Welcome, Crypto enthusiasts!

Bitcoin erased is losses from the last few days in seconds as inflation comes out lower than expected.

In Today’s Blockstreet Journal:

• Bitcoin Erases Losses In Seconds

• PEPE Could Gain 70% Soon

• Market Rundown

• Top Gainers & Losers

• Airdrops & More News

Latest News

BITCOIN
🤯 Bitcoin Erases Losses In Seconds 

Word On The Street: Bitcoin surged higher as the June 12 Wall Street session opened, following a surprising drop in United States inflation data.

The details:

• Bitcoin gained $1,500 in seconds as the May Consumer Price Index (CPI) revealed faster-than-expected inflation cooling.

• Month-on-month CPI remained unchanged from the previous month, while the year-on-year figure was 3.3% — 0.1% lower than anticipated.

• This result benefited risk assets, including crypto, which had been under pressure ahead of the CPI release.

Why it matters: The latest estimates from CME Group’s FedWatch Tool indicated shifting market expectations for rate cuts, with over 70% probability for cuts at the September FOMC meeting.

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ALT COIN
🐸 PEPE Could Gain 70% Soon 

Word On The Street: As of June 11, PEPE's price is hovering around the lower trendline of its current rising wedge pattern, indicating potential support and a likely rebound toward the upper trendline at approximately $0.00002661, which would represent a 70% increase from current levels.

The details:

• Two critical support levels near the wedge’s lower trendline bolster this potential rebound: the 50-day EMA and the 1.0 Fibonacci retracement.

• The growing percentage of smaller and mid-sized PEPE holders indicates broadening interest and strategic accumulation in the market.

• PEPE's market shows bullish signs due to the continued accumulation and holding behavior of its largest investors.

Why it matters: Lower bond yields increase the opportunity costs of holding non-yielding risk assets like cryptocurrencies. This may enhance traders’ appetite for riskier memecoins like PEPE, Dogecoin (DOGE), Bonk (BONK), and others in June.

Market Rundown

Fear & Greed Index

The global crypto market cap is $2.54T, a 4.38% increase over the last day.

The total crypto market volume over the last 24 hours is $84.22B, which makes a 2.49% decrease. The total volume in DeFi is currently $6.42B, 7.62% of the total crypto market 24-hour volume. The volume of all stable coins is now $77.61B, which is 92.15% of the total crypto market 24-hour volume.

Bitcoin’s dominance is currently 54.27%, an increase of 0.13% over the day.

Global Market Metrics

As of the current update, the cryptocurrency market exhibits the following key metrics:

- Total Market Capitalization: Approximately $2.54 trillion USD

- Total 24-hour Trading Volume: Around $84.22 billion USD

- Bitcoin Dominance: 54.27%

- Ethereum Dominance: 17.19%

- Total Number of Active Cryptocurrencies: 10,086

- Total Number of Active Market Pairs: 82,560

- Total Number of Active Exchanges: 781

Market Segments:

- DeFi Market Cap: $88.02 billion USD

- DeFi 24-hour Volume: $6.42 billion USD

- Stablecoin Market Cap: $155.10 billion USD

- Stablecoin 24-hour Volume: $77.61 billion USD

- Derivatives 24-hour Volume: $642.18 billion USD

Top Gainers & Losers

🚀 Top Gainers

💩 Top Losers 

Airdrops & More News

DAILY AIRDROP
📦️ SOFA Staking Airdrop

The RCH token is dedicated to airdrops for vault depositors based on their relative transaction volume, where 33% of the supply is available to users. Initially, 12,500 of RCH tokens will be airdropped daily over the first 180 days. After which, the airdropped amounts will decrease by an incremental 20% every 180 days. The remaining supply has been locked as liquidity on Uniswap. RCH was fairly launched and all of SOFA.org’s protocol earnings are used to burn RCH daily from the Uniswap pool, resulting in a deflationary supply.

Step-by-Step Guide:

1. Visit SOFA.org and click on ‘Launch App’.

2. Select from the Earn (low yield/risk) or Surge (high yield/risk) frontends.

3. Connect your wallet and select your product depending on your market view: rangebound if you think the BTC or ETH market will go sideways, bull trend if you are bullish on BTC or ETH, or bear trend if you are bearish on BTC or ETH.

4. After selecting your product based on your market view, deposit into the vault of your choice. USDT on Ethereum mainnet or Arbitrum is required for all deposits.

5. Each vault has an expiry date. If you deposit USDT and the price remains within your target by the expiry date, then you’ll earn a payoff.

6. You can also customise the trading product to your own specification. The estimated yield will vary depending on how wide your price range is, the base yield desired and the expiry date.

7. Select the amount you want to deposit in USDT, check the potential yield and click Deposit if you want to proceed. Provide your signature and then sign the deposit transaction.

8. On expiry, go to the expiry tab, open your trade ticket and click Claim to receive your payouts.

9. On top of the base yield from Aave, you’ll also earn profits if your market view was correct and airdrop rewards in RCH based on your share of transaction volume.

10. SOFA.org have published full walkthroughs for both the Earn and Surge frontends.

11. RCH rewards can be claimed here.

12. The project’s docs also mention a SOFA token for governance. Active community members who participate in public activities in the early stages may also be rewarded with SOFA in the future.

Other News

Stablecoin act gives Congress alternative to overriding Biden’s SAB 121 veto. President Joe Biden’s veto of the SAB 121 repeal was a blow for the crypto community.

MetaMask Adds 'Pooled Staking' for Cheaper Ethereum Validation. The new feature aims to expand the accessibility of staking, which previously required an investment north of $100,000.

CBDCs' threat to freedom put under the microscope at Oslo conference. Attendees of the 2024 Oslo Freedom Forum were united in addressing the threat that central bank digital currencies (CBDCs) pose to freedom around the globe.

Donald Trump Says He Wants All Remaining Bitcoin to Be 'Made in USA'. Early Tuesday Trump met executives from Nasdaq-listed bitcoin mining firm CleanSpark Inc. and Riot Platforms.

🫡 Thanks For Reading

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