The market has finally seen a bit of a rebound, with Bitcoin slowly climbing from 58,000 to 62,000. Trading volume has also increased, and the altcoin market is relatively stable. As I analyzed a few days ago, the bull market has not ended, it’s just a normal pullback. This rebound is also synchronized with the US stock market. Last night, the S&P and Nasdaq ended a three-day decline, and Nvidia also saw a 7% rebound. This sentiment has had a certain impact on Bitcoin. Furthermore, a Bitcoin ETF returned to a net inflow status last night, with a relatively small amount of 31 million USD, but it’s a good start. In any case, the bull market continues, so let’s keep the party going.
Recent 24-hour cryptocurrency news:
1. Ethereum ETF has good news again, with SEC chairman Gensler personally stating that progress is smooth and awaiting the issuer’s disclosure. Additionally, VanEck submitted an Ethereum ETF 8-A form last night. This organization previously applied for a BTC ETF, and after 7 days of filing, the BTC ETF was listed. If Ethereum follows the same pace as Bitcoin, then the Ethereum ETF will be listed before July 4th, in line with various experts’ predictions.
2. The rune sector performed well today, with Dog increasing by 15% and launching a video contest on TikTok. Lobo went online on MEXC at 6 pm, with a daily price increase of 25%.
3. The Ethfi Foundation announced the proposal to distribute 25 million ETHFI tokens for the third quarter. Stakers can now choose to receive the second round of airdrops on the official website, with ETH and arb networks available for selection.
4. The German government’s Bitcoin wallet continues to transfer funds to CEX, with 900 BTC transferred out yesterday, likely to impact the market.
5. Meme token Dorae, inspired by Doraemon, opened at 3 am today, reaching a market cap of 2.4 billion USD and a price of 2.4 USD. However, it has since dropped by 99%, now priced at around 0.01 USD.
6. Arbitrum DAO proposed the launch of ARB equity staking, with an expected annualized return of 7%. Voting will take place in the snapshot next month. This will empower ARB and capture its value in the economic model.
7. Sui co-founder EmanAbio revealed an upcoming Sui announcement, indicating something interesting is on the horizon.
8. UBS expects the Federal Reserve to start cutting interest rates in September.
Market analysis:
BTC: Bitcoin has been rebounding since yesterday, but the strength of the rebound is not significant. It is expected to continue to oscillate and verify the bottom support position, and then overall improvement is expected after July. The altcoin market has performed well in the past two days, especially meme tokens and AI sectors, which should be closely monitored.
ETH: Ethereum’s trend is still slightly stronger than Bitcoin. Today, with the SEC chairman personally stating that the ETF progress is smooth, we can basically confirm that the ETF will meet everyone before July 4th. Although many institutions have started to short ETH, saying that the short-term ETF is bearish for the coin price, this does not affect the speculation in the next week. Moreover, in the long term, the ETF is definitely a great advantage. Of course, if you don’t want to bear the impact of Grayscale ETHE’s 3 million ETH on the market, then it’s necessary to consider selling or hedging in the next few days.