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The total market cap of #stablecoins has hit a record of $165B
While this growth doesn’t directly boost #crypto prices, it often signals potential capital influx, indicating an accumulation of purchasing power and a shift in market sentiment, which may indirectly impact prices.
$SUI surged 38% in the last 7D, outperforming #Bitcoin, driven by the launch of #Grayscale's Sui Trust, reflecting strong confidence in its future.
While some compare #Sui to #Solana, on-chain data indicates it has a gap to close and is closer to #Ton👇
Matrixport notes that despite #BTCETF outflows, some investors are buying the dip, as seen in the rising 30-day minting ratio.
This indicates new fiat is entering the #crypto market, with investors preparing for a potential Fed #ratecut in September.
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The entire #CryptoMarket dropped 18.2% 📉in the past day, with #Bitcoin reaching its lowest level since February after a 16.53% decline, and #Ether falling 23.75% to its lowest level since January.
There are many factors contributing to this situation:
🔹From a traditional finance and macroeconomic standpoint
Last Friday's lower-than-expected payroll numbers led to concerns about a recession and causing a 2.43% drop in the #Nasdaq and a 1.84% drop in the S&P 500.
Global stock markets are also being affected, as Japan’s #Nikkei 225 and #Topix indices plunged about 7% in the morning in Asia.
🔹From a political standpoint
The upcoming U.S. presidential election is causing uncertainty for crypto investors, as the increasing odds of Kamala Harris winning against the pro-crypto Donald Trump.
🔹From the #crypto industry's perspective
#JumpCrypto’s movement of large amounts of crypto assets over the weekend has sparked speculation about the potential liquidation of its holdings.
⚠️The recent crypto market has been extremely volatile. Please exercise caution before investing.
Bitcoin's price has fallen despite positive macroeconomic signals such as the Bank of England's rate cut and the possibility of the U.S. Federal Reserve doing the same.
Currently, #Bitcoin faces significant overhangs as the movement of over $2B worth of $BTC by #MtGox, and a decrease in U.S. spot Bitcoin #ETF inflows.
5/TON's Future Development Focus
According to the TON official website, #MiniApps, #GameFi, and #DeFi are the product categories the official wants to onboard as priorities. The #TON Foundation's Grants program also explicitly mentions supporting these categories.
In 2024, the #TON ecosystem showed robust growth, mainly driven by TON games. As it matures, its prospects in #DeFi, #GameFi, and #SocialFi are increasingly promising.
4/The Current State of TON Mini-Games
- @hamster_kombat: A #TaptoEarn game, which has gained over 230M registered users in less than four months.
- @CatizenAI: A casual cat-raising game with over $10M in revenue, more than 25M players and 1.4M converted on-chain users.
4/Impact on Crypto Regulatory Policies
Ethereum ETF approval signals a shift in US regulatory stance - viewed as positive for #crypto.
Suggests $ETH is a commodity, not a #security.
The #SEC has approved #Ethereum spot ETF applications. It is expected that the initial trading will start at 9:30 am ET on July 23.
More about the #ETHETF 👇
3/Impact on $ETH Prices
#Crypto firms predict optimistic $ETH price targets📈:
- #Steno: $6,500 later this year
- #Bitwise: $5,000+ by year-end
This optimism is based on expectations of substantial capital inflows to the new Ethereum spot ETF.