Market Analysis Beginner

Market Signals June 18th, 2024: Bitcoin Dips to $65k, What Does This Mean for Altcoins?

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Bitcoin (BTC) fell to its lowest point since May 20, 2024, trading around $65,089 on Friday (14/6). This drop followed the FOMC meeting on June 12, 2024, where the Fed decided to maintain interest rates instead of reducing them as previously planned.

Although BTC briefly surged above $69,000 following the release of the latest CPI data, it corrected back to $67,000. Currently, BTC is testing the 55-day EMA support level. If this support fails, the price could drop to $64,000; BTC needs to break the resistance at $68,500 to continue rising.

The Pintu Academy team has compiled valuable insights from several crypto projects. We analyze that information to determine its potential impact on various asset prices. Will these be bullish or bearish catalysts? Find out in the following article.

It should be noted that all information in this Market Signal is intended for educational purposes, not as financial advice. Do your own research before making any financial decisions!

BNB Chain (BNB) ➡️ Uncertain ⚖️

BNB Chain will implement the Haber hard fork on June 20, 2024. It aims to enhance the performance of dApps on its network. This update to the BNB Chain software will introduce permanent changes to the network.

The primary goal of the Haber hard fork is to boost the blockchain’s scalability and efficiency by implementing secp256r1 curve pre-compilation. This will provide users with a faster and smoother dApp experience.

As with other blockchain events, hard forks can introduce market uncertainty, potentially leading to short-term BNB price volatility. However, hard forks can positively impact market sentiment if executed smoothly by improving dApp performance on the BNB Chain.

Currently, BNB is trading at $597, down 11% from $672, reflecting BTC’s declining price movement from the previous week.

LayerZero (ZRO) ➡️ Uncertain ⚖️

Source: X LayerZero

LayerZero is poised to make a major announcement on June 20, 2024, as revealed on its official X account. The LayerZero community expects this announcement to focus on the eagerly anticipated ZRO token airdrop, providing crucial details about its tokenomics.

Anticipation is high among users for the ZRO token airdrop, with the announcement expected to clarify eligibility requirements, token amounts, and the claiming process. It may also offer insights into token distribution, the vesting schedule, and the token’s functionality.

LayerZero is a cross-chain messaging protocol designed to enhance interaction between smart contracts across different blockchain networks. It aims to resolve interoperability challenges in the crypto industry.

Pixel (PIXEL) ➡️ Uncertain ⚖️

Pixels (PIXEL) will unlock approximately 54.38 million tokens for investors and the Pixel team on June 19 at 18:00 Beijing time. This unlock represents 7.05% of PIXEL’s current circulating volume and is valued at around $20 million.

The token unlock could lead to price volatility for PIXEL. An increased number of tokens in circulation may result in selling pressure, potentially driving the price down.

Conversely, the event might attract new interest in the Pixel project, possibly boosting demand and driving the price up. PIXEL is the native token of Pixels, a popular Web3 game on the Ronin network.

Similar to other altcoins, PIXEL’s price has declined over the past week. It is currently trading at $0.33.

Space ID (ID) ➡️ Bearish 📉

SPACE ID (ID) will unlock approximately 78.49 million tokens for investors and the Space ID team on June 22 at 08:00 Beijing time. This unlock represents 18.23% of its current circulating volume and is valued at around $44 million.

The percentage of ID tokens being unlocked is significantly higher compared to other upcoming token unlocks, such as PIXEL (7%), MANTA (2%), APE (2.4%), and NYM (0.3%). This large unlock could lead to increased selling pressure, potentially lowering ID’s price.

Currently, ID is trading at $0.50, with a historical range between $0.17 and $1.80.

Crypto Performance Over the Past Week

Here are the best and worst performing cryptos on Pintu:

Cryptocurrencies With the Best Performance

  • Ethereum Name Service (ENS): 🔼 13,87%
  • Lido DAO (LDO): 🔼 12,54%
  • Toncoin (TON): 🔼 9.98%

Cryptocurrencies With the Worst Performance

  • Wormhole (W): 🔽 33,87%
  • Floki (FLOKI): 🔽 30,04%
  • Arweave (AR): 🔽 28,89%


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