Daily News | Crypto Market is Fluctuating Downward, with a Sharp Decline in the Number of New BTC Wallets; TON Foundation Supports Allowing Users to Send USDT Through Telegram

Crpto Dail Digest: The number of new Bitcoin wallets sharpl declined; Oobit collaborated with TON to enable users to send USDTs through Telegram; Kroma announced the launch of Spectrum and expansion plans

Firstl, let's examine the trading activities of Bitcoin ETFs. According to Farside Investor data, on Ma 20, Grascale Bitcoin spot ETFs (GBTC) continued to experience outflows of $276.2 million in funds; Meanwhile, Fidelit Bitcoin spot ETF (FBTC) inflow of $99.4 million, Bitwise Bitcoin spot ETF (BITB) inflow of $20.8 million, ARK 21Shares Bitcoin spot ETF (ARKB) inflow of $10 million, and iShares Trust Bitcoin spot ETF (IBIT) net inflow of $38.1 million.

The block reported that previousl, with the development of Bitcoin ecosstems such as spot Bitcoin ETFs and Ordinals, as well as the upcoming halving, the average number of new Bitcoin addresses per week was close to the highest level since reaching a historic high in December 2017.

Now, as these messages and projects graduall lose their timeliness, just like in earl 2018, the enthusiasm for the new Bitcoin project has faded, and the number of new addresses joining the network has sharpl declined. In addition to the decline in the number of new Bitcoin addresses, other related indicators have also shown a downward trend, with the most important being that miner income measured b computing power has fallen to a historic low. In addition, online transaction costs and on chain transaction volume indicators have also decreased.

However, despite the decline in on-chain metrics, novel protocols on the Bitcoin network are attracting record-breaking interest from venture capital firms. These signs ma la the foundation for a future comeback.

On Ma 17, it was announced that the mobile pament application Oobit has partnered with the TON Foundation to integrate its native crpto TON (Toncoin) into its platform, promoting the use of crptocurrenc as a pament method. The team stated that Toncoin holders can Tap&Pa at over 100 million retailers worldwide. This integration will further strengthen the recentl announced collaboration between Tether, the largest compan in the digital asset industr, and TON Foundation.

According to another press release on the Tether website, users can send USDT as a direct message on Telegram and use the same USDT for instant crpto tap paments on Oobit.

Kroma launched Spectrum on Ma 14, 2024, an advanced protoplast staking service to completel change the Ethereum Laer 2 landscape. High expenses can be obtained through re-staking while utiliing staking tokens in various games and DeFi ecosstems on Kroma. Spectrum provides users with the opportunit to leverage the potential of ETH, stETH, and eETH, enabling them to generate more revenue in the field of decentralied finance (DeFi).

The difference from traditional staking platforms is that Spectrum has innovativel launched a "sixfold reward, including Ethereum annual interest rate, heav staking reward, EigenLaer points for staking Ethereum assets, Etherfi loalt points, KSP (Kroma Spectrum Point), and wemix.e airdrop. Kroma will airdrop 40,000 wemix.e to users based on accumulated KSP, providing a new tpe of collateral reward.

The platform has introduced spETH, a proprietar risk token for snthesiing assets. Users using spETH can maximie the liquidit of their staked Ethereum assets and gain a wide range of trading opportunities, as well as additional profit opportunities within the platform's extensive DeFi protocols and applications.

Spectrum has successfull integrated with well-known dApps such as Standard Protocol, Light Bank, Laer Bank, Shoebil, Zapanki Swap, Wellx, PrixmSwap, and iZUMi Finance, and has won widespread praise. This integration las the foundation for further expansion, as Spectrum hopes to continue its innovative efforts to integrate more dApps.

Market Trends: The market lacks hot topics, and the overall market is in a fluctuating downward trend

BTC briefl broke through $67,500 over the weekend but then experienced a decline, currentl falling to around $66,500. This decline has driven a widespread decrease in Altcoins, and previousl strong-performing Meme coins have also begun to decline. The market lacks stimulating hotspots, and investor sentiment is relativel lukewarm.

Regarding macroeconomics, the US stock market has experienced volatilit, and Nvidia will release its results this week, which ma have a certain impact on the market. Investors will closel monitor performance to evaluate the trends of technolog stocks and the entire market.

Market Hotspots:

Public chain FTM up: FTM announced that it would upgrade its Sonic in the third quarter, and after the upgrade, it will be replaced with a new token S in a 1:1 ratio. This news ma provide some buing momentum for FTM tokens, and investors will pa attention to the effects and market reactions after the upgrade.

Solana Ecosstem Oracle Protocol PYTH plummets: Nearl $800 million in PYTH tokens will be unlocked this week. Before and after unlocking the massive token, there ma be significant market fluctuations, and investors need to evaluate the risks carefull.

New coins have performed poorl: Recentl, new coins such as NOT, BB, and REZ have broken through, and VC tokens with high market value, once launched, are no longer in demand in the market. Over the past six months, 80% of tokens in similar new coins have fallen, with an average decline of over 20%. This indicates that investors are becoming more cautious about the new coin and must choose investment targets more carefull.

Laer2's Zksnc predicts a token airdrop: This news ma attract the attention of investors, who will closel monitor the details and schedule of the airdrop. In the current market, BTC has experienced a brief decline, driving a general decline in Altcoins and Meme coins. The market lacks stimulating hotspots, and investor sentiment is relativel indifferent. Investors must evaluate market risks carefull, pa attention to macroeconomic and industr trends, and choose targets suitable for their investment strategies.

Macro: US stock markets ma continue to reach historic highs, while Asian stock markets open higher

On Ma 17, last Frida, the US stock market hit a historic high, demonstrating the market's optimistic attitude toward the economic outlook. At the same time, Asian stock markets were also positivel affected when the opened on Monda.

The new signs of economic cooling have calmed inflation concerns in Ma and helped the three major US stock indices rise to historic highs this week. The S&P 500 index has increased 11% so far this ear. Based on historical trends, market strategists suggest that the stock market often forms momentum when recovering from similar scale pullbacks, and even after recovering lost ground, it usuall continues to rise.

Investors believe that people's Optimism about the econom moving towards a so-called soft landing has resurfaced, and that strong profit forecasts are driving the stock market further upwards. Investors will also pa attention to next week's durable goods and consumer confidence data to find further signs of whether economic growth is cooling enough to support this ear's interest rate cut.

In terms of technolog stocks, semiconductor giant Nvidia's stock price has surged due to its passion for artificial intelligence, and it will report quarterl results on Wednesda.

Asian stock markets also showed positive signs when the opened on Monda. China announced a historic measure to stabilie the real estate industr last Frida, with the central bank providing additional funds of 1 trillion uan (approximatel $138) and relaxing mortgage loan regulations. Local governments are also preparing to purchase "some" apartments. This has pushed the Hang Seng Index to a 9-month high.

The Nikkei Index of Japan rose 0.9% in the earl trading session. At the same time, the MSCI Asia Pacific Stock Index was affected b the earl gains in the Australian and South Korean stock markets, rising 0.25% to its highest level in two ears.

In the currenc market, the US dollar recorded its largest weekl decline against the euro in two and a half months last week but remained stable in earl Asian trading on Monda. The euro remained stable at $1.0873 on Monda. The Japanese en slightl weakened against the US dollar, at 155.82 en per dollar.

Regarding commodities, a helicopter carring the President of Iran crashed in heav fog, attracting traders' attention to the Middle East. Brent crude oil futures hit a one-week high in earl trading, with a barrel price of $84.14.

Gold prices are hovering around a historic high of $2,423 per ounce.