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Daily #Web3 Market

24 Jun 2024:

Crypto’s dirty little secret? It’s safe

Despite the regulatory uncertainties surrounding cryptocurrencies, the introduction of Ether and Bitcoin ETFs is perceived as a significant step towards mainstream acceptance and risk mitigation. The U.S. Securities and Exchange Commission’s approval of these ETFs, along with the bipartisan support for the Financial Innovation and Technology (FIT) Act of 2021, indicates a growing recognition of the potential stability and safety of these digital assets. Read more

Ethereum could fall 30% after spot ETH ETFs launch — Crypto VC

Andrew Kang of Mechanism Capital warns that the launch of spot Ether ETFs might lead to a 30% drop in Ethereum’s price. He argues that without significant improvements in Ethereum’s economic model, the upside potential of these ETFs is limited. Kang emphasizes the need for Ethereum to develop a compelling strategy to enhance its value proposition to avoid a substantial price correction following the ETF launch. Read more

Asset tokenization to reach $2T by 2030 despite ‘cold start’ — McKinsey

A recent McKinsey report projects that the market for tokenized assets will grow to $2 trillion by 2030. Despite a slow start, the adoption of asset tokenization is expected to accelerate as financial services increasingly embrace blockchain technology. The report highlights that while broad adoption may take time, certain sectors like tokenized bonds and digital assets could see faster growth, driving the overall market expansion. Read more

Dogwifhat falls out of top 50, tumbles 38% over past 7 days

Dogwifhat, a memecoin based on the Solana blockchain, has seen its market cap plummet by 38% in the past week, causing it to fall out of the top 50 cryptocurrencies. This significant decline highlights the volatility and risks associated with investing in memecoins, which can experience rapid price fluctuations based on market sentiment and speculative trading. Read more

Bitcoin price loses ground as TON, PEPE, KAS and JASMY catch traders’ attention

Bitcoin’s price has been under pressure as traders shift their focus to other cryptocurrencies like Toncoin, Pepe, Kaspa, and JasmyCoin. These altcoins have been gaining traction, attracting investors’ interest and trading activity, which has diverted attention away from Bitcoin. The increased interest in these alternative tokens suggests a diversification trend among crypto traders looking for new opportunities. Read more

Bitcoin prepping breakout with ‘$90K+’ BTC price target — New analysis

Analysts are optimistic about Bitcoin’s potential for a significant price breakout, predicting that it could reach a target of $90,000 or higher. This bullish outlook is supported by various technical indicators and market trends suggesting that Bitcoin is poised for substantial gains. The upcoming weekly close is seen as a critical juncture that could confirm this positive momentum and set the stage for new all-time highs. Read more

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