Daily News | Crypto Market Continues to Rise; WLD Will be Unlocked Next Week, with a Price Increase of 20%; Blast Announced a Reduction in Its Withdrawal Time

2024-07-17, 04:09

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## Crypto Daily Digest: The crypto market continues to rebound; Worldcoin token will be unlocked next week, with a price increase of 20%; Blast announced a reduction in its withdrawal time

First, let's examine the trading activity of the <a href="/id/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> ETF. According to Farside Investor data, on July 16, Grayscale Bitcoin Spot ETF (GBTC) had a fund outflow of $28.6 million. Meanwhile, the Fidelity Bitcoin Spot ETF (FBTC) received an inflow of $61.1 million, the Bitwise Bitcoin Spot ETF (BITB) received an inflow of $17.3 million, and the ARK 21 Shares Bitcoin Spot ETF (ARKB) received an inflow of $29.8 million.

BTC continues to rise strongly, breaking through $66,000 this morning. <a href="/id/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a> (ETH) rose above $3,500, and it is reported that the Ethereum spot ETF will begin trading on July 23rd - sources from two US issuers confirmed this to The Block. Bloomberg senior ETF analyst Eric Balchunas also posted this news on social media platform X. A few weeks ago, the US Securities and Exchange Commission (SEC) issued soft approval to issuers at the end of May.

Analysts from Presto Research stated in Tuesday's market report: “Although ETH is unlikely to surpass BTC on the first point, considering that its spot ETF trading is likely to begin on July 23rd, ETH may catch up with BTC in institutional branding starting next week.”

The research company predicts that in the short term, the ETH/BTC ratio may return to the level recorded when the US Securities and Exchange Commission first approved the 19b-4 form for spot Ethereum ETFs in mid May. The analyst added, “In the long run, restoring the ETH/BTC ratio to the level of the 2021 bull market cycle will mean greater upside potential.”

According to Kaiko's latest report, after the highly anticipated launch of the Ethereum Exchange Traded Fund (ETF) in the United States, Ethereum's performance may surpass Bitcoin.

**Worldcoin token will be unlocked next week, with a price increase of 20%**

Worldcoin, a manually verified crypto project co-founded by OpenAI CEO Sam Altman, announced that early contributors to the project will begin to see their tokens unlocked starting next week. The project stated in a blog post that "the WLD token program allocated to investors and team members of Tools for Humanity (TFH) (early contributors to the Worldcoin project) will begin unlocking daily in a linear manner." The unlocking schedule for 80% of WLD held by TFH team members and investors will be extended from 3 years to 5 years.

Tools for Humanity is the chief developer and main supporter of the Worldcoin project. This project assigns World IDs and tokens to those who are willing to undergo eye scans to prove that they are human. Investors and staff of Tools for Humanity have been allocated locked WLD tokens to 'reflect their respective contributions'.

As of the time of writing, WLD token has risen by over 23.8% to $2.83.

**Blast network updates to full stack chain, shortening its withdrawal time**

The Ethereum Layer 2 Blast network has reduced its withdrawal time by half, from 14 days to 7 days. The team posted this message through their new X account @blast. The previous account @blast_12 announced the existence of a new account in its profile.

As previously reported, on June 26, Blast Network launched the first phase of BLAST token airdrop. The next day, the value of the token increased by 40%. Subsequently, the price of the token has dropped to $0.017, slightly below its issue price of $0.02.

Blast core contributors have been monitoring withdrawal activity for the past four months and have now concluded that "a smaller buffer is sufficient to handle almost all withdrawal activities." However, some withdrawals may still take more than seven days, although this only happens in "very rare cases. Deposits from Ethereum to Blast can still be processed in just a few minutes.

Some Blast followers have noticed a change in the protocol name on X. Former <a href="/id/price/aave-aave" target="_blank" class="blog_inner_link">Aave</a> contributor and X user Jim speculates that this means Blast will no longer be the Layer 2 of Ethereum. Blast changed its name from @Blast_L2 to @blast and now calls itself the 'full stack chain', "he said.

## Market Trends: BTC spot ETFs continue to receive large inflows, and the market continues to rise sharply
**BTC:**
After a brief pullback to around $62,500 yesterday, BTC continued to rise strongly and broke through $66,000 this morning. At present, spot ETFs continue to inflow $160 million (excluding IBTC data for the time being).
**
ETH:**
ETH surged above $3,500, and expectations for spot ETFs boosted ETH's market performance.

**Altcoin:**
Altcoins have generally risen, with the Meme sector leading the market.

**Data Indicators:**
AHR999 Index: Today it is 0.88, and the market has passed the bottom zone.

Fear Greed Index: 69, slightly higher than yesterday, market sentiment has significantly improved and even begun to enter the greed zone.
### Macroeconomics
The three major indexes of the US stock market collectively closed higher, with Trump stating that he would not replace Powell early if elected president. Moody's analysis suggests that the Federal Reserve may cut interest rates by 25 basis points in July, with a cumulative reduction of 50-75 basis points over the year, and an additional reduction of 100-125 basis points by 2025.
### Market Hotspots:
**Polifi Concept:**
FIGHT Token: The political concept token FIGHT on the Ethereum chain surged 150% after being listed on Gate, with a current market value of $66 million. The background is when US presidential candidate Trump shouted "Fight! Fight! Fight!" to the public after being assassinated during a speech. The FIGHT token was born as a result.

**Meme Sector:**
PONKE once approached $0.65, setting a new historical high, with a current circulating market value of about $300 million.

MANEKI increased by over 20% within the day. The official Telegram community announced that it will release its long promoted product this week, and the community expects this news to greatly stimulate Maneki's buying demand.

Other Meme coins such as NUB and PEOPLE have also seen significant increases.

**Bankruptcy Sector:**
USTC, FTT, LUNC and others have surged. Luna Foundation announced a settlement with the US government, and FTX compensation has entered the next stage of the process. Market funds speculate on popular tokens from the previous bull market for a short period of time, but the hype is not expected to last too long.
### Analysis and Summary
Recently, the market has shown strong performance, with BTC and ETH both breaking through key price levels, and Altcoins overall rising, especially the Meme sector performing outstandingly. In terms of macroeconomics, the expectation of a possible interest rate cut by the Federal Reserve has a certain boosting effect on market sentiment. In the short term, market sentiment has shifted from fear to greed, and there is a need to be alert to potential pullback risks.

## Macro: Dow Jones Industrial Average hits historic high, with strong performance in small cap stocks; Interest rate cuts approaching, gold prices hit new highs
On Tuesday, July 16, the Erjie stock market rose, with the Dow Jones Industrial Average hitting a historic closing high. The stronger than expected retail sales data in the United States supports people's view that the Federal Reserve is approaching a loose cycle to curb inflation and avoid economic recession.

The three major stock indexes in the United States all rose on the same day, but large growth stocks performed weakly, with NVIDIA and Microsoft leading the gains. On the other hand, economically sensitive small cap stocks continue to rise. The Russell 2000 has risen more than 1% for the fifth consecutive trading day, marking the longest continuous upward trend since April 2000 and reaching the highest level since January 2022.

**Main Index Performance:**
-The Dow Jones Industrial Average: up 1.85%, reaching a historic high

-S&P 500 index: up 0.64%

-NASDAQ Composite Index: up 0.20%

The economic data released on Tuesday, including retail sales data released by the US Department of Commerce, showed stronger than expected results. This has convinced people that despite implementing a contractionary monetary policy, consumer spending, which accounts for about 70% of the US economy, remains strong, easing concerns that high interest rates may lead to an economic recession.

On Wednesday, July 17, the Asian market opened with mixed ups and downs. Due to market expectations that global interest rates will decline, gold prices hit a historic high on Wednesday, and bond prices rose. Chip manufacturer TSMC's stock price fell 2%, with its market value evaporating nearly $16 billion.

The MSCI Asia Pacific stock index remained flat, while the Nikkei index in Japan rose 0.1%. The Chinese stock market performed poorly for the second consecutive day.

In terms of the currency market, the exchange rate of RMB against USD remains stable at 7.2676. The exchange rate of the Japanese yen against the US dollar slightly weakened to 158.51. Despite suspected purchases of yen by Japanese authorities last week, the exchange rate of the Japanese yen against the US dollar is still far below the 38 year low of 161.96 reached in early July. The euro to dollar exchange rate remains stable at $1.0925.

The UK inflation data will be released later today, with a focus on service sector inflation. It is expected that the service sector inflation rate in June will still reach 5.6% compared to the same period last year, remaining at a high level.

Regarding commodities, oil prices have slightly declined due to signs of weakened demand from China. Specifically manifested as:

-Brent crude oil futures: down 13 cents to $83.60 per barrel

-US crude oil futures: also fell 13 cents to $80.63 per barrel

<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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