Gate.io Blog Daily News | ZRO was Launched, Crypto Market Continuously Slows; 3iQ Applied to Launch the First Solana ETP in North America; FET and AGIX Led the AI Tokens Up

Daily News | ZRO was Launched, Crypto Market Continuously Slows; 3iQ Applied to Launch the First Solana ETP in North America; FET and AGIX Led the AI Tokens Up

21 June 11:37

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## Crypto Daily Digest: 3iQ applied to launch the first Solana ETP in North America; NVIDIA has become the world's most valuable company, with FET and AGIX leading the rise of AI tokens; Midas launches a revenue-based token mBASIS against Ethna
Firstly, let's examine the trading activities of <a href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> ETFs. According to Farside Investor data, on June 18th, Grayscale Bitcoin spot ETFs (GBTC) continued to experience outflows of $53.1 million in funds. Meanwhile, Fidelity Bitcoin spot ETF (FBTC) outflows amounted to $51.1 million.

**NVIDIA leads technology stocks, while FET and AGIX lead the rise in artificial intelligence tokens**
The stock price of chip manufacturer Nvidia has surged by 5% since Monday, surpassing Microsoft in market value and becoming the world's most valuable company. Although Nvidia has no direct relationship with any crypto company, the rise in its stock price often drives up tokens related to artificial intelligence.

In the past 24 hours, the crypto tokens in the AI sector have risen by 35%, far exceeding the overall changes in the crypto market. "The field of artificial intelligence is very popular in both traditional and crypto markets," said Edward Wilson, an analyst at Nansen.ai. Nvidia's performance is impressive, and the rise of AI concept tokens is expected. Tokens such as NEAR and RNDR have risen by about 300% in the past year, while ETH has only risen slightly above 100% during the same period, indicating a high level of market interest in the AI field.

According to CoinGecko's data, <a href="/price/fetch-ai-fet" target="_blank" class="blog_inner_link">Fetch.ai</a>'s FET, SingularityNET's AGIX, and Ocean Protocol's OCEAN have led the growth of artificial intelligence tokens, with an average growth rate of 15% in this field. Tokens with a market value exceeding $100 million have risen by at least 4%, significantly exceeding the 0.22% increase in the CoinDesk 20 (CD20) index.

In addition, SingularityNET, Fetch.ai, and Ocean Protocol will form the "Artificial Intelligence Super Alliance" on July 15, 2024, and merge the three tokens into the ASI token.

**3iQ applied to launch the first <a href="/price/solana-sol" target="_blank" class="blog_inner_link">Solana</a> ETP in North America**
Investment company 3iQ has applied to launch Canada's first Solana Exchange Traded Product (ETP). The company stated on Thursday that the ETP called Solana Fund will provide Canadian investors with the opportunity to invest in SOL without the need for hot wallets or other blockchain-related technologies. The fund will be listed on the Toronto Stock Exchange under the stock code QSOL if approved.

Greg Benhaim, Executive Vice President and Head of Trading at 3iQ, said, "As a pioneer in the field of digital asset investment management, we look forward to continuing our mission to provide regulated investment tools that embody the highest standards and collaborate with top-notch partners to enable individuals and institutional investors to efficiently access crypto asset classes."

It is currently unclear when the Solana Fund will open to investors.

**Midas launched a new revenue-oriented token,mBASIS, aimed at surpassing Ethena**
The tokenization platform Midas has launched a new revenue token called mBASIS, which aims to surpass Ethena. mBASIS is an ERC-20 token denominated in US dollars, which achieves returns through a “delta neutral basis” trading strategy. This trading strategy involves profiting from the price difference between spot and perpetual futures markets.

Dennis Dinkelmeyer, founder of Midas and former investment research analyst at Goldman Sachs, stated that mBASIS has multiple differences from Ethena's sUSDe. mBASIS is managed by a leading licensed asset management company that operates under entrusted responsibility to ensure that the investment process is in investors' best interest. The assets of mBASIS are managed by an independent regulated fund manager, NAV Consulting.

In addition, mBASIS provides bankruptcy protection, where customer assets are stored in special purpose vehicles under bankruptcy protection. The security agent will distribute the assets to the creditors if a default occurs.

Dinkelmeyer added that mBASIS aims to achieve higher returns than the market by actively allocating the base positions of the top 20 Altcoins, which typically yield higher returns than Bitcoin and <a href="/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a>.

## Market Trends: The ZRO project has finally been launched, but the community's response has been very fierce
The price of BTC has fallen below $65,000, causing a significant setback in market sentiment.

ETH has adjusted around $3,520 and has not shown clear signs of rebound.

The overall decline of Altcoins has led to a pessimistic market sentiment. The two large market capitalization new coins LISTA and ZRO were launched yesterday and attracted a large amount of funds, leading to severe market sucking.
### Macroeconomic Aspects:
The US stock market saw a slight pullback, and this Friday is the quarterly option settlement day, which may have a further impact on the market.
### Market Hotspots:
**Cross-chain bridge protocol Layer Zero**
ZRO: The token of this protocol, ZRO, was launched on major trading platforms last night and is currently priced at $335 with a market value of $3.35 billion.

Airdrop claim mechanism: Users are required to donate tokens to claim ZRO airdrops. For each ZRO they receive, they need to donate a token worth $0.1 to Protocol Guild.

**AI Concept Tokens**
AI concept tokens such as ARKM and WLD continue to rebound. Technology stocks such as Nvidia have performed strongly, triggering speculation among speculative investors about AI narrative tokens in the crypto field.

**Meme Sector**
Meme tokens such as Cat POPCAT and Frog TURBO have seen an increase.

New Memes launched on Solana Chain: Early this morning, the Meme token KITSUNE was launched, which rose tenfold in a short period of time, but then fell back to the starting point of the rise. KITSUNE was the first fox Meme coin.

Overall Market: The Meme sector has followed the market's overall performance, showing a decline.

The current market is in a stage of significant volatility, and investors need to operate with caution:

The trends of BTC and ETH are not yet clear, and it is recommended that you monitor key support and resistance levels closely.

The launch of the ZRO token for the Cross-Chain Bridge Protocol Layer Zero has attracted market attention. Still, its airdrop collection mechanism is unique, and community complaints are quite common.

The performance of technology stocks drives the AI concept token and may continue to be hyped by speculative funds in the short term.

Although the Meme sector has experienced short-term bursts, its overall performance is unstable, and investors need to focus on risk management.

In the current market environment, investors should remain calm, closely monitor market trends, allocate assets reasonably, and avoid blindly chasing high prices.

## Macro: dragged down by chip stocks and economic data, the S&P 500 hit a historic high and then fell back; Asian stock markets closed low
On June 20, the S&P 500 and Nasdaq indexes closed lower in Thursday trading. Market leader Nvidia fell after rising in the morning, as investors are evaluating the latest economic data and comments from Federal Reserve officials to determine whether interest rates will be lowered this year.

Specific indices: The Dow Jones index rose 0.77%, the S&P 500 index fell 0.25%, and the Nasdaq index fell 0.79%.

Previously, the S&P 500 index hit the crucial 5,500-point mark for the first time, and multiple securities firms predicted that the index would reach this target by the end of the year. The Nasdaq ended its record of seven consecutive trading days, reaching a new closing high.

Nvidia's stock price fell by 3.54% after rising earlier. On Tuesday, this chip manufacturer surpassed Microsoft to become the most valuable listed company, but now Microsoft has regained this position.

**Asian stock markets closed low this week, with a weak yen trend**
On June 21, Asian stock markets experienced profit taking after hitting a 26-month high earlier this week, with a lackluster closing performance. The European Central Bank's interest rate cut has strenghtened the US dollar, further suppressing the yen and approaching the level of possible intervention by the Japanese authorities.

The MSCI Asia Pacific stock index was affected by a pullback in technology stocks, falling 0.05% on Friday, following the overnight Wall Street stock market trend. The Nikkei Index in Japan fell 0.02%. The Chinese stock market remained largely unchanged, with the Shanghai Composite Index maintaining a key level above 3000 points. The Hang Seng Index in Hong Kong fell 0.9%.

In overnight trading, the Swiss central bank once again lowered interest rates, while the Bank of England reserved space for August's easing policy after maintaining interest rates unchanged. The pound, Swiss franc, and euro all fell, while the US dollar generally strengthened.

Due to the accelerated pace of interest rate cuts in Europe, the euro/US dollar exchange rate fell by 0.4% to $1.0705; the pound-to-dollar exchange rate remained unchanged at $1.2658, the lowest level in five months. The Japanese yen fell 0.1% to 159.01, the lowest level since the Japanese authorities intervened in the market at the end of April.

Regarding commodities, oil prices rebounded on Friday after hitting a seven-week high earlier this week. Brent crude oil futures fell 0.1% to $85.59 per barrel, while US crude oil futures fell 0.1% to $81.19 per barrel.

The price of gold remained unchanged at $2,358.83 per ounce.

<div class="blog-details-info">
<div>Author:**Sherry S. & Icing**, Gate.io Researcher
<div>Translator:Joy Z.
<div class="info-tips">\*This article represents only the views of the researcher and does not constitute any investment suggestions.
<div>\*Gate.io reserves all rights to this article. Reposting of the article will be permitted provided Gate.io is referenced. In all cases, legal action will be taken due to copyright infringement.
</div>

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Daily News | ZRO was Launched, Crypto Market Continuously Slows; 3iQ Applied to Launch the First Solana ETP in North America; FET and AGIX Led the AI Tokens Up

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