Market
Mantra Surges 40% on Real-World Asset Tokenization Momentum
![](https://coin2049.io/wp-content/uploads/2024/05/bic_tokens_positive_1.jpg.optimal.jpg)
Mantra (OM), a layer-1 (L1) blockchain that supports real-world asset (RWA) tokenization, has seen a nearly 40% price increase over the last seven days. DefiLlama data also shows that Mantra’s total value locked (TVL) has increased by approximately 25.72% since the beginning of June, reaching $52.4 million.
This increase follows months of stagnation since mid-April. Analysts credit this rise to new partnerships and technological advancements in the Mantra ecosystem.
New Partnerships Fuel Mantra’s Growth
On June 5, Mantra announced a memorandum of understanding (MoU) with Zand Bank PJSC, a digital bank licensed by the Central Bank of the United Arab Emirates (UAE). The partnership aims to establish frameworks for real-world asset tokenization under the Virtual Asset Regulatory Authority of Dubai (VARA) standards. This strategic move also intends to enhance regulatory compliance, investor protection, and trust in RWA tokenization in the UAE.
Read more: What Are Tokenized Real-World Assets (RWA)?
“This collaboration represents a step forward in our journey to amalgamate blockchain technology with our robust financial offerings to give our clients greater control over their investments, enhanced security, and more clarity into the lifecycle of their transactions,” Michael Chan, CEO of Zand, stated.
Mantra’s technological advancements have also played a key role in its recent growth. Last week, Mantra announced plans to feature Ondo’s flagship interest-bearing tokenized note, USDY, as a genesis asset when its blockchain debuts later this year. USDY exposes holders to short-term US Treasury yield while maintaining stablecoin utility.
The collaboration between Ondo Foundation and Mantra aims to incentivize a multi-chain vault, allowing users to contribute USDC and receive high-quality yields. Upon the mainnet launch, this initiative will provide participants with ONDO tokens and OM coins, further boosting Mantra’s ecosystem.
A technical analysis by CryptoSavingExpert highlights OM’s potential to break out of its consolidation zone. The analysis indicates that OM could reach $1.27 if it overcomes current resistance levels. This insight aligns with the broader trends in the crypto market, emphasizing the increasing focus on real-world asset tokenization.
Read more: How To Invest in Real-World Crypto Assets (RWA)?
![OM Price Performance.](https://beincrypto.com/wp-content/uploads/2024/06/GPZe9iCbEAA4AVg-850x362.jpeg.optimal.jpeg)
The CoinGecko RWA Report 2024 highlights the rise of real-world asset tokenization in crypto, particularly USD-pegged stablecoins and commodity-backed tokens like gold. The report also notes a 782% surge in tokenized treasury products in 2023.
These trends align with Mantra’s strategic moves. As the project continues to innovate and grow, it stands poised for further success in the real-world asset tokenization industry.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
US Job Market Sees Growth in June as Crypto Market Slumps
![](https://coin2049.io/wp-content/uploads/2024/07/bic_bitcoin_sv_bsv-_2-covers_bearish.jpg.optimal.jpg)
The US Bureau of Labor Statistics reported Friday that employers added 206,000 jobs in June. The unemployment rate rose slightly to 4.1%, above the estimated 4.0%, while average hourly earnings remained at 0.3% monthly.
Although this suggests that the US job market continues to experience healthy growth, there has been a muted response in crypto markets.
New Jobs Created Beats Analysts Estimate
According to the Bureau of Labor Statistics, the US economy added 206,000 jobs in June. While this represented a 6% decline from the 218,000 jobs added in May, it exceeded analysts’ forecasts of around 190,000 new positions.
![](https://beincrypto.com/wp-content/uploads/2024/07/US_Non_Farm_Payrolls-850x581.png)
During that month, unemployment rose slightly to 4.1%, a 2% hike from the projected 4.0%. Steadying at 4%, June’s unemployment rate suggested that the number of unemployed people as a percentage of the labor force remained stable.
Further, average hourly earnings increased by 0.3% in June, matching forecasts. This reflects steady, albeit slow, wage growth for US workers.
Crypto Markets Fail to React
While the report suggests the US job market continues to experience positive momentum, the cryptocurrency market has failed to react. Still declining as of this writing, the global cryptocurrency market capitalization has dropped by 6% in the past 24 hours.
![Global Cryptocurrency Market Capitalization.](https://beincrypto.com/wp-content/uploads/2024/07/Screenshot-2024-07-05-at-14.29.50-850x268.png)
The value of the leading crypto asset, Bitcoin (BTC), has plummeted by 3% during that period. At press time, BTC trades at $55,249.
Its price movements, assessed on an hourly chart, confirm the decline in trading activity despite the positive outlook offered by the Nonfarm Payrolls report.
As of this writing, the coin’s Relative Strength Index (RSI) is 40.76, resting below the 50-neutral zone. This indicator measures the asset’s overbought and oversold market conditions. At 42.49, BTC’s RSI shows that selling pressure currently dwarfs buying activity.
If this trend continues, the coin’s price may plummet further to exchange hands at $54,553.
Read more: Bitcoin Price Prediction 2024/2025/2030
![](https://beincrypto.com/wp-content/uploads/2024/07/BTCUSDT_2024-07-05_14-31-17-850x414.png)
However, if sentiment shifts from bearish to bullish, the coin’s price may rally to $55,427.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
BNB Drops Below $500, Extended Bearish Trend On The Horizon?
![](https://coin2049.io/wp-content/uploads/2024/07/BNB-from-Adobe-Stock.jpg)
BNB has recently fallen below the critical $500 support mark, signaling the continuation of a bearish trend. This decline reflects increased selling pressure and growing bearish sentiment within the cryptocurrency market.
As BNB slips under this significant threshold, analysts and traders are closely watching for further downward movement, potentially targeting lower support levels. The breach of the $500 mark is a key indicator of ongoing market weakness, suggesting that BNB may face continued challenges in the near term.
With the help of technical indicators to provide comprehensive insights into potential future movements, key support levels to watch, and strategies for investors and traders to navigate the ongoing downturn, this article explores the bearish sentiment surrounding BNB’s price.
At the time of writing, BNB’s price was down by over 10%, trading at about $471, with a market valuation of more than $69 billion and a trading volume of more than $2 billion. In the last 24 hours, the market capitalization of BNB has dropped by 10.88%, while trading volume has increased by 37.43%.
Technical Indicators Highlight Sustained Bearish Market Conditions
The price of BNB on the 4-hour chart is actively bearish trading below the 100-day Simple Moving Average (SMA). As of the time of writing, the price has made a huge drop below the $500 support mark which has triggered more bearishness for the crypto asset.
![BNB](https://www.newsbtc.com/wp-content/uploads/2024/07/WhatsApp-Image-2024-07-05-at-10.21.43-AM-1.jpeg?w=860&resize=860%2C500)
With the formation of the 4-hour Moving Average Convergence Divergence (MACD), the price of BNB is set to face further decline as the MACD histograms are trending below the zero line with strong momentum. Also, the MACD line and signal line have sharply dropped and are trending below the zero line with a good spread.
On the 1-day chart, it can be observed that BNB is trading below the 100-day SMA and is attempting to drop the third bearish candlestick in a row with strong momentum. This development suggests that the price is still actively bearish and may continue to decline.
![BNB](https://www.newsbtc.com/wp-content/uploads/2024/07/WhatsApp-Image-2024-07-05-at-10.21.43-AM.jpeg?w=860&resize=860%2C500)
Lastly, the 1-day MACD signals a potential further decline in the price of BNB since the MACD histograms are trending below the zero line with strong momentum. Both the MACD line and the MACD signal line are also observed to be trending below zero after a cross below it.
What To Watch Next For BNB
Current analysis reveals that the price of BNB could be heading toward the $357 support level. If BNB’s price reaches the $357 support level and breaks below, it may continue to drop to test the $202 support level and potentially move on to challenge other lower levels if it breaches the $202 level.
However, should the crypto asset encounter a rejection at the $357 support level, it will begin to move upward toward the $500 level once again. If it moves above this level, it may continue to climb to test the $635 resistance level and potentially move on to test other higher levels if it breaches the $635 resistance level.
Featured image from Adobe Stock, chart from Tradingview.com
Market
Crypto Whales Boost Holdings of These 3 Altcoins
![](https://coin2049.io/wp-content/uploads/2024/05/bic_crypto_whales_altcoins-covers.png)
The first week of July has been a difficult one for the market. But amid the growing sell-offs, crypto whales loaded their wallets with some altcoins that some may term undervalued.
Whales are large investors, and their influence on price cannot be underestimated. Therefore, market participants may need to keep an eye on Dogecoin (DOGE), Optimism (OP), and Pepe (PEPE), as they are among the altcoins crypto whales bought this week.
Dogecoin (DOGE) Large Holders Overlook The Decline
Like other cryptocurrencies, the price of DOGE tumbled. Specifically, the value has dropped by 23.76% in the last seven days.
However, this did not stop crypto whales from buying more of the coin. BeInCrypto observes this after evaluating the Large Holders Inflow shown by IntoTheBlock.
This inflow shows strong buying activity by market participants who hold between 0.1% to 1% of the cryptocurrency. On Tuesday, July 2, the inflow was 61.88 million DOGE.
But one day later, the inflow reached 516.08 million, suggesting that whales were buying the dip. Currently, the figure has decreased to 215.90 million.
![Dogecoin whales purchase more coins](https://beincrypto.com/wp-content/uploads/2024/07/dogecoin-crypto-whales-850x567.png)
At an average price of $0.11, crypto whales bought $23.74 million worth of Dogecoin in the first week of July. This is a 175.44% increase from the holdings in the last week of June.
Optimism (OP) Whales Ignore the Unlocks, Bullish About the ETF
Second on this list is OP, the token of the layer-two blockchain built on Ethereum. This week, OP’s price has fallen by 27.82%. Apart from the broader market decline, OP’s decline can be linked to the series of token unlocks between July 1 and 5.
While the unlocks put selling pressure on the price, crypto whales decided to scoop the token at discount prices.
According to Santiment, whales hodling between 1 million to 10 million OP added to their balance in the first week of this month. As a result, this cohort now holds 11.27% of the total OP supply.
Read More: What Is Optimism?
![OP whales increase holdings](https://beincrypto.com/wp-content/uploads/2024/07/optimism-crypto-whales-850x288.png)
The decision seems to be largely due to the upcoming Ethereum ETF approval. For most market participants, the official trading of the products may raise ETH prices.
Since ETH shares a strong correlation with OP, whales deem it fit to buy the token lower before the potential rally begins.
Whales Put Pepe (PEPE) At the Top of the Chain
A look at PEPE’s Large Holder Netflow shows a staggering 2237.18% increase in the last seven days. This means the crypto whales buying PEPE outpaced those selling it by the abovementioned ratio.
Despite intensifying their purchase, the accumulation has had little to no effect on PEPE’s price. At press time, PEPE trades at $0.0000078— the lowest price it has hit since May 4.
If these large investors continue to buy the token as the price dips, stability may eventually appear.
Read More: Pepe (PEPE) Price Prediction 2024/2025/2030
![PEPE crypto whales are buying](https://beincrypto.com/wp-content/uploads/2024/07/pepe-crypto-whales-850x567.png)
However, considering the current market condition, whale accumulation alone may not be enough to prevent prices from further declining. This is because Bitcoin (BTC) seems to be the crypto dragging the market back.
Should BTC fail to stop its correction, DOGE, OP, and PEPE may continue to face downward pressure. However, a rebound for the number one cryptocurrency may prevent another nosedive.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
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