GM, and welcome to another edition of CoinStats Scoop! 🥂 In this week’s newsletter, you'll find:
The usual market overview featuring the latest updates on the overall market & top performing tokens
Weekly updates on this week’s noteworthy news and developments
Analysis of BlackRock (world’s largest asset manager) and Fidelity embracing crypto
Highlights of CoinStats Midas, our AI-powered NFT tool, and how it can help maximize profits
Reads about consumer crypto and NFTs' past, present, and future
Tweets & Memes capturing last week's highlights
Weekly wrap-up: predictions & takeaways.
Market Overview
It was yet another exhilarating week in the world of cryptocurrency as the leading asset management company revealed its application for approval of a spot Bitcoin ETF to be listed in the United States. Despite the negative sentiment prevailing last week, the crypto sector demonstrated its resilience once again, bouncing back from the criticisms and challenges it faced. 💪
In a short week after the US SEC's lawsuits against Binance and Coinbase, the cryptocurrency asset class received a massive boost in the eyes of US investors as the premier, global asset manager expressed its intention to enter the crypto markets. Regarding the price movements, BTC witnessed a modest gain of 1.5% this week, whereas ETH experienced a minor setback, losing 2.3% of its recent strength. Nonetheless, BTC and ETH have maintained their positions above the starting point of the year, with BTC up by approximately 60% and ETH up by 45%. While the prices currently remain stagnant and choppy, it's hard to complain about an asset that has appreciated by 45-60% since the beginning of the year, especially considering the ongoing visible development and progress towards its future adoption.🤑
Among the notable tokens that exhibited strong performance this week, UNI took the lead with a 10% increase afte announcing its plans and roadma for launching v4 of the protocol. FXS followed closely with a 9% gain confirming its plans to build and launch an optimistic rollup L2 by year’s end. Plus, MKR saw an 8% rise after announcing an increase in the DAI savings rate to 3.49%, providing a catalyst for people to mint and hold the stablecoin DAI, and promising a “new baseline yield that will redefine the landscape of decentralized finance.”
Apart from these fundamentally driven outperforming tokens, the broader crypto ecosystem experienced a positive week, with numerous tokens demonstrating strong performances highlighted below:
TWT +21%, KCS +19%, SUI +18%, AKT +18%, GMX +13%, DUST +11%, RBN +11%, FTM +9%, FIL +7%, DYDX +7%, COMP +7%, ROSE +6%, OSMO +5%, SUSHI +5%, APT +5%, and INJ +4%.
News & Developments
BlackRock, the world’s largest financial asset manager with $8.6 trillion dollars under management, announces its application for approval of a spot BTC ETF
EigenLayer, a highly anticipated protocol that raised a $500 million valuation, officially launches Stage-1 of its ETH restaking protocol
Fortnite, one of the world’s most played games with around 25 million daily active users, adds special in-game items reserved only for Nike’s Swoosh NFT holders
Connext, modular interoperability protocol for fast, trust-minimized communication between chains & L2s, raises strategic funding at a valuation of $250 million
Uniswap (UNI) announces v4 of the protocol and introduces the benefits of the new version, including dynamic LP management. It reduces the cost of pool creation and token swap routes and hooks enabling developers to create custom functions on a per token basis
Polygon (MATIC) releases its vision for the future of the protocol and MATIC token, announcing and outlining the roadmap for Polygon 2.0
Polygon debuts The Value Prop, an open database showcasing amazing use cases for blockcahin technology; Polygon Labs crowdsourced 300+ blockchain apps with community’s help, positively impacting the world 🌎
Strike, the BTC payments company, expands its BTC Lightning Network cross-border capabilities to Mexico
Frax Finance, the #93 token by market cap, annouces its plans to build and launch an Ethereum Layer 2 called Fraxchain
Hong Kong, which recently granted retail access to cryptocurrency trading, is exerting pressure on its 3 major banks to onboard crypto exchanges and customers as their clients
Bank of China’s BOCI issues first tokenized security in Hong Kong: “BOCI issued fully digital structured notes worth $28 million on the Ethereum blockchain making it the first Chinese financial institution to issue a tokenized security in Hong Kong.”
The Rise of Institutional Influence
As briefly noted in News & Developments, BlackRock, the world’s biggest asset manager has submitted an application for approval of a spot Bitcoin ETF to be listed in the United States. Although the price movements this week didn't necessarily reflect the magnitude of the news, Willl highlights the potential impact BlackRock’s approval could have on both enhancing the accessibility to Bitcoin exposure and the potential price appreciation if BlackRock's approval is indeed confirmed. 😤
In the United States, numerous companies have continuously sought approval for a Bitcoin ETF, yet none have been successful thus far. However, the situation with BlackRock is completely different, given its status as the world's largest financial asset manager. As such, people are excited about the potential future of crypto adoption, as BlackRock’s involvement signifies the legitimacy of the crypto industry to every financial institution in the US. 🤓
While the BTC ETF approval remains hypothetical and potentially far down the line (could be as long as 240 days from now, Jan/Feb), the enthusiasm isundoubtedly justified for the reasons outlined earlier. In addition, if the BTC ETF is approved, enabling anyone to gain exposure to Bitcoin, BlackRock might potentially not stop there, further pushing for an ETH ETF. The ultimate outcome of BlackRock’s approval is uncertain and will only reveal itself in the future. However, the signaling effect of the world’s biggest asset manager embracing crypto is a welcoming development in the meantime. 🌞
The Midas Touch
The amazing CoinStats Midas is once again worth highlighting in our new section. Here, we'll emphasize the value of Midas and its ability to enhance profitability, ROI, and crypto balance. 🤯
Introducing Midas helping you save time and maximize your NFT profits.
With Midas, there's no need to waste your valuable time on manual searches. This plug-and-play solution revolutionizes the way you navigate the NFT market,
Midas wins from June 1 to the present day, June 18, are undeniable evidence of the missed opportunities for those who haven't utilized Midas consistently.
Let's take a look at the potential profits you could’ve captured by following Midas' alerts, signaling a user should buy at the below prices followed by their corresponding all-time high (ATH). These figures speak for themselves and demonstrate the power of Midas in generating substantial gains.
https://opensea.io/collection/the-orangez free mint stage | ATH 0.03 eth | potential profit (.03)
https://opensea.io/collection/trueorange mint stage 0.1 eth | ATH 0.25 | potential profit (.15)
https://opensea.io/collection/xtreme-pixels free mint stage | ATH 0.075 | potential profit (.075)
https://opensea.io/collection/jungaz free mint stage | ATH 0.03 | potential profit (.03)
https://opensea.io/collection/sproto-gremlins secondary market 0.35 | ATH 0.8 | potential profit (0.55)
https://opensea.io/collection/biao-family free mint | ATH ~0.03 | potential profit (0.03)
https://opensea.io/collection/goofies-official free mint stage | ATH ~0.045 | potential profit (0.045)
https://opensea.io/collection/ethsenders mint stage 0.005 eth | ATH 0.02 eth | potential profit (0.015)
https://opensea.io/collection/dinks mint stage 0.0037 | ATH 0.033 eth | potential profit (.029)
https://opensea.io/collection/boringpunksnft mint stage 0.0069 | ATH 0.17 | potential profit (0.163)
https://opensea.io/collection/cornerstone-companions secondary market 0.02 | ATH 0.06eth | potential profit (.04)
https://opensea.io/collection/boringapesnft mint stage 0.0036 | ATH 0.035 | potential profit (.031)
https://opensea.io/collection/gengoose secondary market 0.025 | ATH 0.065 | potential profit (0.04)
https://opensea.io/collection/grids-by-tristan-rettich-1 secondary market 0.026 | ATH 0.5 | potential profit (0.474)
https://opensea.io/collection/bammers mint stage 0.044 | ATH 0.1 | potential profit (.056)
The potential profits you could've made by selling the buys at their ATHs amount to 1.758 ETH, which, at the current price of $1730 per ETH, results in a potential profit of $3,000. This calculation assumes that users only bought one NFT per collection that Midas alerted them about. These impressive figures underscore the urgency of exploring CoinStats Midas NFT tool and taking advantage of its capabilities.You can go Premium in a few clicks and unlock Midas here!
In addition to Midas’ incredible power, the NFT market has experienced a revitalization in recent weeks.The chart below illustrates how the number of participants active in the NFT market has steadily increased since hitting a low point in early May. This growth trend throughout May and June is a compelling reason to delve into the NFT market and discover the extraordinary powers of Midas. 💪
Don't waste your time searching for new NFTs, subscribe to CoinStats Premium and activate Midas for unparalleled success in the dynamic NFT world.
Read of the Week
“Crypto’s Consumer Era: A Retro & What’s Ahead” — Kinjal Shah
This week, our read comes from Kinjal Shah, a general partner at the crypto venture capital firm Blockchain Capital. She previously worked at Messari, one of the leading crypto data platform.
Shah offers a histrocial analysis of NFTs and consumer crypto, providing us with deep insights into what has worked, what hasn't, and the current state of these sectors. She also presents a promising outlook for the future of NFTs and the consumer crypto sector as a whole. The wealth of ideas and perspectives shared by Shah is invaluable, giving us a comprehensive understanding of the past, present, and potential future developments in these exciting areas of the crypto ecosystem. She states: “Reflecting back on these two years, we’ve observed and learned some lessons through investing, reading, and working with builders.”
“Rather than thinking about long term sustainability and value alignment, the market jumped from new NFT to new NFT, chasing the next shiny thing. This industry has always been fun, young and vibrant. NFTs aren’t going away; people now understand that NFTs can be a vehicle for almost anything — a gaming asset, a financial contract, a data container; the possibilities are limitless, and NFTs will not be uninvented. Wallets will become a portal not just to financial holdings, but to purchasing behavior and user preferences. We’re optimistic that crypto building blocks will enable better digital identity, privacy preservation, and fundamentally more aligned and open consumer networks.”
Tweets & Memes
NFT-specific benefits are coming to Fortnite, a game with 25 million daily active users 🤯
Despite the recent price actions, ETH’s future and fundamentals have never looked better!
BlackRock, the world’s largest asset manager, officially files for a spot BTC ETF 😛
Wrapping Up
We’ll wrap up this week’s CoinStats Scoop with these few tweets highlighting that NFTs remain in their earliest stages, ETH’s fundamentals have never looked better, and BlackRock is pushing to embrace crypto. 💫
As usual, we provided the regular market update, talked through BlackRock’s massive push into crypto, highlighted Midas’ insane powers to provide you with profit opportunities, detailed the current state of the market along with outperforming tokens, read about the bright future for consumer crypto and NFTs at large, and outlined the fundamental improvements occuring no matter what the prices say. 💪
CoinStats will continue to guide you through the world of crypto and DeFi. We'll see you next week for another edition of CoinStats Scoop! 😎
News is good!))
Great project