Altcoins
Today’s Crypto News – June 24, 2024
Welcome to “Crypto News Today,” your daily digest of important events in the crypto industry.
Challenges for Altcoin Investors Facing Seasonal Trends and Liquidity Issues
Altcoin investors face growing challenges despite the relative stability of Bitcoin (BTC) and Ethereum (ETH). Top altcoins like Solana (SOL) and Avalanche (AVAX) have suffered price drops of 40% to 70%, driven by venture fund sales, heavy dilution from token unlocks, and seasonal trends. Overall market capitalization and trading volumes indicate a grim reality, with liquidity problems exacerbated by venture funds selling tokens to make profits. Read all about it on the TDR website!
Bitcoin Holders Make Profits Despite Price Drop
Despite Bitcoin’s recent drop below $64,000, 87% of BTC holders remain profitable, according to data from IntoTheBlock. IntoTheBlock reports that most holders acquired BTC at lower average prices, maintaining profitability despite the current downturn. Bitcoin, which had previously hit an all-time high above $73,000, has seen significant volatility, with a notable decline from its March high.
Fidelity invests $4.7 million in Ether ETF
Fidelity announced an initial investment of $4.7 million for its Ether spot ETF. This strategic move highlights the growing interest and confidence in the future potential of Ethereum. The investment aims to provide greater exposure to institutional and retail investors looking to diversify their cryptocurrency portfolios.
Bitcoin ETFs Face Continued Outflows
Bitcoin ETFs have seen six consecutive days of nine-digit outflows, according to Farside Investors. The trend underscores current market sentiment and the impact of broader economic factors on crypto investments. Despite these outflows, industry experts remain optimistic about long-term growth and adoption.
Read more crypto news on the TDR website!