Important Development in Ripple Case
In a recent development, the U.S. District Court for the Northern District of California dismissed several key claims in a class-action lawsuit against Ripple, delivering a paper victory for the company. Judge Phyllis Hamilton granted Ripple’s motion for summary judgment on unregistered and state law securities claims, eliminating most class action claims against Ripple. Despite these rulings, the court did not address the issue of whether XRP was a security. This important issue will be decided by the jury.
Collaboration Between Konami and Avalanche
Konami Digital Entertainment announced that it has partnered with Avalanche to launch Resella, a new platform aimed at making NFT transactions easier. This collaboration, launched on Thursday, aims to improve Web3 services and expand the reach of blockchain technology to a wider audience. The partnership leverages Avalanche’s Subnet technology and Ava Labs’ AvaCloud service to provide efficient and cost-free operations to position Resella as a competitive NFT marketplace.
1Inch Network Signs Up with Blockaid to Improve DeFi Security
DeFi platform 1Inch announced that it is collaborating with Web3 security provider Blockaid to upgrade security measures in its ecosystem. On June 20, 1Inch Network announced its goal of detecting and preventing fraudulent activity such as phishing scams and hacking. In an announcement, this DeFi platform emphasized that Blockaid’s security features that simulate transactions before executing them will play an important role in increasing DeFi security.
Sixteenfold Increase in Stablecoin Transfer Volume in the Last Four Years
According to Token Terminal data, monthly stablecoin transfer volume has grown more than 16 times, from $100 billion in October 2020 to $1.68 trillion in April 2024. However, the market value of stablecoins has exceeded $162 billion, an increase of 24% since the beginning of the year. Tether, the company behind the world’s largest stablecoin, accounted for $716 billion of the $1 trillion transaction volume in March.
3iQ Applies for Solana ETP in Canada
3iQ has filed to launch the Solana Fund, the first Solana exchange-traded product (ETP) in Canada. If approved, this fund will trade on the Toronto Stock Exchange under the symbol QSOL. This fund will provide Canadian investors with access to SOL without the use of blockchain technology. 3iQ’s Greg Benhaim emphasized their commitment to offering regulated investment options. The launch date for the Solana Fund has not yet been determined.
Gemini Launches Campaign for Pro-Crypto Candidates
Gemini Exchange announced a campaign finance project to provide support for pro-crypto candidates in the upcoming US Presidential elections. This announcement comes after Cameron and Tyler Winklevoss donated $2 million to former President Trump’s re-election campaign. Prior to this announcement, Tyler Winklevoss criticized the Biden administration’s approach to the crypto industry, claiming that it punished success and manipulated it for political gain. He stated that he thought such policies would harm the economy and the country.
Big Claim for Stablecoins from Circle CEO
Circle CEO Jeremy Allaire stated that he is more optimistic than ever about crypto and stablecoins, predicting that stablecoins could make up 10% of ‘global economic currency’ within the next decade. He highlighted stablecoins as the ‘killer app’ for crypto, improving cross-border trading, reducing remittance costs and providing banking solutions to those without access to banking services. Allaire predicts that by the end of 2025, stablecoins will be recognized as ‘legal electronic money’ in most major jurisdictions.
MicroStrategy Buys More Bitcoin
MicroStrategy continued its Bitcoin strategy, purchasing another 11,931 Bitcoins worth approximately $786 million. This acquisition brought the company’s total Bitcoin holdings to 226,331, with a total value of over $14.5 billion. With this purchase they own approximately 1.1% of the Bitcoin supply. The company’s aggressive Bitcoin buying has increased its stock value by 135% this year, and analysts have set a target of $2,890 for the company’s future, thus indicating strong growth potential.
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BITCOIN (BTC)
BTC is priced at $64,600 with a 0.45% loss of value as of the morning hours. The horizontal channel between $72,000 and $60,300 is still maintained. There was an increase up to $67,000, but it has not been permanent for now. If the pullback continues, $63,450 appears as the first major support. As resistance, $67,000 is currently working. Closings above $68,000 are required for the continuation of the rise.
ETHEREUM (ETH)
ETH is priced at $3510 with a 0.06% loss of value as of the morning hours. The $3350 level worked as support. For the continuation of the rise, it is important to maintain stability above $ 3600. If persistence is achieved, an increase up to $4000 may be seen. If a pullback occurs, the first support is likely to be at $3150.
RIPPLE (XRP)
XRP is priced at $0.4898 with a 0.20% gain in value as of the morning hours. There is a horizontal channel between $0.46 and $0.57. There was a wick movement to the $0.45 level, but it could not be permanent. $0.50 is a critical level and this level should be regained. Initial support again appears to be the range between $0.48 and $0.45. Areas where there may be resistance include the $0.50 and $0.52 levels.
AVALANCHE (AVAX)
AVAX is priced at $27.85 with a 0.98% gain in value as of the morning hours. After the horizontal area was broken down, we saw a movement up to the 25 dollar level, but it started to rise after receiving a reaction from this region. In case of withdrawals, the 25 and 20 dollar regions can be followed as support. The horizontal band needs to be regained. In upward movements, if there is persistence above the 30 dollar level, the 35 dollar region can be targeted.
SOLANA (SOL)
SOL is priced at $132.48 with a 0.49% loss of value as of the morning hours. When we examine the daily chart, we see that the $140 level, which we follow as the support zone, has been broken downwards. If this movement continues, the 125 – 127 dollar region, which is considered a triple bottom region, appears as an important support region. In upward movements, the $138 region can be followed as resistance in the short term.
CHAINLINK (LINK)
As of the morning hours, LINK is priced at $14,457 with a 0.77% gain in value. When we examine the four-hour chart, we see that the falling trend line has been broken upwards, but the $ 14,500 level, which we follow as the resistance zone, is critical. If it stays above this zone, the $15 level can be targeted. In case of withdrawals, the $14 level can be followed as support.
APT
APT is priced at $6.98 with a 1.01% gain in value as of the morning hours. When we examine the hourly chart, we see that it looks like a short-term ascending triangle formation. The resistance zone of this formation appears as $ 7.15. If this region is broken upwards, the $7.40 region can be targeted. In case of withdrawals, the $6.80 level appears as support.
BCH
BCH is priced at $390.4 with a 0.15% gain in value as of the morning hours. When we examine the hourly chart, we see that there is a horizontal price movement. The lower and upper limits of this horizontal movement appear as 385 and 400 dollars, respectively. If the resistance zone is crossed, a move towards the $415 region may be possible.
OUNCE OF GOLD
As of the morning hours, ounce gold is priced at 2364 dollars with a 0.17% gain in value. There was a decline from $2390 to $2290. The $2290 level is acting as support. The $2360 resistance level was broken to the upside. If pricing is seen above 2400, there may be a rise again up to 2450 dollars. For a short-term rise, pricing above $2375 should be maintained.
OUNCE OF SILVER
As of the morning hours, silver is priced at $ 30.60 with a 0.42% loss in value. When we examine the four-hour chart, we see that the $29.50 and $30 levels, which we follow as resistance zones, have been broken upwards. If this movement continues, the $ 31.10 level can be followed. In case of withdrawals, the $ 30.25 level appears as support.
