The Essential Weekly Crypto Briefing
Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  Í â  â  â [CoinMarketCap Logo](~/AAQRxQA~/RgRoc21qP0QraHR0cHM6Ly9jb2lubWFya2V0Y2FwLmNvbS8_bGlkPW85bHJtenUwdWxidVcDc3BjQgpmjmrokGZM2X5pUht0cmlzdHJhbWJhbGR3aW45MkBnbWFpbC5jb21YBAAAAxw~) 12 Jul 2024 CMC Market Pulse:
The Essential Weekly Crypto Briefing Welcome to this weekâs CMC Market Pulse newsletter! Let's be honest: keeping up with this industry's constant chaos is a full-time job. That's where we come in! We'll serve up a concentrated dose of alpha that cuts right to the chase in under 5 minutes. No fluff - just straight facts and analysis on the crypto markets. Let's dive into this week's action! â TL;DR: - Positive CPI Data for June. US inflation fell by 0.1% in June, the first monthly decrease in four years. [How did Bitcoin react to positive inflation figures?](~/AAQRxQA~/RgRoc21qP0S0aHR0cHM6Ly9jb2lubWFya2V0Y2FwLmNvbS9hY2FkZW15L2FydGljbGUvY21jLW1hcmtldC1wdWxzZS1qdWx5LTEyP2xpZD01ZzBmejBoZjl0MmMjOn46dGV4dD1vZiUyMHRoZSUyMFdlZWslMjAlRjAlOUYlOTMlOUQtLE1hcmtldCUyME92ZXJ2aWV3JTIwJUYwJTlGJTkzJTg5LC1UaGUlMjBjcnlwdG8lMjBtYXJrZXRzVwNzcGNCCmaOauiQZkzZfmlSG3RyaXN0cmFtYmFsZHdpbjkyQGdtYWlsLmNvbVgEAAADHA~~) ð
- Only $282M Left in Germanyâs Bitcoin Wallet. After a large wave of selloff, only 4,925 BTC is left. [Will BTC finally see a reversal?](~/AAQRxQA~/RgRoc21qP0S0aHR0cHM6Ly9jb2lubWFya2V0Y2FwLmNvbS9hY2FkZW15L2FydGljbGUvY21jLW1hcmtldC1wdWxzZS1qdWx5LTEyP2xpZD13cDFqMndpNDRjM3EjOn46dGV4dD1vZiUyMHRoZSUyMFdlZWslMjAlRjAlOUYlOTMlOUQtLE1hcmtldCUyME92ZXJ2aWV3JTIwJUYwJTlGJTkzJTg5LC1UaGUlMjBjcnlwdG8lMjBtYXJrZXRzVwNzcGNCCmaOauiQZkzZfmlSG3RyaXN0cmFtYmFsZHdpbjkyQGdtYWlsLmNvbVgEAAADHA~~) ð¤
- DeFi Dappsâ Frontends Compromised. A hijacking of DNS on SquareSpace has affected DeFi apps like Compound. [What other dapps are affected?](~/AAQRxQA~/RgRoc21qP0SgaHR0cHM6Ly9jb2lubWFya2V0Y2FwLmNvbS9hY2FkZW15L2FydGljbGUvY21jLW1hcmtldC1wdWxzZS1qdWx5LTEyP2xpZD0zdHBjbzdoeG9oYWsjOn46dGV4dD1MaXF1aWQlMjBhbmQlMjBtb3JlLi0sRGVGaSUyMEJyaWVmJTIwJUYwJTlGJThGJUE2LC1Tb3VyY2UlM0ElMjBodHRwc1cDc3BjQgpmjmrokGZM2X5pUht0cmlzdHJhbWJhbGR3aW45MkBnbWFpbC5jb21YBAAAAxw~) ð¨
- MAMBA and Gotbitâs Public Feud. The Base meme coin and market maker accused each other of dumping. [How are meme coins faring?](~/AAQRxQA~/RgRoc21qP0SwaHR0cHM6Ly9jb2lubWFya2V0Y2FwLmNvbS9hY2FkZW15L2FydGljbGUvY21jLW1hcmtldC1wdWxzZS1qdWx5LTEyP2xpZD1ocWgzeW44OHNmMzQjOn46dGV4dD1hbmQlMjBSYSUyMEV4Y2hhbmdlLi0sTWVtZSUyMENvaW5zJTIwJUYwJTlGJTlBJTgwLC0lRjAlOUYlOTMlOEMlMjBCYXNlJTIwbWVtZSUyMGNvaW5XA3NwY0IKZo5q6JBmTNl-aVIbdHJpc3RyYW1iYWxkd2luOTJAZ21haWwuY29tWAQAAAMc) ð â MARKET OVERVIEW ð [Bitcoin] Bitcoin
$57,244.42
--------------------------------------------------------------- % CHANGE 7D ▲5.51% 30D ▼15.14% [Ethereum] Ethereum
$3,083.27
--------------------------------------------------------------- % CHANGE 7D ▲7.21% 30D ▼12.52% Crypto markets rebounded this week as positive CPI data came in: - German Government only has $282M BTC Left: After ramping up its liquidation efforts earlier this week, they have transferred out 90% of their original holdings, with a current balance of 4,925 BTC.
- Solana Spot ETFs Deadline Expected to be Mid-March: CBOE filed 19b-4s for 21Shares and VanEck, with analysts expecting the final deadline to be in mid-March next year. The crypto markets kicked off this week with another drawdown on July 8, as Bitcoin (BTC) and Ethereum (ETH) hit lows of around $54,500 and $2,800 respectively. Meanwhile, CPI figures came in on July 11, showing a fall in US inflation by 0.1% in June, the first monthly decrease in four years. CPI in the 12 months through June came in at 3.0%, below economists forecast of 3.1%. It also marks the lowest in more than three years. The positive CPI data for June shows inflation cooling off, with traders pricing in September and December rate cuts. However, Fed Chair Jerome Powell said that while they are pleased with the slowdown in inflation so far this year, greater signs of confidence that inflation will hit the Fedâs 2% target is needed before it cuts rates. Following the release of inflation data, BTC surged over 2%. However, it failed to hold the $59,000 level and traded back down to $56,900, losing 1.4% in the past 24 hours. Will we see a shift back to risk-on assets? [Read on to find out!](~/AAQRxQA~/RgRoc21qP0RTaHR0cHM6Ly9jb2lubWFya2V0Y2FwLmNvbS9hY2FkZW15L2FydGljbGUvY21jLW1hcmtldC1wdWxzZS1qdWx5LTEyP2xpZD1wb2NiYjRqeXljaXVXA3NwY0IKZo5q6JBmTNl-aVIbdHJpc3RyYW1iYWxkd2luOTJAZ21haWwuY29tWAQAAAMc) â NARRATIVE OF THE WEEK ð° Perp DEX HyperLiquid: The platform is garnering attention for its successful spot token launches, with majority in profit. - Spot launches in profit: Out of 36 spot token launches on Hyperliquid thus far, 21 of them are in profit from their launch.
- Hyperliquid flips Uniswap in mindshare: The perp DEX took the place of the most discussed DEX in the space, according to data platform, Kaito Ever since its launch, Hyperliquid has been widely used and favored by on-chain perpetual traders for their sleek UI and excellent user experience. With plans to launch a high TPS, EVM-compatible layer 1, Hyperliquid has been compared with other upcoming L1s including Monad, Berachain and Movement Labs. However, there have been criticisms of the decentralization of the platform, with some describing it as no better than a centralized exchange. What lies ahead for Hyperliquid? [Find out more here.](~/AAQRxQA~/RgRoc21qP0RTaHR0cHM6Ly9jb2lubWFya2V0Y2FwLmNvbS9hY2FkZW15L2FydGljbGUvY21jLW1hcmtldC1wdWxzZS1qdWx5LTEyP2xpZD1yZmh1ODhoNjQyMWFXA3NwY0IKZo5q6JBmTNl-aVIbdHJpc3RyYW1iYWxkd2luOTJAZ21haWwuY29tWAQAAAMc) â MAJOR PROJECT UPDATES ðï¸ - Justin Sun announces gasless stablecoin transfer: The Tron founder said the feature is expected to launch in Q4 this year on the Tron blockchain.
- TON partners with Polygon to launch L2: The TON Applications Chain (TAC) is collaborating with Polygon to deploy an EVM-compatible L2.
- StarkNet announces STRK staking: The zero-knowledge rollup stated that the launch will rollout in Q4 2024, which will gradual decentralize the chain. With the focus on mass adoption for this cycle, projects and decentralized applications have increasingly taken a focus on consumer-facing applications and use cases. The move by Tron is a step in the right direction in incentivizing mass adoption of the technology. Additionally, the Argent Card joins many other cards which allow the easy spending of on-chain stablecoins and assets. How are we moving towards mass adoption? [Learn more here.](~/AAQRxQA~/RgRoc21qP0RTaHR0cHM6Ly9jb2lubWFya2V0Y2FwLmNvbS9hY2FkZW15L2FydGljbGUvY21jLW1hcmtldC1wdWxzZS1qdWx5LTEyP2xpZD1ycm01bGw0Y21tcTdXA3NwY0IKZo5q6JBmTNl-aVIbdHJpc3RyYW1iYWxkd2luOTJAZ21haWwuY29tWAQAAAMc) â DEFI SECTOR UPDATE ð¦ [DeFi Sector Update](~/AAQRxQA~/RgRoc21qP0Q5aHR0cHM6Ly9jb2lubWFya2V0Y2FwLmNvbS9jaGFpbi1yYW5raW5nLz9saWQ9eGoxcnJsaGcza203VwNzcGNCCmaOauiQZkzZfmlSG3RyaXN0cmFtYmFsZHdpbjkyQGdtYWlsLmNvbVgEAAADHA~~) DeFi Frontend Compromised: Several DeFi appsâ frontend have been compromised following a hijacking of DNS on SquareSpace. Compound and Celer were affected. - Optimism kicks off SuperFest: The DeFi-focused festival covers the OP Superchain, with 1.5M OP tokens allocated as rewards for participants in the on-chain activities.
- ParaSwap launches ParaSwap Delta: The DEX aggregatorâs new feature will unlock gas-free trading, protection from MEV and improved price competition. ETH L2 tokens have been underperforming so far this year. With the launch of the Optimism SuperFest, it aims to reinvigorate the DeFi ecosystem across Optimism, Base, Mode and Frax Finance. Additionally, the festival also helps to bring attention to newer projects such as Split Finance, Spectra and Ra Exchange. Will Layer-2s see a resurgence? [Check it out here.](~/AAQRxQA~/RgRoc21qP0RTaHR0cHM6Ly9jb2lubWFya2V0Y2FwLmNvbS9hY2FkZW15L2FydGljbGUvY21jLW1hcmtldC1wdWxzZS1qdWx5LTEyP2xpZD05enFic3d6OGphNHRXA3NwY0IKZo5q6JBmTNl-aVIbdHJpc3RyYW1iYWxkd2luOTJAZ21haWwuY29tWAQAAAMc) â MEME COIN MADNESS ð Price 24H% [Dogecoin] [Dogecoin](~/AAQRxQA~/RgRoc21qP0QuaHR0cHM6Ly9jb2lubWFya2V0Y2FwLmNvbS9jdXJyZW5jaWVzL2RvZ2Vjb2luL1cDc3BjQgpmjmrokGZM2X5pUht0cmlzdHJhbWJhbGR3aW45MkBnbWFpbC5jb21YBAAAAxw~) $0.11 ▼2.22% [Shiba Inu] [Shiba Inu](~/AAQRxQA~/RgRoc21qP0QvaHR0cHM6Ly9jb2lubWFya2V0Y2FwLmNvbS9jdXJyZW5jaWVzL3NoaWJhLWludS9XA3NwY0IKZo5q6JBmTNl-aVIbdHJpc3RyYW1iYWxkd2luOTJAZ21haWwuY29tWAQAAAMc) $0.0 ▼2.71% [Pepe] [Pepe](~/AAQRxQA~/RgRoc21qP0QqaHR0cHM6Ly9jb2lubWFya2V0Y2FwLmNvbS9jdXJyZW5jaWVzL3BlcGUvVwNzcGNCCmaOauiQZkzZfmlSG3RyaXN0cmFtYmFsZHdpbjkyQGdtYWlsLmNvbVgEAAADHA~~) $0.0 ▼6.59% [Bonk] [Bonk](~/AAQRxQA~/RgRoc21qP0QraHR0cHM6Ly9jb2lubWFya2V0Y2FwLmNvbS9jdXJyZW5jaWVzL2JvbmsxL1cDc3BjQgpmjmrokGZM2X5pUht0cmlzdHJhbWJhbGR3aW45MkBnbWFpbC5jb21YBAAAAxw~) $0.0 ▼10.67% [dogwifhat] [dogwifhat](~/AAQRxQA~/RgRoc21qP0QvaHR0cHM6Ly9jb2lubWFya2V0Y2FwLmNvbS9jdXJyZW5jaWVzL2RvZ3dpZmhhdC9XA3NwY0IKZo5q6JBmTNl-aVIbdHJpc3RyYW1iYWxkd2luOTJAZ21haWwuY29tWAQAAAMc) $1.57 ▼5.87% Meme Coins Feud: Base meme coin MAMBA and market making service Gotbit got into a public feud, accusing each other of dumping and taking $500K in losses. Meanwhile, 099.eth dives into his strategies in the SOL meme coin arena, burning âmultiple six figures'' in his experiment. What is 099.ethâs winning strategy? [Discover more here.](~/AAQRxQA~/RgRoc21qP0RTaHR0cHM6Ly9jb2lubWFya2V0Y2FwLmNvbS9hY2FkZW15L2FydGljbGUvY21jLW1hcmtldC1wdWxzZS1qdWx5LTEyP2xpZD1zaDNpa3B4bGJ6ZTZXA3NwY0IKZo5q6JBmTNl-aVIbdHJpc3RyYW1iYWxkd2luOTJAZ21haWwuY29tWAQAAAMc) â VC FUNDRAISES AND AIRDROPS ð° - Recent Funding Successes: Rome Protocol ($9M), Term Finance ($5.5M), Tread.Fi ($3.5M), BOB ($1.6M), Idle Finance ($1.1M)
- Notable Airdrops: Sanctum, Debank (claim XP), EtherFi, Lava Network, Layer3 Leading on-chain portfolio tracker service Debank announces claims for the initial Debank XP airdrop, allowing users to claim XP based on on-chain assets held and on-chain activities. This comes after Rabby, a web3 wallet by DeBank, released a points system earlier this year, based on userâs trading activities. With Debank rolling out new features like Quest and XP, the portfolio tracker now features more social and gamified elements for the web3 community. [Check out the full list of fundraisers and airdrops here.](~/AAQRxQA~/RgRoc21qP0RTaHR0cHM6Ly9jb2lubWFya2V0Y2FwLmNvbS9hY2FkZW15L2FydGljbGUvY21jLW1hcmtldC1wdWxzZS1qdWx5LTEyP2xpZD05NzBteWRvMThpeTlXA3NwY0IKZo5q6JBmTNl-aVIbdHJpc3RyYW1iYWxkd2luOTJAZ21haWwuY29tWAQAAAMc) â TWEET OF THE WEEK ð [Tweet of the week] Who wouldâve thought? â Thank you for reading this weekâs edition of CMC Market Pulse. Stay informed, stay secure, and weâll see you next week for more insights! â [Apple Store](~/AAQRxQA~/RgRoc21qP0Q6aHR0cHM6Ly9hcHBzLmFwcGxlLmNvbS9hcHAvY29pbm1hcmtldGNhcC9pZDEyODIxMDcwOTg_bHM9MVcDc3BjQgpmjmrokGZM2X5pUht0cmlzdHJhbWJhbGR3aW45MkBnbWFpbC5jb21YBAAAAxw~) [Google Play](~/AAQRxQA~/RgRoc21qP0RQaHR0cHM6Ly9wbGF5Lmdvb2dsZS5jb20vc3RvcmUvYXBwcy9kZXRhaWxzP2lkPWNvbS5jb2lubWFya2V0Y2FwLmFuZHJvaWQmaGw9ZW5fVVNXA3NwY0IKZo5q6JBmTNl-aVIbdHJpc3RyYW1iYWxkd2luOTJAZ21haWwuY29tWAQAAAMc) [Twitter](~/AAQRxQA~/RgRoc21qP0QyaHR0cHM6Ly90d2l0dGVyLmNvbS9Db2luTWFya2V0Q2FwP2xpZD14bzNocnhreXFpZXBXA3NwY0IKZo5q6JBmTNl-aVIbdHJpc3RyYW1iYWxkd2luOTJAZ21haWwuY29tWAQAAAMc) [Telegram](~/AAQRxQA~/RgRoc21qP0QraHR0cHM6Ly90Lm1lL0NvaW5NYXJrZXRDYXA_bGlkPXo2Z3g4aXN2aTcxOFcDc3BjQgpmjmrokGZM2X5pUht0cmlzdHJhbWJhbGR3aW45MkBnbWFpbC5jb21YBAAAAxw~) [Facebook](~/AAQRxQA~/RgRoc21qP0Q3aHR0cHM6Ly93d3cuZmFjZWJvb2suY29tL0NvaW5NYXJrZXRDYXA_bGlkPXFvNndvejAycjRneVcDc3BjQgpmjmrokGZM2X5pUht0cmlzdHJhbWJhbGR3aW45MkBnbWFpbC5jb21YBAAAAxw~) [Instagram](~/AAQRxQA~/RgRoc21qP0Q5aHR0cHM6Ly93d3cuaW5zdGFncmFtLmNvbS9jb2lubWFya2V0Y2FwLz9saWQ9ZG42Y2NsaTF4YWJ0VwNzcGNCCmaOauiQZkzZfmlSG3RyaXN0cmFtYmFsZHdpbjkyQGdtYWlsLmNvbVgEAAADHA~~) [LinkedIn](~/AAQRxQA~/RgRoc21qP0RAaHR0cHM6Ly93d3cubGlua2VkaW4uY29tL2NvbXBhbnkvY29pbm1hcmtldGNhcC8_bGlkPWRuZWxoY29wdDBjNlcDc3BjQgpmjmrokGZM2X5pUht0cmlzdHJhbWJhbGR3aW45MkBnbWFpbC5jb21YBAAAAxw~) DISCLAIMER: Please be aware that CoinMarketCap is NOT a cryptocurrency exchange and does NOT facilitate the buying, selling, withdrawal or trading of crypto/token assets. The Portfolio feature is for tracking purposes only and does NOT act as a cryptocurrency wallet. You were sent this email because you subscribed to CoinMarketCap. To update your email preferences, [click here](~/AAQRxQA~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~). To unsubscribe from all CoinMarketCap emails, [click here](~/AAQRxQA~/RgRoc21qP4TWAWh0dHBzOi8vMDUuZW1haWxpbmJvdW5kcHJvY2Vzc2luZy5jb20vZW5jX3VzZXIvdW5zdWJzY3JpYmU_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~~). © 2024 Coin Market Cap Ltd
Office A RAK DAO business centre, RAK BANK ROC Office, Ground Floor, Al Rifaa, Sheikh Mohammed Bin Zayed Road, Ras Al Khaimah, United Arab Emirates