OVERVIEW

Market Mulls Meh CPI Data 

Day of two testing the addition of a short audio recap - let me know what you think! Too short? Too long? Hate it? Love it? 😃 

Let me know.

Before we dive in, here’s today’s crypto market heatmap:

And here’s a look at crypto’s total and altcoin market cap YTD:

Most bullish/bearish symbols on Stocktwits at the close: 📈 $AAVE, $XMR, $TRX, $CRO, $LTC, 📉 $WIF, $HNT, $SUI, $TIA, and $IMX

*If you’re a business and want to access this data via our API, email us.

News In Three Sentences
Bitcoin, Ethereum, And Solana News 🪙 

💳 MetaMask's Blockchain Debit Card Hits Europe and the UK 

MetaMask is rolling out a blockchain-based debit card from MasterCard ($MA) across Europe and the UK, letting users pay directly with their digital assets. Initially, it's just a small pilot, but MetaMask plans to expand distribution later this year. The card supports multiple cryptocurrencies and keeps funds in the user's custody until transactions are finalized. LedgerInsights.

🎰 Pump.fun Memecoin Frenzy: Less Likely Than a Casino Win 

The odds of striking it rich with a memecoin on Pump.fun are worse than hitting a casino jackpot, with only 0.12% of tokens making it past the $69,000 market cap threshold. Despite attempts to make the platform safer, the recent removal of the $2 token creation fee flooded the market with new, mostly failing, coins. Traders are increasingly frustrated, with many walking away from the platform, calling it a “slaughterhouse.” Cointelegraph.

💼 Goldman Sachs Bets Big on Bitcoin ETFs with $418M Investment 

Goldman Sachs ($GS) now holds $418.65 million in Bitcoin ETF shares, including major stakes in BlackRock’s iShares Bitcoin Trust and Fidelity’s FBTC. The investment bank’s latest 13F filing reveals it’s the third-largest holder of BlackRock’s fund, signaling strong institutional interest in Bitcoin. As more spot Bitcoin ETFs hit the market, Goldman’s bullish stance on crypto continues to grow. coincu.

News In Three Sentences
Altcoin News 🗞️

⚽ Crypto.com Snags Exclusive UEFA Champions League Deal 

Crypto.com ($CRO) just made a power play (hockey pun intended), becoming the first and exclusive cryptocurrency platform partner of the UEFA Champions League. Expect to see their branding everywhere—from stadiums to broadcasts—as they dive headfirst into European football, blending crypto with the world’s most popular sport. Crypto.com Presser.

🔗 ICP Integrates Bitcoin Block Headers, Enhancing Bitcoin DeFi 

$ICP has integrated Schnorr signatures and $BTC block headers, boosting Bitcoin’s utility in DeFi. This upgrade allows ICP projects to verify Bitcoin blocks independently, opening the door to more advanced decentralized applications. The move aligns ICP with emerging Bitcoin protocols, potentially transforming Bitcoin's role in the decentralized economy. Bitcoin.com News

🔒 Secret Network and Sei Team Up for Enhanced Data Privacy 

$SCRT has partnered with $SEI to integrate its Confidential Computing Layer, unlocking powerful new features for decentralized apps. The collaboration brings private voting, encrypted storage, and secure random number generation to Sei’s ecosystem. It’s a significant step forward for data privacy and security in blockchain applications - hooray for privacy. SecretNetwork.

🐕 DOGE Dominates Memecoins, Floki Inu and Mog Coin Follow 

$DOGE continues to lead the memecoin pack, with 72% of holders currently in profit. Close behind are $FLOKI and $MOG, with 70% and 61% of their holders seeing gains, respectively. Despite market fluctuations, these tokens remain favorites among long-term holders, while others like $SHIB are struggling to keep their heads above water. CryptoPotato

📈 XRP Futures Contract Approved Amid Speculation on Spot ETF 

The Bitnomial Exchange has self-certified an $XRP futures contract with the CFTC, potentially paving the way for a US spot ETF. The physically settled futures involve 100,000 units of XRP, with market participants and clearing members showing support. The community sees this as a critical step toward gaining SEC approval for a spot XRP ETF, a move that could significantly impact the market. Bitcoinist.

💰 Crypto Trader Nets $300K with a DeFi Short-Sell 

A savvy crypto trader made nearly $300,000 in under a month by shorting MakerDAO ($MKR) using a DeFi strategy on $AAVE. The trader borrowed 500 MKR, sold it for $1.37 million, and later bought back the tokens at a lower price to repay the loan - lucky bastard. Finbold.

🚀 Toncoin Surges After Binance Launchpool Announcement 

$TONCOIN shot up $7.26 after Binance announced its addition to the Launchpool platform, allowing users to earn by staking $BNB and $FDUSD. The token, originally developed by Telegram, has been on a tear lately, rising 24.4% in the last week. With new features rolling out in popular Telegram-based games, TON is showing strong momentum despite recent market volatility. Decrypt.

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TECHNICAL ANALYSIS
Technically Speaking 🎉

Floki Inu

$FLOKI’s bulls are finding some difficulty breakout above blue trendline. Some traders on Stocktwits see a cup and handle formation developing, too (not drawn). Consequently, the level both need to crack is above $0.0001324. 🍘 

Litecoin

Litecoin is currently testing a breakout above its 20-day exponential moving average - but some caution should be taken. ⚠️ 

Hidden bearish divergence is present on $LTC’s daily chart. Because the trend has been lower, the hidden bearish divergence is a confirmed signal for some short sellers.

However - as powerful, consistent, and strong hidden bearish divergence is, when it fails, it fails spectacularly. So if bulls step up and support Litecoin, watch out for some fireworks to the upside. 🔼 

SUI

$SUI is still responding to the clear rejection near the $1.00 value area. Bulls not only had to contend with the psychologically important $1.00, but an interior trendline and the 200-day EMA.

Short interest in the perpetual derivatives markets is still high despite a major wipeout between last Saturday and this Monday. If bulls pull off a daily close anytime this week at or above $1.02, another wave of short liquidations may occur - but until then, a return lower to the 20-day EMA seems likely. 🎯 

Links That Don’t Suck 🔗

🤖 Crypto-AI startup Sahara Labs raises $37 million in strategic funding

🤑 Iran is offering $20 bounty to snitch on illegal crypto miners

🤝 Ledger and Revolut announce partnership for crypto trading

💯 Top 100 DeFi Hacks: Offchain attack vectors account for 57% of losses

💭 Marvel vs. Capcom fighting collection: Arcade classics - Official X-Men Children of the Atom trailer

🛝 SAG-AFTRA announces agreement with AI company Narrativ allowing actors to license digital voice replicas for ads

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Author Disclosure: The author of this newsletter holds positions in Bitcoin, Ethereum, Dogecoin, and Arbitrum. 📋