Breaking Crypto News – Understanding the Market Dynamics of 4 Crypto News Highlights
Breaking Crypto News – As the second day of the week came to an end, the cryptocurrency sector also witnessed a variety of news. Bitcoin, for example, is sliding again, while the Cardano network plans to become a fully decentralized blockchain by the end of this year. Here is a summary of today’s developments:
Bitcoin Drops to $67K Again
Bitcoin continued its decline from $72,000 that started on Friday, breaking below $67,000 this morning in Europe. The drop comes after U.S.-listed spot bitcoin ETFs had total outflows of $65 million on Monday, marking the first loss since at least May 23, according to preliminary data released by Farside Investors. As of this writing, Bitcoin has dropped by more than 3.90% from a day ago.
The Fall of GameStop Shares Caused Cat-themed Coins to Decline
With some meme tokens that have a tendency to follow market fluctuations, GameStop‘s shares dropped 12% on Monday. After a more than 200% surge over the previous seven days, Solana-based meme coin GME—which parodies the company’s stock ticker—dropped 25%. According to CoinGecko statistics, related tokens that had previously moved with GME stock, such as Roaring Kitty and some tokens with cat themes, lost an average of at least 10%.
Cardano Network Comes to the Final Phase of a Multi-Year Initiative
Co-founder Charles Hoskinson announced in an X post that the Cardano network is scheduled to enter the last stage of a multiyear initiative to become a fully decentralized blockchain environment later this month. After the transition is finished, the community will be fully in charge of Cardano, with the Cardano development company IOHK no longer actively managing it.
It looks like June will be the month that Cardano Node will reach 9.0. This means that Cardano is Chang fork ready and waiting for 70 percent of the SPOs to install the new node. Then, a hard fork can occur pushing Cardano into the Age of Voltaire.
Hoskinson
Ether Price Drops
The graph displays the most popular Ether options on Deribit during the previous day. Calls are displayed in green and puts in red. Put options provide downside protection, and have seen a rise in trade activity among investors. On the other hand, the price of Ether has dropped by more than 4.34% in a day.
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