, it could trigger a larger breakout, with a target of $0.00004.

A spike in trading volume is expected to accompany this breakout.

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Bonk's price has encountered several support levels, including the 20-day, 50-day, and 200-day EMAs.

The recent low at $0.000026 found strong buyer support, suggesting a potential price floor. As the market awaits the release of the Consumer Price Index (CPI) data on June 12, Bonk's ability to maintain or surpass these support levels will be crucial for its bullish outlook.

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Notcoin Price Prediction: Has the Dump of Notcoin (NOT) Ended
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With the huge surge in Notcoin (NOT) recently, the latest drawback has been very intriguing. Will it be the launch of a new surge with new targets or a fallback to new lows?

Despite a recent sharp market downturn, a significant bounce-back for Notcoin (NOT) has yet to occur, according to analysts.

As of now, the NOT rate has increased by 2% since yesterday, but has drawn back in the past hours, still slightly positive for the time being, but what comes next?

1- Notcoin (NOT) Hourly Analysis: Testing Resistance Levels
On the hourly chart, Notcoin's price is approaching the resistance level of $0.0166.

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If it manages to break through this level, there is potential for the price to test the $0.017 zone in the near future.

2- Notcoin (NOT) Daily Analysis: Bearish Trends Dominate
On the daily time frame, bearish forces still hold more power than bullish ones. The price of Notcoin recently bounced off the support level of $0.01526.

However, if the price returns to this level, it might be strong enough to trigger a further drop to the $0.013 range. This scenario remains plausible until the end of the week.

3- Notcoin (NOT) Weekly Analysis: Focus on Recent Lows
The weekly chart presents fewer levels to watch. It is essential to monitor the low of the last candle. If the current bar closes below this low, the correction could extend to the $0.012-$0.014 zone.

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As of the latest update, Notcoin is trading at $0.01615.

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JPMorgan Predicts Trump Victory in US Election
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Analysts from JPMorgan noted on Tuesday that the prevailing market expectation for the upcoming US election favors Trump winning the presidency, the GOP securing the Senate, and Democrats retaining control of the House.

However, they caution that it’s too early to definitively predict the outcome, pointing out that a significant portion (70%) of analysts still believe Congress will remain divided.

According to JPMorgan, investors maintain optimism regarding the market impact of the upcoming US elections. Only 12% of survey participants view the election as the primary threat to markets.

In their analysis of a potential Trump re-election, JPMorgan predicts a more assertive stance on foreign policy, particularly towards China. They anticipate increased use of Executive Orders in trade and investment to ensure American dominance.

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Furthermore, JPMorgan suggests that under Trump’s leadership, there could be rollbacks in clean energy and environmental policies.

They also anticipate the inclusion of experienced politicians loyal to Trump in his administration, contrasting with some earlier appointments of political outsiders.

Regarding international relations, JPMorgan foresees a potentially strained relationship between the US and the European Union under a second Trump administration, which could have implications for Ukraine.

JPMorgan’s Analysis and Predictions: US Presidential Elections 2024

JPMorgan emphasizes that governance strength and track record are crucial factors favoring Biden’s current electoral advantage. They anticipate a close contest hinging on a few pivotal swing states, akin to the tight outcomes of 2016 and 2020.

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The bank underscores the potential impact of presidential debates in swaying undecided voters, though noting risks for both candidates associated with these events.

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Polygon Leads Ethereum in Crucial Network Metric
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Protocols connected to Ethereum are experiencing a surge in total user numbers, with layer-2 scaling solution Polygon surpassing Ethereum in Monthly Active User (MAU) count.

According to Polygon cofounder Mihailo Bjelic, this update was shared on X, highlighting the platform’s growing influence in the digital currency landscape.

Ethereum, as the foundational network for layer-2 scaling solutions, is facing a shift in user adoption trends towards these secondary protocols.

According to Mihailo Bjelic, Polygon’s Monthly Active User (MAU) count has surpassed eight million, outpacing Ethereum’s MAU which remains below this threshold.

The significant migration to Polygon is driven by its Dencun Upgrade, which has substantially lowered transaction fees, enhancing the protocol’s attractiveness to users.

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While Ethereum continues to evolve, the advancements in its layer-2 solutions are providing users with more robust options to engage with the DeFi ecosystem.

Alongside Polygon, protocols such as Base and Optimism (OP) are leading transformative changes in network capabilities.

These layer-2 solutions offer improved performance, scalability, and reduced gas fees, making them preferred alternatives for exploring NFTs, gaming, and other innovations in the Web3 space.

Ethereum and Layer-2 Tokens Face Bearish Pressure Amid Market Volatility

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Despite showing strong performance in core metrics compared to Ethereum, layer-2 protocols and their associated tokens are currently experiencing a downturn amidst broader market bearishness.

As of the latest update, Ethereum is priced at $3,527.53, marking a 4% decline over the past 24 hours. Concurrently, layer-2 tokens like MATIC, Arbitrum (ARB), and Optimism have also witnessed declines of 1.74%, 2.44%, and 1.6%, respectively, settling at $0.6360, $0.9354, and $2.124.

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