June 2024 Community Highlights

28 Jun 2024

Hey Notifs fam,

June Recap: Turbulent Crypto Markets

I'm sure we can all agree that June has been quite the rollercoaster ride, especially for Bitcoin which has seen a 20% correction from its recent highs. The market sentiment has certainly been reflecting that fear and uncertainty, despite some positive news like the SEC officially dropping its classification of Ethereum as a security.

Major forces have been driving the crypto markets down this month, including the German government's decision to sell off its Bitcoin holdings and broader ETF sell-offs. Here are a few important developments that you may have missed amidst the volatility.

💵 Bitcoin rebounded to low $60K in June, sparking a debate among experts over whether the bottom is in as shorts get liquidated amid the 6% price increase facing resistance from a strengthening US dollar.

🇩🇪 The German government continued its sell-off of Bitcoin, dumping an additional $24 million worth of the cryptocurrency across Coinbase and Kraken exchanges after previously liquidating $170 million in Bitcoin holdings.

🚰 Bitcoin ETFs experienced their seventh consecutive day of outflows, tying a record, as the confirmation of Mt. Gox repayments led to $174 million in losses for these investment vehicles.

📉 Ethereum gas prices and Bitcoin miner revenue have both approached record lows, leading to major sell-offs among Bitcoin miners.

🏦 Asset managers have updated their proposals for Ether ETFs, eyeing a potential July launch, with Fidelity disclosing $4.7M in seed capital and other issuers posting fee and seed investment details for their own Ether ETF products.

Volatility in Markets Could Mean New Opportunities 

It's important to remember that these periodic corrections are necessary for the long-term health and growth of the crypto markets. If we zoom out and look at the macro trends, these dips may well set the stage for the next leg up. So be sure to set your price alerts in the Notifs app to identify opportunities for potential value tokens in the next market rally. 

As a quick reminder, you can track over 9 thousand cryptocurrencies with Notifs app, add your favorites to the watchlist and set price alerts. We appreciate all of you who have already been diligently monitoring the markets with us. 

And don't forget that our rewards program is still live! You can redeem prizes from AirPods to Ledger hardware wallets and Amazon gift cards just for actively tracking your crypto prices. Make sure you register and participate in the Notifs rewards program!

Until next time, stay strong and keep tracking!

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Notifs Team