Major cryptocurrencies like Bitcoin, Ethereum, and Solana face notable declines as a large amount of Bitcoin moves from Mt. Gox, impacting market sentiment. Regulatory developments like the Basel Committee’s crypto disclosure framework and global discussions on digital finance add to the market’s volatility. Meanwhile, a 10-year-old Filipino NFT artist gains recognition and AI and Web3 industries see advancements and calls for workforce preparation.
In the past 24 hours, major cryptocurrencies have faced significant drops in value. Bitcoin fell 7.7% to $54,358.27, Ethereum declined 10.3% to $2,895.55, Solana decreased 6.6% to $127.13, and newer tokens like Petals saw a 63.5% increase to $0.001. LayerZero and ZKsync fell 14.8% and 16.9%, respectively.
A significant driver of this market downturn was the movement of a large amount of Bitcoin by a wallet linked to the defunct exchange Mt. Gox, which is likely preparing to repay creditors. Justin Sun expressed interest in purchasing Bitcoin held by governments, including Germany. Whalewire reported this as the second-largest liquidation event in Bitcoin’s history. Over $580 million in long positions were liquidated, with Bitcoin and Ether accounting for $380 million of the total.
In the Philippines, the crypto community remains active. ICP Hub PH broadcast its 52nd episode of IC Stories MNL. Paytaca released Version 0.19.0 of its app, and the Bicol Blockchain Community detailed its upcoming Solana Ecosystem event in July. Arweave PH is offering a $10,000 prize pool in the Balangay Builders Program.
In regulatory news, the Basel Committee has approved a crypto disclosure framework for banks to be implemented by 2026. Legal rulings in the U.S. and the absence of crypto discussions in the UK’s political landscape were highlighted. Meanwhile, the U.S. and EU discussed regulatory cooperation on digital finance.
A 10-year-old Filipino artist, Sevi Agregado, has gained recognition as an NFT artist, with his works exhibited in New York and Draper Startup House. He recently shared his journey during a workshop hosted by the Rotary Club of Makati and Ownly.io.
In AI and Web3 news, Senator Joel Villanueva called for the Philippine government to prepare the workforce for AI technologies. WIPO reported China’s dominance in generative AI patents, and ConsenSys acquired Wallet Guard to enhance Metamask’s security.
In Web3 gaming, Chibi Clash launched a new competition, and Yat Siu of Animoca Brands predicted a surge in Web3 users via gaming platforms. Pixelverse will feature the Solana meme coin MEW in its games.
Upcoming events include a Node Key NFT workshop in Albay on July 5, 2024.
Key industry updates include CoinDCX’s acquisition of BitOasis and Binance’s delisting of major trading pairs. Opera Mini’s MiniPay app now supports Tether’s USDT and Circle’s USDC. Russia’s central bank recommended using cryptocurrencies for international transactions. UK voters are urging political candidates to address crypto policies.
