Newsletter

The Bitcoin Bungalow | Issue 12 | June 18 2024

June 18, 2024

Christos Salaforis

3 minutes

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πŸ“ˆ General Bitcoin Market News

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Fear and Greed Index

  • ‍Current Value: 74
  • Change Since Last Week: 0
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Bitcoin Fear & Greed Index
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Bitcoin Price Update

  • ‍Current Price: $64,605.09
  • Weekly Percentage Change: -3.6%
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Click Image to View Dashboard

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‍Market Sentiment

  • Bitcoin price slips further to $64,605 by another -3.6%. The summer lull continues but Bitcoin continues to rise in market dominance.
  • US ETFs are netting an outflow of -$3.6B whilst HK are netting a modest outflow of -$35.4M bringing total net outflows across US and HK to -$3.6B which seems to indicate a rise in fear as the BTC price dips: source‍
  • With the latest outflows, the price has continued to drop as the alt market is massacred.
  • The federal funds rate (FFR) is steady at 5.25-5.5%.
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BTC Liquidations

  • Total Shorts Liquidated: $70.4M
  • Total Longs Liquidated: $168.83M

Source

🌐 Bitcoin Ecosystem Updates

  • Breakthrough - ZK proof verification on Bitcoin. Read more
  • VolaArk announce partnership with BitLayer to bring their volatility splitter to BTC derivatives.
  • Reported on June 15:
    • Total Value Locked (TVL): $429.83M (+15.68%)
    • Bitlayer Website Users: 746K (+8.6%)
    • Daily Transactions: 65,919 (+89.84%)
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  • BOB | Build on Bitcoin Top Headlines:
    • Particle Network set to bring Chain Abstraction to BOB, enabling use of tokens on any other chain to interact with its ecosystem.
    • Arcana will integrate into its Auth SDK, enabling seamless social logins for dApps on BOB.
    • Sovryn DEX 2.0 is Live on BOB with Runes Enabled:
      • Lower fees
      • Buy any amount, no predetermined lots
      • Swap between Runes and any other listed asset
      • Guide

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  • ‍B2 Network Top Headlines:
    • Collaboration with Master Protocol. The collaboration will boost the LSDFi on B2 and promote its use in the Master Yield Market, providing liquidity for the BTC ecosystem.
    • Collaboration with Mind Network. Mind Network is the first FHE Restaking Layer for AI networks. Its solution enables verifiable decentralized computation over encrypted data.
    • Generic Stablecoin brings GUSD to B2, thereby boosting its liquidity.

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  • Botanix Labs Top Headlines:
    • More than 300,000 wallets connected on testnet.
    • Kult Games is joining the network, merging play, work, and trade in a Web3 wonderland.

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  • Merlin Chain Top Headlines:
  • Announce launch of Merlin OnChain Summer with up to 3M MERL incentives up for grabs!
  • Introducing Merlin's Adventure, a 210M MERL grant program – apply here.
  • Merlin reaches $1.2B in TVL, making it number 1 by TVL in the Bitcoin ecosystem.

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  • Rootstock Top Headlines:
    • Over 40 dapps deployed to Rootstock thanks to the Rootstock Labs grant program. Apply here.
    • Chain Port integrates Rootstock to enhance cross-chain accessibility.
    • Merkl Reward Hub now supports Rootstock. This means you can now earn rewards with Merkl on the smart contract sidechain, or create your own incentive campaigns!

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  • Stacks Top Headlines:
    • Read the full Building Blocks report on Stacks by Grayscale, here.
    • Why Stacks? Read more

Here's how easy it is to create a dashboard with
Stacks data on Ortege Studio:

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‍Closing Thoughts‍

As the Bitcoin market experiences a downturn, it's crucial to stay informed and proactive. This week's outflows and price adjustments signify shifts that could impact your investment and engagement strategies. Take advantage of Ortege Studio's upcoming features by pre-registering to access fresh data across various networks. Equip yourself with the tools to navigate these changes effectively. Sign up today to transform your understanding of the blockchain landscape and secure a leading edge in the crypto ecosystem.

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