Crypto Prices Dip Just as Tech Stocks Do | Key Points | June 21, 2024
GM. Welcome back to BitPinas Key Points: easily digestible news in concise formats for easy reading.
Let’s check the latest crypto news stories in the last 24 hours.
Market Analysis and Updates 📈
Crypto Price Update
Here are the crypto highlights of the day:
- Bitcoin (BTC): $64,946, down 0.,4% over the last 24 hours.
- Ethereum (ETH): $3,524, down 1.5% over the last 24 hours.
- Solana (SOL): $134.11, down 1.9% vs the previous day.
Trending Coins Update
- Enreach: $9.97, up 578% vs the previous day.
- LimeWire: $0.4274, up 42% over the last 24 hours.
- LayerZero: $3.35, down 24% vs the previous day.
For the daily price update, check out our post on Facebook.
📺 BitPinas Webcast: Phishing, Scams and Exploits
Yesterday at the BitPinas webcast, we discussed phishing scams and exploits targeting cryptocurrency users.
Our guest, Icesteam Jimenez of IMPACT – Innovative Movement of the Philippine Association of Crypto Traders, shared tips on how to safeguard your crypto assets from malicious threats.
This is Webcast no. 4 in our Crypto Beginner Guide Series.
Feature News: Crypto Prices Dump Just as Tech Stocks Amid Microstrategy News
Crypto markets saw a brief rally after MicroStrategy bought 11,931 BTC but later fell due to a selloff in tech stocks.
Why it matters: MicroStrategy’s big Bitcoin purchase shows ongoing confidence in crypto from large companies. However, the market’s drop highlights how crypto is influenced by tech stock movements.
Key numbers:
- MicroStrategy’s purchase: $786 million at $65,883 per BTC
- Total Bitcoin holdings: 226,331 BTC worth $14.6 billion
- Memecoins (Dogecoin, Shiba Inu, Pepe) fell 1%-4%
- Trader liquidations: 43,599 traders, $111 million total, largest single order $8.09 million as per the Defiant.
What to watch: How altcoins perform as Bitcoin’s market share decreases and how ongoing tech stock trends will affect crypto markets. This situation shows how closely crypto markets are tied to traditional finance, especially tech stocks.
Feature News: How a Pinoy Investor Lost ₱40 Million in Crypto Sweeper Bot Exploit on Telegram
A Filipino cryptocurrency investor lost over ₱46.4 million after hackers exploited a vulnerability in Telegram to access his wallets.
What’s the significance? This incident highlights the significant risks associated with digital asset security and the need for robust protective measures in the crypto space.
By the numbers: Fernando lost five MetaMask wallets, two Ronin wallets, and two Phantom wallets, totaling $800,000 (₱46.4 million) in various tokens and NFTs.
How it happened: Hackers exploited a vulnerability in Telegram, allowing them to access media files and extract sensitive information to compromise Fernando’s wallets.
What’s next: Investors are advised to adopt stringent security practices, including using hardware wallets and enabling two-factor authentication to safeguard their assets.
Local Crypto News 🇵🇭
- PDAX reveals more details about limit trading, published on BitPinas.
- Coins.ph starts a Learn & Earn activity for its community members running from June 20 to 24, 2024 where they may earn $SOL.
- Members of the Superteam Philippines and Coins.phattend Solana Summit APAC in Malaysia.
- The SEC welcomes the appointment of Atty. Rogelio V. Quevedo as commissioner.
Educational Corner 🎓
- After a Filipino investor lost ₱40 Million in crypto sweeper bot exploit and following the recent webcast which gave tips on how to safeguard crypto assets. Check out these other article about keeping assets protected:
- 6 Essential Security Tips for Protecting Your Crypto Assets
- How to Protect Your Bitcoin Assets from Fraud
Regulation Watch 📜
Stay informed about the latest regulatory updates and what they mean for you:
- NAB Ventures, the strategic investment arm of National Australia Bank, invested in Zodia Custody to bolster its crypto strategy, focusing on secure custody services for institutional investors rather than developing its own stablecoin.
- India’s Financial Intelligence Unit has ordered Binance to pay a fine of $2.25 million for violating the Prevention of Money Laundering Act by operating in India without complying with anti-money laundering regulations.
Community Spotlight 🔦
Meet Blockchain Council of the Philippines: It is a body dedicated to advancing blockchain technology adoption and standards in the country through collaboration among industry, government, and academic stakeholders.
- It recently held its Annual General Membership Meeting where the members of the advisory board and future endeavors are announced.
- Check out other BCP articles here.
More Web3 and AI News 💡
Discover the latest in web3 and AI innovation.
- Crypto hedge fund Pantera Capital plans to invest over $200 million into AI-adjacent crypto projects.
- Bondex, a web3 competitor to LinkedIn, has raised over $10 million; plans to enhance its platform through gamification and crypto rewards for users.
- CertiK has identified and rectified a bug in Kraken’s deposit system, facilitating the return of nearly $3 million in withdrawn funds back to the exchange. There, is however, more to this story.
- Black founders are creating chatbots like Latimer.AI and ChatBlackGPT to diversify AI perspectives, aiming to counter Eurocentric biases.
Web3 Gaming Section 🎮
The future of web3 is gaming, and here are the latest news.
- Injective partnered with DEGA to enter the web3 gaming market, aiming to integrate DEGA’s platform with Injective’s blockchain for GameFi development and community-driven initiatives.
- Readygg collaborated with Open World Now (OWN) to integrate web3 gaming at their Valencia-based phygital festival, offering exclusive tournaments, the OWN Quest loyalty platform, and educational panels on web3 adoption.
Event Announcements 📅
Don’t Miss Out: Upcoming events, webinars, and meetups in the crypto space!
- YGG Pilipinas Roadtrip (Bacolod): June 22, 2024
- Bitcoin Impact: June 22, 2024
- Decked Out: Art Reimagined: June 27-29, 2024
- Ethereum Meetup Cebu: July 7, 2024
- BitcoinCash Revolution (Cebu): July 7, 2024
Noteworthy 🌟
Key updates and announcements from around the crypto and blockchain world:
- Bernstein anticipates increased institutional adoption of Bitcoin and crypto stocks, with spot Bitcoin ETFs expected to be approved by major financial institutions in late 2024, and predicts Bitcoin could reach $200,000 by 2025, $500,000 by 2029, and $1 million by 2033.
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This article is published on BitPinas: Crypto Prices Dip Just as Tech Stocks Do | Key Points | June 21, 2024
