Crypto
Stablecoins Remain Strong as the Cryptocurrency Market Experiences Significant Dip in June Amid Traditional Market Gains – The UCW Newswire
In a recent research report by JPMorgan (JPM), it was revealed that the total cryptocurrency market cap fell by 8% in June, dropping to approximately $2.25 trillion. This decline erased most of the gains made in May, reflecting a challenging month for digital assets.
Let’s take a look at the broader cryptocurrency market.
Broad-Based Contraction Across Crypto Sectors
The downturn was not limited to a specific segment of the cryptocurrency market. Tokens, decentralized finance (DeFi) projects, and non-fungible tokens (NFTs) all experienced market cap contractions in June. This broad-based decline highlights the volatility and interconnected nature of the digital asset space.
Stablecoins Remain Resilient
Despite the overall market downturn, stablecoins demonstrated remarkable resilience. Tether’s USDT, Circle’s USDC, and XMG Digital Assets’ USXM outperformed the broader crypto market. Their market caps remained flat to slightly higher, with Tether’s USDT showing particular strength. Stablecoins’ stability in a volatile market underscores their role as a safe haven within the cryptocurrency ecosystem.
Bitcoin Miners: A Notable Outlier
Bitcoin miners emerged as a notable exception to the declining trend. The total market cap of publicly listed bitcoin mining companies increased by 19%. This growth was largely driven by artificial intelligence-related power use cases, case in point is Core Scientific (CORZ) recently securing a 12-year, 200 megawatt (MW) deal with cloud computing firm CoreWeave to provide AI-related infrastructure. This partnership spurred a re-evaluation of the sector, leading to a wave of mergers and acquisitions and boosting the market cap of mining firms.
Divergence from Traditional Markets
The cryptocurrency market’s performance in June stood in stark contrast to traditional markets. The S&P 500 index gained 4% for the month, while the technology-heavy Nasdaq climbed 6%. This divergence underscores the unique dynamics and risks inherent in the digital asset space compared to more established financial markets.
Declining Trading Volumes and ETF Flows
The report also noted a significant decline in daily spot crypto trading volumes, which fell by as much as 18% compared to the previous month. The data suggests that March 2024 marked the peak for the crypto ecosystem in the current cycle, both in terms of valuation and trading volume.
Moreover, spot bitcoin ETFs experienced their second-worst month in terms of flows since their inception. The report estimates that the 10 U.S. spot ETFs saw $662 million in sales over June, indicating waning investor interest in these products.
While June proved to be a challenging month for the cryptocurrency market, with significant declines across various sectors, stablecoins and bitcoin miners showed resilience, this is something to keep a keen eye on as opportunities may present themselves in these areas. The contrasting performance of traditional markets highlights the ongoing volatility and evolving nature of the digital asset space. As the market continues to develop, investors and stakeholders will need to navigate these fluctuations carefully to capitalize on emerging opportunities and mitigate risks.
Digital Assets Desk
Crypto
Analysts Predict Conservative XRP Price If It Follows 2017 Run
XRP is at the center of ultra-bullish calls after two crypto commentators pointed to a 2017-style fractal as the basis for a major breakout. The latest discussion started with analyst CryptoBull, who predicted that the XRP price is on track for $10 to $11 by the end of March if its price action continues to follow its 2017 structure.
That outlook then led to a much bigger response from Remi Relief, who said his own conservative target for this cycle is four digits between $1,200 and $1,700.
CryptoBull’s Fractal Call To Double Digits
CryptoBull’s prediction is built around a familiar XRP talking point: that the cryptocurrency is tracing a structure similar to its 2017 breakout. A 2017 comparison is one of the strongest bullish narratives available for the crypto because it points to the one period in XRP’s history when price moved from relative quiet into a parabolic run in a short time period.
In his technical analysis, CryptoBull said he now believes XRP is following the 2017 fractal and that this setup could take the cryptocurrency to $10-$11 by the end of March, adding that he expected six more days sideways before a push higher.
The chart attached to that post shows XRP moving through a flat, compressed range under a horizontal resistance zone on the daily candlestick chart, with the green fractal path projecting a rally once that resistance is broken.
The structure is simple enough to explain: long consolidation, breakout through resistance, brief pause, then a vertical continuation. In other words, the chart is not presenting a slow grind upward like you might expect considering XRP’s recent price action. It is presenting a replay of XRP’s most explosive behavior back in 2017.
XRP Price Chart. Source: @CryptoBull2020 On X
Remi Relief Takes The Same Setup To An Extreme
Remi Relief took that same broad idea and pushed it far above CryptoBull’s target. In his response, he said that in 2024 he had already stated XRP would follow the 2017 run and go to $1,200 conservatively in this cycle. The move was delayed, although this is something he warned about back in June 2025 and after revising his thinking, his target range became $1,200 to $1,700.
CryptoBull’s $10 to $11 call is already a massive move from current levels, but it still sits within the realm of numbers that are possible based on XRP’s current circulating supply. A $10 price would imply a market capitalization of about $610 billion, and $11 would imply about $671 billion. On the other hand, a move to $1,200 would imply about $73.2 trillion, while $1,700 would imply about $103.7 trillion in market cap.
The real significance of these predictions may not be whether XRP actually reaches four-digit prices. It may be what they say about sentiment among XRP traders right now. At the time of writing, XRP is trading around $1.37, with an intraday range of $1.35 to $1.41. This shows that the cryptocurrency is far below the predicted price levels. However, there are many traders with an ultra-bullish bias who are still willing to rally around any setup that resembles 2017.
Featured image from Shutterstock, chart from TradingView
Crypto
These Projects Lead Overall Cryptocurrency Development Activity! – Santiment Community Insights
🧑💻 Here are crypto’s top overall coins by notable development activity the past 30 days. Directional indicators represent each project’s rank rise or fall since last month:
➡️ 1) Metamask USD $mUSD 🥇
➡️ 2) Hedera $HBAR 🥈
📈 3) ChainLink $LINK 🥉
📉 4) Internet Computer $ICP
➡️ 5) Starknet $STRK
📈 6) Aztec $AZTEC
📈 7) Aptos $APT
📉 8) Cardano $ADA
📈 9) Avalanche $AVAX
📈 10) NEAR $NEAR
📖 Read about the Santiment methodology for pulling github activity data from project repositories, and why it is so useful for crypto research, investing, and trading!
📊 Visit our data screener any time, sort by top development activity, or other bullish & bearish signals!
Crypto
Man robbed of HK$6 million in crypto and silver in Hong Kong, probe under way
Hong Kong police are investigating an attack and robbery in which a man lost about HK$6 million (US$767,070) in cryptocurrency and silver.
The force said it received a report at 3.52am on Saturday that a 25-year-old mainland Chinese man was attacked by three men and a woman at a hotel near Man Lok Street in Hung Hom and robbed of cryptocurrency worth HK$5 million from his account.
The suspects later took the victim to another unit in an industrial building, where they seized silver items worth HK$1 million.
No arrests had been made so far and a manhunt was under way to track down the four suspects.
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