Crypto Market Newsreel \ 17-30 JUNE

Weekly Crypto Dispatch

While some people shout about 'crypto winter' and the continuous decline in cryptocurrency prices, the industry is full of hot debates on ETH gas prices, upcoming legal disputes, new collaborations with celebrities, such as Cristiano Ronaldo, and positive regulatory updates, for a change. If you want to learn all the latest news from the crypto market, you're in the right place. Let's dig in!
Market Cap
In the last two weeks, the market cap lost 7%, getting down to $0.856 Trillion, according to CoinMarketCap. It happened because of a mixture of reasons, including the Fed renewing inflation warnings, Bitcoin dropping by 10% and going on track for a record 40% monthly drop, continued 'Bearish' market trends, and S&P 500 going under 3700.
$856 Billion
-7%
* Crypto market capitalization is the total value of a cryptocurrency. It is calculated by multiplying the cryptocurrency price with the number of coins in circulation.
Week's Top-3 Influential Coins
Top Gainers
Outsiders
BTC
ETH
USTC
$0.05
+529.7%
TerraClassicUSD
GMT
$0.80
+13.3%
STEPN
SHIB
$0.00000986
+10.8%
Shiba Inu
BCH
$100.38
-22.4%
Bitcoin Cash
DOT
BTC Treasuries
BTC Treasures are alternative inflation hedges and stores of value that are especially popular in the times of world economic destabilization.
ETFs
Exchange Traded Funds
828,641 BTC
Governments
50,699 BTC
Ukraine
46,351 BTC
+1.5%
Public Companies
268,752 BTC
MicroStrategy
129,218 BTC
Private Companies
174,381 BTC
Block.one
140,000 BTC
+0.18%
Grayscale Bitcoin Trust
643,572 BTC
Top 3
Top 3
Top 3
Top 3
Learn more at Buy Bitcoin Worldwide
2,301 BTC
El Salvador
Finland
1,981 BTC
42,902 BTC
Tesla, Inc
Galaxy Digital Holdings
16,400 BTC
17,500 BTC
The Tezos Foundation
Stone Ridge Holdings Group
10,000 BTC
CoinShares / XBT Provider
48,466 BTC
Purpose Bitcoin ETF
43,701 BTC
Headlines

  • MicroStrategy purchased another $10M of Bitcoin in the last two months

BTC
$19,146.00
-10.4%
Bitcoin
BUY
BTC
$19,146.00
-10.4%
Bitcoin
MicroStrategy (MSTR) on Wednesday morning revealed it purchased 480 bitcoins for about $10 million – an average price of $20,817 per coin – from May 3 to June 28. The new additions bring company holdings to 129,699 bitcoins (BTC) acquired for almost $4 Billion, or an average cost of $30,664 each.

At the time of publication, BTC was trading on Aximetria at $19,146.00.

  • Uniswap overtakes Ethereum on fees, DeFi outperforms

UNI
$4.60
+13.9%
Uniswap
BUY
UNI
$4.60
+13.9%
Uniswap
Decentralized exchange (DEX) Uniswap has overtaken its host blockchain Ethereum in terms of fees paid over a 7-day rolling average. The surge appears part of a recent spate of high demand for DeFi amid the current bear market.

  • According to data from Crypto Fees, traders on Uniswap accounted for an average daily total of $4.87 Million worth of fees between June 15 and June 21, overtaking the average fees from Ethereum users, which accounted for $4.58 Million.

  • Uniswap's most advanced v3 protocol accounted for the lion's share of the total fees with $4.4 million, while the v2 variant also contributed a notable $336,556.

  • Grayscale launches legal challenge to Bitcoin spot ETF rejection
Earlier this week, Grayscale Investments launched a legal challenge against the United States Securities and Exchange Commission (SEC) after being denied its application to convert Grayscale Bitcoin Trust (GBTC) into a spot-based Bitcoin (BTC) exchange-traded fund (ETF).

According to a filing from the securities regulator, the application was not supported "to protect investors and the public interest" because the proposal failed to demonstrate how it will prevent fraudulent activities.
We will continue to leverage the full resources of the firm to advocate for our investors and the equitable regulatory treatment of Bitcoin investment vehicles
Michael Sonnenshein, Grayscale's CEO

  • KPMG enters the metaverse, invests $30M in Web3 employee training
KPMG, one of the Big Four accounting firms, revealed the launch of a metaverse collaboration hub to support its employees and clients pursue growth opportunities in the digital era.

According to a Fortune report, the hub will focus on education, collaboration, training, events, and workshops with Cliff Justice, KPMG U.S. leader of enterprise innovation. The company is making a cumulative $30 million investment this year in Web3 experiences, with the metaverse hub as the "signature piece."

  • Coinbase shuts down Coinbase Pro to unify trading services
Coinbase's professional trading platform, Coinbase Pro, will be closed soon as the company revealed plans to restructure its services to consolidate them into one platform.

Coinbase Pro's services will migrate to Advanced Trade, Coinbase's new trading section accessible via the exchange's website. It was originally launched in March 2022 to provide traders with in-depth analysis.

The migration is aimed to simplify the trading process on Coinbase by allowing traders to access advanced trading tools and use general Coinbase features in one place.

  • Cristiano Ronaldo signed an NFT partnership with Binance to introduce soccer fans to the Web3 ecosystem
On June 23, Binance announced the partnership with Cristiano Ronaldo that involves creating several series of NFT collections with Ronaldo. These will be sold on the Binance NFT platform exclusively, with the first collection coming out later this year, featuring designs created by Ronaldo himself.
My relationship with the fans is significant to me, so the idea of bringing unprecedented experiences and access through this NFT platform is something that I wanted to be a part of
Cristiano Ronaldo
Back in March, Ronaldo was awarded crypto tokens for his achievements in the sport. The football star was given JUV tokens, the official fan token of Juventus F.C., for every senior career goal that he scored.
Featured on Aximetria
UNI
$4.60
+ 13.9%
Uniswap
BUY
UNI
$4.60
+ 13.9%
Uniswap
Decentralized exchange (DEX) Uniswap operates on the Ethereum blockchain. It allows users to trade crypto without an intermediary anywhere in the world. The token, UNI, allows users to vote on significant protocol changes and has a market cap of more than $3.5 billion, according to CoinMarketCap.

Uniswap was launched in 2018, making it one of the first decentralized finance (or DeFi) applications to gain significant traction on Ethereum. Since then, several other decentralized exchanges have launched (including Curve and SushiSwap), but Uniswap is currently the most popular by a significant margin.

In June 2022, Uniswap hired a former New York Stock Exchange president, Stacey Cunningham, as an Advisor to Uniswap Labs. They also recently acquired NFT marketplace aggregator Genie in a push to support trading of NFTS.
Crypto Regulation Updates
Singapore regulator praises leaders of crypto firms like Binance, Ripple, and Crypto.com and shares excitement in creating a responsible and compliant crypto industry.
Read more
Singapore
USA
SEC rejected Grayscale's spot Bitcoin ETF application because Grayscale failed to answer the questions from SEC about preventing market manipulation and other concerns.
Read more
Central African Republic
The President of the Central African Republic officially supports the creation of the first "legal crypto hub", Sango, following recent Bitcoin adoption.
Read more
Binance will assist Cambodia in creating crypto regulations.
Read more
The European Council agreed to form an Anti-Money Laundering (AML) body to supervise crypto asset service providers.
Read more
Europe
Cambodia
Analysts Talk
This time we decided to share some expert opinions on the future Bitcoin price debate. With the ongoing market volatility, prices on the most influential crypto asset, BTC, boggles the minds of analysts, traders, investors and all other market players. So you're definitely not alone in this one. Take a look at crypto analysts' predictions for Bitcoin during this 'crypto winter.'
Will Clemente
Will Clemente is a young and influential (648k followers on Twitter) next-generation on-chain analyst. He hosts the Blockware Intelligence Podcast and writes a weekly newsletter on on-chain analytics, mining, and digital assets.

Twitter
With the ongoing market volatility, lead insights analyst Will Clemente has noted that Bitcoin will likely reverse further in the coming weeks despite attempting to stabilize above $20,000.

On June 22, Clemente tweeted that Bitcoin is in line for a 'mean reversion based on the asset's recent price movement that dipped by over 60% from its all-time high.

According to the analyst, Bitcoin only managed to sustain gains above $20,000, mainly due to forced selling pressure that will not stay above the level.

"After reaching lows across the board of historical valuation plus deviations from 200-day trend 4-year trend, forced selling/liquidations and pop back up to $20K, I think BTC is likely to set up for some mean reversion over the coming weeks," said Clemente.
Rekt Capital
Rekt Capital is an experienced trader and analyst with 320k followers on Twitter and was featured in Forbes, CoinTelegraph, and Real Vision. He created a Rekt Capital Newsletter, cutting-edge market research about Bitcoin and Altcoins, which currently has around 38k subscribers.

Twitter
Crypto analyst Rekt Capital believes that Bitcoin is yet to hit its bottom, especially by reviewing previous sell volumes.

On June 22, Rekt tweeted that although the cryptocurrency is trading below the 200-week moving average, the previous bear bottom was characterized by high sell volume, accompanied by above-average buy volume. However, the analysts pointed out this is not the case in the current market condition.

"Previous BTC bear market bottoms at the 200-week MA would first form on extreme sell volume followed by above-average buy volume in the week after. While $BTC saw extreme sell volume last week, this week's volume is drastically under-average & seller-dominated," the analyst said.
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The information provided on this website does not constitute investment advice, financial advice, trading advice, or any other sort of advice and you should not treat any of the website's content as such. Do conduct your own due diligence and consult your financial advisor before making any investment decisions.
In case you missed one of our previous digests, here's a link to the list of all Crypto Market Newsreel issues

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