CoinEx Daily: Bitcoin Surged to $68,000 and the ETH ETF is About to Go Live
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Overview
Today's report covers Bitcoin's price surge due to political developments, the upcoming ETH ETF launch, the dynamic memecoin market influenced by Elon Musk, and various platform and token updates. Additionally, we highlight the significant events and token unlocks expected in the coming days.
Daily Macro
Bitcoin Market Bitcoin has experienced a sharp rise, reaching $68,000 following the announcement that Joe Biden is dropping out of the 2024 presidential race. This news has led to increased investor optimism and substantial market activity, pushing Bitcoin's price upwards even before traditional trading hours.
Ethereum ETF Ethereum is poised for a significant event with the launch of its spot ETFs tomorrow, July 23. The market is keenly observing potential inflows and outflows, as these ETFs could set the tone for Ethereum's price movement and broader market sentiment.
Daily Focus - Memecoins & Platform Updates
Memecoins:
Reasons for foucs: The memecoin market is seeing a significant uptick, led by tokens such as $WIF, $BONK, $TURBO, and $MEW. This rise is partly due to Elon Musk changing his profile picture, reportedly influenced by the $DMAGA community .
Performance of Related Tokens:
- $WIF: Up approximately 57% over the past week.
- $BONK: Up approximately 29.16% over the past week.
- $TURBO: Up approximately 99.11% over the past week.
- $MEW: Up approximately 117.3% over the past week.
Outlook: The memecoin market remains volatile but continues to attract significant interest. Investors should monitor social media and community-driven events closely .
Platform Updates:
- WazirX: Platform trading has been temporarily suspended. Users are advised to stay updated through official channels .
- Lava Network: Users who have not yet claimed their LAVA tokens may miss out on receiving them when the mainnet goes live .
- Base Chain: The number of user addresses has surpassed 20 million, with total transactions exceeding 400 million .
- Uniswap Labs: Contracts built on the Uniswap protocol have increased 26-fold compared to 2021 .
Next Focus - Significant Events & Token Unlocks
Upcoming Events:
- Spot ETH ETFs: Expected to start trading on July 23. Watch for potential ETHE outflows, as they could impact market dynamics.
- $ALT Token Unlock: Altlayer will unlock 42% of its circulating supply on July 25, totaling $100 million .
- $WLD Token Unlock: Worldcoin will begin daily $15 million token unlocks starting July 24 .
- $JUP Token Supply Reduction Vote: Jupiter will hold a vote on reducing its token supply this week .
- $BNX Burn Vote: BinaryX has announced a vote to reduce unminted BNX tokens from 2.1 billion to 580 million. Voting is from July 22 to July 24 .
- $MKR Team Selling Ends: MakerDAO team has completed selling $92.08 million in MKR over four months.
- $XRP Legal Resolution: Ripple’s CEO expects to settle its litigation with the SEC very soon .
- Runes Terminal Launch: The MEME token $SENDY will launch on July 23 at 22:00.