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Daily #Web3 Market

5 Jun 2024:

Bitwise CIO says market undervaluing Washington’s shifting attitude toward crypto

Bitwise CIO Matt Hougan believes the market is underestimating the significance of Washington’s evolving attitude toward cryptocurrencies. He noted that recent shifts in the U.S. political landscape have been favorable for crypto, which could propel the market to new highs if fully recognized. Read more

Bitcoin short-term holders increased holdings by over 1 million BTC in six months

Onchain data reveals that short-term Bitcoin holders have accumulated over 1 million BTC in the past six months. This increase suggests growing confidence among newer investors in the cryptocurrency market. Read more

Bitcoin halving slashes miners’ production in May by over 40%

Bitcoin miners experienced a significant reduction in BTC production in May due to the April halving event, which cut mining rewards to 3.125 BTC per block. This event, occurring every four years, reduces miner rewards to enhance Bitcoin’s scarcity. Read more

Bitcoin’s realized price surpasses $30,000

Bitcoin’s realized price, indicating the average price at which all circulating Bitcoin was last moved, has exceeded $30,000. This milestone reflects substantial market activity and investor confidence. Read more

Funding rate volatility shows localized trading imbalances despite market stability

The funding rate for perpetual futures, a proxy for market sentiment, indicates localized trading imbalances. Significant deviations from the average funding rate across exchanges suggest potential positioning imbalances, despite overall market stability. Read more

The Promises and Perils of Private Asset Tokenization

Exploring the potential and challenges of private asset tokenization, this analysis delves into how tokenization can transform real-world assets into digital tokens, enhancing liquidity and accessibility while also presenting regulatory and technical hurdles. Read more

Uniswap, Starknet, BNB Lead Altcoin Gains as Bitcoin Hits $71K

Bitcoin reached $71,000, leading a broader crypto market uptrend, with altcoins like Uniswap, Starknet, and BNB posting significant gains. Seventeen of the top twenty assets in the CoinDesk 20 Index reported positive performance. Read more

Ether Price Poised for Supply ‘Shock’ as ETFs May Attract $4B Inflows in Five Months, K33 Research Says

K33 Research predicts that Ether could experience a supply shock as upcoming ETFs are expected to draw in $4 billion in inflows over the next five months. This influx could result in Ether outperforming Bitcoin after a period of underperformance. Read more

Bitcoin Sees Profit-Taking Around $70K Amid ‘Stubbornly Bullish’ Sentiment

Despite Bitcoin reaching around $70,000, profit-taking has been observed. However, the market sentiment remains bullish, with over 50% of Bitcoin’s supply remaining inactive, indicating strong long-term conviction among holders. Read more

Zimbabwe central bank ironing out wrinkles in new currency

Zimbabwe’s central bank is refining its new currency, derived from the government’s gold-backed token. While the currency is performing well economically, it has received mixed reviews from the public. Read more

Ethereum ETF excitement? ETH futures tell a different story

Despite the excitement surrounding a potential Ethereum ETF, ETH futures reflect a more cautious market sentiment, suggesting concerns over regulatory challenges and possible delays in the ETF’s launch. Read more

Japanese blockchain Astar proposes $38M token burn

Astar, a Japanese blockchain, has proposed burning $38 million worth of tokens initially reserved for a parachain slot on Polkadot. This move aims to address the unused tokens and optimize the network’s value. Read more

First Mover Americas: Bitcoin Drops From $70K as Bullish Signal Strengthens

Bitcoin fell below $70,000 after a $9 billion transfer from Mt. Gox, but bullish signals continue to strengthen, indicating potential for future gains despite the temporary drop. Read more

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