You mostly know cryptocurrencies for their impact on the financial world, but there’s more to learn about their social impact on communities and individuals. Their impact on philanthropic initiatives is quickly becoming noticed by individuals, communities, and governments of all levels in different regions. They boast borderless and decentralized features, offering a new path toward financial freedom and empowerment. 

If you plan to explore the uses of cryptocurrencies, especially how they help empower communities and individuals, this is the right place. Below, we’ll look at four ways cryptocurrency empowers communities and individuals to help you get started with crypto correctly.

Improved Access to Financial Services

As a digital asset, cryptocurrency provides greater financial inclusion to individuals and communities disadvantaged by the lack of access to traditional financial systems. With superpowers like the U.S. still having 2.6% of an unbanked population, the situation could worsen in less developed countries with inferior banking systems. Registering cryptocurrency as a substitute solution is a great reprieve for many individuals and communities in these regions.

Users can send and receive crypto coins between family and friends in record time without worrying about huge transaction fees and delayed remittance. For example, you can now buy Bitcoin faster and add it to your wallet, where you can send it to your loved ones whenever and wherever you are. Organizations in these disadvantaged regions can equally receive generous donations through crypto donations for their sustenance.

Protection from Inflation and Economic Uncertainty

When inflation and other economic mishaps occur, traditional fiat currencies tend to lose their value, which disadvantages holders. However, with cryptocurrency, especially scarce ones, you can enjoy an alternative store of value not subject to inflationary pressure and government manipulation. This is a great way for individuals and businesses to protect their wealth and hedge against economic uncertainties.

Investment and Wealth Creation Opportunities

Cryptocurrencies have opened many opportunities for individuals and businesses looking to explore decentralized finance (DeFi) and innovative blockchain projects. Through these two main paths, individuals can now lend, stake, and tokenize assets to grow wealth and diversify their investment portfolio. The good thing about crypto investment opportunities is that you can explore its borderless features and interact with clients and businesses across the globe.

Since it also allows for satisfactory privacy when transacting, cryptocurrency can open your thinking about money, ushering you to an open gateway to endless investment options. Whether your interest is in crowdfunding, NFTs, or tokenization of assets, crypto offers numerous avenues to generate crypto tokens or income.

Philanthropy and Charity

The challenges of transparency in charity organizations are slowly becoming a thing of the past with the adoption of Bitcoin technology in philanthropy. Organizations and individuals can now track the flow of funds, ensuring that donations are used for their intended purpose. This way, donors can be confident that their funds are put to good use, thus building trust and opening doors for more future donations. 

Thanks to crypto’s borderless acceptance, organizations can receive donations from anywhere in the world instantly and even anonymously. All the bureaucratic transaction processes associated with traditional fiat currency barely concern organizations already subscribing to crypto donations. 

The use of cryptocurrency has had its fair share of benefits, especially in empowering individuals and communities. Regardless of the angle of opportunity you want to explore with your new-found crypto assets; you can always find something to smile about from these four options above.  So, if you had doubts about the uses of crypto and its communal and individual benefits, now you have something to help you explore your options courageously.

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Bitcoin (BTC), the world’s oldest and most valued cryptocurrency, dipped below the $67,000 mark over the weekend. Other popular altcoins — including the likes of Ethereum (ETH), Dogecoin (DOGE), Ripple (XRP), Solana (SOL), and Litecoin (LTC) — landed in the reds across the board as the overall Market Fear & Greed Index stood at 55 (Neutral) out of 100, as per CoinMarketCap data. The BRETT token emerged to be the biggest gainer, with a 24-hour jump of over 15 percent. Notcoin (NOT) became the biggest loser, with a 24-hour dip of nearly 8 percent. 

The global crypto market cap stood at $2.43 trillion at the time of writing, registering a 24-hour dip of 0.88 percent.

Bitcoin (BTC) Price Today

Bitcoin price stood at $66,480.09, registering a 24-hour gain of 0.42 percent, as per CoinMarketCap. According to Indian exchange WazirX, BTC price stood at Rs 59.66 lakh.

Ethereum (ETH) Price Today

ETH price stood at $3,517.76, marking a 24-hour dip of 1.25 percent at the time of writing. As per WazirX, Ethereum price in India stood at Rs 3.21 lakh.

Dogecoin (DOGE) Price Today

DOGE registered a 24-hour loss of 1.30 percent, as per CoinMarketCap data, currently priced at $0.1394. As per WazirX, Dogecoin price in India stood at Rs 12.23.

Litecoin (LTC) Price Today

Litecoin saw a 24-hour dip of 0.58 percent. At the time of writing, it was trading at $77.25. LTC price in India stood at Rs 6,959.64.

Ripple (XRP) Price Today

XRP price stood at $0.4816, seeing a 24-hour loss of 1.15 percent. As per WazirX, Ripple price stood at Rs 43.87.

Solana (SOL) Price Today

Solana price stood at $150.85, marking a 24-hour dip of 2.19 percent. As per WazirX, SOL price in India stood at Rs 13,358.12. 

Top Crypto Gainers Today (June 17)

As per CoinMarketCap data, here are the top five crypto gainers over the past 24 hours:

Brett (Based) (BRETT)

Price: $0.1595
24-hour gain: 15.45 percent

JasmyCoin (JASMY)

Price: $0.03748
24-hour gain: 11.77 percent

Lido DAO (LDO)

Price: $2.17
24-hour gain: 9.21 percent

Dog (Runes) (DOG)

Price: $0.0073
24-hour gain: 9.18 percent

Jupiter (JUP)

Price: $0.9176
24-hour gain: 7.48 percent

Top Crypto Losers Today (June 17)

As per CoinMarketCap data, here are the top five crypto losers over the past 24 hours:

Bitcoin (NOT)

Price: $0.0186
24-hour loss: 7.24 percent

Akash Network (AKT)

Price: $3.18
24-hour loss: 5.04 percent

BitTorrent [New] (BTT)

Price: $0.0000009525
24-hour loss: 4.70 percent

Oasis (ROSE)

Price: $0.1117
24-hour loss: 4.22 percent

Ondo (ONDO)

Price: $1.14
24-hour loss: 4.04 percent

What Crypto Exchanges Are Saying About Current Market Scenario

Mudrex co-founder and CEO Edul Patel told ABP Live, “Bitcoin witnessed selling pressure over the past week as prices dropped below the $67,000 mark, but then easing up over the past 24 hours as price movement flattened. Bitcoin’s closest support level lies at $64,825, while the next resistance point awaits at $66,978. Meanwhile, Ethereum too has witnessed marginal selling pressure in the past week as the market gears up for Ethereum ETFs to go live in early July. The overall sentiment in the market continues to point to greed.”

Rajagopal Menon, Vice President, WazirX, said, “Bitcoin remains below its 50-day moving average, a technical indicator that could suggest a potential short-term price decline. However, a healthy buffer above the key 200-day moving average hints at a possible long-term bullish trend. If bulls can push Bitcoin above the 50-day hurdle at $66,425, it could trigger a rally towards the crucial resistance level of $69,000. Breaking decisively above that level could even put the coveted all-time high of $73,808 back on the table.”

Sathvik Vishwanath, CEO and co-founder of Unocoin, said, “The Biden administration is set to discuss bitcoin policy in early July, signalling a potential shift in US crypto strategy. The round table is organized by the pro-crypto-democratic Rep. Silicon Valley’s Ro Khanna and will be attended by billionaire Mark Cuban and other lawmakers. The meeting aims to maintain US leadership in bitcoin and blockchain innovation amid regulatory debates. Cuban believes Biden’s crypto stance could influence the 2024 election. Meanwhile, Trump has pledged to end Biden’s “war on crypto” and support bitcoin mining, promising a more favourable regulatory environment if elected. Bitcoin is trading around $66,400 with a bearish outlook.”

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Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Cryptocurrency is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Cryptocurrency market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.

America’s largest bank says the state of the cryptocurrency market may not be sustainable.

This year has seen crypto net inflows of $12 billion thus far — a figure that could jump to $26 billion by year’s end assuming flows continue apace — a trend driven by demand for spot bitcoin exchange-traded funds (ETFs), JPMorgan Chase analyst Nikolaos Panigirtzoglou wrote in a note cited in a Sunday (June 16) report by Seeking Alpha.

While this number is impressive, Panigirtzoglou wrote it might not be entirely made up of new funds coming into the crypto space.

“We believe there has likely been a significant rotation away from digital wallets on exchanges to the new spot bitcoin ETFs,” he explained.

This movement is noticeable, he noted, as bitcoin reserves on exchanges have dropped by 220,000 BTC, or $13 billion, since the Securities and Exchange Commission (SEC) approved bitcoins ETFs in January. 

“This implies that the majority of the $16 billion inflows into spot bitcoin ETFs since launch likely reflects a rotation from existing digital wallets on exchanges.”

Panigirtzoglou attributed the rotation to “the cost effectiveness, deeper liquidity, regulatory protection and convenience of the ETF wrapper that has become market participants’ preferred choice of instrument for bitcoin exposure for both existing and new crypto investors.”

All told, the analyst has doubts that crypto inflows will continue at the same pace for the remainder of  2024, considering how high the price of bitcoin is relative to the cost to produce one or when compared to gold.

This isn’t the first time this year that the banking giant has expressed its doubts about bitcoin ETFs, writing soon after the SEC’s ETF approval that the funds would draw money for existing crypto products but not attract new capital.

“We are skeptical of the optimism shared by many market participants at the moment that a lot of fresh capital will enter the crypto space as a result of the spot bitcoin ETF approval,” the banks’ analysts wrote in January. 

Last month saw reports that venture capital investment in crypto companies had begun increasing after cooling for two years, climbing to $2.4 billion in the first quarter of 2024.

“The crypto industry is still in its early stages, and there is a lot of room for growth and innovation,” PitchBook senior analyst Robert Le wrote in a report quoted by Reuters.

“Barring any major market downturns, we expect the volume and pace of investments to continue increasing throughout the year,” he added.