From the prediction that Bitcoin could reach a cyclical top in the coming months to BitMEX launching the MEMEMEXTUSDT Basket Index Perpetual Swap, here are some of the top stories in the crypto market.
Bitcoin News
Cryptocurrency analyst Kevin Svenson revealed that Bitcoin (BTC) could reach a cyclical top in the coming months.
Svenson speak with his 78,600 YouTube subscribers that, based on Bitcoin’s post-halving behavior in previous cycles, BTC could reach a cycle top in about six months.
“In the 2012 halving, the profit zone lasted 40 to 80 weeks. The 2016 and 2020 halvings lasted 40 to 80 weeks. In the current halving, the 40th week will be in January 2025. And that will also be the month of the US President’s inauguration. Therefore, BTC could very well peak in January 2025.”
However, according to Svenson, Bitcoin could outperform his expectations.
“The market could be very bullish between now and then. We could see a surge into the new year and possibly beyond January… if Bitcoin stays sideways longer than expected, then it could be even higher after January 2025.”
Robert Kiyosaki predicts BTC will likely hit $10 million
Robert Kiyosaki, author of the book “Rich Dad, Poor Dad”, has made an impressive new prediction about the future price of Bitcoin.
Grandfather forecast that the top cryptocurrency could hit $10 million in the wake of what he describes as the worst economic crisis in history.
According to Kiyosaki, the economic crisis is a precursor to a long-term bull market cycle that begins in late 2025.
Kiyosaki believes that this bull market will bring significant benefits to investors in gold, silver and Bitcoin. The economic turmoil ahead is due to the United States being the most indebted country in history and the decline in confidence in traditional currencies.
In his speech, Kiyosaki emphasized that gold, silver, and Bitcoin are expected to rise to new ATHs after the crash. He also advised investors to be patient, suggesting that the rewards for those who persevere will be huge.
Ethereum News
Ethereum (ETH), like many other top cryptocurrencies, has been severely affected by the latest market correction.
Its price is currently hovering below $3,200, representing a 5% drop on a daily basis and 15% on a monthly timeframe.
However, according to some industry participants, the negative trend could soon be replaced by a new bullish momentum. X Poseidon User declare“the future is bright” and ETH is ready to hit an ATH at $8,000.
Source: Poseidon
Captain Faibik also sounded optimistic, predicting that the price of the second-largest cryptocurrency “will recover strongly,” presenting a great “buy the dip” opportunity.
On the contrary, there are some worrying signs that suggest Ethereum’s free fall could continue in the coming days.
Crypto Analyst Tony, declare that things will be under control as long as ETH’s valuation remains above $3,270. The asset lost that resistance level in the past few hours.
Cardano News
Charles Hoskinson decided to remind everyone that cryptocurrencies were not created for institutions but to replace them. The reminder was show amid a surge in institutional adoption in the cryptocurrency market.
His statement underscores the core idea behind the development of cryptocurrencies: to provide a decentralized alternative to established financial institutions. Institutional interest and adoption of cryptocurrencies has increased significantly in recent years.
Source: TradingView
The cryptocurrency space has seen increased participation from large entities and corporations, which presents both opportunities and obstacles. Institutional participation has brought much-needed stability, legitimacy, and liquidity to the cryptocurrency market.
Currently, ADA is trading at around $0.39. The bearish sentiment is prevalent in the market and ADA is struggling to gain traction. Important resistance levels are the 200 EMA at $0.47, the 100 EMA at $0.46, and the 50 EMA at $0.43.
Dogecoin News
With the cryptocurrency industry in a slump, Dogecoin (DOGE) seems to be caught in the crossfire.
Data from CoinGlass shows Dogecoin is leading the way with over $4 million liquidated in 24 hours.
While this 24-hour liquidation figure of $4.92 million is quite small compared to Bitcoin (BTC)’s $90.06 million, it is still significant for DOGE.
A total of 41,554,054 DOGE was liquidated, with Long traders accounting for $4.87 million.
The liquidation came as the price of memecoin fell 7.89% to $0.11. This was previously the lowest price in the past month, representing a drop of more than 29%.
KuCoin News
Leading cryptocurrency exchange, KuCoin, has imposed a 7.5% trading fee tax on all trades made on the platform for Nigerian users.
According to official announcementKuCoin will start charging 7.5% value-added tax (VAT) on trading fees from July 8 to align with recent regulatory developments.
This update affects all users with KYC information registered in Nigeria.
KuCoin clarified that VAT applies to the transaction fee per transaction, not the transaction amount. For example, a transaction of 1,000 Tether (USDT) would incur a fee of 1 USDT and a tax of 0.075 USDT, which is equivalent to 7.5% of the fee. Therefore, the net amount for the transaction would be 998.925 USDT.
KuCoin’s announcement comes about four months after the Nigerian government filed tax evasion charges against Binance, the world’s largest cryptocurrency exchange. In March, Nigeria’s Federal Inland Revenue Service (FIRS) sued Binance on four counts of tax evasion, money laundering, and terrorism financing.
Binance News
Prosecutors in Nigeria will resume the case brought by the country’s Economic and Financial Crimes Commission (EFCC) against Tigran Gambaryan, the Binance CEO who has been in custody since February 2024.
Gambaryan’s legal team began and concluded cross-examination by the EFCC on July 2, the spokesperson said. The government agency has filed money laundering charges against Gambaryan and Binance CEO Nadeem Anjarwalla, who escaped from custody in March and is believed to have fled to Kenya.
Nigerian officials plan to resume Gambaryan’s trial on July 5. However, Gambaryan’s family reports that his health has deteriorated in the 128 days since he was detained by authorities.
Gambaryan had pneumonia and malaria, as well as pain in his legs and back, the spokesman said.
Binance delists some trading pairs
The world’s largest cryptocurrency exchange, Binance, is going to end Trading services for the following six pairs: BTC/AEUR, ETH/AEUR, AI/TUSD, CHR/BNB, GAS/FDUSD and LQTY/FDUSD, effective on July 5.
The company did not provide an exact reason for the delisting, reminding that Binance periodically reviews all listed spot trading pairs and removes some pairs in case of poor liquidity or other factors.
Most of the affected cryptocurrencies are in the red. Their poor performance coincides with the overall decline in the industry.
BitMEX News
Derivatives exchange BitMEX has launched the MEMEMEXTUSDT Basket Index Perpetual Swap Contract, providing traders with access to the top 10 memecoins in the market through a single contract.
The MEMEMEXTUSDT Basket Index is constructed as a weighted average of the top 10 memecoins by market cap, with the index components rebalanced monthly to ensure it continues to track the best performing memecoins. It is a USDT-margined linear perpetual swap contract offering up to 25x leverage.
According to BitMEX, the solution is a new tool that reduces the complexity of memecoin trading by providing a comprehensive contract similar to the S&P 500, but for memecoins in the crypto space.
Coinbase News
In a recent development, Coinbase Chief Legal Officer Paul Grewal announced on social media that Coinbase has responded to the SEC to stop what they consider to be an unfair investigation by SEC Chairman Gary Gensler.
Grewal emphasize that the case was initiated by the US Securities and Exchange Commission (SEC), not Coinbase.
The legal battle continued in March when Judge Katherine Failla ruled that the SEC could pursue a lawsuit against Coinbase, accusing the exchange of operating as an unregistered securities broker and clearing house.
Consensys News
Consensys, an Ethereum-focused software developer and builder of the popular MetaMask wallet, has acquired cryptocurrency security company Wallet Guard.
According to the press release, the entire Wallet Guard development team will join Consensys in the MetaMask Product Security Group. Financial terms of the deal were not disclosed.
The blockchain-based Web3 world has seen a large portion of funds stolen from users through scams. Wallet Guard, which improves fraud detection and withdrawals through transaction validation, after integrating Blockaid security alerts into MetaMask.
Jupiter News
Upbit, the largest cryptocurrency exchange in South Korea, has additional Support for JUP trading (Korean Won, BTC, USDT market).
Jupiter is an aggregator project in the Solana ecosystem, providing users with various DeFi services.
Jupiter also just gave launch Ape memecoin trading platform on Solana, emphasizing wallet security with vault and 0.069% fee. Ape optimizes transactions and updates will include profit/loss tracking.
Ape allows users to trade after depositing SOL into a wallet and using that wallet’s assets to trade on APE.
Computing Labs News
Computing Labs, the developer of a Solana-based GPU token protocol, has raised $3 million in a pre-seed funding round.
Protocol Labs, the company behind the decentralized file storage network Filecoin, led the funding round. Other investors include Blockchain Coinvestors, OKX Ventures, CMS Holdings, HashKey Capital, Amber Group, and P2 Ventures (formerly Polygon Ventures).
Angel investors include Sandeep Nailwal of Polygon, Illia Polosukhin of NEAR Protocol, and Austin Federa of Solana Foundation.
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Viet Cuong
Bitcoin Magazine
