It has been a busy day in terms of news, so let us catch you up on the latest and greatest.
Today’s Agenda:
- Market Watch
- Highlights of the Day
- SEC Head of Crypto Assets Resigns
- Tether Launches a New Synthetic Dollar
- Coinbase Unveils Pre-Launch Markets
- Project of the Day
- Crypto Corner
- Market Sentiment & Predictions
- Business & Political Insights
Market Watch
Top Gainers
- Ethena USDe ($USDE): +0.3%
- Tether ($USDT): +0.2%
- USDC ($USDC): +0.2%
Top Losers
Trending Crypto Sectors/Categories
- Frog-Themed
- Real World Assets (RWA)
- Solana Meme
Total Crypto Market Cap – 2.462 Trillion
Fear and Greed Index – 74
Top NFT Sale
- Wrapped Cryptopunks #7626 Sold for 51.51 ETH
Highlights of the Day
SEC Head of Crypto Assets Resigns
David Hirsch, the former head of the SEC’s Crypto Asset and Cyber Unit, bid farewell to his nine-year tenure at the agency last Friday. His departure marks the end of an era characterized by vigorous enforcement actions against cryptocurrency firms, during which he significantly expanded the unit’s capabilities.
Analysts Take on the Move
Hirsch’s exit coincides with a heightened political focus on cryptocurrencies leading up to the upcoming elections in November. Analysts suggest that this political scrutiny may have influenced recent SEC decisions, such as the approval of spot Ethereum ETFs in May, which stood in contrast to the agency’s broader crackdown on crypto.
Tether Launches a New Synthetic Dollar
Tether, renowned for its USDT stablecoin, has introduced a new digital currency named Alloy, pegged to the value of gold. This novel initiative seeks to enhance stability within the digital economy by mirroring the price movements of gold, a traditional safe-haven asset known for its reliability and security.
The Reason Behind the Move?
The decision to launch Alloy stems from the increasing attractiveness of gold as a store of value, particularly during times of market uncertainty. By backing Alloy with physical gold reserves, Tether aims to provide a robust alternative in the stablecoin sector, offering users a dependable asset amidst fluctuating market conditions.
Coinbase Unveils Pre-Launch Markets
Coinbase has rolled out a groundbreaking feature called pre-launch markets, allowing traders to speculate on token prices before they officially debut on spot exchanges. This innovative move enables traders to participate in futures contracts that seamlessly transition into perpetual contracts once the token launches.
Availability of the Feature
Currently, this feature is available to eligible institutional users on Coinbase International Exchange and retail traders on Coinbase Advanced, excluding the US, Canada, and UK markets.
Project of the Day
Conflux
Conflux ($CFX), a permissionless Layer 1 blockchain, is gaining attention for its role in connecting decentralized economies such as dApps, e-commerce, and Web 3.0 infrastructure. Positioned as more scalable, decentralized, and secure compared to existing protocols, Conflux facilitates global connectivity for creators, communities, and markets across various protocols.
In recent market activity, $CFX holds a market cap exceeding $620 million, with its price currently stabilizing around $0.15. Earlier this year, $CFX surged nearly 5x from its bear market low, reaching a peak in March, but has since settled with strong support at approximately $0.13. Despite reaching an all-time high of approximately $1.6 in 2021, the token has since retraced over 90% to establish support levels typical of a bear market. Notably, $CFX has encountered strong resistance around $0.45, a level it has attempted to breach twice without success.
However, despite these price fluctuations, Conflux benefits from a robust community backing, contributing to a positive long-term outlook for the project.
Crazy Day in Crypto
- ETH/BTC is forming an inverse-head-and-shoulders (IHS) pattern, similar to the 2019-2021 bullish reversal that led to a 140% rise in ETH, indicating ETH could increase by over 50% against BTC by the end of 2024.
- Price volatility in Bitcoin, Ethereum, and Dogecoin led to over $290 million in crypto liquidations across the market in the last 24 hours.
Market Sentiment & Predictions
- According to Pirate Wires, there are reports that Donald Trump is set to launch a Solana-based memecoin called $DJT.
- GameStop shares fell by 12% after its highly anticipated shareholder meeting ended without offering specific details about the company’s future plans.
Business Talks & Political Insights
- El Salvador plans to establish a private Bitcoin investment bank offering financial services to cryptocurrency investors with fewer restrictions than traditional banks.
- Ethiopia’s National Bank is actively developing a comprehensive legal framework to facilitate the introduction of a CBDC within the country’s financial system.
