Weekly Crypto Market Update

Overview

This week in the crypto market, there is anticipation surrounding economic data, macro events, and updates on the Ethereum ETF. The ASI token merger scheduled for July 1 is also a focal point.

Significant Events To Monitor

The Crypto Fear and Greed Index has shown a slight increase to 53 from 47 yesterday and 30 last week. In the past 24 hours, the crypto market has experienced a notable surge, with various cryptocurrencies seeing significant gains.

Key Highlights

• Market Surge:

• Top 5 Gainers:

  • Lido DAO: $1.97 (17.33% increase)
  • Ethereum Name Service: $32.61 (29.69% increase)
  • Dogwifhat: $2.31 (17.48% increase)
  • MogCoin: $0.000001916 (12.50% increase)
  • Beam: $0.01717 (12.38% increase)

• Latest Market Update:

• Bitcoin surpassed $63,000 over the weekend, demonstrating a significant uptrend.
• Ethereum, Dogecoin, Ripple, Solana, and Litecoin all showed gains.
• The Ethereum Name Service token recorded the largest increase at nearly 30% in 24 hours.
• Kaspa experienced a 2% decline during the same period.
• Total crypto market volume in the last 24 hours reached $52.14B, marking a 49.02% increase.
• Bitcoin dominance stands at 53.54%, up by 0.13% in a day.

Global Market News

• The upcoming week is pivotal for the crypto market due to various events such as delayed Spot Ethereum ETFs, EU’s MiCA regulation launch, and the Federal Reserve’s June meeting minutes. U.S. job data and trade deficit figures are also critical factors affecting market sentiment and dynamics.

• Ethereum surged over 5% to surpass $3,500 in Q3, driven by whale activity like Abraxas Capital withdrawing 60K ETH from Bitfinex. The excitement builds for the upcoming spot Ethereum ETF, potentially pushing ETH towards $4,000.

• The EU’s MiCA regulation aims to provide clear legal and regulatory guidelines for the digital asset market, ensuring compliance for stablecoins with e-money regulations. This move focuses on enhancing consumer protections and establishing global crypto legislation.

• The SEC's recent lawsuit against ConsenSys, MetaMask, Lido, and Rocket Pool indicates a growing effort to regulate various crypto market aspects under securities laws.

• The EU gears up for the Markets in Crypto-Assets (MiCA) Regulation implementation, starting with stablecoin regulations and eventually covering crypto service providers, aiming for standardized rules across member states.

• Keith Gill faces a securities fraud lawsuit for allegedly manipulating GameStop stock prices through social media posts, although legal experts suggest weak grounds for the case.