Terraform Agreed to Pay $4.47 Billion
Terraform Labs has reached a $4.47 billion settlement with the US Securities and Exchange Commission regarding its algorithmic stablecoin TerraUSD, which suffered a major loss in value in 2022. The SEC’s proposed decision includes a $3.58 billion refund, a $420 million penalty and a ban on co-founder Do Kwon from serving as an executive or director in public companies. The SEC stated that this settlement is intended to provide a significant refund to investors and act as a deterrent to prevent abuse in the crypto industry.
Turkish Lira Crypto Volume Market Share Reaches All-Time High
The share of the Turkish lira in crypto volume reached a record high due to Binance’s loss of banking partners and the currency’s depreciation and volatility. According to Kaiko, a data provider, TRY became the third largest fiat currency by volume, and this increase was due to Turkey’s inflation rate exceeding 70%. TRY’s rise in crypto volume is associated with increased currency volatility due to many elections and different monetary policies in 2024. Similar trends of high inflation and depreciation have also affected the British pound, Japanese yen and Mexican peso.
Fed Sees Only One Rate Cut This Year
As expected, the US Federal Reserve’s Federal Open Market Committee (FOMC) kept the interest rate steady in the range of 5.25% – 5.50%. The economic outlook calls for a rate cut of just 25 basis points this year, reflecting progress towards the 2% inflation target. The Fed’s interest rate expectation for the end of 2024 rose to 5.1% from the previous 4.6%, indicating that it anticipates fewer rate cuts. The expected interest rate for 2025 is 4.1%, indicating that there may be a 100 basis point interest rate cut next year. Although the Consumer Price Index report for May showed an unexpected slowdown in inflation, Fed Chairman Jerome Powell emphasized that inflation was still very high. This hawkish stance has reduced previous market gains. Bitcoin was flat, while US stocks and bonds closed with gains but remained below their highs.
MetaMask Launches Pooled Staking for Ethereum Except for US and UK Users
Consensys launches pooled staking service through MetaMask. Users can now contribute to Ethereum network security and earn rewards with any amount of ETH. Previously, a minimum of 32 ETH was required to directly stake. Users can withdraw their staking at any time, but this process may vary depending on the Ethereum validator release order. The service is being rolled out in phases using StakeWise’s smart contracts. This rollout starts with some eligible users starting today, expanding to more in the coming days. Currently, 27.1% of the total ETH supply on the Ethereum network is staked and concentrated in large pools. By launching the pool staking service, MetaMask aims to provide more users with access to Ethereum validator staking. Liquid staking solutions like Lido and Rocket Pool offer similar benefits for holders of smaller amounts of ETH without requiring 32 ETH. These solutions also provide liquid staking tokens via the underlying asset that can be used in DeFi and earn staking rewards.
Statement from Ripple CEO about RLUSD
Ripple CEO Brad Garlinghouse announced the name of the company’s upcoming stablecoin at the XRP Ledger Community Summit (XRPL Apex) in Amsterdam. RLUSD will be a dollar-pegged stablecoin that can be used on XRP Ledger and Ethereum.
Circle Introduces Programmable Wallets in Solana for Web3
Circle, a leading crypto financial services firm, will expand its Web3 services to support the Solana blockchain and begin providing advanced features such as programmable wallets to improve user experience and functionality. This integration will occur in two phases, with the first phase focusing on programmable wallets for developers to automate asset management based on predefined rules.
Partnership from MoonPay and PayPal
MoonPay has announced a new integration for customers in the European Union and the United Kingdom. Customers in Europe will soon be able to use PayPal as an option to purchase crypto on the MoonPay platform. PayPal is the third most popular payment method in the U.S., behind Apple Pay and traditional debit cards, MoonPay said in a press release.
Biden Administration In Talks To Accept Crypto Donations
President Joe Biden’s reelection campaign is toying with the option of accepting cryptocurrency donations through Coinbase Commerce. It was announced that Biden’s team was considering this method to potentially attract crypto-savvy voters and gain contributions from pro-crypto donors.
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BITCOIN (BTC)
BTC is priced at $67,500 with a 1.07% loss of value as of the morning hours. The horizontal channel between $72,760 and $60,800 is still maintained. There was an increase up to $70,000 yesterday, but it has not been permanent for now. If the pullback continues, $64,700 appears as the first major support. As resistance, $70,000 is currently working. Closings above $70,000 are required to continue the rise.
ETHEREUM (ETH)
ETH is priced at $3510 with a 1.43% gain in value as of the morning hours. Yesterday, the $3435 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)
As of the morning hours, XRP is priced at $0.4877 with a 0.79% gain in value. 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 must 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 $32.68 with a 1.98% gain in value as of the morning hours. After the horizontal area was broken down, we saw a movement up to the $ 30.60 level, but it started to rise after receiving a reaction from this region. In case of withdrawals, the $30 and $29 zones can be followed as support. The middle region of the horizontal band needs to be regained. In upward movements, if there is persistence above the 36 dollar level, the 40 dollar region can be targeted.
SOLANA (SOL)
SOL is priced at $152.14 with a 2% loss of value as of the morning hours. When we examine the four-hour chart, we see that there is a slight upward reaction from the $150 level, which we follow as the support zone, and a movement towards the $160 level, which is the resistance zone, and there is no permanence in this area. If the downward movement continues, the $150 level can be followed as support.
CHAINLINK (LINK)
As of the morning hours, LINK is priced at $ 15,568, with a 2.72% loss in value. When we examine the daily chart, we see that after the $ 15,500 level, which we follow as the support zone, was broken downwards, there is a pricing above this zone again. In upward movements, the short-term resistance zone is $16, and if it persists above this zone, the $17 level can be tested. In downward movements, 15,500 and 15 dollars levels can be followed as support.
TRX
TRX is priced at $0.11693 with a 0.39% gain in value as of the morning hours. When we examine the four-hour chart, we see that there is a consolidation movement after the breakout of the resistance zone. The short-term resistance zone appears at $0.11785. If persistence is achieved above this region, a movement towards the $0.12 region may be possible. In case of withdrawals, the $ 0.11600 level can be followed as support.
NEAR
NEAR is priced at $6,193 with a 3.23% depreciation as of the morning hours. When we examine the chart, we see that after yesterday’s upward movement, the resistance level could not be maintained above the $6.50 level and a downward movement occurred. In case of withdrawals, the $6 level appears as an important support zone.
OUNCE OF GOLD
Ounce of gold is priced at 2310 dollars with a 0.13% loss of value as of the morning hours. There was a decline from $2390 to $2290. The $2290 level is acting as support. The $2307 resistance level was broken upwards. If pricing is seen above 2350, there may be a rise again up to 2390 dollars. For a short-term rise, pricing above $2300 should be maintained.
OUNCE OF SILVER
As of the morning hours, silver is priced at $29.15 with a 1.93% loss in value. When we examine the four-hour chart, we see that the $29 level, which we follow as the support zone, has been tested. If it persists above this region, the $29.50 level can be tested. In downward movements, the $ 28.70 level can be followed as support.
