Bitcoin struggles to maintain $60,000
After a promising start to 2024, with optimistic predictions
that Bitcoin would reach $100,000, the price faced intense selling
pressure in April and June, barely managing to stay above $60,000
by the end of the quarter. Bitcoin, which began the period near
$71,000, saw a drop of over 14%, while Ethereum also experienced a
decline, albeit smaller, of around 5%.
The latest macroeconomic data from the US, including the
Personal Consumption Expenditures (PCE) Index—a closely watched
inflation indicator by the Federal Reserve—did not bring
significant changes to the price of Bitcoin (COIN:BTCUSD), which
remained above $60,000. The most recent PCE reading met
expectations and did not significantly impact the cryptocurrency
market. However, analysts are concerned about the durability of the
$60,000 support, indicating possible volatility as the end of the
month approaches.
Fernando Pereira, an analyst at Bitget, points out that
Bitcoin’s price instability can be partly explained by the entry of
new investors into the market. “A large part of the average entry
price for investors is between 61k and 71k, which makes the
situation very delicate, as these investors are often novices and
do not handle losses well, panicking and selling their positions
even at a loss,” Pereira explained.
Inexperienced traders tend to react emotionally to potential
losses, selling their cryptocurrencies in an effort to avoid
greater losses. “Short-term investors are reducing the volume of
their positions, increasing selling pressure,” he added.
According to data from IntoTheBlock, Bitcoin address activity in
June fell to its lowest levels since 2010. This suggests a decline
in interest and participation from retail investors, contrasting
with previous cycles dominated by institutional capital.
Security alert: fake Phantom Wallet on Apple Store compromises user
assets
A fraudulent app mimicking the popular Phantom Wallet was
discovered on the Apple Store. This fake app, identified as an ad
by Meta Voxify, deceives users with its visual similarity to the
original, leading to significant asset losses when entering the
private key for account recovery. The Phantom Wallet and Solana
user community has been warned about this scam, which has already
resulted in significant financial losses, such as the theft of over
$100,000 reported by Matthias Mende, co-founder of the Dubai
Blockchain Center and founder of Bonuz.
Mende reported a significant loss of over $100,000 in
cryptocurrencies and Solana Name Service domains, despite taking
strict precautions. Mende, who did not store his seed phrases
digitally and used the Brave browser for added security, discovered
his wallet had been emptied shortly after participating in a Solana
token pre-sale. He is collaborating with authorities and forensic
experts to recover the funds and has already notified Dubai’s
cybercrime unit.
Jesse Powell’s support for Donald Trump highlights crypto’s
influence in US politics
Jesse Powell, co-founder of the cryptocurrency exchange Kraken,
contributed $1 million, primarily in Ethereum (COIN:ETHUSD), to
Donald Trump’s 2024 campaign. This donation marks a significant
moment in the political engagement of the crypto community. Powell,
who took on the role of president of Kraken after stepping down as
CEO, endorsed Trump due to his pro-crypto stance, which is crucial
for the future of blockchain technology in the US. He expressed his
support in a post on X, highlighting the need for pro-crypto
leadership in the United States.
European elections impact on EU crypto legislation
Despite recent elections in several European Union countries and
the power shift in the European Parliament, significant changes to
EU crypto legislation are not expected. The already approved
Markets in Crypto-Assets (MiCA) legislation will begin
implementation this year, regardless of election outcomes.
According to industry experts, each member country will be
responsible for establishing licensing regimes to comply with MiCA,
but national and European Parliament elections are not expected to
directly affect the implementation of this regulatory package.
21Shares proposes new Solana ETF to SEC
Zurich-based fintech company 21Shares has submitted a proposal
to the US Securities and Exchange Commission to launch an
exchange-traded fund (ETF) based on Solana. Named 21Shares Core
Solana, the fund will follow the live price of SOL and be traded on
the Cboe BZX Exchange, with Coinbase (NASDAQ:COIN) as the
custodian. The proposal does not involve the validation or staking
of SOL. This announcement follows a similar initiative by VanEck,
which temporarily boosted the price of SOL (COIN:SOLUSD).
Modest inflows in Bitcoin ETFs indicate positive trend
On June 27, US Bitcoin ETFs recorded a positive inflow of $11.8
million, marking the third consecutive day of gains. This positive
streak comes as Bitcoin (COIN:BTCUSD) remains above $60,000. The
movement was observed in five different ETF issuers, with
Fidelity’s ETF (AMEX:FBTC) leading with $6.7 million in inflows.
Bitwise (AMEX:BITB) recorded $8.0 million, and ARK (AMEX:ARKB) $1.8
million. In contrast, Grayscale’s ETF (AMEX:GBTC) saw an outflow of
$11.4 million, while BlackRock (NASDAQ:IBIT) had no changes in its
movements. Currently, cumulative Bitcoin ETF inflows reach $14.5
billion. Although the summer period may bring a slowdown,
cumulative inflows point to market stability.
Curve Finance adjusts CRVUSD fees to promote adoption and growth
Curve Finance has adjusted the fees associated with its
stablecoin CRVUSD (COIN:CRVUSDUST) to boost adoption and engagement
within its ecosystem. This change, announced in a recent statement,
aims to make crvUSD more attractive by encouraging users to explore
more services on the platform. The adjustment also intends to
create an additional supply of the coin, increasing the total value
locked.
Worldcoin Foundation supports ID verification integration with
donation to Wormhole
The Worldcoin Foundation (COIN:WLDUSD) announced a $70,000
donation to Wormhole to support the implementation of WorldID on
the Solana blockchain. This project aims to provide an essential
tool for verifying human authenticity within the Solana ecosystem,
using 25,000 WLD from the donation. Wormhole will facilitate the
verification of authenticated IDs on Ethereum for use in Solana,
enhancing security, decentralization, and interoperability between
these blockchains, which could also boost financial inclusion by
improving access to the digital economy.
Leadership changes at Nostra Finance following CEO resignation
David Garai has resigned as CEO of Nostra Finance, a DeFi app
aspiring to be a “super crypto app,” just two weeks after the
launch of its token, NSTR. The token was introduced with an airdrop
on June 13. Richard Thomas-Pryce, formerly head of product, now
takes on the leadership of the company. Garai announced he would
take a break and denied selling any NSTR tokens.
SnowBridge seeks funding to strengthen Polkadot and Ethereum
connection
SnowBridge, a blockchain bridge connecting Polkadot
(COIN:DOTUSD) to Ethereum (COIN:ETHUSD), is requesting about $6
million in DOT tokens from the Polkadot community. The company
intends to use these funds to ensure the sustainable development
and operation of the bridge, align team interests with the
community’s, and offer financial security to users. The proposal
details a staggered fund distribution, including immediate payments
and others over two years, to cover engineering milestones,
operations, and team incentives.
Yield App ceases operations following impact of FTX collapse
Yield App, a Seychelles-based crypto investment platform,
announced the immediate cessation of all its activities. The
decision was made to ensure fairness among all users and
stakeholders, following significant losses linked to third-party
hedge funds managing Yield App’s assets on the now-bankrupt FTX
exchange. These assets are currently involved in ongoing
litigation, leading Yield App to suspend its operations while
seeking to resolve legal claims.
Coinbase and History Associates sue FDIC for access to documents
under FOIA
History Associates has joined Coinbase (NASDAQ:COIN) in a
lawsuit against the US Federal Deposit Insurance Corporation
(FDIC), demanding the release of withheld documents, known as
“cease letters,” which allegedly instructed banks to cease
crypto-related operations. The lawsuit was prompted by the FDIC’s
refusal to comply with a Freedom of Information Act (FOIA) request.
The parties seek transparency about regulatory practices and claim
the case resembles the controversial Operation Choke Point, where
regulators pressured banks to divest from clients in certain
industries.
S&P Global Ratings joins Project Guardian to explore asset
tokenization
S&P Global Ratings (NYSE:SPGI) has joined the Monetary
Authority of Singapore’s (MAS) Project Guardian, a two-year
initiative investigating how asset tokenization can improve
liquidity and efficiency in financial markets. The project aims to
develop a digital asset ecosystem and establish robust regulatory
policies. S&P Global will participate in pilot projects focused
on fixed income, contributing its risk analysis expertise to ensure
the safe implementation of this technology in financial
markets.
Bolivia lifts cryptocurrency ban to modernize payments
The Central Bank of Bolivia has lifted the ban on using Bitcoin
and other cryptocurrencies for payments, allowing financial
institutions to conduct transactions with digital assets. This
decision aims to boost the Bolivian economy by adapting to
prevailing crypto regulation practices in Latin America. Although
cryptocurrencies are not recognized as legal tender, their trading
is now permitted through approved electronic channels, with plans
to raise public awareness about the associated risks.
US Supreme Court revokes Chevron doctrine, impacting Bitcoin sector
In a decision on June 28, 2024, the US Supreme Court, by a 6-3
vote, abolished the Chevron doctrine, which allowed courts to defer
to administrative agencies’ interpretations of ambiguous laws.
In the case of Loper Bright Enterprises v. Raimondo, this
decision redefines the balance of power between the judiciary and
administrative agencies, strengthening judicial independence. This
verdict is particularly relevant to the Bitcoin industry, similar
to the impact of the decision in West Virginia v. EPA.
With Chevron’s revocation, agencies need explicit authorization
from Congress to impose significant regulations, bringing greater
predictability and regulatory stability to Bitcoin mining. Now, any
new major regulation requires not only legislative clarity but also
rigorous judicial analysis, mitigating uncertainties and protecting
the industry from arbitrary interpretations and unilateral
regulatory expansion.
Bitfarms appoints new board member to defend against hostile
takeover by Riot Platforms
In the context of a dispute between two major Bitcoin miners,
Bitfarms (NASDAQ:BITF) has appointed Fanny Philip as a new board
member to strengthen its defense against a potential hostile
takeover by Riot Platforms (NASDAQ:RIOT). Riot, which owns 14.9% of
Bitfarms, attempted to replace three Bitfarms board members to
facilitate the purchase of a larger stake. Bitfarms responded by
appointing independent board members to protect its autonomy
against Riot’s takeover attempts.
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