We compile the top news stories weekly in the crypto, blockchain, metaverse, and NFT space. The weekly wrap-up covers everything from BTC and ETH updates to recent investments, developments of exciting new projects, and other relevant topics.
Here is everything you need to know for the week of June 10th to 14th.
📈 Weekly BTC and ETH Overview
The FED announced that interest rates will maintain between 5.25% to 5.5%, which has also reflected on the crypto market as it has moved in a very slow horizontal direction over the past week. As both BTC and ETH fail to see upward momentum and BTC drops below the $68K resistance level, analysts set sight on the $60K support level and that the trending average in the next months could move toward $56K. As for ETH, analysts speculate a drop below $3.5K in the upcoming weeks as the summer starts to come into swing.
At the time of writing, BTC is trading at $66.9K, down 0.55% in the last 24 hours. Similarly, ETH is trading at $3.5K, up 0.93% in the previous 24 hours.
🗞️ Top Market News
- Solana has upgraded to Mainnet v1.18.15 to enhance stability. This update includes an optional central scheduler feature to resolve performance bottlenecks during network congestion. Read more here
- Ripple has introduced the Ripple USD (RLUSD) stablecoin. XRP is a 1:1 USD-backed stablecoin on XRP Ledger and Ethereum. Ripple has not specified a launch date, but it is expected to take place later this year. Ripple is a fintech company that builds payment systems, while XRP is an independent digital asset. Read more here
🚀 New Project Developments
- AIT Protocol has partnered with Vanar. As part of this collaboration, Vanar's ecosystem partners can leverage advanced AI machine-learning tools to access talent, drive innovation, and accelerate business data analysis. Read more here
- Binance Labs and BNB Chain have launched the BNB Incubation Alliance. This incubator aims to support and expedite the growth of early-stage blockchain projects through a series of global events. A key highlight of the program is the opportunity for winning projects to be fast-tracked into the prestigious Most Valuable Builder, receive BNB Chain grants, access to the Launch-as-a-Service package, and potential Binance Labs investment opportunities. Read more here
- MetaMask has launched a pooled staking service for Ethereum. Users can now stake any amount of Ether to contribute to the security of the Ethereum network and earn validator rewards. The pooled staking service will be rolled out in phases and is currently available to some eligible users, excluding those in the US and UK. Read more here
🔍 More Featured Stories…
- European law enforcement agencies have expressed concerns about privacy coins, Layer-2 networks, and crypto mixers. The European Union's Innovation Hub for Internal Security has alerted law enforcement agencies that crypto platforms such as mixers, privacy coins, and layer-2 blockchains can complicate tracing efforts. In a separate report, France's Autorité des Marchés Financiers (AMF) stated that crypto continues to pose a high risk for money laundering. Read more here
Related Market Updates
Market Updates: May 13 - May 17
The market is slowly gaining momentum again after the downward trends shortly following the halving. Given the positive spot Bitcoin ETF results of the last week, and movement across multiple projects within the space, Bitcoin broke through the $60K support level, reaching $66K at the end of this week. On the other hand, Ethereum is trading around the $3K level, which is located near the $2.8K support zone.
Market Updates: Apr 22 - Apr 26
One week after the halving, Bitcoin has failed to continue on its $75K rally and has seen the price fall to 5% in the past week. Based on market conditions, analysts say the price could fall below $52K in the upcoming weeks or break through the $72K mark, indicating a move toward the anticipated all-time high of $120K.