Welcome, Crypto enthusiasts!

Bitcoin’s price suffers after the Federal Reserve says they need more data before thinking about rate cuts.

In Today’s Blockstreet Journal:

• Bitcoin Crushed By Inflation

• ETH Dapp Usages Surges

• Market Rundown

• Top Gainers & Losers

• Airdrops & More News

Latest News

BITCOIN
😟 Bitcoin Crushed By Inflation 

Word On The Street: Bitcoin was trading at $61,000 on July 3 after a negative shift in the United States inflation outlook.

The details:

• The market sentiment further deteriorated as Jerome Powell, chair of the U.S. Federal Reserve, delivered a speech on the economy and monetary policy at an event in Portugal.

• Powell emphasized the need for evidence to justify lowering interest rates, a key move closely monitored by crypto and risk asset investors.

• Following Powell, market expectations for a rate cut at the September meeting of the FOMC decreased slightly.

Why it matters: Bitcoin market participants expressed frustration as BTC/USD returned to the lower end of a familiar range.

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ETHEREUM
🏦 ETH Dapp Usages Surges 

Word On The Street: The Ethereum network continues to dominate the adoption of decentralized applications (DApps) in terms of volume and deposits.

The details:

• The recent surge in activity on the Ethereum network stands out from broader cryptocurrency market trends and other usage metrics.

• Ethereum was the only network among the top 20 to report an increase in volume, marking an impressive 83% growth compared to the previous week.

• In contrast, similar protocols such as BNB Chain, Polygon, Solana, and TON experienced an average volume decrease of over 30%.

Why it matters: Ethereum continues to lead in DApp adoption, the metrics should be analyzed carefully to understand the true demand and avoid misinterpretations caused by potential distortions in the data.

Market Rundown

Fear & Greed Index

The global crypto market cap is $2.23T, a 2.80% decrease over the last day.

The total crypto market volume over the last 24 hours is $65.61B, which makes a 19.28% increase. The total volume in DeFi is currently $4.62B, 7.04% of the total crypto market 24-hour volume. The volume of all stable coins is now $61.07B, which is 93.08% of the total crypto market 24-hour volume.

Bitcoin’s dominance is currently 53.32%, a decrease of 0.01% over the day.

Global Market Metrics

Current State of the Crypto Market (As of July 3, 2024)

- Total Market Capitalization: $2.23T

- Total 24-Hour Trading Volume: $65.61B

- Active Cryptocurrencies: 10,007

- Active Market Pairs: 83,217

- Active Exchanges: 787

Dominance

- Bitcoin (BTC): 53.32%

- Ethereum (ETH): 17.83%

Market Segments

- DeFi Market Capitalization: $71.41B

- DeFi 24-Hour Volume: $4.62B

- Stablecoin Market Capitalization: $154.52B

- Stablecoin 24-Hour Volume: $61.07B

- Derivatives 24-Hour Volume: $586.56B

Top Gainers & Losers

🚀 Top Gainers

 💩 Top Losers

Airdrops & More News

DAILY AIRDROP
📦️ NX Finance Airdrop

NX Finance have introduced the Point Nadventure where users can trade and lend assets on the platform to earn points. The platform offers leveraged JLP exposure to farm the Jupiter airdrop. Users can earn TVL points and referral points for a potential airdrop from NX Finance too.

Step-by-Step Guide:

1. Head to NX Finance, connect your Solana wallet.

2. You’ll need JLP tokens to enable leverage, which can be bought from the Jupiter DEX.

3. Enter the amount of JLP to deposit and the amount of USDC to borrow.

4. Click on “Add” and approve the transaction from your wallet.

5. Users can also lend USDC to facilitate other user’s margin trades from the “Lend” page to earn points.

6. TVL points are earned by depositing and lending. For each $1 lent, 3 points per day are earned. Each $1 deposited earns 1 point per day.

7. TVL points are also boosted by taking part in the Xcellerator quests on the “Airdrop” page.

8. Users can also earn points through referrals via the “Airdrop” page. Generate your code to earn 10% of all TVL vault points from friends.

9. Create a team via the “Airdrop” page to unlock a bonus boost where higher team deposits give a higher team boost.

10. For more details, check out this page from NX Finance’s docs.

11. Follow NX Finance on X for further product announcements.

Other News

Roaring Kitty faces securities fraud claims in ‘doomed’ GME lawsuit. Keith Gill is facing a new class-action lawsuit for his recent social media posts. However, a lawyer says the case is likely “doomed” to fail.

Ethereum Builder Consensys Buys Wallet Guard to Strengthen MetaMask Security. Consensys has been active in the acquisition trail, last year buying blockchain microstructure designer Special Mechanisms Group and blockchain notifications service HAL, and wallet firm MyCrypto in 2022.

Polymarket monthly volume hits $100M as presidential race heats up. Over $200 million worth of bets have been placed on who will win the United States presidential election in November.

Obol Labs Forms Industry Group to Push for Decentralized Validator Technology. As blockchain projects push to further decentralize, the developer Obol Labs has formed a group of companies working in the Ethereum ecosystem to concentrate on the growing field of "distributed validator technology," or DVT.

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