Cryptos Q2 assessment; Large part of crypto markets struggles
Cryptorank recently released a report on the crypto market’s performance in Q2 2023. Uncertainty was the theme of this period, with major regulatory and institutional happenings.
Tether USDT issues an additional 1 billion coins on the Tron network
As demand rises, Tether USDT has increased its market value by $2.6 billion. As a result, Tether has minted 1 billion more coins on Tron Network to satisfy the blockchain’s USDT chain swap demands.
Standard Chartered predicts $120K Bitcoin by the end of 2024, days after Hong Kong asked it to go pro-crypto
Standard Chartered has expressed confidence that Bitcoin will soar in price in 2024. It expects the coin to hit $50K in 2023 and $120K in 2024. Its analysis expects miners to hold more of their supply and fewer coins to be available in the market.
Binance CEO Changpeng Zhao believes the next bull run will begin in 2025
Binance CEO Changpeng Zhao delivered his forecast for the market performance during a Twitter Space on July 5, explaining that the next crypto bull run will be seen in 2025.
Bitcoin price rallies to new 2023 high ahead of halving cycle
Bitcoin price rallied to the highest point on July 6, 2023, as the market approaches the eagerly awaited Bitcoin halving period in 2024. It has been noticed that as Bitcoin gains more security from the halving periods, more market buy pressure is seen, which increases the price.
Crypto hacks and cyber attacks claimed over $300 M in Q2 2023
Crypto hacks have persisted into 2023 though a noticeable drop of 58% YoY has occurred. A report by Certik, however, shows that $300 million was stolen from the industry in Q2 2023.
Slovakian parliament votes in support of lower crypto taxes
Slovakia has joined a growing list of pro-crypto legislation after approving the amendment of the crypto taxes bill, which slashes the taxes to only 7%.
MicroStrategy adds 12,333 more Bitcoins for $28,136 median acquisition price-Michael Saylor
Microstrategy has pushed its limits in Bitcoin acquisition after buying $347M worth of Bitcoins at an average cost of $28,136 per coin. The institution now holds 152,333 coins worth around $4.52 billion, acquired at an average cost of $29,668 per Bitcoin.
Charles Hoskinson debunks a FUD that interest in Cardano is waning
Cardano CEO Charles Hoskinson has replied to a tweet praising the Cardano ecosystem for its efforts to weather the current bear market cycle, saying it’s commendable to uphold total decentralization in the process.
Bitcoin is a defense against “manipulation of the money supply”-Robert F. Kennedy Jr
In a June 28 tweet, Robert F. Kennedy Jr expressed that he would support Bitcoin and ensure that all US citizens have the right to hold their Bitcoin and make it inviolable. He added that it is a nice tool to save US citizens from totalitarianism and manipulation of the money supply.
Chibi Finance-Arbitrum based protocol conducts an exit scam
On 27 June 2023, Chibi Finance conducted an exit scam on the project. The team removed liquidity from the Arbitrum-based protocol, which was then bridged to Ethereum, where 555 ETH, approximately $1,041,141, was deposited into the crypto mixer Tornado Cash before being transferred to individual wallets across other networks.
DeFi markets rises in the past 2 weeks owing to harsh regulation in the US
DeFi has seen a market cap spike of 15% in the past two weeks as the US and other global regulators are going harder after crypto organizations. The market capitalization has increased by $6.3 billion in the time frame from $41.5 billion to $47.8 billion.