Crypto News Today – June 24, 2024
Welcome to “Crypto News Today,” your daily summary of significant happenings in the Crypto Industry.
Challenges for Altcoin Investors Amid Seasonal Trends and Liquidity Issues
Altcoin investors are facing increasing challenges despite the relative stability of Bitcoin (BTC) and Ethereum (ETH). Major altcoins like Solana (SOL) and Avalanche (AVAX) have suffered price drops of 40% to 70%, driven by venture fund sell-offs, high dilution from token unlocks, and seasonal trends. The overall market capitalization and trading volumes indicate a grim reality, with liquidity issues exacerbated by venture funds selling off tokens to realize profits. Read all about it on the TDR Website!
Bitcoin Holders in Profit Despite Price Dip
Despite Bitcoin’s recent dip below $64,000, 87% of BTC holders remain profitable, according to data from IntoTheBlock. IntoTheBlock reports that most holders acquired BTC at lower average prices, maintaining profitability despite the current downturn. Bitcoin, which previously hit an all-time high above $73,000, has seen significant volatility, with a notable drop from its March peak.
Fidelity’s $4.7 Million Investment in Ether ETF
Fidelity has disclosed a $4.7 million seed investment for its spot Ether ETF. This strategic move highlights the growing interest and confidence in Ethereum’s future potential. The investment aims to provide more exposure to institutional and retail investors looking to diversify their crypto portfolios.
Bitcoin ETFs Face Continued Outflows
Bitcoin ETFs have experienced six consecutive days of nine-figure outflows, according to Farside Investors. This trend underscores the current market sentiment and the impact of broader economic factors on crypto investments. Despite the outflows, industry experts remain optimistic about long-term growth and adoption.
Read more crypto news on the TDR Website!
