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Top Crypto News This Week: Blast Airdrop, Trump-Biden Debate

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This week, some major news has captured the attention of crypto investors and enthusiasts alike.

Market watchers expect these developments to substantially impact the decentralized finance (DeFi) sector and the broader crypto industry.

Blast Airdrop Launches

Blast, an Ethereum Layer 2 (L2) network, will launch its long-awaited airdrop next week on June 26. On June 19, the project announced that Blast-based decentralized applications (dApps) must distribute all Blast Gold and Blast Points to users by June 25 to be eligible for the airdrop.

The airdrop will equally divide tokens between users and developers on the network. Fifty percent of the tokens will be allocated to developers through Blast Gold and 50% to users via Blast Points. Users’ allocations will be determined by their wallet balances and activity on dApps.

Users must also sign into the Blast dashboard from an eligible Externally Owned Account (EOA) wallet to qualify for the airdrop. EOAs are non-custodial wallets controlled by a user via a private key.

Users with Points or Gold in their EOAs must sign into the Blast dashboard with that EOA at least once, either by receiving an invite or linking it to an existing account. Users are also reminded to link embedded wallets.

Initially, the airdrop was scheduled for May, but the project delayed its token generation event (TGE) last month. Consequently, it increased users’ airdrop allocations.

Ethena’s ENA Restaking Pools to Launch

Ethena, a synthetic currency protocol based on the Ethereum network, will release its first ENA restaking pools on Symbiotic on June 26. Symbiotic is a newly-launched protocol that enables permissionless restaking.

In its announcement last week, Ethena stated that staked ENA and sUSDE will be the only newly available assets to deposit in Symbiotic in the upcoming epoch. Ethena also detailed rewards for staked ENA in Symbiotic.

“Staked ENA in Symbiotic will receive the following rewards: Ethena 30x per ENA per day, Symbiotic points, Mellow points, and future potential LayerZero RFP allocations (if allocated to Ethena),” the team said.

Read more: What Is Ethena Protocol and its USDe Synthetic Dollar?

GMX Will Start Distributing 5.4 Million Arbitrum (ARB) Tokens as Ecosystem Incentives

The Arbitrum DAO has approved a proposal from GMX, a decentralized exchange (DEX) in the Arbitrum ecosystem, to launch the STIP-Bridge Incentives Program with a 5.4 million ARB grant. These tokens will support the growth of GMX V2 and the Arbitrum DeFi ecosystem. The incentive campaign begins on June 26.

GMX’s STIP-Bridge program includes three incentive categories: Liquidity Incentives for LPs in GM Pools, Trading Incentives offering a 75% fee rebate on GMX V2 markets, and Grants Incentives for developers integrating projects with GMX V2. The campaign runs from June 26 to September 16, 2024.

GMX will distribute the incentives weekly, starting every Wednesday at 00:00 UTC. This initiative aims to enhance liquidity and trading activity on the GMX platform.

Biden vs. Trump Debate and Its Impact on Meme Coins

President Joe Biden and former President Donald Trump are set for a CNN presidential debate on June 27. This event marks the first face-off between a sitting president and a former president since 2020, as Trump skipped the Republican primary debates.

The debate could be a defining moment in the presidential race, featuring two universally known candidates. Unlike previous Biden-Trump debates, this one will have no studio audience.

The results could also impact the price of meme coins related to the two candidates, including TRUMP, MAGA, and BODEN. Historically, statements or campaign moves from these candidates have influenced the price movements of these meme coins.

Optimism and Other Major Token Unlocks

On June 30, Ethereum’s layer 2 Optimism will increase the circulating supply of its native token by releasing 31.34 million OP tokens. These upcoming unlocked tokens are worth approximately $56.73 million. According to TokenUnlocks data, the project will distribute these tokens to investors and core contributors.

Read more: What Is Optimism?

OP Token Unlocks.
OP Token Unlocks. Source: TokenUnlocks

Some members of the crypto community are aware of the potential outcomes of this token unlock. One member cautioned that selling just 5% of the tokens released each month could lead to a substantial decrease of 30-70% in the value of certain assets like OP on major exchanges, as it may cause liquidity issues.

Additionally, some projects will have major token unlocks this week. One notable unlock is AltLayer, which will release 105.21 million ALT tokens. At the current market price, those tokens are worth roughly $20.32 million.

Read this article for further detailed information on major crypto token unlocks this week.

Anticipation Builds for Ethereum ETFs Approval

In addition to these key events, crypto investors and traders are keenly awaiting the approval of spot Ethereum exchange-traded funds (ETFs) by the US Securities and Exchange Commission (SEC). ETF analysts, including James Seyffart and Eric Balchunas from Bloomberg Intelligence, have affirmed their predictions of July 2 as the “over/under for Ethereum ETFs launch date.”

This increased confidence came after several asset managers, such as Fidelity and Bitwise, updated their S-1 forms. While the SEC has approved the 19b-4 form, issuers still need their S-1 forms approved to begin trading in the market.

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 and broader adoption of cryptocurrencies.

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 ConditionsPrivacy Policy, and Disclaimers have been updated.



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Solana (SOL) Rallies Strongly, Setting Sights on $200

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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.

Solana Price

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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Will Bulls Push It Higher?

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Ethereum price started a fresh surge above the $2,650 resistance. ETH is up over 10% and might aim for a move above the $2,850 resistance.

  • Ethereum started a fresh surge above the $2,650 resistance zone.
  • The price is trading above $2,700 and the 100-hourly Simple Moving Average.
  • There is a new connecting bullish trend line forming with support at $2,730 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could continue to rise if it settles above $2,850 and $2,880.

Ethereum Price Extends Surge

Ethereum price started a fresh increase above the $2,550 resistance like Bitcoin. ETH was able to climb above the $2,550 and $2,650 resistance levels to move into a positive zone.

It even surged above the $2,720 level in the past few sessions, beating BTC. It is up over 10% and there was a move above $2,800. A high is formed at $2,848 and the price is showing signs of more upsides. It is holding gains above the 23.6% Fib retracement level of the upward move from the $2,357 swing low to the $2,848 high.

Ethereum price is now trading above $2,700 and the 100-hourly Simple Moving Average. There is also a new connecting bullish trend line forming with support at $2,730 on the hourly chart of ETH/USD.

On the upside, the price seems to be facing hurdles near the $2,850 level. The first major resistance is near the $2,880 level. The main resistance is now forming near $2,950. A clear move above the $2,950 resistance might send the price toward the $3,000 resistance.

Ethereum Price
Source: ETHUSD on TradingView.com

An upside break above the $3,000 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $3,250 resistance zone.

Are Dips Supported In ETH?

If Ethereum fails to clear the $2,850 resistance, it could start a downside correction. Initial support on the downside is near the $2,800 level. The first major support sits near the $2,720 zone and the trend line.

A clear move below the $2,720 support might push the price toward $2,650. Any more losses might send the price toward the $2,550 support level in the near term. The next key support sits at $2,500.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is gaining momentum in the bullish zone.

Hourly RSIThe RSI for ETH/USD is now above the 50 zone.

Major Support Level – $2,850

Major Resistance Level – $2,720



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Bitcoin Price Pushes Rally Further: Bulls in Full Force

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Bitcoin price is gaining pace above $74,000. BTC is trading in a bullish zone and might rise further above the $76,500 resistance zone.

  • Bitcoin started a fresh surge above the $73,500 zone.
  • The price is trading above $73,000 and the 100 hourly Simple moving average.
  • There is a connecting bullish trend line forming with support at $75,250 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could continue to rise above the $76,000 resistance zone.

Bitcoin Price Extends Rally

Bitcoin price started a fresh surge above the $73,500 level. BTC even cleared the $75,000 resistance and traded to a new all-time high. It posted a high at $76,457 and is currently consolidating gains.

There was a minor decline below the $76,000 level. The price dipped below the 23.6% Fib retracement level of the upward move from the $72,747 swing low to the $76,457 high. However, the price is still in a positive zone above the $73,500 level.

Bitcoin price is now trading above $74,000 and the 100 hourly Simple moving average. There is also a connecting bullish trend line forming with support at $75,250 on the hourly chart of the BTC/USD pair.

On the upside, the price could face resistance near the $75,800 level. The first key resistance is near the $76,000 level. A clear move above the $76,000 resistance might send the price higher. The next key resistance could be $76,500.

Bitcoin Price
Source: BTCUSD on TradingView.com

A close above the $76,500 resistance might initiate more gains. In the stated case, the price could rise and test the $78,000 resistance level. Any more gains might send the price toward the $78,800 resistance level.

Are Dips Supported In BTC?

If Bitcoin fails to rise above the $76,000 resistance zone, it could continue to move down. Immediate support on the downside is near the $75,250 level and the trend line.

The first major support is near the $74,150 level or the 61.8% Fib retracement level of the upward move from the $72,747 swing low to the $76,457 high. The next support is now near the $73,500 zone. Any more losses might send the price toward the $72,000 support in the near term.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.

Major Support Levels – $75,250, followed by $74,150.

Major Resistance Levels – $76,000, and $76,500.



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