Bittime – This week has been a busy week in the crypto ecosystem. There is various important news, starting from crypto projects, airdrops, updated information about the Ethereum Spot ETF, and the latest news about the "crypto war" between Trump and Biden which is still related to the 2024 US Election.
Check out the explanation of the weekly crypto news summary from 17 to 21 June 2024 below.
The Fed and the Crypto Ecosystem
The Federal Reserve or The Fed is the central bank in the United States whose policies often determine the market in the crypto ecosystem. This week, Fed officials continued to lower expectations for an interest rate cut this week.
CME FedWatch predicts that the probability of the Fed keeping interest rates unchanged in August is 88.6%.
Fed Governor Kugler also said long-term neutral real interest rates are not very helpful in policymaking and a rate cut later this year would be appropriate. On the other hand, Fed President St. Louis, Bullard expressed the opinion that it may take "a few quarters" to see data supporting a rate cut.
Not only that, it was also reported by the Fed that inflation will continue to fall and interest rates will decrease in the next few years. This of course will have an impact on crypto prices. However, Dallas Fed President Logan said it would take "a few more months" to be confident that inflation is moving towards 2%.
Check Today's Crypto Market:
Ethereum Spot ETF Development
ETH has shown good resilience thanks to recent expectations and progress regarding ETH ETF approval. Many parties have applied for an ETH ETF, one of which is Bitwise.
Bitwise has submitted a revised S-1 document for their Ethereum Spot ETF to the SEC that will include changes following the first round of SEC comments. It is not yet clear whether more rounds of comments are needed and the cost of the product has not been disclosed.
The SEC has also ended its investigation into Ethereum 2.0 according to a report from Consensys. This means that the SEC does not consider ETH to be a security. As a result, the ecosystem of ETH and LSD-related tokens is experiencing a boost.
What's in this week's Airdrop Projects?
This week there is an airdrop project from ENA. Ethena Labs has just updated its tokenomics. ENA stated that airdrop users need to lock in a minimum of 50% of their ENA.
Then Maverick Protocol took a snapshot of the S1 ecosystem incentive plan and governance airdrop on June 5.
The airdrop comes from Starknet's DeFi Protocol, Nostra. The opening of this airdrop is to celebrate the launch of the NSTR token.
Also Read: United States Inflation Drops to 3.3% in May 2024 and the Impact on Crypto
Bitcoin and its Spot ETFs
Bitcoin as king in the crypto ecosystem often receives a more dominant spotlight. However, it is not uncommon for the Bitcoin ecosystem to also attract controversy because its security can still be penetrated to the detriment of users.
This week it was reported that DMM Bitcoin completed Bitcoin purchases to compensate users for the washout. Until now, the cause of the theft at DMM is still under investigation.
On the other hand, Bitcoin ETFs are still the favorite. Vaneck launched the first Bitcoin ETF on the Australian Securities Exchange (ASX). Then BlackRock executives stated that about 80% of Bitcoin ETF purchases came from “retail investors.”
US Elections and Crypto
Donald Trump and Joe Biden are being widely discussed in the crypto ecosystem regarding the US Election. The reason is, that the two presidential candidates often steal the attention and words of those who will support the crypto ecosystem.
Trump himself reiterated his promise to end Biden's "crypto war" at a rally in Wisconsin. Trump is indeed a strong candidate who has received sympathy from digital finance observers because of his support.
In addition, many companies support the 2024 US election by providing financial support to candidate campaigns. One of them is Jump Crypto which donated back to make a $10 million donation to the US election super political action committee.
Other Crypto News this Week
Apart from the things above, here are some highlights of this week's crypto news that you can pay attention to.
- ZKX decided to cancel public fundraising and all Launchpads.
- The Slerf meme project plans to form a community board and DAO to give the community more control and decision-making power.
- It was reported by Bloomberg that Pendle Finance's new market strategy change attracted billions of dollars to the crypto project.
- Several US states have revoked or refused to renew Binance US's money transfer license.
- Nvidia surpassed Microsoft and Apple to become the company with the highest market value in the world.
- LayerZero CEO: The anti-witchcraft review or airdrop feasibility is still in the final stages and the verification website will be released soon.
- Sandbox announced the purchase of mainstream meme coins such as PEPE, SHIB, and DEGEN.
- Notcoin Founders: Click-to-earn model is not sustainable, and plans to build a sustainable and efficient subsystem in the next four years.
- JupiterExchange proposes to burn 30% of its tokens.
- OpenAI's former chief scientist launches "safe" rival AI lab.
- Linea: Linea Park LXP minting will open tomorrow, with anti-witchcraft work already underway.
- JusticeDAO raised approximately $2.3 million in legal defense funds for developer Tornado Cash.
- io.net and OpSec form a strategic alliance to strengthen cloud computing.
- CertiK: Employee threatened by Kraken security operations team after reporting
Also Read How To Buy Crypto:
Conclusion
That's the weekly crypto news for June 17 to 21 2024. Check out other crypto news every day only on the Bittime website.
You can also check out the latest news about various targeted tokens. Price updates and crypto market conditions will be updated regularly by Bittime. So, don't miss it!
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To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Also, please make sure that you have enough balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. Learn Complete Guide How to Buy Crypto on Bittime.
Monitor price chart movements of Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and other cryptos to find out today's crypto market trends in real-time on Bittime.
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DISCLAIMER: This article is informational and is not an offer or solicitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for fluctuations in crypto asset exchange rates.
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