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Bitcoin Ordinals, a method of generating non-fungible tokens (NFTs) through a process called inscribing, debuted in January, bringing the NFT and smart contract narrative to the Bitcoin blockchain.
The CPI sank to 4% in May and has been trending downward, although the Federal Reserve seems likely to follow through on an intended rate hike later this month.
The head of research for digital asset manager 3iQ wrote that the largest cryptocurrency by market capitalization is still riding tailwinds from multiple spot bitcoin ETF filings and other June events.
Buying for the trust has picked up on hopes the SEC might soon approve a spot bitcoin ETF.
The bank previously said it expected the cryptocurrency to reach $100,000 by then.
The latest price moves in crypto markets in context for July 10, 2023.
China is exporting deflation across the Western world. Ultimately this will be good for risk assets as it relates to the end of the global interest-rate increase cycle, one observer said.
PLUS: The dYdX Foundation's Charles d'Haussy says that dYdX's move away from Ethereum might be the beginning of a broader trend.
The Bureau of Labor Statistics will release the nonfarm payrolls report for June at 12:30 UTC.
- 15:40Trump to Consider Whether to Dismiss Fed Chair PowellOn April 18, White House economic adviser Hassett said on Friday, when asked if dismissing Federal Reserve Chair Powell was an option, that Trump and his team will look into it. Hassett responded to reporters at the White House, saying: "The President and his team will continue to study this matter." The day before Hassett's exchange with the media, Trump escalated his long-standing dispute with Powell, accusing him of "playing politics" by not cutting interest rates and claiming he has the authority to "soon" remove Powell from his position.
- 15:39Bitcoin ETFs Net Inflow of 1,147 BTC Today, Ethereum ETFs Net Outflow of 3,775 ETHAccording to Lookonchain statistics, 10 Bitcoin ETFs saw a net inflow of 1,147 BTC today (approximately $97.03 million), with iShares (BlackRock) accounting for 955 BTC, currently holding a total of 573,188 BTC (approximately $48.47 billion). In contrast, 9 Ethereum ETFs experienced a net outflow of 3,775 ETH (approximately $6 million), with Grayscale leading the outflow of 5,241 ETH, and currently holding 1,169,305 ETH (approximately $1.86 billion).
- 15:39Redacted Coin Announces Final Tokenomics Plan for RDACAccording to official news, Redacted has announced the final allocation plan for the RDAC token. The official statement highlights that the token allocation reflects the principles of fairness, collaboration, and sustainable long-term development, aiming to incentivize early contributors, community participants, and builders. Within this plan, the Jirasan community will receive tokens with 25% unlocked at the TGE, followed by a 3-month cliff, and then linear monthly releases. There is potential for accelerated release upon reaching milestones such as Tier 1 listing, revenue, and market capitalization. Other community allocations will use different TGE unlock percentages, with a 3-month cliff and 24-month linear release. Team tokens are strictly based on market cap thresholds for unlocking, with a 12-month cliff. For every $100 million increase in market cap, 10% is unlocked; if the market cap does not reach $100 million, team tokens will be permanently burned, with the unlock cap set at a $1 billion market cap. Redacted stated that this model draws on the long-term incentive framework of Binance's founder, Changpeng Zhao, ensuring the team benefits only when goals are achieved. It also announced that previous versions of the token economic model are now void. Previously reported, Redacted completed a $10 million funding round, co-led by Spartan Group, with Saison Capital, Animoca Brands, and Polygon Ventures also participating.