BTC below $56.5K could lead to a new low, followed by a significant rebound

Hot projects + Market overview

I. Mainstream exchange news

• Binance will remove AI/TUSD, BTC/AEUR, CHR/BNB, ETH/AEUR, GAS/FDUSD, and LQTY/FDUSD spot trading pairs.
• Binance has added ZRX, CHR, RAY, REZ, and TRB to its borrowable assets for staking and borrowing.
• Indian crypto exchange CoinDCX has acquired BitOasis to expand in the Middle East and North African (MENA) region.

II. Mainstream projects and trending events

• Crypto investment firm DWF Labs has launched a $20 million crypto-native fund called ‘Cloudbreak’ to target high-quality Chinese projects.
• Galxe, a blockchain identity protocol, will migrate its GAL token to the G token on July 9th.
• Aptos Labs has launched a self-custody wallet Aptos Connect.
• Asset management firm Bitwise has said it plans to waive fees for its Ethereum spot ETF for a limited time.
• According to the latest US Fed meeting minutes, the Fed is waiting for “more information” before deciding on whether to cut interest rates.
• Decentralized AI network Bittensor has proposed burning 10% of the TAO token supply to stabilize its price.
• US June ADP employment has increased by 150,000, the smallest rise since January 2024.
• LST liquidity aggregation protocol Sanctum will airdrop its CLOUD token, allocating 5% each to Wonderland XP and Earnestness.

III. Funding news

• AI and RWA project Compute Labs has raised $3 million in a pre-seed funding round, led by Protocol Labs and participated in by HashKey Capital and OKX Ventures.
• Bitcoin scaling protocol QED has raised $6 million in a seed round from Blockchain Capital.
• On-chain reputation network Ethos Network has raised $1.75 million in a pre-seed funding round.

IV. Regulatory news

• US District Judge Mary Rowland of Illinois has sided with the CFTC ruling that OHM and Klima are commodities. However this may not have major implications, since the SEC could still classify them as securities, The Block reports.
• The Basel Committee has approved a framework that requires banks to disclose crypto-asset exposures.

V. Popular projects 

Market Overview

BTC dropped below $60,000 and hit a low of $57,800. The key stages of BTC's recent movement include:

1. Initial drop to $64,060: This met the minimum requirement for a high point correction from $71,997. BTC needs to stabilize above $66,000 to confirm consolidation.

2. Breakthrough and reversal: BTC surpassed $66,000 but quickly fell below $65,000 due to selling pressure, indicating that $66,000 is not a short-term bottom.

3. Key support levels: $63,000 to $62,000 is a crucial support range. BTC’s dip to $58,402 below this range could lead to two core movements:

Scenario 1: If BTC stands above $64,000, it will oscillate between $61,000 and $62,000 with a rebound expected after a 5-wave adjustment.

Scenario 2: If BTC falls below $56,400, it may hit a new low, potentially followed by a significant rebound.

4. Recent decline: BTC's rebound to $63,861 failed to hold above $64,000, indicating short-term weakness. A drop below $61,000 increases the likelihood of a new low. The recent low is $57,800, with support around $55,000.

US BTC Spot ETF Updates - July 3

Overall Data:

Total Net Inflows: $14.62 billion

Daily Net Outflows: $20.45 million

Single-Day Turnover: over $368 million

Proportion of BTC’s Market Value: 4.4%

Breakdown by ETF:

GBTC:

Net Asset Value: $16.35 billion (-0.06%)

Single-Day Net Outflows: $26.99 million

Cumulative Net Outflows: $18.57 billion

Single-Day Turnover: $93.3 million

FBTC:

Net Asset Value: $10.10 billion (+1.41%)

Single-Day Net Inflows: $6.55 million

Cumulative Net Inflows: $9.24 billion

Single-Day Turnover: $151 million

ARKB:

Net Asset Value: $2.77 billion (+1.47%)

Single-Day Net Inflows: $0

Cumulative Net Inflows: $2.42 billion

Single-Day Turnover: $55.91 million

BILLY is up 30% in a day

BILLY is a memecoin on the Solana network featuring an image of a cute dog. 

The token price has increased by 30% and hit a new high with a market cap of $129 million, on-chain liquidity of $3.48 million, and trading volume of $42.37 million in the last 24 hours.

HONEY is up 45% in a day

Hivemapper (HONEY) is a blockchain-based map network aiming to create a decentralized global map that rewards contributors. Contributors can collect data using Hivemapper dash cams and earn HONEY tokens as rewards.

Hivemapper announced its listing on Kraken on July 3rd. The token has experienced a 46% increase in the last 24 hours.

On-chain Daily

1. WYNN: WYNN is a memecoin on the Ethereum chain launched by a well-known memecoin player James Wynn, who previously earned over $25 million through Pepe. Wynn has a controversial reputation for promoting other memecoins while selling them.

Current Price: $0.00427

Historical High: $0.00858

6-hour Change: +35% (Token Launch Time: 7/3, 10:00 UTC)

Current Market Value: $4.2M

2. USPEPE: USPEPE is a Pepe-themed token with an American twist, notable for its contract address starting with 0x704, representing Independence Day.

Current Price: $0.0(8)542

Historical High: $0.0(8)803

6-hour Change: +177% (Token Launch Time: 7/3, 16:45 UTC)

Current Market Value: $2.2M

3. WAT: WAT is an Ethereum-based memecoin featuring Matt Furie's pet mouse that appeared in his comic "The Night Riders."

Current Price: $0.0(4)44

Historical High: $0.0(4)54

24-hour Change: +14%

Current Market Value: $18.5M

4. BILLY: BILLY is a Solana-based memecoin featuring a cute dog with the slogan "Send Billy to billions."

Current Price: $0.128

Historical High: $0.152

24-hour Change: +32%

Current Market Value: $128M

5. KAMA: KAMA is a Solana-based memecoin featuring the likeness of current US Vice President Kamala Harris.

Current Price: $0.0105

Historical High: $0.0222

24-hour Change: +25%

Current Market Value: $10.5M

6. BSB: BSB is a memecoin on the Base chain, inspired by Wall Street Bets.

Current Price: $0.0(4)164

Historical High: $0.0(4)198

24-hour Change: -7%

Current Market Value: $1.6M

Daily Rune Observation

Gas Fee Change

The current BTC transaction fee is 7 bytes/satoshi, remaining low due to Bitcoin's downturn.

Today's Popular Projects

BYZANTINE•GENERAL

Minting: Completed

A popular project with a market value of $125K

24-hour trading volume: $14,000 (88% increase)

Holding addresses: 561

BONES•OF•BITDOG

Minting: Completed

A popular project with a market value of $6M

24-hour trading volume: $13,400 (77% increase)

Holding addresses: 2,998

NICOLAS•PI•RUNES

Minting: Completed

A popular project with a market value of $6.6M

24-hour trading volume: $178,800 (15% increase)

Holding addresses: 7,363

Top Rune Projects Tracking

DOG•GO•TO•THE•MOON: Rune #3, also known as the airdrop Rune of Runestone.

Current price: 9.23 Sats

24-hour change: -1.5%

Current Market Value: 9,229 BTC

BAMK•OF•NAKAMOTO•DOLLAR: A synthetic dollar protocol built on Bitcoin L1.

Current price: 8.3 Sats

24-hour change: -10%

Current Market Value: 1,743 BTC

RSIC•GENESIS•RUNE: Rune #8, established by the prominent inscription mining project RSIC.

Current price: 7 Sats

24-hour change: -8%

Current Market Value: 1,465 BTC

Disclaimer

The information provided in this article is for general informational purposes only and does not constitute financial, investment, legal, or professional advice of any kind. While we have made every effort to ensure that the information contained herein is accurate and up-to-date, we make no guarantees as to its completeness or accuracy. The content is based on information available at the time of writing and may be subject to change.

Please note that this article includes references to third-party websites and data, which are provided solely for convenience and informational purposes. We do not endorse or assume any responsibility for the content, accuracy, or reliability of any information, products, or services offered by third parties.

Cryptocurrencies, staking, and restaking involve significant risk and may not be suitable for all investors. The value of digital currencies can be extremely volatile, and you should carefully consider your investment objectives, level of experience, and risk appetite before participating in any staking or investment activities.

We strongly recommend that you seek independent advice from a qualified professional before making any investment or financial decisions related to cryptocurrencies or staking. We shall in NO case be liable for any loss or damage arising directly or indirectly from the use of or reliance on the information contained in this article.