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
- Binance Prepares to Sell Majority Stake in Gopax Exchange
- US Inflation Falls to 3%
- Project of the Day
- Crypto Corner
- Market Sentiment & Predictions
- Business & Political Insights
Market Watch
Top Gainers
- MANTRA ($OM): +7.9%
- Arweave ($AR): +7.5%
- NEAR Protocol ($NEAR): +6.6%
Top Losers
- Bonk ($BONK): -11.0%
- Celestia ($TIA): -10.2%
- Render ($RNDR): -8.4%
Trending Crypto Sectors/Categories
- Layer 2 (L2)
- OKX Ventures Portfolio
- Frog-Themed
Total Crypto Market Cap – 2.216 Trillion
Fear and Greed Index – 25
Top NFT Sale
- RAREPEPE | Series 1 Card 1 Sold for 45 ETH
Highlights of the Day
Binance Prepares to Sell Majority Stake in Gopax Exchange
Binance, a prominent figure in the cryptocurrency world, is on the brink of a strategic move involving Gopax, its South Korean exchange venture. Originally acquiring a hefty 72.26% stake in February 2023, Binance aimed to solidify its position in South Korea’s dynamic market. However, faced with regulatory hurdles and stringent directives from local financial authorities, Binance is now poised to relinquish its majority control over Gopax.
Cherry on Top!
Adding complexity to this unfolding saga is the imminent renegotiation of a critical contract between Gopax and Jeonbuk Bank, scheduled to lapse in August 2024. This agreement is vital for Gopax’s operational continuity and its adherence to South Korean banking regulations, which mandates real-name verifications for account holders.
US Inflation Falls to 3%
US inflation has shown a promising decline, dropping to 3% in June 2024, a decrease from May’s 3.3%. This development marks a pivotal factor in the Federal Reserve’s deliberations on potential interest rate adjustments later this year.
What’s the Impact?
Despite the positive news, consumer prices remain high after a prolonged period of strain. However, the easing inflation trend offers hope for future relief, with expectations mounting for the Fed to implement rate reductions soon. This move could potentially lighten the financial burden on American households moving forward.
Project of the Day
SuperVerse
SuperVerse ($SUPER) emerges as a leading blockchain platform tailored for gaming, boasting rapid, cost-effective transactions. Developed in collaboration with industry giants and fueled by the $SUPER token, it stands as the premier hub for web3 gaming.
Currently, $SUPER commands a market cap exceeding $280 million, with its price hovering above $0.5. Over the past year, the token has surged by a remarkable 400%, peaking at around $1.5 in March before retracing to its support levels. Amidst the gaming industry’s surge and a dedicated community, $SUPER’s long-term prospects remain optimistic in this bullish market climate. Looking ahead, considering the project’s growing and devoted community, and with gaming being one of the hottest topics in this bull market, the long-term outlook for $SUPER remains bullish.
Crazy Day in Crypto
- Iggy Azalea’s $MOTHER saw a 60% increase following its announcement of a partnership with crypto market maker DWF Labs.
Market Sentiment & Predictions
- JPMorgan analysts anticipate a crypto market recovery in August following a tough June, with expectations that the liquidation from the Terra ecosystem collapse will conclude by July’s end, paving the way for potential recovery.
- According to a CoinGecko survey, 49% of the crypto community remains bullish, while approximately 25% hold a neutral stance, showing caution and waiting for further market developments.
Business Talks & Political Insights
- The SEC has concluded its investigation into Paxos and its BUSD token partnership with Binance, declaring BUSD not a security, marking a significant victory for the crypto industry.
The German government sold another 5,000 BTC, leaving it with just 4,925 BTC worth approximately $283 million.
