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On the Margin Newsletter: A look at crypto’s performance halfway through 2024
On the Margin Newsletter: A look at crypto’s performance halfway through 2024

Plus, what the latest economic data means for interest rates

Blockworks·2024/07/05 16:52
U.S. unemployment rate hits 4.1%, highest since 2021
U.S. unemployment rate hits 4.1%, highest since 2021

Share link:In this post: The U.S. unemployment rate rose to 4.1% in June, the highest since November 2021, despite an increase of 206,000 jobs. Long-term unemployment increased, and racial disparities in joblessness persisted, with higher rates for Black and Asian workers. Federal Reserve officials remain cautious about adjusting interest rates.Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this

Cryptopolitan·2024/07/05 16:22
Despite Mt Gox sell-off, market makers and investors are cautiously optimistic on BTC
Despite Mt Gox sell-off, market makers and investors are cautiously optimistic on BTC

Quick Take News of Mt Gox moving to repay creditors has sparked a broad crypto market sell-off. Market makers and investors, however, remain cautiously optimistic about bitcoin’s prospects.

The Block·2024/07/05 15:55
Grayscale Ethereum Trust discount to NAV quietly switches to a premium ahead of anticipated spot ETF launch
Grayscale Ethereum Trust discount to NAV quietly switches to a premium ahead of anticipated spot ETF launch

The Grayscale Ethereum Trust (ETHE) discount to net asset value (NAV) has quietly become a premium ahead of an anticipated spot ETF launch.The ETHE premium to NAV hit 0.31% on July 3, according to YCharts data.

The Block·2024/07/05 14:07
Crypto price correction continues despite equity indices gaining on robust US non-farm payrolls data
Crypto price correction continues despite equity indices gaining on robust US non-farm payrolls data

Price corrections continued in the wider cryptocurrency market, despite equity indices testing new highs following the release of U.S. non-farm payrolls data.

The Block·2024/07/05 13:49
More Details About the Mt. Gox Bitcoin Repayments: What’s Next?
More Details About the Mt. Gox Bitcoin Repayments: What’s Next?

The commencement of Mt Gox distributions comes as BTC struggles to remain above $54,000 after plunging roughly 5% in the past 24 hours.

Cryptopotato·2024/07/05 12:46
Flash
19:12
Sources: Multiple U.S. States Considering Lawsuit to Block Paramount's Acquisition of Warner Bros.
On June 6, it was reported that chief attorneys from several U.S. states are drafting a legal document to challenge Paramount Global's $110 billion acquisition of Warner Bros. Discovery (WBD.O), laying the groundwork for an antitrust lawsuit against this massive Hollywood deal. According to informed sources, senior officials from about 10 states have begun drafting complaint documents and discussing legal procedures to potentially file a lawsuit within this month to block the merger. California, a hub for the entertainment industry, is leading this effort. No final decision has yet been made regarding the filing of a lawsuit or which states will join the action. Most of the states considering the lawsuit are led by Democratic attorneys general, but at least two Republican attorneys general are also involved in the investigation. Officials from California and other states have reportedly met with Paramount and opponents of the deal, requesting sworn statements or testimonies that could be used in the lawsuit.
17:47
Jiang Zhuo'er: Bitcoin Has Not Successfully Broken Below $60,000 Support, Potential Rebound Over the Weekend
BlockBeats News, June 6th, BitDeer Mining Pool (B.TOP) founder Jiang Zhuo'er stated in a post that Bitcoin has not effectively dropped below the $60,000 strong support. The price difference between an exchange is shrinking, indicating that the selling pressure from ETFs and other US stock institutions is decreasing. There may be a rebound in the crypto market over the weekend. Yesterday, Jiang Zhuo'er announced that he had "bought the dip" and repurchased all his ETH holdings at $1645, expecting to start selling after a rebound in 1 to 3 days.
17:02
Tonight, the "Gathering of Heroes" sees the Whale perform buy-the-dip, accumulation, liquidation, and onlooker behaviors, where only those who respect the market can sail far.
BlockBeats News, June 6th. Tonight is destined to be a sleepless night for stock and crypto investors. Impacted by the better-than-expected employment data, the U.S. stock market opened lower and quickly experienced a deep decline. As of press time, the downward trend has not stopped, with the Nasdaq falling by 3.00%. Several AI stocks that were previously hyped saw significant pullbacks. The crypto market is even bloodier. As expected, a familiar scene of liquidation and repositioning played out. However, tonight there were also multiple whales accompanying this: A whale who leveraged 104,772.57 WETH for a long position on-chain also experienced partial liquidation. It is worth mentioning that this whale was the same one who bought the dip during El Salvador's February sell-off. However, with the changing times, as this whale watched helplessly as their position was liquidated tonight, El Salvador was already lamenting on the shore about the astonishing speed of the market decline. In addition, during the on-chain whale liquidation, several well-known traders were bottom fishing and giving out signals. The most famous among them is the whale known as "Setting 10 Big Targets First," who opened a position at $60,153.8 per BTC, buying 2,835.32 BTC, worth $170 million. Killa is slowly accumulating with spot positions and low leverage. Ansem, on the other hand, advises users not to rush to bottom fish. The market is like an ocean, attracting all kinds of talents, with whales churning the waters. Some awaken during liquidation, while others accumulate during the bloodbath. True wisdom lies not in catching the bottom but in surviving through each cycle. Tonight, no one can escape the waves; tomorrow, only those who show reverence can continue to sail.
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