Analysts have noted that Bitcoin’s performance in the second quarter 2024 has been less than stocks and bonds.
Bloomberg reports that Bitcoin underperformed global stocks, fixed income and commodities in the third quarter. Since the beginning of April, Bitcoin has dropped by approximately 5%.
After reaching a high of $75,798 in march, efforts to return to this position failed to materialize.
Bitcoin’s value had increased 67% over the past quarter. Indexes of traditional assets are vastly outperformed.
The hype surrounding the approval of US Bitcoin Exchange-Traded Funds (ETFs) was one of the main reasons for the move. Noelle Acheson is the author of Crypto Is Macro Now, and she says that this enthusiasm has waned.
Acheson thinks the flow of new funds into Bitcoin ETFs is slowing down. She said that existing Bitcoin holders were responsible for the majority of recent inflows, and added that “only new funds will move the prices.”
Bitcoin ETFs have attracted over $15 billion in investment to date. They are one of Wall Street’s most sought-after investment vehicles.
JPMorgan Chase strategists noted that funds have been moving from digital wallets and exchanges to new ETFs. They estimated that this year, the net flow of crypto including ETFs, and other sources was $12 billion.
This estimate is much lower than the $45 billion reported in 2021 or $40 billion in 2020.
The strategists were “skeptical”, however, about the pace at which the inflows will continue through 2024.
Acheson also estimates that Bitcoin mining may have contributed to Bitcoin’s poor performance.
To stay afloat, miners are selling their cryptocurrency holdings. Profitability has dropped significantly since the April halving. The current halving has reduced the block reward to 3.125 BTC from 6.25 BTC.
Hashrate Index, a crypto mining analytics company, revealed in May that the difficulty of mining would increase significantly over the next few months. Research firm Kaiko warned about impending pressure on miners to sell.
The firm said that if miners had to sell a fraction or their holdings in the next month, it would negatively impact the markets.
Some analysts are still bullish about Bitcoin despite the recent performance slump.
Crypto.news reported that analyst CryptoCon predicted a price target for the premier crypto of $91,539 at year’s end. Galaxy Digital’s Michael Novogratz predicts a range of $100,000.
Ark Invest’s Cathie wood has the most positive outlook. She increased her Bitcoin price target to a staggering $3.8 million.
Uniswap’s layer-2 integration leads to a 9% increase in UNI prices
UNI, the native coin of the decentralized exchange (DEX), Uniswap has risen 9%, becoming the biggest gainer on the crypto market.
UNI is currently trading at $10.69. This represents an 8.5% increase over the last day. The crypto asset’s trading volume dropped by 31% in the same timeframe. This suggests that existing holders may be holding on to their UNI tokens, hoping for a price increase.
Uniswap’s market cap has risen to $6.4 billion. This makes the token the 18th most valuable crypto asset according to CoinMarketCap.
The decentralized exchange posted a mysterious X message on the morning of June 14, with the message “Locked In”. The message “Ready for the Endgame” was accompanied by an image of a man sitting in his chair with his back straight, a meme that gamers use when things get serious.
The attached June 1 post suggested that Uniswap v2 was preparing to add support for a Layer-2 Blockchain.
Although the exact L2 protocol has not been disclosed, the speculation in the crypto community about X is ZKsync. This trustless Layer2 solution is known for its scalable and low-cost Ethereum transaction.
Several members of the community have also expressed their discontent with the possible deployment of ZKsync.
According to a post on Uniswap Labs’ X blog of June 13, the rapid growth in the L2 volume processed by the Uniswap Protocol could also be a possible cause for the recent surge in UNI prices.
The Uniswap Team noted that it took 22 months for the $100 billion milestone, 10 months for $200 billion and only 3 months to exceed $300 billion. This data was derived from Dune, an analytics platform. The rapid growth reflects the increasing utility and acceptance of Uniswap services in the defi sector.
A user using the pseudonym Kyledoops also pointed out that Uniswap v2 pooling is becoming more popular on L2 solutions such as Optimism Arbitrum and Polygon.
The demand for Uniswap products is boosted by the promise of scalability and reduced transaction fees.
The integration of L2 networks and Uniswap has clearly accelerated faster and more efficient transactions, positioning both networks as strong competitors in the evolving cryptospace.
Binance CEO: Customers have’very few’ assets in bankrupt FlowBank
Binance’s Richard Teng, the head of the exchange, says that the exchange is “closely in touch” with their customers about the bankruptcy of FlowBank which deposited the trading collateral for the exchange’s customers.
Binance, a cryptocurrency exchange, seems to be unaffected by FlowBank’s bankruptcy. This is despite the Swiss regulator’s announcement of June. The Swiss regulator announced on June 13 that FlowBank had “significantly” and “seriously” breached its minimum capital requirements.
Binance CEO Richard Teng assured his customers in an interview with Bloomberg that the exchange was cooperating with them regarding the bankruptcy. He also noted that “very few” assets were at FlowBank.
FlowBank, launched in 2020, quickly established itself as a hub that was friendly to crypto businesses. The bank partnered with Binance to allow the exchange’s customers to store their trading collateral in the bank, rather than the crypto platform. The Geneva-based Bank also had ties with the TrueUSD stablecoin, and crypto asset manager CoinShares.
In a post dated Jun. TrueUSD stated that it closed its account with FlowBank, a bankrupt entity, in April of this year.
CoinShares stated in a post on its blog that it’s exposure to the bank is “immaterial”, with deposits totaling around PS100,000. (around $127.600). CoinShares, which holds nearly 30% of FlowBank’s shares, is also an investor.
Binance had been in talks with banks to allow institutional clients to store their trading collateral after the collapse of FTX. This would reduce counterparty risks. It is unclear if FlowBank was selected for this purpose.
Raboo presale skyrockets raising over $1.6m, outperforms WIF, STRUMP
Due to their community support and growth potential, savvy investors are rallying around Raboo (RABT), Dogwifhat(WIF),and Super Trump coin (STRUMP).
It is a fact that a strong community plays an important role in the success of any presale or token. Raboo (RABT), Dogwifhat(WIF),and Super Trump coin(STRUMP) have an upward trend because of the horde investors who back them.
These tokens are attractive to savvy investors, particularly Raboo. Raboo is a token that offers a unique utility within the memecoin market and has already raised more than $1.6 million in investment. The token’s market signals suggest that it could increase by 100x when it launches on exchanges. This is why it has attracted so much attention.
Super Trump coin becomes viral and appreciates handsomely
Super Trump coin is a cryptocurrency that pays homage to Donald Trump’s political legacy as the 45th president of the United States.
This is a meme toy, but there’s no real utility. It has a strange altruistic undertone. Super Trump’s site receives ETH donations and Solana contributions and promises to donate 0.8% of proceeds to Donald Trump’s presidential campaign in 2024.
STRUMP’s price has remained positive since its launch in March, when it was priced at $0.0003. After an initial surge to $0.031 in March, it gradually crashed to $0.0025 by April. STRUMP then picked up late in May. It is currently trading at $0.018 and has risen by 23.6% over the last week.
Super Trump is a coin that rides on the current crypto wave, and has no long-term viability. It will be interesting to watch how STRUMP develops as the elections of 2024 approach.
Dogwifhat continues to maintain community goodwill in spite of recent losses
Dogwifhat’s crypto presale was so successful that six months after its release, it remains relevant. WIF, which is based on a dog in a pink hat and is supported by a large community of Solana Users, was created after the image of a dog. It’s because of this that it has remained strong, despite recent difficulties.
The WIF price has fallen by 25% on a weekly and monthly basis. This downward trend was preceded, however, by a stunning run in which investors made gains of over 1,300%.
Dogwifhat is currently trading at $2.48. This represents a loss of 10% on a daily basis. The daily trading volume has also recovered, and the total market capitalization is still at $2.4 billion. WIF may not be as bad as you think.
Raboo presale soars to new heights and impresses experts and investors
Raboo is an innovative project that combines memes, SocialFi and artificial intelligent. It creates a tight-knit group of crypto meme fans who are incentivized strongly to contribute positively to their community. The community is encouraged to participate in various activities that allow them to earn NFTs and new tokens.
Raboo, unlike STRUMP or WIF is the token that is attracting attention for its crypto presale. The project raised $1.6 million from investors, and it is still going strong. The presale has reached Stage 4 and RABT is already up 60% since the start.
RABT can be purchased for $0.0048 right now. Experts predict that it will rise by 233% before presale. Once the stock is listed, it could be worth 100x or more.
The conclusion of the article is:
Raboo may be the presale of choice for investors who are savvy. It appears to have a huge potential. Experts say that investing in it could bring you gains of more than 100x. However, there is a possibility for even greater returns.
Washington DFI alerts the public about alleged Ethfinance fee fraud
Washington State DFI issued a public warning about an alleged crypto scam scheme of $310,000 involving a cryptocurrency exchange.
Washington State Department of Financial Institutions Securities Division received a complaint from an investor who failed to withdraw the $310,000 worth of cryptocurrency that he had purchased on Ethfinance. This alleged crypto trading platform. In a June. In a press release dated 13 June, the DFI said that an investor – whose identity is still unknown – was introduced to Ethfinance through “a random friend request sent on LinkedIn”.
The DFI reports that when the investor tried to withdraw his initial principal, and purported gains, Ethfinance customer service told him to send more money to complete a smart contract before he could withdraw anything. The investor refused the additional funds, and since then has been unable access his account.
The regulator said it had not verified the allegations, but warned that this case is similar to “Advance Fee Fraud” where scammers ask for upfront payments in exchange for services or gains promised that never materialize.
The U.S. Securities and Exchange Commission says that such schemes lure victims with high-return investments and then demand payment of taxes or fees before the alleged earnings can be withdrawn.
The DFI has also issued public alerts about crypto trading platforms WTOCoin (also known as Foundation-coin) and WTOCoin. These platforms are allegedly luring their victims into depositing cryptocurrency and then denying access to withdraw that crypto.
DFI warned consumers to be extremely cautious before responding to any solicitation that offers investment or financial services. Investment professionals are required to have a license with DFI in order to offer investment to Washington residents.
