Market
FOMC Minutes, Airdrop, and More
This week, some major news has captured the attention of crypto investors and enthusiasts alike.
The release of the Federal Open Market Committee (FOMC) meeting minutes, Etherfi’s airdrop Season 3 launch, and several other significant developments are expected to influence the decentralized finance (DeFi) sector and the broader crypto industry.
FOMC Meeting Minutes and Other Macro Data Releases
This week, the crypto market braces for several macroeconomic data releases, notably the FOMC meeting minutes and the non-farm payroll figures for June. Analysts expect 180,000 new jobs in June, keeping the unemployment rate at 4%, the highest since February 2022. May saw a gain of 272,000 jobs, initially boosting confidence about the economy despite signs of a slowdown.
Investor concerns about US economic momentum may grow with below-expectation numbers. June’s data revealed continuing unemployment claims at 1.84 million, a peak since November 2021, highlighting difficulties for job seekers. The focus will also be on the average hourly earnings growth, expected to decrease to a post-pandemic low of 3.9% year-on-year in June.
Analysts believe these insights will significantly impact Bitcoin (BTC) and the broader crypto market. According to crypto analyst CrypNuevo, Bitcoin has shown preliminary signs of potential market movements.
They observed two crucial liquidity areas of interest. The first is between $62,500 and $63,500, marking the primary short-term liquidity zone. The second area is around $67,100, regarded as a significant mid-term zone.
CrypNuevo also noted a notable issue in the opposite direction involving a long wick. They believe it will likely get filled to balance the open interest gaps.
“So I finally came up with this projection: Not necessarily for the week ahead, the time frame is more like 2-3 weeks. Impulsive moves up to liquidate high-leverage short positions and then drop back down to fill the 50% of the wick. Forming a potential accumulation range,” CrypNuevo wrote.
Zero1 Labs, a decentralized AI solution, has announced a major activation for the Zero1 community. This initiative, involving over 25 prominent communities, aims to further decentralize its native token, DEAI.
The new Community Program seeks to foster greater engagement within crypto communities and expand Zero1 Labs into the largest AI crypto community. It delivers exclusive rewards to new supporters by forming strategic alliances with top community projects.
Collaborating with well-known communities, Zero1 Labs offers users a chance to claim a share of a $2 million DEAI prize pool. The protocol aims to reward both existing supporters and attract new participants eager to explore decentralized technology and AI.
Participants can earn rewards by engaging with the community and writing unique content about Zero1 Labs. They can enhance their chances of receiving more rewards by completing various social tasks, such as following on X, joining the Discord community, and discussing DEAI on X. Each action accumulates points, increasing the likelihood of earning rewards.
The Community Program will officially kick off on July 3, 2024. To ensure fair participation, snapshots of specific communities will be taken the day before the announcement. This snapshot will determine eligibility, giving participants limited time to engage in social activities and maximize rewards.
NATIX Token Launch and Listings
NATIX Network will launch its token, NATIX, on July 2. On the same day, major crypto exchanges, including KuCoin and Gate.io, will list the NATIX token on their respective platforms.
This launch is anticipated to provide significant opportunities for traders and investors as it becomes available on prominent exchanges. NATIX is an AI-powered dynamic map supercharged by the decentralized physical infrastructure (DePIN) and driver community.
Read more: What Is DePIN (Decentralized Physical Infrastructure Networks)?
Etherfi Announces ETHFI Airdrop Season 3
Etherfi, a protocol offering liquid restaking services on the Ethereum network, has recently announced details concerning its Season 2 ETHFI airdrop. The schedule is as follows: the checker tool to verify eligibility for the airdrop will become available on July 5, with the official claiming of airdrops set for July 8.
Additionally, there is exciting news for the upcoming Season 3. Etherfi has committed to distributing 25 million ETHFI tokens. The allocation of these tokens will be based on each community member’s level of participation and engagement.
Season 3 kicked off on July 1 and is expected to run until the beginning of September. Following the end of the season, the airdrop distribution will take place.
SUI and Other Major Token Unlocks
Ethena (ENA), the synthetic currency protocol on Ethereum, will unlock 14.89 million of its native token, ENA, dedicated to ecosystem development. According to Token Unlocks data, these tokens represent 0.92% of ENA’s circulating supply and are worth approximately $7.62 million at the time of writing.
In addition to ENA, DYDX and SUI have also held token unlocks today at midnight UTC. Read this article for further detailed information on major crypto token unlocks this week.
zkSync Introduces Elastic Chain in 3.0 Roadmap
zkSync, an Ethereum layer-2 (L2) network, has introduced a new “Elastic Chain” feature in its latest zkSync 3.0 roadmap. The v24 upgrade transforms zkSync into an Elastic chain from a single ZK chain. This Elastic Chain comprises multiple chains within the zkSync ecosystem, offering users the experience of using a single chain.
Matter Labs, the team behind zkSync, describes the Elastic Chain as an infinitely extensible network of ZK chains. These include rollups, validiums, and volitions. They are secured by mathematical proofs and seamlessly interoperable with a uniform, intuitive user experience.
In a June 29 announcement, the zkSync team promised to share more details on how these ZK chains seamlessly work together this week. This new feature could further enhance the network’s capabilities and user experience.
Read more: What Is zkSync?
Parcl’s Upcoming PRCL Staking Program
Parcl, a real-world asset (RWA) tokenization protocol on the layer-1 blockchain Solana, will present its upcoming PRCL staking program this week. Staking will effectively unlock all participation in the Parcl ecosystem, including governance, existing and future protocol incentives, and Parcl Labs Data API access.
Epochs are a fundamental principle of time for staking, with one epoch equaling seven days. The first epoch will be announced shortly.
This week’s news in the crypto space highlights significant milestones and potential market shifts. Investors and enthusiasts closely watch these events, anticipating their impacts on the market dynamics.
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
Polymarket Faces Ban in France as US Election Betting Ends
According to a report from The Big Whale, the National Gaming Authority (ANJ), France’s gambling regulator, is preparing to block the prediction markets platform Polymarket.
Polymarket, the decentralized platform that allows users to bet on the outcome of political events, sports, and other occurrences using cryptocurrency, has gained popularity in recent months, especially with bets surrounding the US presidential election. More than $3.2 billion was reportedly wagered on the platform during this high-stakes period, with a record-breaking $294 million in volume on November 5 alone.
France Users May No Longer Access Polymarket
According to The Big Whale, a French website that covers the crypto industry, the ANJ’s impending ban comes after a French trader placed a $30 million bet on a Trump victory, reportedly attracting the regulator’s scrutiny.
The trader’s wager positioned him to make approximately $19 million in profits, a sum that has intensified concerns over Polymarket’s compliance with French gambling laws. A source close to the ANJ stated that despite Polymarket’s use of blockchain and cryptocurrency, its activities are akin to gambling, making it subject to restrictions under French law.
“We are aware of this site and we are currently examining its operation as well as its compliance with French gambling legislation,” The Big Whale reported, citing an ANJ spokesperson.
Read more: What is Polymarket? A Guide to The Popular Prediction Market
Legal expert William O’Rorke from ORWL Avocats explained that although Polymarket does not specifically target French users, its activities fall squarely under gambling regulations.
“Polymarket involves betting money on uncertain outcomes, which aligns with the legal definition of gambling,” O’Rorke noted.
Against this backdrop, the ANJ is well within its mandate to block the platform’s access in France. Accordingly, the French regulator may enforce the ban by blocking Polymarket’s domain name in France. It amy also pressure third-party players, like media outlets and online directories, to limit access to Polymarket links.
However, French users may still circumvent this by using virtual private networks (VPNs). This is because Polymarket’s crypto-based infrastructure allows for relatively anonymous participation.
France’s looming ban is not the first regulatory roadblock Polymarket has encountered. In 2022, the US Commodity Futures Trading Commission (CFTC) fined Polymarket $1.4 million for failing to register as a designated contract market. The CFTC also challenged Kalshi’s operations due to questions about betting on political events.
Polymarket’s Fate After US Elections
Meanwhile, the US election was a significant catalyst for Polymarket. It drove the platform to new heights in user engagement and bet volume. Polymarket’s election-related markets have been featured on major financial platforms, including Bloomberg, highlighting the platform’s appeal to mainstream finance.
As BeInCrypto reported, Polymarket’s election betting topped $3 billion, reflecting unprecedented participation. The platform, however, faces a crossroads in its path forward. Following the climax of the US election on Wednesday, data from Dune Analytics shows a steep decline in Polymarket’s activity.
Daily active addresses and transaction volumes, which soared in the election lead-up, have notably dwindled as election-related betting winds down. For instance, Polymarket’s open interest, a key indicator of active betting engagement, dropped from $350 million to $268 million after the polls closed. Similarly, monthly new accounts have also dropped by over 41% between October and November.
Against this backdrop, Polymarket may need to diversify its market offerings or potentially embrace a new model to maintain user interest. This is considering election-related activity comprised the majority of the prediction market’s volume.
Rumors are circulating about a potential move toward a decentralized governance token, which could distribute control over Polymarket’s operations to its community. This shift would reduce the liability of the central authority by decentralizing decision-making, though it remains theoretical, with no clear timeline.
Read More: How To Use Polymarket In The United States: Step-by-Step Guide
Polymarket’s fast ascent and regulatory challenges highlight broader industry tensions between innovation and compliance. With election predictions no longer a draw and an impending ban in France, Polymarket’s future remains uncertain.
Its long-term viability may depend on how well it adapts to evolving regulatory landscapes and whether it can maintain popularity beyond election season peaks.
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
XRP Price Ready to Rally? Signs Point to a Bullish Move
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Market
Solana (SOL) Rallies Strongly, Setting Sights on $200
Solana started a fresh increase above the $172 support zone. SOL price is rising and might soon aim for a move toward the $200 level.
- SOL price started a fresh increase after it settled above the $165 level against the US Dollar.
- The price is now trading above $172 and the 100-hourly simple moving average.
- There was a break above a key bearish trend line with resistance at $162 on the hourly chart of the SOL/USD pair (data source from Kraken).
- The pair could continue to rise if it clears the $192 resistance zone.
Solana Price Starts Fresh Rally
Solana price formed a support base and started a fresh increase above the $162 level like Bitcoin and Ethereum. There was a strong move above the $165 and $172 resistance levels.
There was a break above a key bearish trend line with resistance at $162 on the hourly chart of the SOL/USD pair. The price even cleared the $185 level. A high is formed at $192 and the price is now consolidating gains. It is trading above the 23.6% Fib retracement level of the upward move from the $155 swing low to the $192 high.
Solana is now trading above $172 and the 100-hourly simple moving average. On the upside, the price is facing resistance near the $192 level. The next major resistance is near the $195 level.
The main resistance could be $200. A successful close above the $200 resistance level could set the pace for another steady increase. The next key resistance is $212. Any more gains might send the price toward the $220 level.
Another Dip in SOL?
If SOL fails to rise above the $192 resistance, it could start a downside correction. Initial support on the downside is near the $188 level. The first major support is near the $180 level.
A break below the $180 level might send the price toward the $172 zone or the 50% Fib retracement level of the upward move from the $155 swing low to the $192 high. If there is a close below the $172 support, the price could decline toward the $165 support in the near term.
Technical Indicators
Hourly MACD – The MACD for SOL/USD is gaining pace in the bullish zone.
Hourly Hours RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level.
Major Support Levels – $188 and $185.
Major Resistance Levels – $192 and $200.
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