Discover the Latest Crypto Market Buzz

Key Points

• Binance: Scandal involving leaked user emails after the launch of Launchpad – Arkham. Binance layoffs and suspension of support for bridging tokens.
• Macroeconomic: Recent reports suggest that inflation may be cooling down, which could lead to potential announcements regarding interest rates.
• Market Overview prediction: Stablecoins continue to experience losses, mining companies’ involvement is leading to faster selling of BTC, exchange volume is decreasing, and money flow into funds has increased but not significantly.

Stay up-to-date with the latest developments in the crypto world, including Binance’s launchpad launch, macroeconomic updates, and predictions for the week ahead. Gain market overview insights and make informed decisions in the cryptocurrency industry.

Binance has faced multiple challenges

Launchpool’s continuous release has caused a slight increase in the price of $BNB. The most recent release, Launchpad – Arkham, was followed by a scandal involving leaked user emails after Arkham announced the airdrop of ARKM tokens.

In other news related to Binance, the company has laid off more than 1000 employees. Additionally, Binance has suspended support for 8 bridging tokens with Multichain, causing the price of MULTI to drop. Multichain has officially announced its shutdown, along with news that the CEO was arrested. It is not yet clear why the CEO was arrested, but it is likely that users’ money will be difficult to retrieve.

On a more positive note, a recent report revealed that Binance offers a platform for Indian traders to exchange cryptocurrencies for rupees, working similar to an escrow service. The cryptocurrency exchange holds the user’s digital assets until the buyer and seller agree on the transaction and the funds have been transferred. However, this strategy has attracted the attention of the Reserve Bank of India (RBI).

Regulators are currently assessing whether local traders may be breaking foreign exchange and money laundering rules. Despite these regulatory concerns, Indian crypto enthusiasts appear to be flocking to Binance. Amid a stifling environment due to high taxes and fear of backlash from the RBI, local traders find Binance’s rupee transactions an attractive alternative.

Macroeconomic

The latest market overview reports indicate that both the CPI and PPI figures have exceeded expectations, suggesting that inflation may be cooling down. This is a positive signal for the economy and could potentially lead to announcements regarding interest rates on July 26th.

While it’s still too early to predict the exact outcome, this news is certainly encouraging for those who have been following the market overview closely. It’s worth noting that any changes to interest rates can have a significant impact on the overall economic landscape, which is why investors and analysts alike are keeping a close eye on these developments.

Last week’s highlights big news

The cryptocurrency world is abuzz with news, and there are many interesting developments to keep an eye on market overview. For example, Elon Musk has founded an AI company called xAI, which is expected to benefit the AI segment. In addition, the SEC has begun reviewing Bitcoin ETF Spot applications by major players such as BlackRock, VanEck, Fidelity, Wisdomtree, and Ivesco.

Meanwhile, the US Department of Justice has moved nearly $302.2 million worth of Bitcoin to a newly created wallet address, which is part of the BTC confiscated from Silk Road Hacker. In addition, Ripple has won a lawsuit, and a series of altcoins considered by the SEC to be securities, including SOL, MATIC, and ATOM, are expected to benefit. Finally, the first spot Bitcoin ETF in Europe is expected to launch in July 2023 after a one-year delay, while Jacobi Asset Management’s Bitcoin ETF is expected to go live this month, overseen and backed by Fidelity Digital Assets.

FTX opens its gates to prepare for the application process to reclaim assets. It is not known how long this process will take or how much users will get back the assets left on the exchange, but at least this is a pretty positive sign for the victims of the FTX bankruptcy event. The price of $FTT increased sharply after this news. FTX Portal is open again, if you are being held at FTX, you can fill out the application

This week’s prediction

BTC.D has increased from 39% to 52% since September last year. The current market overview trend is focused on $BTC rather than altcoins. This means that altcoin holders may suffer losses if $BTC drops even slightly. However, this is a positive sign for the overall market overview, as $BTC must rise significantly for new investors to enter the market. Most people enter the crypto market through $BTC, which is the most liquid and traded asset. A strong bull run will only occur when the macroeconomic situation is favorable and new money is invested.

• The MPI (digger’s position) indicator shows an increase, indicating the involvement of mining companies. This is leading to faster than usual selling of $BTC. In general, exchange volume is still decreasing.
• Over the past two weeks, money flow into funds has gradually increased, but it is not yet comparable to the amount from the entire year. Besides, Stablecoins continue to experience losses.
• It can be observed that since November 2022, major fluctuations are mainly due to news related to created stablecoins, rather than natural growth (such as good macro and money flow).

The discharge team has mostly disappeared, but the expected influx of new cash flow has not arrived yet. This influx can be considered as fuel for the train to run smoothly. In order to operate smoothly, the train requires a lot of fuel. Currently, the strategy is to slow down and hold onto assets. The market overview cannot rebound immediately. When trading altcoins, individuals should exercise caution. Most current altcoins are expected to decrease by at least 10% when $BTC drops 1-2%.

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

This week’s prediction