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Monday, June 10, 2024
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Bitcoin is likely to decline one last time before forming a strong breakout with news of Ripple, Solana, Dogecoin, Polymarket, Base, LayerZero, MOTHER, LeverFi

From the comment that Bitcoin is likely to drop one last time before a major breakout to the Russian ambassador to China saying 30 countries want to join BRICS. Here are some outstanding news in the crypto market.

Bitcoin News

An analyst known for making contradictory comments on cryptocurrencies says that Bitcoin (BTC) needs one more correction before creating a strong upward momentum.

Anonymous analyst, Credible, told his 396,100 followers on media platform X that Bitcoin is likely to have one last price drop before a major breakout.

The trader predicts BTC could fall to as low as $62,000 before triggering another parabolic rally to new highs.

“The decline is currently limited to $60,000 and realistically will not go lower than $62,000 – $63,000… This will be followed by a strong rally with a target above $100,000.”

According to Credible, the Bitcoin price surge will prompt traders to sell off their altcoin holdings.

“BTC created a large and strong candle that attracted the general attention of the space for a period of time and liquidity started to flow out of millions of other altcoins, pouring into BTC as it began its vertical growth ”.

In the near term, Credible believes Bitcoin will see another rally above $70,000 before correcting to around $64,000 before rising to new ATH levels.

Source: Credible

Meanwhile, on the macro data side, the Fed will announced interest rate decision this week with the current probability of remaining unchanged being 99.4%.

The market is more interested in the Fed’s analysis of the market situation. The US will also release May CPI and PPI this week.

Ripple News

Recent reports suggest that blockchain company Ripple is planning to expand its footprint in Georgia.

According to post on

Welfare shared screenshots highlighting the main focus of Ripple executives’ meeting with NBG. It is known that the discussion focused on “exploring cooperation opportunities in the digitalization of the Georgian economy”.

Notably, Ripple is the official technology partner of NBG’s Central Bank Digital Currency (CBDC) project, Digital Lari.

Whales move XRP

Whale Alert has gone viral information about a large XRP transaction, made from a Binance wallet to a blockchain address with an anonymous owner. Whales withdrew a total of 30,406,274 XRP worth $15,073,991.

The community has started a heated discussion about the nature of this transaction. Overall, XRP users remain optimistic and some even expect it to make a bullish breakout within the week.

One commentator suggested that the anonymous recipient of this transfer could be a bank. This transaction actually seems like a purchase that could have been made by a financial institution or a private crypto investor.

However, data shared by data platform Bithomp, shows that this large transaction was sent from Binance to a cryptocurrency wallet that also belonged to the exchange, removing the mystery and making this transfer a distribution between exchange wallets.

Solana News

To improve the fairness and integrity of the network, Solana is taking important actions. The Solana Foundation’s recent move to unstake validators found to be sharing mempool transactions was unexpected.

This measure is part of a larger initiative to reduce Maximum Extractable Value (MEV) and conserve the trust ecosystem.

Due to the sharing of mempool transactions, some operators in the Solana Foundation Delegation Program were excluded. Sharing these can lead to MEV-related actions such as sandwich attacks, where a malicious actor surrounds the victim’s transactions to take advantage of price fluctuations.

Enforcement actions are still pending regarding the Solana Foundation’s final decision to remove these validators.

Dogecoin News

Dogecoin’s performance has not been particularly strong in May. After a 12.63% gain in April, the recent price movement has been quite steep, with growth limited by the key resistance level at $0.16.

The current price is close to the ATH of April 2021 at $0.17. A break of this level could spark a strong rally towards $1 or higher.

The relative strength index (RSI) is in the “neutral” zone, near the “weak” level, hovering below 50. Moving closer to 70 means stronger market sentiment, with the possibility of indicates an upcoming price increase.

Recently, analyst Ali Martinez shared his view that the current bearish sentiment is similar to what we witnessed in February this year, right before the 200% price increase. This could be a sign of a big price increase in June.

Source: Ali Martinez

In his view, Dogecoin is encountering strong resistance between $0.166 and $0.171, with the potential to double in value if it breaks above this level.

According to the price pattern on the daily chart, Dogecoin appears to have exited the correction zone and is ready to reverse the trend.

Polymarket News

After receiving $45 million and the support of Vitalik Buterin, Polymarket has had breakthroughs.

Transaction volume on Polymarket has increased sharply in the last 3 months, reaching a record level of 60 million USD/month

Polymarket benefits from major events such as the US presidential election, airdrops from major projects…

The project recently received an investment of 45 million USD and has support from Vitalik Buterin.

Source: Dune

Base News

Just days after surpassing Optimism’s Mainnet OP, the total asset value locked (TVL) on Ethereum’s layer-2 network, Base, has hit the $8 billion mark.

According to statistics from L2Beat, as of June 10, Base’s TVL was 8.05 billion USD, including 5.92 billion USD of original minted assets and 2.14 billion USD of bridge asset value, these Assets are locked on Ethereum but represented on Base.

Source: L2Beat

After surpassing OP Mainnet as the largest chain in the Superchain ecosystem last week, Base is now the second largest Ethereum scaler by TVL, behind Arbitrum One’s $18.27 billion.

LayerZero News

LayerZero CEO Bryan Pellegrino has Notification that the sybil hunt will be over and that LayerZero’s sybil checklist will be published in the first half of 2024.

Previously, LayerZero introduced a public portal for users to confess any involvement in sybil behavior. LayerZero’s inspection portal allows the project to identify and list addresses associated with sybil activity and launch a bounty program to incentivize reporting of such behavior.

LayerZero and Nansen will analyze a dataset of over 100,000 wallets to train their AI in recognizing sybil patterns, to assist other projects with airdrop distribution. Users who voluntarily admit to sybil behavior will be rewarded with 15% of the initial airdrop tokens. Conversely, those caught without self-reporting will lose these allocations entirely.

MOTHER News

According to plans by Australian rapper Iggy Azalea, MOTHER holders could soon use the token to pay for phones and services from telecommunications companies, adding utility to the token issued less than a month ago.

This development comes after the MOTHER merchandise store was announced last week, contributing to the token’s price surge at the time. DEXTools data shows that MOTHER is up 18% in the past 24 hours, outpacing other assets in the memecoin sector.

“I will relaunch the telecommunications company I co-founded and people will be able to buy phones or monthly mobile plans using MOTHER or SOL. The advertising campaign will be launched this weekend,” Azalea write on X.

LeverFi News

LeverFi, the leading decentralized finance (DeFi) platform, has announced invest in four BTCFi projects through the OmniZK Development Fund.

According to the project, LeverFi’s decision to invest in these projects demonstrates its strong commitment to driving innovation and growth in the BTCFi sector. OmniZK Development Fund will provide the necessary financial support, helping projects develop and expand.

Although details of the investment and projects are yet to be announced, the move is seen as a positive step towards the growth and development of the BTCFi sector.

Other news

Russian Ambassador to China said 30 countries want to join BRICS

In a commentary published in the South China Morning Post last week, Russia’s ambassador to China, Igor Morgulov, revealed that about 30 countries are interested in joining the BRICS (Group of New Economies) economic bloc. floating).

BRICS welcomed 5 new members in January including: Egypt, Iran, United Arab Emirates (UAE), Saudi Arabia and Ethiopia.

Last week, Russian Presidential Spokesperson Dmitry Peskov commented on concerns over BRICS. “The number of countries interested in BRICS is much larger than what the organization can absorb today,” he said.

Bolivian President Luis Arce recently highlighted the impact of BRICS on global dynamics. “Currently, the world order is shifting to a more fair and balanced state, based on multipolarism and multilateralism,” he said, adding that the BRICS economies have operated effectively. effective in challenging US dominance, expressing hope for increased cooperation and complementarity between nations.

South Korea’s new crypto law is about to take effect

Korea’s Virtual Asset User Protection Act will take effect on July 19.

Accordingly, companies that issue NFTs as virtual assets will need report operates its business with authorities as a virtual asset operator, with features including large-scale issuance, division, and use of virtual assets as a means of payment.

You can see coin prices here.

Viet Cuong

Bitcoin Magazine

Mark Tyson
Mark Tyson
Freelance News Writer. Always interested in the way in which technology can change people's lives, and that is why I also advise individuals and companies when it comes to adopting all the advances in Apple devices and services.
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