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CoinEx Daily:The Price of Bitcoin Continued to Fall, and Unisat Launched the Fractal Swap

  • ETH +2.89%
  • CSAS -21.9%
  • SATS -0.6%
  • MICE +3.8%
  • BTC +1.59%
Published on 2024-07-07

Overview

The price of Bitcoin continues to fall and has fallen below the US$56,000 mark, which has dampened market confidence. Meanwhile, Ethereum has been weak, showing a trend similar to that seen on the eve of the launch of a Bitcoin ETF. The market is generally cautious about the prospects of cryptocurrencies and needs to pay close attention to subsequent trends.

Daily Macro

Bitcoin Market The market continues to decline sharply, with BTC falling below $56,000, an intraday drop of more than 5%. ETH fell below $2,900, down more than 5% on the day. According to statistics from the CoinEx website, 1,003 currencies on the site are in decline, and only 111 currencies are in increase.

Macroeconomic Data This week will focus on US CPI data and Powell's monetary policy testimony. Market expectations are that the Federal Reserve may consider cutting interest rates, which will have an important impact on the cryptocurrency market. In addition, the German government transferred $175 million worth of Bitcoin to exchanges and unknown addresses, which may trigger market volatility.


Daily Focus

BRC20 Tokens

Reason for Focus: UniSat announced plans to launch the Fractal Swap function in September, using BRC-20 SATS as gas fees, pushing the SATS token price up by more than 18% in the short term. At the same time, Alex announced that the BRC-20 bridge is online and the RUNES bridge will be online this week, further promoting the development of the BRC-20 ecosystem.

Performance of Related Tokens:

  • $SATS: Up 20.10% in the past 24 hours, with a market capitalization of approximately $335 million.
  • $CSAS: down 21.74% in the past 24 hours, with a market value of approximately $1.97 million.
  • $ROUP: Up 5.68% in the past 24 hours, with a market value of approximately $650,000.
  • $MICE: Up 2.84% in the past 24 hours, with a market value of approximately $3.49 million.

Market Outlook: The BRC-20 ecosystem is developing rapidly, but investors should be cautious. UniSat’s decision to include SATS as a gas fee is likely to support the value of SATS in the long term, but may be volatile in the short term. As more infrastructure is developed, BRC-20 tokens may attract more investor attention.


Next Focus

Ethereum ETF and staking ecosystem

Reason for Focus: The Grayscale report shows that if the Ethereum ETF is approved, nearly a quarter of potential voters will be more interested in investing in ETH. The president of The ETF Store predicts that an Ethereum spot ETF could launch this week. Meanwhile, the staking ecosystem continues to grow, with ether.fi launching its second quarter airdrop and Zircuit L2’s upcoming mainnet launch.

Related Assets: 

  • ETH - May be affected by ETF approval news
  • ETHFI - ether.fi airdrop could drive price
  • Staking related tokens: such as LDO, RPL, etc. may benefit

How to Participate: Pay attention to the Ethereum ETF approval progress, participate in the ether.fi airdrop application, especially small pledgers can receive additional rewards, pay attention to the Zircuit L2 mainnet release and points snapshot

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