The Essential Weekly Crypto Briefing
Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  â [CoinMarketCap Logo](~/AAQRxQA~/RgRoV_9OP0QraHR0cHM6Ly9jb2lubWFya2V0Y2FwLmNvbS8_bGlkPXZtdnZ1Y2ZrajEwY1cDc3BjQgpmdE56dWa34mEyUht0cmlzdHJhbWJhbGR3aW45MkBnbWFpbC5jb21YBAAAAxw~) 14 Jun 2024 CMC Market Pulse:
The Essential Weekly Crypto Briefing Welcome to this weekâs CMC Market Pulse newsletter! Let's be honest: keeping up with this industry's constant chaos is a full-time job. Between the endless stream of news, constantly shifting narratives, and volatile price swings, staying up-to-date can feel like an endless marathon. That's where we come in! In this newsletter, we'll serve up a concentrated dose of alpha that cuts right to the chase in under 5 minutes. No fluff - just straight facts and analysis to fuel your crypto strategy. Let's dive into this week's action! â TLDR: - German Government Dumps BTC. Over $195M of seized BTC have been offloaded so far, with $3.05B left. Will Bitcoin continue to sell off? ð©ðª
- SEC Backs Off from Ethereum. With the conclusion of the investigation into Ethereum 2.0, will we finally see ETH rally leading up to the spot ETF launch? ð
- DJT Token Turns Out to be an Insider Job. âPharma Broâ Martin Shkreli was revealed to be an insider, after claiming Donald Trumpâs involvement ð¤¦
- LayerZero and ZkSync Airdrop Tokens. Two of the most anticipated projects finally launched, but things did not turn out as expected. Find out why! ð° â MARKET OVERVIEW ð [Bitcoin] Bitcoin
$63,775.9
--------------------------------------------------------------- % CHANGE 7D ▼4.78% 30D ▼8.28% [Ethereum] Ethereum
$3,495.49
--------------------------------------------------------------- % CHANGE 7D ▼0.35% 30D ▼4.53% This week, crypto markets continued its sell-off as short traders have the upperhand: - German Governmentâs BTC sales spook markets : With $195M sold and potentially $3B more to hit the market, investors are spooked by the impact of this sell-off, causing BTC to dip 3.4% over the past week.
- SEC drops Ethereum Investigation: The conclusion means that no enforcement action would be taken in regard to the sale of ETH as securities, an important overhang leading up to the spot ETH ETF launch. Despite the initial 33% surge from the ETF approval news, ETH has bled downwards amidst a wider market selloff. However, with the catalysts of a positive SEC decision regarding Ethereum 2.0 and the revisions on the ETH spot ETF S-1 filings, ETH could finally see strength. Despite a red week for crypto markets, ETH remained relatively flat for the week, which could potentially signal further outperformance by ETH. Despite the uncertainty stemming from the large sell off by the German Government, analysts from Bernstein raised their BTC target to $200K next year. The report suggested that today's $60K is like June 2020's sub-$10K. Meanwhile, MicroStrategy purchased another $786M worth of Bitcoin. The listed company now holds 226,331 BTC worth almost $15 billion. Whatâs behind Bernsteinâs revised targets and why are they bullish? [Read More](~/AAQRxQA~/RgRoV_9OP0S0aHR0cHM6Ly9jb2lubWFya2V0Y2FwLmNvbS9hY2FkZW15L2FydGljbGUvY21jLW1hcmtldC1wdWxzZS1qdW5lLTIxP2xpZD0wa290dmJuZDBvOWQjOn46dGV4dD1vZiUyMHRoZSUyMFdlZWslMjAlRjAlOUYlOTMlOUQtLE1hcmtldCUyME92ZXJ2aWV3JTIwJUYwJTlGJTkzJTg5LC1UaGUlMjBjcnlwdG8lMjBtYXJrZXRzVwNzcGNCCmZ0Tnp1ZrfiYTJSG3RyaXN0cmFtYmFsZHdpbjkyQGdtYWlsLmNvbVgEAAADHA~~) â NARRATIVE OF THE WEEK ð° ETH Beta: ETH beta coins did well in the past week. Tokens such as LDO, CVX, ENS, RPL and CRV were some of the top performers, with CVX gaining 70.1%. With the recent ETH-related catalysts and ETHâs strength despite a bleeding market, ETH beta, especially ETH DeFi tokens like CVX, have responded well. The positive conclusion surrounding the SECâs investigation into Ethereum 2.0 is likely to bode well for DeFi, which had always been a target for the SEC. Notably, leading Ethereum-based meme coins did not see the same move on the recent positive news. PEPE is down 7.7% on the week, while MOG is down 9.2%. This could imply a rotation from memecoins, which have performed exceptionally well so far this cycle, to DeFi tokens, which have utility and revenue generation that could appeal to institutional investors. Will ETH beta tokens continue outperforming? [Find Out More](~/AAQRxQA~/RgRoV_9OP0S0aHR0cHM6Ly9jb2lubWFya2V0Y2FwLmNvbS9hY2FkZW15L2FydGljbGUvY21jLW1hcmtldC1wdWxzZS1qdW5lLTIxP2xpZD0zMWJkamVieGlmaHIjOn46dGV4dD1vZiUyMHRoZSUyMFdlZWslMjAlRjAlOUYlOTMlOUQtLE1hcmtldCUyME92ZXJ2aWV3JTIwJUYwJTlGJTkzJTg5LC1UaGUlMjBjcnlwdG8lMjBtYXJrZXRzVwNzcGNCCmZ0Tnp1ZrfiYTJSG3RyaXN0cmFtYmFsZHdpbjkyQGdtYWlsLmNvbVgEAAADHA~~) â MAJOR PROJECT UPDATES ðï¸ - Tether Announced Gold-Backed Stablecoin: aUSDT is over-collateralized by Tether Gold (XAUT), while maintaining the utility of a dollar-pegged stablecoin.
- New Solana Node Released: Mithril enables nodes to verify blocks with lower hardware requirements than validators and RPC nodes.
- Ronin Network unveils Ronin zkEVM: The framework enables builders to permissionlessly deploy L2s on Ronin using Polyonâs Chain Development Kit. The development of a new node type for Solana could mark a huge step forward for decentralization on Solana. ETH maximalists have long criticized Solana for its centralization due to high costs involved in running a full validator node for the chain. However, the development of Mithril nodes reduces this hardware requirement, democratizing the block verification process on the chain to regular users. How did Solana price react to this development? [Learn More](~/AAQRxQA~/RgRoV_9OP0S0aHR0cHM6Ly9jb2lubWFya2V0Y2FwLmNvbS9hY2FkZW15L2FydGljbGUvY21jLW1hcmtldC1wdWxzZS1qdW5lLTIxP2xpZD02YXlrMTZxaTdiemgjOn46dGV4dD1vZiUyMHRoZSUyMFdlZWslMjAlRjAlOUYlOTMlOUQtLE1hcmtldCUyME92ZXJ2aWV3JTIwJUYwJTlGJTkzJTg5LC1UaGUlMjBjcnlwdG8lMjBtYXJrZXRzVwNzcGNCCmZ0Tnp1ZrfiYTJSG3RyaXN0cmFtYmFsZHdpbjkyQGdtYWlsLmNvbVgEAAADHA~~) â DEFI SECTOR UPDATE ð¦ [DeFi Sector Update](~/AAQRxQA~/RgRoV_9OP0SyaHR0cHM6Ly9jb2lubWFya2V0Y2FwLmNvbS9hY2FkZW15L2FydGljbGUvY21jLW1hcmtldC1wdWxzZS1qdW5lLTE0P2xpZD1rOTZ3Zm1namVlZDgjOn46dGV4dD1Tb2xhbmElMjBGb3VuZGF0aW9uJUUyJTgwJTk5cyUyMHN0YWtlLi0sRGVGaSUyMEJyaWVmJTIwJUYwJTlGJThGJUE2LC1Tb3VyY2UlM0ElMjBodHRwc1cDc3BjQgpmdE56dWa34mEyUht0cmlzdHJhbWJhbGR3aW45MkBnbWFpbC5jb21YBAAAAxw~) Ethena updates ENAâs tokenomics: The Synthetic dollar protocol also announced ENA restaking with Symbiotic and cross-chain sUSDe transfers with LayerZero. ENA will also eventually be used to provide security for the Ethena Chain. - Solana DEX Jupiter proposes 30% cut in supply: The proposal to change JUPâs tokenomics aims to align the community and create value
- Solana-based Drift partners with Ondo: The perpetuals DEX is working with leading RWA protocol Ondo Finance for a new collateral option using USDY With the heavy criticism over the predatory tokenomics and high FDV of newly launched tokens, projects are now working towards improving their projectâs tokenomics beyond merely a âgovernance token.â Jupiter Exchangeâs tokenomics adjustment showcases the alignment of team and token holders and the belief that the team has in their own protocol. Ethenaâs newly introduced utility for ENA will see ENA being used to eventually secure the Ethena Chain via restaking. How did the market react to these major updates? [Learn More](~/AAQRxQA~/RgRoV_9OP0S0aHR0cHM6Ly9jb2lubWFya2V0Y2FwLmNvbS9hY2FkZW15L2FydGljbGUvY21jLW1hcmtldC1wdWxzZS1qdW5lLTIxP2xpZD10ZzYwcHNic2huZHcjOn46dGV4dD1vZiUyMHRoZSUyMFdlZWslMjAlRjAlOUYlOTMlOUQtLE1hcmtldCUyME92ZXJ2aWV3JTIwJUYwJTlGJTkzJTg5LC1UaGUlMjBjcnlwdG8lMjBtYXJrZXRzVwNzcGNCCmZ0Tnp1ZrfiYTJSG3RyaXN0cmFtYmFsZHdpbjkyQGdtYWlsLmNvbVgEAAADHA~~) â MEME COIN MADNESS ð Price 24H% [Dogecoin] [Dogecoin](~/AAQRxQA~/RgRoV_9OP0QuaHR0cHM6Ly9jb2lubWFya2V0Y2FwLmNvbS9jdXJyZW5jaWVzL2RvZ2Vjb2luL1cDc3BjQgpmdE56dWa34mEyUht0cmlzdHJhbWJhbGR3aW45MkBnbWFpbC5jb21YBAAAAxw~) $0.12 ▼1.74% [Shiba Inu] [Shiba Inu](~/AAQRxQA~/RgRoV_9OP0QvaHR0cHM6Ly9jb2lubWFya2V0Y2FwLmNvbS9jdXJyZW5jaWVzL3NoaWJhLWludS9XA3NwY0IKZnROenVmt-JhMlIbdHJpc3RyYW1iYWxkd2luOTJAZ21haWwuY29tWAQAAAMc) $0.0 ▼3.76% [Pepe] [Pepe](~/AAQRxQA~/RgRoV_9OP0QqaHR0cHM6Ly9jb2lubWFya2V0Y2FwLmNvbS9jdXJyZW5jaWVzL3BlcGUvVwNzcGNCCmZ0Tnp1ZrfiYTJSG3RyaXN0cmFtYmFsZHdpbjkyQGdtYWlsLmNvbVgEAAADHA~~) $0.0 ▼3.85% [dogwifhat] [dogwifhat](~/AAQRxQA~/RgRoV_9OP0QvaHR0cHM6Ly9jb2lubWFya2V0Y2FwLmNvbS9jdXJyZW5jaWVzL2RvZ3dpZmhhdC9XA3NwY0IKZnROenVmt-JhMlIbdHJpc3RyYW1iYWxkd2luOTJAZ21haWwuY29tWAQAAAMc) $1.84 ▼13.1% [FLOKI] [FLOKI](~/AAQRxQA~/RgRoV_9OP0QvaHR0cHM6Ly9jb2lubWFya2V0Y2FwLmNvbS9jdXJyZW5jaWVzL2Zsb2tpLWludS9XA3NwY0IKZnROenVmt-JhMlIbdHJpc3RyYW1iYWxkd2luOTJAZ21haWwuY29tWAQAAAMc) $0.0 ▼9.96% Martin Shkreli revealed to be DJT insider: With the PolitiFi sector gaining hype over the past few weeks, countless Trump and Biden tokens have been launched. However, TrumpCoin (DJT) claimed to be the official token by Donald Trump, which saw its market cap rally up to a high of $460 million. Martin Shkreli was a prominent voice, claiming that the DJT token was officially launched by Donald Trump and his team. Several prominent crypto influencers called out Shkreli to bet against his claims, with GCR even putting up a $100 million wager. ZachXBT eventually exposed Martin Shkreli to be part of the insider team launching the token. DJT is currently down 78% from its highs. How did Crypto Twitter react to the Shkreli news? [Discover More](~/AAQRxQA~/RgRoV_9OP0S0aHR0cHM6Ly9jb2lubWFya2V0Y2FwLmNvbS9hY2FkZW15L2FydGljbGUvY21jLW1hcmtldC1wdWxzZS1qdW5lLTIxP2xpZD1seXd2dzNmNmZjYngjOn46dGV4dD1vZiUyMHRoZSUyMFdlZWslMjAlRjAlOUYlOTMlOUQtLE1hcmtldCUyME92ZXJ2aWV3JTIwJUYwJTlGJTkzJTg5LC1UaGUlMjBjcnlwdG8lMjBtYXJrZXRzVwNzcGNCCmZ0Tnp1ZrfiYTJSG3RyaXN0cmFtYmFsZHdpbjkyQGdtYWlsLmNvbVgEAAADHA~~) â VC FUNDRAISES AND AIRDROPS ð° - Recent Funding Successes: Renzo Protocol ($17M), Particle Network ($25M), Sonic ($12M), Wasabi Protocol ($3M)
- Notable Airdrops: zkSync, LayerZero, EigenLayer Two major airdrops this week as leading zk-rollup ZkSync and Omni-chain interoperability protocol LayerZero launched the ZK and ZRO tokens respectively. The airdrops are one of the largest ever, with ZkSyncâs airdrop worth $1.1 billion while LayerZero distributed $347.9 million worth of tokens. However, it did not come without controversies, with some in the community left unsatisfied. [All Fundraisers & Airdrops](~/AAQRxQA~/RgRoV_9OP0S0aHR0cHM6Ly9jb2lubWFya2V0Y2FwLmNvbS9hY2FkZW15L2FydGljbGUvY21jLW1hcmtldC1wdWxzZS1qdW5lLTIxP2xpZD1jZHdiMjhyYzY1dDcjOn46dGV4dD1vZiUyMHRoZSUyMFdlZWslMjAlRjAlOUYlOTMlOUQtLE1hcmtldCUyME92ZXJ2aWV3JTIwJUYwJTlGJTkzJTg5LC1UaGUlMjBjcnlwdG8lMjBtYXJrZXRzVwNzcGNCCmZ0Tnp1ZrfiYTJSG3RyaXN0cmFtYmFsZHdpbjkyQGdtYWlsLmNvbVgEAAADHA~~) â TWEET OF THE WEEK ð [Tweet of the week](~/AAQRxQA~/RgRoV_9OP0REaHR0cHM6Ly94LmNvbS9JR0dZQVpBTEVBL3N0YXR1cy8xODAwMzMyMTgwMjA5NDc2MDAwP2xpZD1rZ253ZzBra3lwbDZXA3NwY0IKZnROenVmt-JhMlIbdHJpc3RyYW1iYWxkd2luOTJAZ21haWwuY29tWAQAAAMc) Was legendary trader GCR calling out Martin Shkreli on your 2024 bingo card? â Thank you for reading this weekâs edition of CMC Market Pulse. Stay informed, stay secure, and weâll see you next week for more insights! â [Apple Store](~/AAQRxQA~/RgRoV_9OP0Q6aHR0cHM6Ly9hcHBzLmFwcGxlLmNvbS9hcHAvY29pbm1hcmtldGNhcC9pZDEyODIxMDcwOTg_bHM9MVcDc3BjQgpmdE56dWa34mEyUht0cmlzdHJhbWJhbGR3aW45MkBnbWFpbC5jb21YBAAAAxw~) [Google Play](~/AAQRxQA~/RgRoV_9OP0RQaHR0cHM6Ly9wbGF5Lmdvb2dsZS5jb20vc3RvcmUvYXBwcy9kZXRhaWxzP2lkPWNvbS5jb2lubWFya2V0Y2FwLmFuZHJvaWQmaGw9ZW5fVVNXA3NwY0IKZnROenVmt-JhMlIbdHJpc3RyYW1iYWxkd2luOTJAZ21haWwuY29tWAQAAAMc) [Twitter](~/AAQRxQA~/RgRoV_9OP0QyaHR0cHM6Ly90d2l0dGVyLmNvbS9Db2luTWFya2V0Q2FwP2xpZD01Mmpxc2FtMHFsNTVXA3NwY0IKZnROenVmt-JhMlIbdHJpc3RyYW1iYWxkd2luOTJAZ21haWwuY29tWAQAAAMc) [Telegram](~/AAQRxQA~/RgRoV_9OP0QraHR0cHM6Ly90Lm1lL0NvaW5NYXJrZXRDYXA_bGlkPXN2Z3R4ZGNiODd1c1cDc3BjQgpmdE56dWa34mEyUht0cmlzdHJhbWJhbGR3aW45MkBnbWFpbC5jb21YBAAAAxw~) [Facebook](~/AAQRxQA~/RgRoV_9OP0Q3aHR0cHM6Ly93d3cuZmFjZWJvb2suY29tL0NvaW5NYXJrZXRDYXA_bGlkPXB0dGFreGV4OGtieFcDc3BjQgpmdE56dWa34mEyUht0cmlzdHJhbWJhbGR3aW45MkBnbWFpbC5jb21YBAAAAxw~) [Instagram](~/AAQRxQA~/RgRoV_9OP0Q5aHR0cHM6Ly93d3cuaW5zdGFncmFtLmNvbS9jb2lubWFya2V0Y2FwLz9saWQ9bTgxdWlkZmt0dm52VwNzcGNCCmZ0Tnp1ZrfiYTJSG3RyaXN0cmFtYmFsZHdpbjkyQGdtYWlsLmNvbVgEAAADHA~~) [LinkedIn](~/AAQRxQA~/RgRoV_9OP0RAaHR0cHM6Ly93d3cubGlua2VkaW4uY29tL2NvbXBhbnkvY29pbm1hcmtldGNhcC8_bGlkPXpxYjlyaGI1OHRralcDc3BjQgpmdE56dWa34mEyUht0cmlzdHJhbWJhbGR3aW45MkBnbWFpbC5jb21YBAAAAxw~) DISCLAIMER: Please be aware that CoinMarketCap is NOT a cryptocurrency exchange and does NOT facilitate the buying, selling, withdrawal or trading of crypto/token assets. The Portfolio feature is for tracking purposes only and does NOT act as a cryptocurrency wallet. You were sent this email because you subscribed to CoinMarketCap. To update your email preferences, [click here](~/AAQRxQA~/RgRoV_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~). To unsubscribe from all CoinMarketCap emails, [click here](~/AAQRxQA~/RgRoV_9OP4TMAWh0dHBzOi8vMDUuZW1haWxpbmJvdW5kcHJvY2Vzc2luZy5jb20vZW5jX3VzZXIvdW5zdWJzY3JpYmU_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-JhMlIbdHJpc3RyYW1iYWxkd2luOTJAZ21haWwuY29tWAQAAAMc). © 2024 Coin Market Cap Ltd
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