CoinDesk Report:
Cryptocurrency market journalist Cody Buffinton provides the latest developments in the market, including the market prospects for Bitcoin, ONDO, and Near Protocol. On Wednesday, the price of Bitcoin dropped to $61,000 due to the news of the US government’s upcoming sale of Bitcoin.
According to data from Arkham Intelligence, an address related to the US government transferred 3,940 BTC, worth $240 million, with a wallet balance of 23,500 BTC ($1.3 billion). Recently, Germany also sold 900 BTC from a total transfer of 6,500 BTC. Market commentators, such as Will Clemente from Reflexivity Research, believe that the recent large-scale outflow of Bitcoin may be attributed to anticipated government action.
Meanwhile, alternative coins such as ONDO Finance, Blast, and Near Protocol are gaining positive attention. Despite a price drop of 18% after reaching $148 on June 3rd, on-chain data suggests that ONDO has potential for a bull market. Its realized cap currently stands at $1.15 billion, indicating a support level, while its $1.7 billion market value suggests the bull market may continue.
Furthermore, Near Protocol has impressive performance metrics and growth projected for 2024. Near’s total value locked (TVL) has doubled from $90.7 million in January to $324.5 million in June. Additionally, the network’s monthly transaction volume has surged, and the significant increase in bridged inflows further proves this. The number of new wallets for Near Protocol has also skyrocketed from approximately 96,000 in Q1 2023 to nearly 18.4 million in Q2 2024.
In addition, the newly launched Blast layer 2 blockchain has seen a 20% price increase, starting at 2 cents and reaching a fully diluted value (FDV) of $2 billion.
In terms of other market developments, Web3 entertainment company Creta World announced its debut on the Philippines’ exchange Coins.ph on July 8th. Creta aims to provide NFT acquisition solutions, including intuitive game creation services that allow users to design their creations and monetize them. Furthermore, layer one blockchain Sui has partnered with leading digital asset custody company Copper to improve the custody infrastructure within its ecosystem.