CoinEx Daily: Bitcoin Drops Below $60,000, TON Network Outage Sparks Market Panic

Amid market fear, Bitcoin ($BTC) fell below $60,000 yesterday. Simultaneously, the TON network experienced a multi-hour outage, exacerbating market concerns. Ethereum ($ETH), closely following Bitcoin's downturn, remains weak despite BlackRock launching an Ethereum ETF in Brazil. Additionally, large ETH unstaking has increased selling pressure. Solana ($SOL) remains resilient, with its ETH pair rising, showing strong performance just behind Bitcoin. DeFi protocol MakerDAO officially rebranded to Sky, launching new tokens and the USDS stablecoin, drawing attention from the market.

Daily Macro:

Bitcoin Market Performance:$BTC dropped below $60,000 due to large transfers and market panic, marking a significant point in this downward trend. Simultaneously, Nasdaq has presented Bitcoin ETF options to the U.S. Securities and Exchange Commission (SEC), potentially sparking future inflows.

ETF Activity:Bitcoin ETFs saw a net outflow of 2,023 BTC yesterday, while Ethereum ETFs experienced a net outflow of 1,269 ETH.

Daily Focus:

TON Network Outage

Reason for Focus:The TON network was down for nearly 3 hours, failing to produce any blocks. This prompted Binance and Bybit to suspend deposits and withdrawals via the TON network. Meanwhile, over 300,000 signatures have been gathered by the TON Foundation, calling for the release of Telegram founder Pavel Durov by French authorities, but the network issues further dented market confidence.

Related Token Performance:$TON: Down 1.9% in 24 hours, currently priced at $5.30.

Outlook:If the network issues persist unresolved, $TON could face more significant pressure. Investors should monitor the network's restoration progress and any developments in Durov’s legal case in France.

Solana's Staking Protocol and Strong Performance

Reason for Focus:Solana's staking protocol Solayer raised $12 million in a seed round led by Polychain Capital, reflecting long-term investor confidence in the Solana ecosystem. Despite cooling interest in memecoins, Solana’s network has remained robust.

Related Token Performance:$SOL: Displayed stable performance, rising 0.06% in the past 24 hours, demonstrating resilience amid broader market corrections.

Outlook:The robust development within Solana’s ecosystem and strong financial backing suggest bright future prospects. Investors should continue tracking progress in staking protocols and how these impact total value locked (TVL).

Next Focus:

MakerDAO Rebrands to Sky Protocol

Reason for Focus:DeFi protocol MakerDAO has rebranded as Sky and introduced new tokens, SKY and USDS. Along with the rebranding, USDS has been given freezing capabilities, raising concerns about the decentralization of the protocol.

Related Assets:$DAI: As USDS rolls out, $DAI's decentralization may be undermined. Investors should closely follow governance changes and market reactions to the new protocol.

How to Participate:Investors should monitor the distribution of Sky’s new tokens and the market acceptance of USDS, particularly how its freezing function impacts the decentralized stablecoin landscape.