June: AI advancements, ETF progress, SEC actions, Bitcoin volatility, and gaming milestones
Get up-to-date with the latest trends in crypto, Bitcoin, AI, and beyond. Oraichain's "Market Insights'' series delivers a monthly snapshot of the hottest narratives shaping the blockchain space. Dive into June's market news and discover what's driving innovation.
Major News
VanEck files for the first Solana ETF in the US, 21 Shares Join the Race
In a move to capitalize on growing interest in Solana, VanEck became the first asset manager to file an S-1 form with the US SEC for a Solana ETF. This filing aims to offer investors regulated exposure to Solana's blockchain technology.
Hot on VanEck's heels, 21Shares followed suit with their own S-1 filing for a Solana ETF, highlighting Solana's scalability, speed, and low transaction costs. (Source: Various)
Binance and CEO Face SEC Accusations
The SEC filed charges against Binance and its CEO, accusing them of mishandling customer funds and operating as an unregistered securities exchange. They claim Binance acted as an unregistered exchange and misled regulators by allowing US customers. Binance maintains they are open to regulations but see the SEC's actions as stifling the entire crypto industry. (Source: Blockworks)
GitHub Mishap Costs Developer $40K in Two Minutes
A Web3 Developer lost $40,000 in two minutes after accidentally sharing his secret key on GitHub, sparking mixed reactions in the crypto community. Some sympathized with him, while others criticized his past comments on using AI for coding. (Source: CoinTelegraph)
Hamster Kombat Reaches 200M Users
Hamster Kombat, a clicker game played on Telegram, has amassed a staggering 200 million users in just 3 months. This explosive growth surpasses industry giants like WhatsApp and Instagram, solidifying Hamster Kombat's position as a mobile gaming phenomenon. (Source: Various)
BTC in June
Bitcoin took a hit in Q2/2024, dropping 11.69%. June's closing price of $62,700 USD reflects a 6.72% decline from May, contributing to the quarter's overall drop – the steepest since Q4/2022. Bitcoin and Ethereum transaction fees plummet to lowest level in 7 months.
Bitcoin might rebound in July despite a weak June. Historically, July is a strong month for Bitcoin with an average gain of 7.42%. However, the upcoming Mt. Gox repayments of $8.5 billion could put downward pressure on the price. Analysts are divided on the impact, with some believing only $4 billion will hit the market and others expecting a drop to $57,000. (Source: Various)
AI in May
ASI Alliance Merger Postponed
The highly anticipated merger of AI tokens FET, AGIX, and OCEAN into ASI has been pushed back to July 15th to ensure seamless integration with partners' systems. This delay caused a 10% price dip for the tokens, but the alliance emphasizes their commitment to building a powerful decentralized superintelligence network. (Source: CryptoSlate)
Apple supercharging Siri and iOS with ‘Apple Intelligence’ and OpenAI
Apple is unveiling "Apple Intelligence," its answer to the AI boom, at its WWDC. This hybrid AI system will combine on-device processing for privacy-focused tasks with cloud-based services from OpenAI (a Microsoft partner) for more complex features. Siri will also get a major upgrade with the ability to follow detailed instructions. However, this has received some negative feedback, and Elon Musk even threatened to ban Apple devices at Tesla due to security concerns about integrating OpenAI with iOS. (Source: CoinTelegraph)
Wrapping up
June was a whirlwind of news in crypto and tech! Stay tuned for Oraichain's next Market Insights, where we'll keep you updated on this ever-changing crypto space.
