Last Week in Crypto: Highlights in the World of Cryptocurrencies
As we kick off another exciting week on Monday, June 24th, 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 28th, 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 | $61,174.95 | -1.51% | $60,252.04 |
| ETH | $3,316.51 | 1.81% | $3,376.61 |
| BNB | $565.02 | 0.38% | $567.18 |
| SOL | $128.13 | 9.44% | $140.23 |
| XRP | $0.4770 | -1.30% | $0.4708 |
| TON | $7.3400 | 1.63% | 7.46 |
| DOGE | $0.1182 | 4.40% | $0.1234 |
| ADA | $0.3741 | 3.53% | $0.3873 |
| AVAX | $24.7900 | 12.83% | 27.97 |
Satoshi-Era Wallet Awakens: 50 BTC Transferred to Binance After 14 Years
A dormant Bitcoin wallet from 2010 has stirred after 14 years, transferring 50 BTC to Binance. This wallet belongs to a miner who earned the 50 BTC block reward when Bitcoin traded at just $0.05, making the initial $25 value now worth over $3 million. The activation of such old wallets, often from Bitcoin’s early days under pseudonymous creator Satoshi Nakamoto, can signal market moves as these transfers typically hint at potential sales. Bitcoin’s value hovers around $61,000, down 17% from its all-time high, amidst a fiercely competitive mining landscape dominated by industrial operations.
US Government Transfers 3,940 Bitcoin to Coinbase
The US government transferred 3,940 Bitcoin to Coinbase Prime on June 26, as revealed by Arkham Intelligence. These Bitcoins were seized from convicted drug dealer Banmeet Singh, who was arrested in 2019 and extradited to the US in 2023. Singh forfeited over 8,100 BTC, valued at $150 million, in what the DEA called its largest cryptocurrency seizure. Amid fears of government Bitcoin sell-offs impacting the market, this transfer adds to the ongoing concerns, especially as the US government holds approximately 214,000 BTC.
Bitcoin Price Drops Below Key Levels, Signaling Potential Sell-Off
Bitcoin’s price has dropped below traders’ average entry point, raising concerns about a continued sell-off. BTC fell over 5.5% in the past week, hitting a six-week low of $58,400 on June 25. Glassnode’s data shows that Bitcoin’s spot price dipped below the cost basis of short-term holders, which could signal a deeper correction. Historically, this has led to decreased investor confidence and longer recovery periods. Meanwhile, spot Bitcoin ETFs saw an uptick in inflows on June 25, breaking a week-long outflow streak, with Fidelity’s ETF leading the inflows at $49 million.
Potential SOL ETF: Eyes on Trump’s Return, Says Market Expert
Market maker GSR anticipates significant upside for Solana (SOL) if Donald Trump returns to the White House, potentially paving the way for a SOL ETF in the U.S. Unlike Bitcoin (BTC) and Ethereum (ETH), SOL lacks federally regulated futures contracts, a traditional prerequisite for ETF launches. GSR estimates that if SOL captures just 5% of the inflows BTC saw upon its ETF debut, SOL’s price could triple. Speculative scenarios suggest even greater gains, signaling SOL’s potential as a major ETF beneficiary if regulatory tides shift under a different administration.
Sources:
https://cointelegraph.com/news/satoshi-era-bitcoin-miner-sends-50-btc-binance
https://cointelegraph.com/news/u-s-government-sends-3-940-bitcoin-coinbase-exchange
https://cointelegraph.com/news/bitcoin-price-drop-below-traders-cost-basis-warns-of-deeper-sell-off
