From the opinion that Bitcoin is still capable of deeper correction, Arbitrum announced a new transaction processing and arrangement proposal called Timeboost. Here are some outstanding news in the crypto market.
Bitcoin News
A crypto strategist who identified the timing of Bitcoin’s pre-halving pullback has warned that the flagship asset could correct much lower.
The analyst, who goes by the pseudonym Rekt Capital, told his 79,900 YouTube subscribers that Bitcoin could fall more than 8% from its current value.
“What if we see the deepest correction in the cycle, or at least by 23.8%. That would take BTC back to $55,000.”
Source: Rekt Capital
However, the analyst believes that a deeper decline is unlikely at this point. Rekt Capital said that it is more likely that BTC has just bottomed locally or is witnessing a shallower retracement.
“Around late April, early May. We saw a record deep correction in this cycle, eclipsing the pullback in early 2023, and it took a year and a half for a new record that was formed. Another deep retracement occurred just a month and a half later, but it would fall short of the deepest retracement in the current cycle. Maybe this is the bottom or there will be an additional slight pullback.”
BTC Trading Volume Over the Weekend Hits ATL Levels
Currently, Bitcoin (BTC) weekend trading volume is at an all-time low (ATL), with only 16% remaining by 2024. According to Kaiko Research, this marks a 12% decrease from peaked at 28% in 2019.
The chart below illustrates the change in BTC weekend trading volume percentage from 2012 to 2024.
In 2012, weekend trading volume accounted for 21% of total trading volume, but dropped to 19% in 2013. Weekend trading volume then increased again to 21% in 2014 and peaked at 27% in 2015. It then decreased slightly to 24% in 2016 and remained at 21% in 2017.
From 2018 to 2019, weekend trading volume increased, reaching 23% in 2018 and peaking at 28% in 2019. However, from 2020, weekend trading volume began to decline, to 25% in 2020, 24% in 2021, 19% in 2022 and 20% in 2023 before falling sharply to 16% in 2024.
This decline reflects a change in investors’ trading behavior, which may be due to factors such as changes in market conditions, trading strategies or impacts from global economic events.
Coinbase News
Coinbase was licensed to trade crypto futures in the US in August 2023 by the agency under the CFTC.
Since then, Coinbase actively expanded futures trading for many popular projects, such as DOGE, LTC, and BCH in March.
Currently the floor is medium announced Coinbase plans to list futures for five more altcoins including SHIB, AVAX, DOT, LINK, and XLM. Coinbase has filed registration documents with the CFTC.
If no response or objection is received from the CFTC, these products will be available on Coinbase from July 15.
Shiba Inu News
Shiba Inu (SHIB) could be a candidate for a recovery if key signs from on-chain data turn out to be true.
In tweet Recently, analytics firm Santiment singled out the Shiba Inu as one of the notable large-cap assets that is currently undervalued.
Source: Santiment
This observation is based on the MVRV Z-Score, a metric used to determine whether an asset is over- or undervalued based on average trader returns.
The MVRV indicator compares the market value (MV) and actual value (RV) of a crypto asset. A high MVRV Z-Score indicates a market value that is significantly higher than the actual value, implying the possibility of overvaluation, and vice versa.
According to Santiment’s analysis, Shiba Inu currently has a low MVRV Z-Score. This means that, overall, traders who buy SHIB are currently losing money.
In the past, such periods of low valuation have been followed by strong price increases.
Arbitrum News
After many congestion issues on Layer-2, Arbitrum recently announced propose new transaction processing and sorting called Timeboost.
The proposal was published and discussed on Arbitrum’s DAO forum on the evening of June 28. The mechanism is planned to be applied to networks using Arbitrum’s toolkit, in addition to the two core networks, Arbitrum One and Arbitrum Nova.
The notable change from the proposal is to allow users to pay priority fees to attach and process transactions on Layer-2. Currently, the processing mechanism of Layer-2 Arbitrum is still first-come first-served.
Yield App News
Yield App, Seychelles-Incorporated Crypto Investment Platform, Notification on June 28 that they will suspend all activities on their platform immediately.
The official statement said that this decision “was made to ensure fair and equitable treatment for all users and stakeholders of Yield App”.
According to the official statement, Yield App recorded losses in its investment portfolio, as the third-party hedge fund manager holding Yield App’s assets on FTX, “may be subject to litigation.”
Yield App has paused its community channels but the support channel will remain open to users via the official website.
Farcaster News
On Friday, Dan Romero, co-founder of popular decentralized social network protocol Farcaster, disclosure New in-app payment feature.
The new tool, built for Farcaster’s Warpcast client, uses stablecoins for 1-tap payments from the user profile or the app’s messaging platform.
This feature helps solve one of the persistent problems when paying people with cryptocurrency, namely looking up someone’s alphanumeric wallet address.
“Our goal is to make it easy for people to pay with cryptocurrency within the apps they use every day on their phones. No need to look up an address or remember how to spell someone’s ENS,” Romero said.
Igloo News
Igloo Inc., the parent company behind popular NFT project Pudgy Penguins, has acquired creative economy platform Frame. Terms of the deal were not disclosed.
The purpose of the acquisition is to grow Abstract Chain, a Layer-2 network designed for on-chain community and culture, Igloo Inc. CEO Luca Netz said. explain on the X media platform.
The Frame development team will now join Igloo. Frame develops infrastructure such as creating open NFT marketplaces to enforce creator royalties. According to the company’s website, the platform also allocates a portion of Layer-2 gas fees to support creators.
Other news
Hong Kong’s Crypto Asset License Could Offer Both Cryptocurrency and Security Token Offerings (STOs)
HKbitEX saidHong Kong’s crypto asset licenses can offer both cryptocurrency and security token trading (STO), which is more convenient than Singapore and the United States, as most of the licenses are in these countries and regions. Another sector can only provide one of the services.
The Hong Kong SFC clarified this year that investment in STOs could be open to retail investors.
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