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Stablecoins Remain Strong as the Cryptocurrency Market Experiences Significant Dip in June Amid Traditional Market Gains – The UCW Newswire

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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

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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.

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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

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PC Exchange – A Revolutionary Secure Cryptocurrency Trading Platform

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PC Exchange – A Revolutionary Secure Cryptocurrency Trading Platform
DENVER, CO / ACCESSWIRE / July 13, 2024 / PC Exchange, a premier centralized cryptocurrency exchange based in Denver, Colorado, sets new standards in secure and profitable cryptocurrency trading with comprehensive global licenses and innovative trading…
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Fact-check: Videos show public figures promoting MaltaCoin, a new cryptocurrency

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Fact-check: Videos show public figures promoting MaltaCoin, a new cryptocurrency

Claim: Videos show leading Maltese public figures promoting a Central Bank-endorsed crypto scheme.

Verdict: The videos use audio deepfakes to deceive viewers into investing in a scam.


Neither Arnold Cassola nor Edward Scicluna are promoting a new digital bank and cryptocurrency launched by Malta’s Central Bank, and entrepreneur Martina Zammit did not invest in the bank, as the latest crypto scam doing the rounds would have you believe.

The three feature in a series of manipulated videos alongside several other people, including Times of Malta assistant editor Mario Xuereb.

One video borrows footage from a TV interview between Xuereb and Cassola in the run-up to last month’s European Parliament election, adding an audio track featuring deepfakes of both Xuereb and Cassola.

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“The Central Bank of Malta has announced the launch of a Bitcoin bank,” Cassola exclaims in the manipulated footage, going on to speak about how citizens can earn thousands of Euros through the scheme.

The video then cuts to a series of interviews with citizens, including Zammit, talking about how the scheme “completely changed (their) life”. Again, each interview is manipulated through the use of audio deepfakes imitating the tone and timbre of each speaker’s voice.

The video uses footage from a real interviewed.

In another manipulated video promoting the same scam, Central Bank Governor Edward Scicluna tells viewers that the Central Bank is launching a cryptocurrency called MaltaCoin.

Scicluna, once again through an audio deepfake, is shown saying that he expects “MaltaCoin to show rapid growth due to its investment appeal and direct support from the government”, before asking viewers to submit their personal details through an online form.

Another video shows Edward Scicluna saying that the Central Bank was launching a new cryptocurrency

The posts sharing these videos point to a series of fake websites, including a cloned Times of Malta article featuring a fake report about the launch of MaltaCoin and a website using the Central Bank’s logo to promote Bitcoin Bank Malta.

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Videos first surfaced in May

The videos aren’t new but appear to have resurfaced in recent days, with readers flagging them to Times of Malta.

Both Cassola and Xuereb told Times of Malta that they had been made aware of the videos back in May, even flagging them to the police at the time.

In correspondence seen by Times of Malta, the police’s cybercrime unit told Cassola that the police cannot take any action as there appears to be “no crime” and they didn’t receive any reports indicating that anyone had “suffered financial damages as a result of watching the videos”.

Instead, the police suggested, the video should be reported directly to Facebook.

But there is little doubt the scam has left victims in its wake. One victim, writing on Facebook, said that the €250 he had sent following the videos’ instructions had “disappeared”.

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Fake Facebook profiles

The videos are being shared by a series of fake Facebook profiles, all of them created in recent months and posing as legitimate businesses such as clothing and design stores.

The pages list their address as being in the Croatian city of Zagreb, but records indicate that they are managed by users based across various countries, including Vietnam, India and the Philippines.

Posts promoting cryptocurrency scams have plagued social media platforms for years, but have become increasingly widespread and, in some cases, difficult to identify.

Audio deepfakes have become increasingly adept at imitating the tone and timbre of people’s voices, with AI experts telling Times of Malta that half a minute of audio is enough for AI software to accurately reproduce a person’s speech patterns and inflexion.

Scammers are also getting better at jumping on the bandwagon of current affairs and using the news cycle to promote their fraudulent schemes.

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Another scam currently doing the rounds is using the figure of Neville Gafa, a former civil servant who has recently hit headlines after a series of controversial posts about leading Labour Party figures.

A recent scam using the figure of Neville Gafa shows how scammers have learnt to follow the news cycle.

Central Banks appear to be particularly popular targets for scammers, with a spokesperson for Malta’s Central Bank telling Times of Malta that they “are aware that a number of National Central Banks in the Eurosystem have lately been affected by deepfake videos”.

Times of Malta has looked into several similar scams in the past, including some using the figures of Joseph Muscat and Robert Abela, and that of actor Russell Crowe.

Verdict

Several manipulated videos being shared on social media overdub real footage with an audio deepfake to deceive viewers into thinking that popular political figures are promoting a fraudulent crypto scheme.

The videos first surfaced in May but have returned to the spotlight in recent days. The videos are being promoted by fake Facebook profiles and use a fake Times of Malta report to appear legitimate.

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They point to a website that uses the Central Bank logo and encourages users to submit personal details.

Similar scams have previously been debunked on several occasions.

This claim is therefore false, as the evidence clearly refutes the claim.

The Times of Malta fact-checking service forms part of the Mediterranean Digital Media Observatory (MedDMO) and the European Digital Media Observatory (EDMO), an independent observatory with hubs across all 27 EU member states that is funded by the EU’s Digital Europe programme. Fact-checks are based on our code of principles. 

Let us know what you would like us to fact-check, understand our ratings system or see our answers to Frequently Asked Questions about the service.

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Cryptocurrency adoption has surged in the first half of 2024, according to Binance

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Cryptocurrency adoption has surged in the first half of 2024, according to Binance

The adoption and visibility of cryptocurrencies have significantly increased this year, according to the cryptocurrency exchange platform Binance, marking a transformative period of growth and widespread integration in the cryptocurrency sector.

The firm revealed that in 2024, it has welcomed over 30 million new users. Additionally, the number of businesses worldwide accepting cryptocurrencies has risen by 42% over the past two years, increasing from 7,731 in October 2022 to 10,952 in April 2024, according to BTC Map.

This trend is further supported by the proliferation of cryptocurrency ATMs, with the global market growing from $115 million in 2022 to $181 million in 2023.

Moreover, Binance noted a growing number of merchants accepting digital currencies as direct payment methods, underscoring cryptocurrencies’ broad appeal. From small businesses to large corporations, adoption rates are steepening as businesses recognize the benefits of cryptocurrency payments in reaching new customers, reducing transaction costs, and times.

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However, Binance emphasized that widespread cryptocurrency adoption hinges not only on technological advancements and increasing use cases but also on user knowledge and trust. To this end, Binance launched an education platform in 2018, which has already attracted 928,000 new users in just the first quarter of this year, highlighting the demand for more education and learning within the industry.

According to a Consensys and YouGov survey, 92% of respondents across 15 countries worldwide have heard of cryptocurrencies, and 50% understand what they are. The narrative surrounding cryptocurrencies is evolving.

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