Weekly Market Overview From June 26th To July 2nd: Celsius Will Begin Liquidating!

The market overview provides an overview of the cryptocurrency market from June 26th to July 2nd. It includes comprehensive updates and analyses of the market trends and movements during this period. The market overview covers a range of topics, such as the performance of major cryptocurrencies, the impact of news events on the market, and the overall sentiment of investors.

By examining these factors in detail, the market overview aims to provide readers with a deeper understanding of the current state of the cryptocurrency market and the factors that are driving its movements.

Quick look market overview about big news!

Binance’s L2 opBNB network is currently running on the testnet. There is a lot of information about this airdrop with the slogan that if you missed BNB in 2017, you should not miss this one, although Binance has announced that there is no airdrop. The way to do it is similar to other L2s, by going to the faucet token testnet and experiencing it.

Binance Labs announces the results of the 5th Incubation Program, consisting of 5 projects receiving investment out of 12 selected for review: Bracket Labs, DappOS, Kryptoskatt, Mind Network, and zkPass. More than 900 projects were registered for the 5th incubation round, but only 12 were selected for review. Finally, only 5 projects were invested in, showing the program’s strict requirements. Binance Labs also revealed that the 6th incubation round is about to open for registration. Interested projects should follow Binance’s Twitter for the latest updates.

MicroStrategy has just bought an additional 12,333 $BTC. The average estimated price of this amount of $BTC is $28,136, meaning that the fund currently has a profit of ~$27.6M.

The chairman of the Fed said that interest rates could be raised two more times. Some macroeconomic news from last week: The PCE inflation index decreased to 3.8%, much lower than the estimated 4.6%. Core PCE is at 4.6%, lower than the estimated 4.7%.

SEC said: “BTC ETF applications are not yet complete,” causing the price of BTC to drop to 29,500 in the middle of the week. Some updates on Bitcoin Spot ETF:

Fidelity, Wisdomtree, Invesco/Galaxy, and VanEck have all amended their proposals for Bitcoin Spot ETF and submitted new versions to the SEC.

ArkInvest also revised its proposal, but only the current version was modified. This means that the SEC did not return the proposal, so over time, if an ETF is approved, Cathie Wood ArkInvest will be the first company.

All proposals state that they: “expect to participate in a monitoring agreement with Coinbase, Inc.”

Bitwise also revised its proposal but did not include any sharing agreement language.

Companies are working very quickly.

BlackRock has not yet revised its text, and on the Nasdaq website, BlackRock’s proposal is still listed as “pending.”

It is important to note that the SEC has not made any official announcements, and all information we hear is from the Wall Street Journal.

Market overview – Celsius will begin liquidating its altcoins into BTC and ETH to repay its creditors!

The sale begins on July 1st, and some tokens include:

CEL – $100 million (CEL’s current market cap is $37 million)

MATIC – $58 million

ADA – $28 million

LINK – $20 million

LTC – $19 million

BCH – $15.7 million

So Celsius’ debtors and customers will soon receive their compensation!

Polynetwork has been hacked again. Previously, it was involved in a nearly $600M incident. This time, $42 billion was minted, mostly on Chain Metis. Details:

• 99,999,184 BNB and 10 billion BUSD were issued on Metis.
• 999.8127 SHIB was issued on Heco, 87,579,118 COW and 999,998,434 OOE, 636,643,868 STACK, 88,640,563 GM,2,175,053 03 were issued on Polygon.
• 378,028,371 STACK, 82,854,568 XTM, 11,026,341 SPAY, issued 89,383,712 GM on Avalanche, 8,882,911 METIS, 926,160,132 DOV, 978,102,855 SLD.
• And other assets were issued on BSC.

Market overview – Some significant unlocking periods in July.

Market overview – Update some macro events that may affect crypto in July.

???? 1:00 6/7: FOMC Meeting – High impact

???? 19:15 6/7: ADP Non-farm – Medium impact

???? 19:30 6/7: US Unemployment Claims – Medium impact

???? 21:00 6/7: ISM Services PMI – Medium impact

???? 19:30 7/7: Non-farm Payrolls – High impact

???? 19:30 12/7: US CPI Release – High impact

???? 19:30 13/7: US PPI Release – Fairly high impact

???? 19:30 18/7: US Retail Sales – Fairly high impact

???? 1:00 27/7: FED Interest Rate Decision – High impact

???? 19:30 27/7: US GDP Release – High impact

???? 19:30 28/7: US Core PCE – Fairly high impact.

Market overview – Trend analysis for this week!

The trend will likely be POW coins due to next year’s halving event. Market overview – Here are some Pow coins in the BTC ecosystem that are frequently mentioned:

$STX – BTC Layer 2, smart contracts;

$BCH – BTC fork;

$RIF – identity & storage;

$T – tBTC, a merger between $KEEP and $NU;

$HARD – lending & borrowing BTC, KAVA eco;

$REN – defi BTC;

$BADGER – defi for BTC;

$PNT – ptokens for BTC;

$ALEX: Dex of $STX

$SOV: Smartcontract, Lending, Borrowing;

$PCX: BTC Layer2 omniBTC;

$ORD: Dex;

$ML: BTC layer2 (high inflation);

$LBTC: Lighting Bitcoin;

$BC: Old Bitcoin;

BRC20 $ORDI, $VMPX, $PEPEBRC, $MEMEBRC, $PIZABRC, $TRAC, $BIOP, $BSVBRC …

This year is the year of Cex fud, so let’s take a look at Dex

DEX trading volume on Ethereum is currently the highest, followed by Arbitrum, BNB Chain, and Polygon.

Since Arbitrum launched its token, it has been relatively quiet, with much Fud about the foundation selling tokens. With this volume, there may be many gems in this ecosystem soon.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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David

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