Top 10 Crypto Updates for the Third Week of June 2024

Jun 24, 2024

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Top 10 Crypto Updates: Third Week of June 2024From substantial outflows in Bitcoin investment products to new financial products and major corporate moves, these updates provide a snapshot of the dynamic crypto landscape.

The third week of June 2024 was marked by significant developments in the cryptocurrency world. 

Bitcoin Investment Products Saw Over $600M in Outflows Last Week: CoinShares

A dramatic scene illustrating over $600M in outflows from Bitcoin investment productsCoinShares says that $621 million left Bitcoin investment products last week because of mixed economic signals in the U.S. This is the most money leaving the country since March 22. The overall ecosystem of digital assets lost $600 million, all of which was due to Bitcoin’s losses. 

With $273 million going out, Grayscale’s GBTC was the worst hit. Altcoins like ETH, LIDO, and XRP saw small amounts of money coming in. Bitcoin’s price fell to $65,100 before leveling off at $66,000. This was due to the Federal Open Market Committee’s (FOMC) “hawkish” stance and stable U.S. inflation data.

Trump and Biden Likely Won’t Shake Hands at Debate, Prediction Market Says

A tense political debate scene on a stage with podiumsMarket for predictions Polymarket thinks that Joe Biden and Donald Trump will not shake hands at the first presidential debate in 2024, which will be held on June 27, 2024. Shares that show a handshake are trading for 32 cents, which means there is a 32% chance of that happening. 

Since the 2016 election cycle, there have been no handshakes. This is because of more hostility and, starting in 2020, COVID-19 protocols. The next debate is likely to be heated, with people talking about Trump’s legal problems and his claims about the 2020 election, as well as Hunter Biden’s problems and President Biden’s mental agility.

A dynamic scene illustrating the slide of AI-related crypto coins amid peak retail investor interestGoogle Trends shows that cryptocurrencies like FET, RNDR, TAO, and GRT that are related to AI have dropped over 20% in the last week. This happens at the same time that people are most interested in AI. This fits with the historical pattern of market tops being marked by big jumps in crypto-related Google searches. 

This supports Warren Buffett’s strategy of buying when the market is down and selling when it’s up. The highest interest score on Google Trends was 100 for “AI,” which means that the most people were searching for it. 

Investors may want to be careful with their money because of all the excitement about AI and how it will fit into everyday life. Similar trends have happened before market corrections.

MicroStrategy Is Pioneering Bitcoin Capital Markets, Bernstein Says

A dynamic scene illustrating MicroStrategy's pioneering role in Bitcoin capital marketsBernstein says that MicroStrategy is a leader in the Bitcoin capital markets because it is creating institutional demand for Bitcoin-linked convertibles. The company has raised $4 billion in convertible debt to buy Bitcoin. 

It is the only business with a strategy for investing in Bitcoin that brings in big money. The 214,400 bitcoins that MicroStrategy owns are worth about $14.5 billion, and the company hasn’t sold any since 2020. 

The company’s plan lets it benefit from Bitcoin’s possible rise in value while also lowering the risk of going out of business. Bernstein still rates MicroStrategy stock as “outperform” and sets a price target of $2,890 for it.

Martin Shkreli Says He Is Behind Trump-Linked DJT as ZachXBT, GCR Start Poking Around

Martin Shkreli, also known as “Pharma Bro,” said that he and Barron Trump made the DJT token, a controversial cryptocurrency that some people say is connected to Donald Trump. 

When asked about his involvement at first, Shkreli denied it, but when blockchain detective ZachXBT and crypto trader GCR started looking into it, he admitted it. The Trump campaign has not responded to Shkreli’s claims. 

The news came after Shkreli bet $100 million that the token was real. A big holder sold $830,000 worth of DJT, which caused the price to drop 58%. The event shows that the crypto community is still being closely watched and interested.

German Government Agency Moves $425M Bitcoin, Some to Crypto Exchanges

The German Federal Criminal Police Office (BKA) moved $425 million in bitcoin, sending portions to crypto exchanges Kraken and Bitstamp. Arkham data showed that 6,500 BTC were transferred to another wallet, with $32 million deposited on each exchange, indicating a potential intention to sell. 

The BKA had previously seized nearly 50,000 BTC from the piracy site in 2013. The recent transactions suggest the agency is managing its seized bitcoin holdings, possibly preparing to liquidate part of its assets.

AI Tokens Led by FET, AGIX Surge as Nvidia Zooms to Become World’s Most Valuable Company

Tokens with AI tokens have gone up by up to 35% in the last 24 hours, doing much better than the overall crypto market. The most gains were made by’s FET, SingularityNET’s AGIX, and Ocean Protocol’s OCEAN. 

This growth matched the rise in Nvidia’s stock, which made the company more valuable than Microsoft and made it the most valuable in the world. This surge was caused by more people wanting to buy technologies that use AI. 

Edward Wilson, an analyst, pointed out that AI tokens were doing much better than traditional cryptocurrencies like ETH. This showed that AI is popular in both traditional markets and crypto.

Canada’s 3iQ Files to List Solana ETP in Toronto

3iQ, a Canadian asset manager, has sent the Ontario Securities Commission a prospectus to list the first publicly traded Solana exchange-traded product (ETP) in North America on the Toronto Stock Exchange (TSX). 

If approved, the Solana Fund will trade with the symbol QSOL and give investors access to changes in the price of Solana and a stake yield. 3iQ, which is known for starting Bitcoin and Ether funds that are traded on the stock market, wants to improve the way people invest in digital assets in Canada and keep it as a center for innovation in digital asset investment management.

Billionaire Tech CEO Michael Dell Signals Bitcoin Interest Via Michael Saylor Retweet

By retweeting a Bitcoin-friendly post from MicroStrategy’s Michael Saylor, Michael Dell, CEO of Dell Technologies, showed that he might be interested in Bitcoin. As a response to Dell’s tweet, “Scarcity creates value,” Saylor wrote, “Bitcoin is digital scarcity,” which Dell then shared again. 

Dell then sent a picture of Cookie Monster eating Bitcoin as the trade went on. Dell Technologies hasn’t added Bitcoin to its cash flow plan yet, but this interaction shows that the company is becoming more interested. Saylor, who is in charge of MicroStrategy, bought 226,331 bitcoins worth $15 billion to push businesses to use Bitcoin.

Tokenized RWAs Could Reach Up to $4 Trillion Market Value by 2030, McKinsey Report Says

In a best-case scenario, McKinsey & Company thinks the market for tokenized real-world assets (RWAs) could grow to $4 trillion by 2030. This is due to assets such as mutual funds, bonds, and loans. 

In the worst case, the market could be worth about $2 trillion, and widespread use is still a long way off. There is a “wait and see” mentality among many financial institutions, but early adopters could get a big share of the market. 

The report says that growth could be boosted by flexible rules and cooperation between businesses. However, there are still problems with combining blockchain technology with current financial methods.

Key Takeaways

  • Money Leaving Bitcoin Investments: There was a $621 million loss in Bitcoin investment products, the most since March 22. This was due to mixed economic signals in the U.S.
  • Predictions for the debate: There is a 32% chance that Biden and Trump will not shake hands at the first presidential debate in 2024.
  • AI Crypto Slide: Coins like FET and RNDR that are related to AI dropped more than 20% at the same time that people were most interested in AI.
  • Strategy of MicroStrategy: To buy Bitcoin, MicroStrategy raised $4 billion in convertible debt, which was the first time that Bitcoin capital markets were used.
  • DJT Token Drama: Martin Shkreli said that he and Barron Trump made the DJT token, which caused a lot of trouble in the market.
  • German Bitcoin Move: Parts of $425 million in Bitcoin were sent to the exchanges Kraken and Bitstamp by the German Federal Criminal Police Office.
  • AI Tokens Rise: These tokens, like FET and AGIX, have AI themes and rose up to 35%. This is because Nvidia has become the most valuable company in the world.
  • 3iQ has filed to make the Toronto Stock Exchange the first place in North America where the Solana ETP can be bought and sold by the public.
  • Interest in Bitcoin by Michael Dell: A retweet from MicroStrategy’s Michael Saylor gave Michael Dell a hint that he might be interested in Bitcoin.
  • Tokenized Assets Forecast: McKinsey thinks the market for tokenized real-world assets could reach $4 trillion by 2030, but widespread use is still a long way off.