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Today's Newsletter content 📃
No. | Index |
|---|---|
1. | MARKET WATCH ⌚👀 |
2. | WazirX Reports $230M Hack, Files Police Complaint |
3. | Trump Considers Bitcoin as US Reserve Asset |
4. | SEC Approves Five Spot Ethereum ETFs |
5. | TON Network Surpasses Optimism in TVL |
6. | Q2 2024 Crypto Highlights: Meme Coins, RWAs, and AI Dominate |
7. | Kazakhstan Uses CBDC for China Rail Line Construction |
8. | Meme of the week 🤣 |
The cryptocurrency market is experiencing a rare calm. Market watchers report that altcoins are currently at favorable entry points, with prices rising steadily. Enthusiasts and investors are eagerly anticipating the next bull run. Analysis suggests that several altcoins are on the verge of a significant breakout.
Crypto exchange WazirX suffered a $230 million hack, prompting a police complaint and a report to India's CERT-In. The breach affected one of WazirX’s wallets, leading to significant withdrawals. WazirX is working with exchanges, forensic experts, and law enforcement to trace and recover the stolen funds. The next step is likely a First Information Report (FIR) to initiate an official investigation. The incident underscores the need for clearer regulatory guidelines on security standards in India's crypto industry. CoinDCX has offered support to WazirX’s customers. The Finance Ministry and CERT-In have not yet commented.
Rumors suggest former President Donald Trump may declare Bitcoin a “strategic reserve asset” at the upcoming Bitcoin 2024 Conference. This move could transform Bitcoin’s status and value, reflecting Trump's recent pro-Bitcoin stance and his partnership with crypto-friendly Senator JD Vance. Historically, reserve assets like gold and foreign currencies have stabilized economies. With the US holding 213,000 BTC from seizures, leveraging this could boost Bitcoin’s legitimacy and influence global markets. However, this policy shift requires Congress approval, extensive analysis, and new legislation.
Big news in the crypto world: The SEC has approved five spot Ethereum ETFs, set to launch on July 23. VanEck, Invesco, Fidelity, 21Shares, and Franklin Templeton made the cut. This announcement has fueled Ethereum's bullish momentum, with its current price at $3,522. The RSI indicates strong buying activity but is nearing overbought territory. Investors are eyeing the immediate resistance at $3,527, with potential for a surge to $4,000 if broken. This ETF approval marks a significant milestone for Ethereum and could drive further market gains.
The Open Network (TON), originally developed by Telegram, has become the tenth largest blockchain by total value locked (TVL), surpassing Optimism. Driven by Telegram's vast user base, TON's ecosystem is expanding rapidly. Recent developments include a $20 million fund by Bitget and Foresight Ventures for TON-based projects, the launch of the TON applications chain with EVM compatibility, and a Web3 startup accelerator partnership with 1inch and Sign. Despite strong TVL figures, leading DApps like DeDust and Ston Fi are facing declining volumes, with growth mainly driven by airdrop activities. The ecosystem's sustainability remains under observation.
The second quarter of 2024 was driven by meme coins, Real World Assets (RWA), and Artificial Intelligence (AI), capturing 35.7% of the market share, according to CoinGecko. Solana and Base led the ecosystems, holding 22.9% of market attention. Despite Bitcoin’s fourth halving, the market saw a 14.4% decline, ending June at $2.43 trillion. Bitcoin struggled, closing Q2 at $62,734, down 11.9%. Meme coins surged, claiming 14.3% of the market. Centralized exchanges faced declines, but DEXs saw a 15.7% increase in spot trading volume, with Uniswap leading at 48%. Ethereum turned inflationary, adding 120,818 ETH to the supply.
Kazakhstan is using its digital currency, the digital tenge, to fund the construction of a rail line to China. This pilot project by the National Bank of Kazakhstan ensures efficient spending and control over funds. The digital tenge is being used to build a section of the Dostyk-Moiynty railway, ensuring payments reach intended recipients. Major entities like JSC Samruk-Kazyna and JSC Halyk Bank are involved. The project aims to reduce fund misappropriation and enhance transparency. The bank plans to expand the platform for other national projects, with results expected in a final report by the end of 2024.
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