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News/Coin360 Daily Dispatch | Crypto Market Updates & Highlights | June 22, 2024

Coin360 Daily Dispatch | Crypto Market Updates & Highlights | June 22, 2024

Van Thanh Le

Jun 22 2024

3 weeks ago3 minutes read
Coin360 daily crypto news, cryptocurrency updates, market movement

Crypto Market Update

Table of Contents

Cryptocurrency Market Updates

  • Bitcoin Faces Market Challenges Amid ETF Outflows
  • Ethereum ETFs Expected in July, High Expectations
  • YieldMax Files for Ether Option Income ETF
  • 50 Cent's Account Hacked for $GUNIT Memecoin Scam
  • Pantera Capital Invests in TON Token Again
  • Chainlink Unlocks 21 Million LINK Tokens
  • Dogwifhat (WIF) Drops as Whales Dump Tokens

Regulatory and Legal Updates

  • Consensys Challenges SEC Despite Investigation Closure
  • Digital Chamber Criticizes IRS's 1099-DA Form

Political and Campaign Developments

  • Political Meme Coins Volatile Before Debate
  • Winklevoss Twins Exceed Bitcoin Donation Limit

Country-Specific Developments

  • Nigeria Denies Poor Conditions for Binance Exec
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Bitcoin Faces Market Challenges Amid ETF Outflows

Bitcoin got stuck at $63,600 before returning to over $64,000 today, with CryptoQuant predicting a potential fall to $60,000. Bitcoin ETFs saw a $106 million outflow on June 21, marking the sixth consecutive day of outflows. The overall cryptocurrency market fell 3.9%, influenced by macroeconomic data and a significant Bitcoin sale by the German government. 

Miners sold over 30,000 BTC in June, the fastest rate in over a year, due to reduced profit margins. Despite operational struggles, miner capitulation has not reached catastrophic levels. Analysts suggest Bitcoin's price recovery depends on weak miners exiting and the hashrate recovering. Bitcoin's price now trades 13.8% below its all-time high.

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Ethereum ETFs Expected in July, High Expectations

On June 21, seven spot Ethereum ETF applicants, including BlackRock and Fidelity, amended their SEC filings, raising expectations for a July launch. Franklin Templeton and VanEck disclosed sponsor fees of 0.19% and 0.20%, respectively, while BlackRock and Fidelity did not. Fidelity's filing on June 4 showed $4.7 million in seed investments, buying 1,250 ETH. BlackRock reported $10 million in seed funding. Analysts predict Ethereum ETFs will attract 20% of the assets under management (AUM) that Bitcoin ETFs have, with some experts estimating higher inflows.

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YieldMax Files for Ether Option Income ETF

YieldMax has filed for an Ether Option Income Strategy ETF ahead of the anticipated launch of spot Ether ETFs in the US. This ETF employs a synthetic covered call strategy to generate income from underlying spot Ethereum ETFs, managed by Tidal Investments with sub-advisory from ZEGA Financial. Similar to their Bitcoin ETF, YBIT, it aims to capitalize on market volatility for income generation.


50 Cent's Account Hacked for GUNIT Memecoin Scam

Rapper 50 Cent alleges his X account was hacked to promote a celebrity memecoin, resulting in a $300 million scam. The incident involved fraudulent promotion of the $GUNIT token, exploiting his vast social media following before its value plummeted sharply. This highlights ongoing issues with celebrity endorsements in the volatile cryptocurrency market.


Pantera Capital Invests in TON Token Again

Pantera Capital is raising funds for its second investment in TON token. The firm, bullish on TON's potential, aims to capitalize on its growth, highlighted by recent highs and surpassing Ethereum in daily users. With a minimum contribution of $250,000, investors are invited to participate in expanding TON's ecosystem and adoption.

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Chainlink Unlocks 21 Million LINK Tokens

Recently, 21 million LINK tokens, valued at approximately $295 million, were unlocked from Chainlink's non-circulating supply contracts. Of this, 18.25 million LINK was sent to Binance, with the remainder moved to a multisig wallet. Despite the unlock, LINK's price has remained stable. Chainlink has unlocked a total of 127 million LINK since August 2022, with significant amounts directed to Binance, maintaining a robust market presence.

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Dogwifhat (WIF) Drops as Whales Dump Tokens

Dogwifhat (WIF) saw a significant price drop as whales deposited millions of tokens to Binance, resulting in a 13% decrease to $1.83. A major whale transferred 5.97 million WIF worth $11 million, while another dumped $3.5 million earlier in the week, contributing to a 24% weekly dip. The market capitalization fell by 14.5% to $1.85 billion, with increased trading volume indicating significant market reactions. Analyst Bluntz predicted further declines, potentially reaching $1.

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Consensys Challenges SEC Despite Investigation Closure

Consensys intends to continue its legal battle against the SEC despite the closure of one investigation. Laura Brookover, Consensys' head of litigation, emphasized the SEC's lack of clarity on Ethereum's regulatory status. Two ongoing SEC probes focus on MetaMask's features. Brookover criticized the SEC for regulatory ambiguity and urged clearer guidelines for the crypto industry.


Digital Chamber Criticizes IRS's 1099-DA Form

The Digital Chamber of Commerce has voiced privacy concerns over the IRS's proposed Form 1099-DA for crypto transactions. They suggest simplifying the form and limiting the collection of sensitive taxpayer information like transaction IDs and digital asset addresses. The Chamber also proposes adding fields to account for different tax rates on assets like NFTs to enhance reporting accuracy.


Political Meme Coins Volatile Before Debate

Political meme coins are experiencing heightened volatility as the upcoming U.S. presidential debate between Joe Biden and Donald Trump approaches on June 27. Analysts anticipate significant price swings in tokens like Super Trump (STRUMP) and Maga (TRUMP), tied to speculation on debate outcomes. Liquidity for these assets has surged, facilitating easier trading despite their risky nature.


Winklevoss Twins Exceed Bitcoin Donation Limit

Tyler and Cameron Winklevoss, founders of Gemini exchange, received refunds for exceeding the legal limit in Bitcoin donations to Donald Trump's campaign. They each donated $1 million in BTC, surpassing the $844,600 per-person cap. The excess amount was returned, underscoring regulatory constraints in political contributions.


Nigeria Denies Poor Conditions for Binance Exec

Nigeria's government has refuted claims of poor prison conditions for Binance executive Tigran Gambaryan, asserting he receives quality medical care and full consular support. Mohammed Idris, Nigeria’s Minister of Information, emphasized Gambaryan’s access to healthcare and fair trial procedures amid ongoing legal proceedings.

Top Altcoin Gainers and Losers

Gainers: 

Fellaz FLZ (+10.46%

BitTorrent New BTT (+6.62%

Arweave AR (+6.56%

Losers:

Avalanche AVAX (-9.50%

Aave AAVE (-6.13%

dogwifhat WIF (-5.64%

NFT Market Map

This article has been refined and enhanced by ChatGPT.

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