Daily News | BTC and ETH Soar, Crypto Market Heats Up; Hackers Attacked GALA Games and Minted $200M GALA Tokens; Nasdaq Index Hit a Historic High

Crpto Dail Digest: ETFs have the potential to push BTC above $71,000 and ETH soaring to a two-month high; Hackers attacked GALA Games and minted $200 million GALA tokens

First, let's examine the trading activities of Bitcoin ETFs. According to Farside Investor data, on Ma 20, Grascale Bitcoin spot ETFs (GBTC) received an inflow of $9.3 million in funds. Meanwhile, Fidelit Bitcoin spot ETF (FBTC) inflow was $64 million, Bitwise Bitcoin spot ETF (BITB) inflow was $24 million, and ARK 21Shares Bitcoin spot ETF (ARKB) inflow was $68.3 million.

According to CoinShares data, from Ma 13 to 17, digital asset investment products attracted a net inflow of $932 million, indicating investors' Optimism about slowing inflationar pressures. Despite a high net inflow, weekl trading volume remains relativel low at $10.5 billion, a decrease from $40 billion in March.

Grascale's Bitcoin ETF saw a small inflow of funds this week, totaling $18 million. Since Januar, the fund has flowed out $16.6 billion. From a regional perspective, the outflow of funds from Hong Kong and Canada was $83 million and $17 million, respectivel.

The biggest highlight of toda's market is the sudden rise in ETH and BTC, with Ethereum prices soaring to a two-month high of $3,700, as analsts have significantl raised their expectations for the possible approval of spot ETH ETFs.

After Eric Balchunas, a senior analst at Bloomberg, increased the approval probabilit of Ethereum Exchange Traded Funds (ETFs) from 25% to 75%, the stock price surged b over 18%. Balchunas pointed out that the US Securities and Exchange Commission ma face political pressure as their previous stance indicated limited contact with ETF applicants.

Analsts further mentioned that according to reports, the US Securities and Exchange Commission requests exchanges such as the New York Stock Exchange and Nasdaq to update their filing documents. Regulator authorities have not et officiall confirmed. However, Nate Geraci, co-founder of the ETF Institute and President of the ETF Store, stated that the registration requirements for individual funds (S-1) are still pending a final decision.

The BTC price also strongl broke through the ke resistance one of $70,000, rising b more than 8%, and even tested the resistance level of $72,000. The price has reached a new weekl high of $71,896 and is consolidating its gains.

According to NewsBTC monitoring, the price increase this time is much higher than the 23.6% Fibonacci retracement level between the high point of $66,047 to $71,896. On the hourl chart of the BTC/USD currenc pair, a bullish trend line is formed, supporting the position at $70,500.

Presentl, the price faces resistance around $71,850, with the first major resistance level possibl around $72,000 and the next ke resistance level possibl around $72,500. If the price significantl breaks through the resistance level of $72,500, it ma further increase and test the resistance level of $73,200. On the contrar, if the bulls fail to break through the resistance level of $72,000, there ma be a short-term downward correction.

The Web3 gaming platform Gala Games has suffered potential vulnerabilities, resulting in losses exceeding $200 million. Hackers who attacked GALA minted 5 billion tokens worth approximatel $206 million. It seems that the attacker also exchanged the minted GALA tokens for ETH, causing great chaos.

After the incident, the price of GALA fell b 5.77% within one da, and the platform's native token, GALA, plummeted b nearl 15%. Currentl, GALA maintains a market value of $1.7 billion with a circulation of 40.6 billion coins.

Market Trends: ETH surged b over 20%, while Altcoins generall rose

BTC (Bitcoin): Broke through $71,000, showing strong upward momentum.

ETH (Ethereum): Surged over 20% at night and reached a dail high of over $3700, approaching its previous high.

Altcoins: Driven b BTC and ETH, Altcoins rose.

US stocks: These continue to rise and reach a historic high.

US dollar index: Weekl decline ma provide support for the crpto market.

Market Hotspots:

ETH spot ETF The US Securities and Exchange Commission (SEC) requests an accelerated update of ETH ETF application documents.

The probabilit of ETF application approval has increased from 25% to 75%.

The final deadline for approving Ethereum spot ETFs is August 7, and the ma be approved as earl as Ma 23.

Ethereum Staking Sector PENDLE, ETHFI, REZ, LDO, ENA: These staking-related tokens also show significant performance with the rise of ETH.

Meme Sector PEPE and MOG surged, indicating speculative interest in meme tokens in the market.

Laer2 METIS: With a surge of over 30%, the Laer2 solution has gained more attention in the market.

Ethereum Domain Name Protocol ENS: With an increase of over 30%, the domain name agreement also benefits from Ethereum's strong performance.

Solana Ecosstem PYTH and BONK: skrocketing, especiall after completing a massive token unlock; PYTH ma rise instead of falling. PYTH ma use this opportunit to pull up shipments, so it is essential to be cautious.

Overall, the current market sentiment is relativel optimistic, especiall with the strong performance of ETH and BTC driving up the entire crpto market. However, investors still need to pa attention to market volatilit and potential risks, especiall in the speculative behavior in some tokens and the market reaction after token unlocking.

Macro: The Nasdaq index hit a historic high, while technolog stocks rose before Nvidia's financial report

On Monda, Ma 20, 2024, in the United States, the Nasdaq index closed at a historic high while the S&P 500 index rose slightl, mainl due to the rise of technolog stocks before Nvidia's highl anticipated financial report and investor speculation about the timing of the Federal Reserve's interest rate cut.

According to the latest data, the Dow Jones index fell 0.49%, the S&P 500 index rose 0.09%, and the Nasdaq index rose 0.65%.

Among the 11 major sectors of the S&P 500 index, the technolog index led the rise, up 1.32%, mainl driven b chip manufacturers such as Nvidia.

Nvidia's stock price rose 2.49% before announcing quarterl results on Wednesda. Nvidia's stock price rose due to securities firms raising their target profits before announcing results on Wednesda; Micron Technolog, a peer compan, also saw an increase. After Morgan Stanle raised the rating of this storage chip manufacturer from "underweight" to "flat," the compan's stock price rose b 2.96%. The PHLX semiconductor index rose b 2.15%.

The strong profit season and signs that inflation ma begin to cool again have reignited hopes for the Federal Reserve to cut interest rates this ear, driving the primar average index to a historic high. The blue-chip Dow Jones index closed above 40,000 points for the first time last week.

According to data from the London Stock Exchange, recent gains have begun to raise concerns about stock valuations, with the forward P/E ratio of the S&P 500 index at 20.8, far above the historical average of 15.9.

However, recent gains have begun to raise concerns about stock valuations, with the forward P/E ratio of the S&P 500 index at 20.8, far higher than the historical average of 15.9.

The comments made b Federal Reserve officials on Monda hardl changed people's expectations for the central bank's interest rate cut, with some officials emphasiing the need to act with caution. According to CME's FedWatch tool, the market expects a 63.3% chance of a rate cut of at least 25 basis points (bps) at the September meeting.

As investors waited for the minutes of the Federal Reserve's latest polic meeting to assess the timing and extent of potential interest rate cuts this ear, Asian stock markets fell on Tuesda while the US dollar strengthened. The MSCI Asia Pacific Stock Index has fallen more than 1% from its several-month high on Monda, while the Hang Seng Index has fallen 0.6%.

After hitting the $2450 mark for the first time overnight, gold prices fell 0.2% to around $2,420 per ounce.