Weekly Crypto Wrap – What are the Key Highlights of the Top 6 Crypto News This Week?
Weekly Crypto Wrap – The cryptocurrency market is expected to be impacted by a number of important events this week. The cryptocurrency community is agog with anticipation over the FOMC meeting, significant token mergers, airdrops, and fresh advancements in liquid staking. Market observers and investors keep a careful eye on these developments to determine how they might affect asset values and market dynamics. A thorough look at what lies ahead is provided here.
Fjord Foundry Launches in Solana on June 10
Today, Fjord Foundry (FJO) will launch on Solana. With this launch, they promise lightning-fast transactions and access to Solana ecosystem projects, marking their first non-EVM integration. By giving enterprises smooth liquidity bootstrapping and providing backers with a selection of early-stage investments that show promise, the platform seeks to democratize access to early-stage prospects.
FOMC Meeting to be Held on June 12
The FOMC will convene on June 12 to assess the US economy’s current status and make crucial decisions pertaining to the federal funds rate. Since July 2023, the Fed has maintained a stable interest rate following a string of rate hikes intended to combat inflation.
This week marks a significant event for market watchers: the release of the US Consumer Price Index (CPI) statistics. As such, the outcome of this conference will probably have an impact on the cryptocurrency market as well as other financial markets.
Surprise Token Merger
SingularityNET (AGIX), Fetch.AI (FET), and Ocean Protocol (OCEAN) announced earlier this week that they would combine to form the Artificial Superintelligence Alliance (ASI). With a combined market valuation target of $7.5 billion, this merger will integrate the three networks into a single AI network.
The three original tokens will vanish on June 13 following the completion of the token merger, which will see FET renamed ASI as of June 11. The goal of this merger is to increase the value and utility of the component tokens by building a more potent and scalable AI ecosystem.
Starknet Token Unlock on June 15
Starknet will release 64 million STRK tokens, which are estimated to be worth $72.32 million, on June 15. These tokens will be given to investors and early contributors by Starknet. This week, notable quantities of the native tokens of several cryptocurrency projects, such as Aptos (APT), ImmutableX (IMX), and ApeCoin (APE), will be unlocked in addition to Starknet.
Airdrop Expectation for zkSync
After completing the v24 upgrade, zkSync is ready to launch its ZK coin. The mainnet deployment of the v24 upgrade was declared complete by zkSync last week. The zkSync team made a hint on X about releasing “the remaining missing pieces” by the end of June, which sparked speculation. The cryptocurrency community assumed that the airdrop and token launch were the missing elements.
Liquid BTC Staking Solution Will Be Available Soon
A liquid Bitcoin (BTC) staking solution by pSTAKE, which is based on Babylon’s BTC Staking Protocol, is another anticipated release for investors. With this new functionality, Bitcoin holders will be able to maintain liquidity while earning incentives on idle assets. Set to launch shortly, the BTC deposits for liquid staking—another way for Bitcoin holders to earn yield—were first announced in mid-May.
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