Daily News | BTC Fell Below $64K, with a Surge in Liquidation Volume; Particle Raised $15M in Token Round Financing; Pantera Capital is Raising Funds for the 2nd TON Investment

2024-06-24, 04:05

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## Crypto Daily Digest: Bitcoin fell below $64,000, with a surge in clearing volume; Modular blockchain Particle raised $15 million in token round financing; Pantera Capital is raising funds for the second TON token investment
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 21, Grayscale Bitcoin spot ETFs (GBTC) experienced an outflow of $34.2 million in funds. Meanwhile, Fidelity Bitcoin spot ETF (FBTC) experienced an outflow of $44.8 million, Bitwise Bitcoin spot ETF (BITB) had an inflow of $29 million, ARK 21Shares Bitcoin spot ETF (ARKB) experienced an outflow of $28.8 million, and WisdomTree Bitcoin spot ETF (BTCW) had a net inflow of $6.6 million.

**<a href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin price</a> drops below $64,000, with a surge in clearing volume**
The price of Bitcoin has hovered around $63,600 after adjustment, and over the past day, the long liquidation amount has surged to over $27 million.

According to Coinglass data, over $33.85 million worth of Bitcoin positions have been liquidated in the past 24 hours, while over $132 million worth of positions in the broader crypto market have been liquidated. Of these total liquidation amounts, approximately $105 million is a long position.

As of the time of writing this article, the trading price of Bitcoin is approximately $63,649, which has fallen by over 2.4% in the past 24 hours. The price of <a href="/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a> fell more than 2% during the same period, to $3,434. According to Coingecko's data, the current global crypto market value is $2.45 trillion, down 3.2% in the past 24 hours.

**Modular blockchain Particle raised $15 million in token round financing**
Particle Network， a modular blockchain developer which focuses on chain abstraction technology, successfully raised $15 million in A-round financing.

Particle Network is a modular layer 1 blockchain that focuses on chain abstraction technology, simplifying the experience for developers and users. The main product is a "universal account" that allows users to use any funds on the chain to conduct transactions throughout the entire blockchain ecosystem. Universal accounts are supported by two major features, "Universal Liquidity" and "Universal Gas," allowing users to utilize their tokens on any chain and pay transaction or gas fees.

Article Network announced on Thursday that financing round will be jointly led by Spartan Group and Gumi Cryptos Capital, with companies such as SevenX Ventures, Morningstar Ventures, <a href="/price/flow-flow" target="_blank" class="blog_inner_link">Flow</a> Traders, and HashKey Capital participating.

Article founder and CEO Wang Pengyu revealed that this round of financing started in March and was completed last month. This financing adopts the Future Token Simple Agreement (SAFT) structure, although Wang Pengyu did not comment on the valuation. The A-round financing brought the total financing amount of Article to $25 million - prior to this, the company had raised $10 million through three rounds of financing.

The Particle Network is currently in the first stage of testing the network, with approximately 1.3 million registered general accounts and recording over 114 million transactions. This network is built using the Cosmos SDK, compatible with Ethereum virtual machines, and integrated with Berachain's BeaconKit framework. The main competitors of Particle include NEAR (Chain Signature Technology) and <a href="/price/polygon-matic" target="_blank" class="blog_inner_link">Polygon</a>'s AggLayer (Chain Unification Technology).

**Pantera Capital is raising funds for the second TON token investment**
TON blockchain, formerly known as Telegram Open Network, was originally launched by Telegram. However, due to allegations by the US Securities and Exchange Commission in 2019 that Telegram was selling tokens named "Grams" in violation of federal securities laws, Telegram withdrew from the project. In 2020, Telegram and its subsidiary TON Issuer Inc. agreed to return over $1.2 billion to investors and pay a civil fine of $18.5 million.

The number of users and transactions on TON blockchain has recently grown rapidly. <a href="/price/tether-usdt" target="_blank" class="blog_inner_link">Tether</a>'s USDT stablecoin was also launched on the TON network in April. Pantera stated in an email that the adoption speed of USDT on the TON network exceeded all previous blockchains, and in less than two months, the circulation exceeded 400 million USDT.

In response, crypto venture capital firm Pantera is raising funds to establish a new fund specifically for investing in open network <a href="/price/toncoin-ton" target="_blank" class="blog_inner_link">Toncoin</a>, doubling its investment in the token. Shortly before the establishment of Pantera's new TON fund, the company made its largest investment since its establishment in 2003. Although Pantera did not disclose the trading terms, it is reported that the investment was made in March at a price "much lower than the spot price." Pantera officially announced this investment in May.

From the latest TON funds, Pantera is confident in the prospects of this token. Pantera partner Ryan Barney said last month, "We believe the TON network is still in its early stages and look forward to seeing Telegram's user base adopt its ecosystem and new features."

## Market Trends:  The market continues to decline, but the decline of Altcoins has narrowed
BTC fell below $63,000 in the morning, and Bitcoin spot ETFs continued to experience net outflows. The market lacked new capital entry, and investor sentiment was cautious.

ETH almost fell below $3,400 this morning, and the volatility has now decreased.

Altcoins have generally declined in performance, but the decline has narrowed compared to previous weeks indicating some investors may be buying on dips or reducing market selling pressure.
### Market Hotspots:
Public Chain TON: TON has shown relatively strong performance among numerous Altcoins, mainly due to the numerous small games within its ecosystem. These small games, with extremely high daily active users, have enhanced market expectations for TON's market cap.

BLAST Airdrop: The Layer2 project Blast, launched by Pacman, the founder of NFT trading platform Blur, is about to receive token airdrops. Currently, Blast's TVL is $2 billion. Due to the overall sluggish market situation, the performance of the new currency has been poor, which can be seen from the great controversy caused by the popular Layer2 project ZK last week. Investors should maintain a cautious attitude towards new projects.

Meme sector: The US election concept token MAGA performed well over the weekend, rising by 30% at one point, but its rebound was not weak after a sharp drop this morning. The presidential election debate is expected on the 27, demonstrating the market's sensitivity to political events. The celebrity coin DADDY has been continuously promoted by Andrew Tate, and its price has doubled, with a current circulating market value of approximately $170 million. The celebrity effect and social media promotion have a significant impact on Meme tokens.
### To Sum Up:
Due to the overall low market sentiment, investors should remain cautious and avoid making large investments when the market is unstable. You can monitor potential projects, such as TON and BLAST. Meanwhile, you need to focus on the overall market sentiment and the specific performance of new projects to avoid blindly following the trend. In addition, users also should consider diversifying investments to avoid concentrating funds on a single project or sector, so as to reduce risks. Maintain flexibility, adjust investment strategies in a timely manner, and do a good job in stopping losses and profits.

## Macro: Weakness in technology stocks and strengthening of the US dollar impacted global markets, while inflation and political factors led to a decline in Asian stock markets
Last Friday, global stock markets fell for the second consecutive trading day due to the weakness of technology stocks, while the US dollar hit its highest level since early May. This trend is due to the index measuring US business activity slightly rising to its highest point in over two years.

S&P Global stated that the US Composite PMI Output Index, which tracks manufacturing and services, slightly rose to 54.6 this month, the highest level since April 2022, with a reading of 54.5 in May. A reading above 50 indicates that the economy is expanding.

The Dow Jones Industrial Average rose 0.04% to 39150.33 points; The S&P 500 index fell 8.55 points, or 0.16%, to 5464.62 points; The Nasdaq Composite Index fell 0.18% to 17689.36 points. Last week, the Dow Jones Industrial Average rose slightly by 1.44%, marking its largest weekly increase since mid May. The S&P 500 index rose 0.61%, marking the third consecutive week of gains. The Nasdaq index only rose 0.003% this week, marking the third consecutive week of gains.

Although the number of initial jobless claims in the United States decreased last week, the latest data shows that the total number of people receiving unemployment benefits has reached the highest level since January, indicating a continued cooling of the job market.

On June 24, Asian stock markets fell as investors waited for the upcoming release of US price data, hoping it would show a continued slowdown in inflation. The MSCI Asia Pacific stock index excluding Japan fell 0.9%, the South Korean stock market fell 0.8%, and the Nikkei index in Japan rose slightly by 0.2%. At the same time, the US dollar tested the 160 yen mark, and the market remains vigilant about possible intervention measures that Japan may take.

Geopolitical information is particularly concerning, with the first debate of the US President scheduled for Thursday and the first round of voting for the French general election scheduled for the weekend.

In the currency market, the US dollar index, which measures the exchange rate of the US dollar against a basket of major currencies, rose 0.17% to 105.81, while the euro fell $0.09% to $1.069. The US dollar rose 0.43% against the Japanese yen to 159.59. The data released by Japan on Friday showed that demand driven inflation slowed down in May, casting a shadow over the prospect of the Bank of Japan raising interest rates.

Regarding commodities, oil prices have slightly fallen after rising by about 3% last week. Brent crude oil prices fell 17 cents to $85.07 per barrel, while US crude oil prices fell 18 cents to $80.55 per barrel.

The price of gold is under pressure due to the strengthening of the US dollar, reaching $2,324 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.
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