Welcome to our thrilling weekly roundup in the dynamic realm of cryptocurrencies!
As we kick off another exciting week on Monday, June 17th, 2024, at 9:00:05 AM EST (3:00:20 PM CET), we delve into the latest price action of the top ten cryptocurrencies, as per Coin Market Cap. Join us as we analyze these figures and anticipate how the market will unfold throughout the week. Subsequently, we will compare these prices with the closing figures of Friday, June 21st, 2024, at 6:00:00 PM EST (12:00:00 AM CET), to gain insights into the week’s market trends and fluctuations.
| CRYPTO | INITIAL | % CHANGE | FINAL |
|---|---|---|---|
| BTC | $65,543.27 | -2.27% | $64,053.34 |
| ETH | $3,516.86 | -0.05% | $3,515.02 |
| BNB | $598.16 | -1.91% | $586.71 |
| SOL | $143.00 | -6.34% | $133.94 |
| XRP | $0.5037 | -3.53% | $0.4859 |
| TON | $7.7908 | -8.61% | $7.12 |
| DOGE | $0.1342 | -7.82% | $0.1237 |
| ADA | $0.4038 | -6.64% | $0.3770 |
| AVAX | $28.4700 | -3.34% | $27.52 |
3iQ Eyes Canadian Market with Solana ETP
Investment firm 3iQ has applied to launch Canada’s first Solana exchange-traded product (ETP), named Solana Fund, on the Toronto Stock Exchange under the ticker QSOL. This innovative fund aims to simplify access to Solana (SOL) for Canadian investors by eliminating the need for hot wallets or other blockchain tech.
“As pioneers in digital asset investment management, we look forward to delivering regulated investment vehicles for efficient access to the crypto asset class,” said 3iQ’s EVP, Greg Benhaim.
While the launch date remains uncertain, this move follows Canada’s approval of spot Bitcoin and Ether ETFs in 2021. SOL, the fifth largest cryptocurrency, boasts a market cap of $61.8 billion. Stay tuned for updates on this exciting development!
MicroStrategy Boosts Bitcoin Holdings with $786M Purchase
Michael Saylor’s MicroStrategy has made another significant Bitcoin acquisition, adding 11,931 BTC for $786 million. This purchase brings the company’s total holdings to 226,331 bitcoins, valued at nearly $15 billion. With an average purchase price of $36,798 per Bitcoin, the company continues its aggressive accumulation strategy, funded by an $800 million convertible note offering.
Since beginning its Bitcoin investments in 2020, MicroStrategy has seen its shares rise tenfold. The move echoes a growing trend among corporations like Semler Scientific, which are also adding substantial Bitcoin reserves. Analysts are optimistic, with Bernstein recently setting a $2,890 price target for MicroStrategy shares, which are currently trading at $1,507.
Bitcoin Dominates Blockchain Post-Halving Surge
Bitcoin’s blockchain bandwidth usage has soared past 90% since the April halving, driven by new token standards like Runes and BRC-20. Despite ongoing FUD, Bitcoin’s adoption and transaction volume remain strong.
On June 20, Bitcoin’s dominance hit 91.4%, far surpassing other tokens. The rise in bandwidth is largely due to the introduction of fungible tokens and increased transaction complexity. Bitfinex analysts note that the halving, which halved miner rewards, has led to a prioritization of higher- fee transactions, boosting network activity.
Bitcoin’s ecosystem continues to expand, reinforcing its blockchain supremacy.
SEC Backs Down on Ethereum Investigation
In a surprising turn, the SEC has halted its investigation into whether Ether is a security, potentially avoiding an “embarrassing” court case. On June 19, 2024, the SEC officially closed the probe, suggesting its case might not have been strong.
Consensys lawyer Laura Brookover stated the SEC’s move was likely compelled by recent ETH ETF approvals that treated Ether as a commodity. This decision marks a significant moment for Ethereum, signaling a retreat from regulatory challenges.
Bitcoin Bulls Eye $72,000 as Bottom Confirmed Near $65K
Bitcoin appears to have found solid support around $65,000, with analysts predicting a bullish reversal. Michaël van de Poppe and Jelle highlight key support levels and a potential inverse head-and-shoulders pattern, suggesting BTC could soon target $72,000. Technical indicators like the 200-day EMA and strong buyer interest near $65,000 indicate favorable conditions for Bitcoin’s upward momentum, potentially setting the stage for a significant price breakout beyond previous highs.
Sources:
https://www.theblock.co/post/301166/3iq-applies-to-launch-solana-etp-in-canada
https://cointelegraph.com/news/bitcoin-blockchain-bandwidth-record-high-post-halving
https://cointelegraph.com/news/sec-ethereum-investigation-court-consensys
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