Bitcoin Wobbles: Will Bulls Regroup or is the Correction Here to Stay?

Dear Readers,

In today's crypto update, Bitcoin dipped early Tuesday, down 0.8% to $65,575 in the last day, holding relatively steady compared to other cryptocurrencies. This comes after Bitcoin's peak near $74,000 in March, fueled by new investment options. 

However, rising bond yields and a strong dollar, reflected in the DXY index near its yearly high, have dampened investor enthusiasm for riskier assets like cryptocurrencies. The Federal Reserve's hawkish stance on interest rates is also a contributing factor.

The pain was sharper for altcoins, with Ethereum down 3.2%, but still up 10% over the month. Solana, Cardano, and Dogecoin fared even worse, dropping 7%, 7.4%, and 8.7% respectively.

Highlights Of The Week

• Uphold to end support for six popular stablecoins for European users from July 1 to align with EU’s MiCA regulation.

•  Fairshake PAC, backed by Ripple and Coinbase, spends over $2 million opposing the incumbent in New York’s 16th Congressional District Democratic primary.

•  National Bank of Ethiopia prepares proclamations for economic reform, including a framework for a central bank digital currency (CBDC).

•  New York State Department of Financial Services grants Cumberland a BitLicense to operate as a virtual currency company.

•  Terraform Labs to pay SEC $4.47 billion in settlement and cease operations after being found liable for Terra ecosystem collapse.

•  Coinbase International to launch a platform for up-and-coming crypto projects, similar to Binance, Bybit, Bitget, and OKX.

•  Tether introduces Alloy (aUSDT), a gold-backed stablecoin pegged to the U.S. dollar, mintable on the new Alloy by Tether platform.

•  David Hirsch, chief of the crypto assets at the SEC enforcement division, announces his departure from the agency.

•  Malaysia’s Inland Revenue Board conducts “Ops Token” operation, raiding 10 locations to reduce tax revenue leakage from crypto trading.

•  South Korea’s FSC notifies 29 registered crypto exchanges to regularly evaluate the tokens listed on their platforms.

Top Weekly Gainers

Amid the ever-changing and inherently volatile cryptocurrency market, shrewd traders possess the ability to pinpoint Weekly Winners with significant growth potential. Through consistent participation and careful observation of market trends and price dynamics, investors can take advantage of these key opportunities, potentially enhancing their investment approaches for superior returns.

In the lead corner, we have PepeFork (PORK), a meme coin that thrives on the energy and humor of internet culture. While it might not have a crystal-clear roadmap, its community-driven development and adaptability fueled a staggering 52.11% surge, pushing its price to $0.0000002178. Trading volume also hit a noteworthy $10.79 million.

Not far behind is Rocket Pool (RPL), a project offering an innovative solution for crypto holders. With RPL, users can stake their crypto and benefit from rising exchange rates, all without the tax burden of adding to their initial stake. RPL's price rocketed 45.57% to $27.46 in just the last 7 days, and the trading volume sits comfortably at $32.46 million.

Even established players got in on the action. WeSendit (WSI), a Swiss company with a decade-long reputation in digital data transfer, saw its price jump 42.54% to $0.01373 in the last 7 days. This well-respected company continues to be a leader in its field, and its recent growth reflects that. Trading volume for WSI currently sits at $473,943.

The gaming world also joined the party. Pirate Nation (PIRATE), the token that fuels an Ethereum-based roleplaying game, enjoyed a 35.59% increase in price to $0.1816 in the last 7 days. This exciting development coincides with PIRATE being listed on Bitget, a major cryptocurrency exchange and Web3 company. The current trading volume for PIRATE is a healthy $14.20 million.

Last but not least, we haveConvex Finance (CVX).This DeFi protocol caters to Curve liquidity providers by allowing them to earn a share of trading fees without having to directly stake their liquidity on Curve. CVX rose a respectable 31.48% to $2.85 in the last week, with trading volume reaching $136.12 million.

Top Weekly Losers

The ever-shifting cryptocurrency landscape unveils weekly narratives that showcase both victories and obstacles. Key players face regulatory adjustments, market instability, and intense media focus, reaching a critical juncture. Even with these setbacks, this week presents traders and investors with an important chance to evaluate strategies and plan for future success. Noteworthy drops were seen in multiple cryptocurrency tokens during the week's events.

It wasn't all sunshine and rainbows in the crypto market this week. The play-to-earn sector felt the brunt of the correction, with Guild of Guardians (GOG), a multiplayer RPG on Immutable X, experiencing a brutal 53.62% price plunge to $0.06505 in just the last seven days. Trading volume also slumped to a mere $1.05 million, reflecting investor caution.

The woes extended to the metaverse as well. Virtuals Protocol (VIRTUAL), an AI project building the future of virtual interaction, tumbled 52.68% to $0.03578, with a current trading volume of $1.52 million. While VIRTUAL focuses on innovative ways for people to connect in the virtual world, the broader market correction seems to have cast a shadow on its value.

Decentralized exchanges weren't spared either. zkSwap Finance (ZF), a DEX built on the zkSync Layer 2 scaling solution, witnessed a 44.19% price drop to $0.02274. Despite boasting a healthy trading volume of $2.78 million, zkSwap, known for its unique "Swap to Earn" model that incentivizes both liquidity providers and traders, will be hoping for a swift market recovery to regain investor confidence.

The play-to-earn metaverse continues to be a hotbed of activity, but not all projects are experiencing growth. Highstreet (HIGH), a VR-supported project building a decentralized commerce experience, saw its price decrease 34.92% to $2.14 in the last 7 days, with trading volume reaching $94.79 million. The idea of combining shopping and gaming in a virtual world remains attractive, but HIGH's value seems to have been impacted by the broader market sentiment.

Even projects aiming to simplify the crypto landscape felt the pinch.TokenFi (TOKEN),a platform aiming to be the leading tokenization solution, witnessed a 32.99% price drop to $0.07941 in the last 7 days. Despite a current trading volume of $19.12 million, TOKEN's efforts to make crypto assets more accessible seem to have been overshadowed by the recent market correction.

Hot ICOs To Watch

Active ICOs

Blast

Blast is an Initial Coin Offering (ICO) for a Layer 2 (L2) solution on the Ethereum network. The sale started on June 1st and will conclude on June 27th. During this period, Blast has raised $20 million across two funding rounds. The Blast platform offers native yield for users holding Ethereum (ETH) and stablecoins, allowing their balances to automatically compound and generate additional Blast rewards.

zkSync

zkSync is another ongoing ICO, having just launched yesterday, June 17th. The sale will continue until July 16th, and zkSync has already garnered significant interest, raising $458 million. This project focuses on building a trustless protocol for scalable and low-cost payments on the Ethereum network. zkSync leverages zkRollup technology to achieve this goal.

Puffer Finance

Puffer Finance is the third active ICO on the list. Unlike the others with fixed end dates, Puffer Finance's ICO started back in February and has yet to announce a conclusion. Despite the extended timeframe, they have managed to raise $24.27 million over six rounds. Puffer Finance is building an anti-slashing and permissionless liquid staking protocol.

Upcoming ICOs

5th Scape

5th Scape, an upcoming ICO launching today, June 18th, is looking to raise $7.5 million. Their core token, 5SCAPE Coin, acts as a key to unlocking exclusive virtual reality content and special in-game features. This promises to elevate your gaming experiences and foster a strong community within the VR landscape.

Base Mafia

The meme coin craze continues! Base Mafia, another ICO launching today, June 18th,  is setting its sights on the Base chain meme ecosystem. Their Initial DEX Offering (IDO) hosted on Kommunitas has a fundraising goal of $300,000.

Orbital7

Orbital7 is an IDO launching today, June 18th, on Decubate. With a fundraising goal of $300,000, their project aims to streamline and simplify the process of creating, managing, and utilizing digital assets across various Bitcoin-centric networks, including Runes, BRC20 tokens, and the Bitcoin network itself.

Ended ICOs

Solar Dex

Solar Dex, a pioneer in the GameFi space, concluded its ICO today, June 18th. This project, designed as the first GameFi DEX to incorporate NFTs into the trading experience, raised $75,000 across four rounds. Solar Dex aims to bridge the gap between the DeFi and NFT ecosystems by seamlessly combining functionalities from both worlds.

Legion Ventures

Legion Ventures, an investment and OTC DeFi platform focused on retail investors, wrapped up its ICO today, June 18th. The project secured $2.1 million over six rounds, demonstrating strong interest from retail participants seeking new opportunities within the DeFi space. Legion Ventures aims to empower retail investors by providing them with easy access to investment and OTC DeFi services.

Asymmetry Finance

Asymmetry Finance’s ICO concluded on June 14th, having raised $3 million in just two rounds. This innovative protocol offers a comprehensive solution to address this specific concern, attracting investors seeking exposure to DeFi projects focused on decentralization.

Hottest Airdrops

IoTeX

• Go to the IoTeX airdrop page.

• Click on "Start Airdrop Journey."

• You'll be taken to the Galxe Quests campaign page.

• Complete different social media tasks, like following IoTeX on X, to earn points.

• Finish as many tasks as you can to accumulate points and rise on the top GOATs leaderboard.

• CEX.IO

• Access the CEX.IO Telegram airdrop bot.

• Join the mini-app within Telegram.

• Tap to earn tokens.

• Collect more tokens through farming.

• Invite up to 100 friends.

• Complete straightforward tasks.

• Sign up on CEX.IO.

• Download and install the CEX.IO app.

• Subscribe to the CEX.IO Telegram channel.

• Follow CEX.IO on X.

• Follow CEX.IO on Facebook.

• Follow CEX.IO on Instagram.

• Share CEX.IO tweets daily on X and more.

 That's it for today. Thanks for reading. Good luck out there!

Best Regards,
Crypto Recorder Team

P.S Got a question, suggestion or general feedback? Feel free to reply to this email. I'll get back to you asap!