Gate.io Blog Daily News| JPMorgan says BTC is to fall toward $42,000; Slerf completes first refund of 3,800 SOL; Blast gaming project doubles users' own funds due to loophole

Daily News| JPMorgan says BTC is to fall toward $42,000; Slerf completes first refund of 3,800 SOL; Blast gaming project doubles users' own funds due to loophole

22 March 11:32

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## Crypto Daily Digest: JPMorgan Says BTC is to Fall toward $42,000; Slerf and LBank Complete First Refund of a Combined 3,800 SOL; Blast Gaming Project Doubles Users' Own Funds Due to Vulnerability

First, let’s examine the trading activities of Bitcoin ETFs. According to Farside Investor data, on March 21, the Grayscale Bitcoin Spot ETF (GBTC) saw outflows of $358.8 million; the Fidelity Bitcoin Spot ETF (FBTC) saw inflows of $2.9 million; the Bitwise Bitcoin Spot ETF (BITB) saw inflows of $12 million; and the ARK 21Shares Bitcoin Spot ETF (ARKB) saw inflows of $2 million.

Analysts at JPMorgan said that although <a href="/id/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> experienced a sharp pullback last week and rebounded this week, it remains in "overbought territory," suggesting it could fall further.

In the long term, the market is remarkably optimistic that bitcoin prices will rise by the end of the year due to expectations of continued growth in demand for spot ETFs, but a near-term pullback is inevitable. Last week, analysts predicted that the price of bitcoin could fall to around $42,000 after the halving, citing, among other things, a reduction in miner incentives and rising production costs.

The analysts concluded, "Bitcoin profit-taking is more likely to continue as the 4th halving approaches, especially against the backdrop that it still looks overbought despite the correction over the past week."

The memecoin Slerf on <a href="/id/price/solana-sol" target="_blank" class="blog_inner_link">Solana</a> has been widely discussed because the developer accidentally burned tokens while saying they would refund participants. Slerf and the LBank team combined to raise nearly 4,000 Solana (SOL) in 24 hours. According to on-chain data, 3,800 of those have been refunded to small users who participated in the early stages of Slerf's donation.

Now, the pre-sale donations for Slerf are still in progress. The Slerf team said that they will make airdrop rewards for users after the donation is over, but the content of the airdrop has not been announced yet.

Next, the "pre-sale donation" model has driven the activity of meme projects but has also led to chaos. For example, the project "OrbitX" on MerlinChain added LP to most of the fundraising, and the share of airdrop tokens was reduced to 2.5%. to 2.5%. However, only two hours after the opening of the trading session, the project address withdrew all the funds from the LP pool and canceled the X platform account, reducing the tokens' value to zero.

Lastly, a project on the Blast network—a Telegram game called Super <a href="/id/price/sushi-sushi" target="_blank" class="blog_inner_link">Sushi</a> Samurai—was attacked by exploiting a vulnerability. A smart contract developer at Yuga Labs, pointed out that there was a bug in the contract for the token SSS. If a user transferred the entire balance of their wallet to themselves, then their funds would be doubled.

The attackers took advantage of this and sold the newly minted tokens for 1,310 packaged Ether, using those funds to drain liquidity from the decentralized exchange. This resulted in a loss of $4.6 million to the project at the prevailing price.

There was still an unexpected follow-up to this story. The project said that the attackers had contacted them and that it was a white hat hack. The other party provided contact details and said that users should be compensated. Project officials have been contacted on Blockscan and may follow up with a partnership to resolve the issue.

## Market analysis: The broad market trend continues to shock adjustment, altcoins fell in general

Recently, the Fed's interest rate cut expectations have affected the market trend, and the overall trend shows an adjustment after a sharp rebound.

In the process, the Altcoins as a whole showed a general decline pattern, while the bitcoin spot ETF net showed outflow for four consecutive trading days, suggesting investors' cautious sentiment. Meanwhile, U.S. stocks edged up and continued to set new all-time highs, which provided some optimistic signals for the market, but we need to be wary of possible high-level shocks.

### Market Hot Spots:
1.BlackRock Fund's entry into RWA raises concern: The news of BlackRock Fund's entry into the tokenization fund has continued to ferment in the market, leading to a surge in RWA concept tokens such as RSR and TRU. In addition, POLYX, MKR, ONDO, and other tokens have also risen, of which ONDO even hit a record high yesterday; up more than 50% in a single day. This series of rallies shows that the market is optimistic about the entry of institutions such as BlackRock, but we also need to be vigilant about the risks of excessive speculation.

2.Meme Concept Rebound: The meme concept token BOME rebounded sharply and exchanged hands frequently after going online on large-scale exchanges. According to the data from the Chain Browser, the total amount of BOME held on the CEX address is more than 50%. At the same time, BOME founder Darkfarm plans to issue a new in_script_ion project, the proceeds of which will be used to buy back the destroyed BOME, a series of developments that have revitalized the market's sentiment towards BOME.

3.Social Concept Protocol Diving: Social Concept Protocol ID suffered a big drop, and the organization unlocked and started to ship. This is a typical unlocking before pulling the plate shipping behavior, similar to the recent behavior of APT, ARB, etc. This suggests that some market investors have chosen to sell their holdings before unlocking, either because of concerns about future value or to cash out. This phenomenon is a cause for concern and may affect the price performance of the relevant tokens.

Overall, the market is still in a phase of adjustment, and investors need to remain cautious and pay close attention to the evolution of each hot market while controlling their risk to cope with possible volatility.

### Macro: Global markets rise as Wall Street hits closing high on prospect of rate cut; chip stocks lead gains, Apple sued over monopoly

After the Federal Reserve kept U.S. interest rates between 5.25% and 5.5%, Powell said recent high inflation data did not change the underlying picture of slowly easing price pressures, and he confirmed that the economy will continue to grow at a solid pace.

Market pricing now reflects expectations that the Fed and ECB will begin cutting rates at their June meetings. U.S. Treasury yields fell in early trading before moving higher again on a drop in weekly initial jobless claims and a strong manufacturing purchasing managers' index report.

On Thursday, Wall Street's three major stock indexes hit closing highs for a second straight day after the Federal Reserve reassured investors about the prospect of rate cuts this year, while chip stocks rose after an upbeat forecast from Micron Technology.

Apple Inc. was sued by the U.S. Justice Department for allegedly "monopolizing the smartphone market."This is  the Biden administration's first major antitrust lawsuit against the company, sending it down 4.1 percent against the market.

Asian stocks neared weekly gains on Friday, with the Nikkei hitting a record high, and global equities rose after a surprise interest rate cut by Switzerland's central bank had investors betting on who might be next to cut rates. The Swiss central bank cut interest rates by 25 basis points on Thursday, injecting confidence into global risk sentiment as markets bid up bets that large central banks will lower borrowing costs this year, pushing Wall Street to close at a record high.

The Dow Jones Industrial Average (.DJI) rose 269.24 points, or 0.68%; the Standard & Poor's 500 Index (.SPX) gained 16.9 points, or 0.32%; and the Nasdaq Composite Index (.IXIC) rose 32.43 points, or 0.2%.

Japan's Nikkei (.N225) and Taiwan Weighted Index (.TWII) were both up 2% to record highs, while the MSCI Global Equity Index (.MIWD00000PUS) rose 5.28 points, or 0.68%.

On the commodities front, Brent crude oil prices fell 43 cents to $85.35 a barrel, while U.S. crude oil prices fell 41 cents to $80.66 a barrel.

As for gold prices, spot gold touched a new record high on Thursday before falling 0.28% to $2,174.89 per ounce.

<div class="blog-details-info">
<div>Author:** Sherry S. & Icing.**, Gate.io Researcher
<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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