The first line of the market | ZRO tokens are online, the encryption market continues to be sluggish; 3iQ applies to launch the first Solana ETP in North America; Nvidia leads the technology stocks, FET and AGIX lead the rise of AI tokens; Midas launches mBASIS, an income-based token benchmarked against Ethna; Technology stocks fell, with weak performance in the US and Asian markets.

Daily Summary of the Crypto World: 3iQ applies to launch the first Solana ETP in North America; NVIDIA becomes the most valuable company globally, with FET and AGIX leading the way in AI tokens; Midas launches income-based token mBASIS benchmarking Ethna

First, let's look at the trading activity of Bitcoin ETF. According to Farside Investor data, on June 18th, Grayscale Bitcoin Spot ETF (GBTC) saw a continuous outflow of $53.1 million, while Fidelity Bitcoin Spot ETF (FBTC) saw an outflow of $51.1 million.

Nvidia leads the technology stocks, FET, AGIX lead the rise of AI tokens

Chip maker NVIDIA's stock price has soared 5% since Monday, pushing its market cap past Microsoft to become the world's most valuable company. Although NVIDIA has no direct relationship with any cryptocurrency company, its stock price surge often drives up tokens related to artificial intelligence.

In the past 24 hours, the cryptocurrency tokens in the AI zone have surged by 35%, far exceeding the overall crypto market changes. Analyst Edward Wilson of Nansen.ai said, "The field of artificial intelligence is very popular in both traditional and crypto markets." NVIDIA's performance is stunning, and the rise of AI concept tokens is expected. Tokens such as NEAR and RNDR have risen by about 300% in the past year, while the increase of ETH in the same period is only slightly higher than 100%, showing a high level of market interest in the AI field.

According to CoinGecko's data, Fetch.ai's FET, SingularityNET's AGIX, and Ocean Protocol's OCEAN have led the rise of smart tokens in artificial intelligence, with an average growth rate of 15% in this field. Tokens with a market capitalization of over 100 million dollars have risen by at least 4%, far exceeding the 0.22% increase of the CoinDesk 20 (CD20) index.

In addition, SingularityNET, Fetch.ai, and Ocean Protocol will form the "Artificial Intelligence Super Alliance" on July 15, 2024, and merge the three tokens into ASI Token.

3iQ applies to launch the first Solana ETP in North America

Investment firm 3iQ has applied to launch Canada's first Solana exchange-traded product (ETP). In a statement on Thursday, the company said that the ETP, called Solana Fund, will provide Canadian investors with the opportunity to invest in SOL without the need for a hot wallet or other blockchain-related technologies. If approved, the fund will be listed on the Toronto Stock Exchange under the ticker symbol QSOL.

Greg Benhaim, 3iQ's COO and Head of Trading, said:"As a pioneer in digital asset investment management, we look forward to continuing our mission of providing regulated investment vehicles - reflecting the highest standards and collaborating with first-class partners - so that individual and institutional investors can efficiently access the category of encrypted assets."

It is currently unclear when Solana Fund will be open to investors.

Midas launches a new yield-based Token mBASIS, aiming to surpass Ethena

Tokenization platform Midas has launched a new income token called mBASIS, aiming to surpass Ethena. mBASIS is a USD-denominated ERC-20 token that generates income through the 'delta-neutral basis trading' strategy. This trading strategy involves profiting from price differences between the spot and perpetual futures markets.

Midas founder and former Goldman Sachs investment research analyst Dennis Dinkelmeyer stated that there are several differences between mBASIS and Ethena's sUSDe. mBASIS is managed by "a leading licensed asset management company that operates under fiduciary responsibility to ensure that the investment process is in the best interest of the investors"; mBASIS's assets are managed by independent regulated fund manager NAV Consulting.

In addition, mBASIS provides bankruptcy protection, and client assets are held in a special purpose vehicle that is protected in the event of bankruptcy. If there is a default, the collateral agent will distribute the assets to the creditors.

Dinkelmeyer added that mBASIS aims to achieve returns higher than the market by actively allocating the basic positions of the top 20 altcoins, whose returns are typically higher than those of Bitcoin and Ethereum.

Market Analysis: The flagship project ZRO is finally online, but the community's response is very intense

Market Trends

• BTC: The price of Bitcoin falls below $65,000, and the market sentiment is clearly affected.
• ETH: Ethereum prices are adjusting around $3,520, without showing clear signs of rebound.
• AltCoin: Overall decline, market sentiment is pessimistic. The listing of two large-cap new coins LISTA and ZRO attracted a large amount of funds, leading to severe bloodsucking in the overall market.

Macroeconomic Aspects:

• The US stock market has experienced a slight pullback. This Friday is the options settlement day for the US stock market, which may further impact the market.

Market Hotspots

1. Cross-chain bridges protocol Layer Zero

• ZRO: The token ZRO of this protocol was launched on major trading platforms last night, with a current price of $3.35 and a market capitalization of $3.35 billion.
• Airdrop Claiming Mechanism: Claiming ZRO airdrops requires mandatory donation, and each ZRO claimed requires donating tokens worth 0.1 USD to Protocol Guild.

2. AI Concept Token

• ARKM, WLD and other AI concept tokens continue to rebound. Technology stocks such as NVIDIA have performed strongly, triggering speculation by retail investors in the field of AI narrative tokens in the cryptocurrency sector.

3. Meme zone

• Cat POPCAT, Frog TURBO and other Meme tokens have seen a pump.
• New Meme on Solana Chain: Early this morning, the Chinese-led Meme token KITSUNE went live and surged tenfold in a short period of time, but then fell back to its initial pump point. KITSUNE is the first fox Meme token.
• Overall Market: The overall performance of the Meme zone follows the market, showing a weak trend.

The current market is in a period of significant fluctuation, investors need to be cautious in their operations:

• The trend of BTC and ETH is still unclear, it is recommended to closely follow the key support and resistance levels. The listing of the ZRO token of the * Cross-chain Bridge Protocol Layer Zero has attracted market attention, but its airdrop claiming mechanism is quite special, and there are widespread complaints in the community.
• AI Concept Token is likely to continue to be driven by the performance of technology stocks and may continue to be speculative in the short term.
• Meme zone Although there is a short-term outbreak, the overall performance is unstable, and investors need to pay attention to Risk Management.

In the current market environment, it is recommended for investors to stay calm, closely follow market trends, allocate assets reasonably, and avoid blindly chasing highs.

Macro: Dragged down by chip stocks and economic data, the S&P 500 fell back after hitting a historic high; Asian stock markets closed weakly

On June 20, the S&P 500 and Nasdaq indices closed lower in Thursday's trading. Market leader NVIDIA fell back after an early pump, as investors assess the latest economic data and Fed officials' remarks to judge whether there will be a rate cut this year.

Specific indices: the Dow Jones Industrial Average rose by 0.77%, the S&P 500 index fell by 0.25%, and the Nasdaq index fell by 0.79%.

Earlier, the S&P 500 index first touched the key 5,500-point mark, and many brokerages predicted that the index would reach this target by the end of the year. The Nasdaq, on the other hand, ended a record seven consecutive trading days of closing at new highs.

Nvidia's stock fell 3.54% after an earlier pump. On Tuesday, the chip maker surpassed Microsoft to become the company with the highest market capitalization, but Microsoft has since regained this position.

Asian stock markets closed weak this week, with the yen showing weakness

On June 21, Asian stocks retreated after hitting a 26-month high at the beginning of the week, ending the day with a weak performance. The interest rate cut by the European Central Bank strengthened the US dollar, further pushing down the yen, approaching levels where Japanese authorities may intervene.

MSCI Asia-Pacific stock index fell 0.05% on Friday, affected by the pullback in technology stocks, following the trend of Wall Street stocks overnight. The Nikkei index fell 0.02% in Japan. The Chinese stock market remained basically flat, with the Shanghai Composite Index maintaining above the key level of 3,000 points. The Hang Seng Index in Hong Kong fell 0.9%.

In overnight trading, the Swiss Central Bank cut interest rates again, while the Bank of England reserved space for August easing after keeping interest rates unchanged. The pound, Swiss franc, and euro all fell, while the US dollar strengthened across the board.

Due to the accelerated pace of interest rate cuts in Europe, the euro fell by 0.4% against the US dollar to 1.0705; the pound remained unchanged against the US dollar at 1.2658, its lowest level in five months. The yen fell by 0.1% to 159.01, its lowest level since the Japanese authorities intervened in the market at the end of April.

In terms of commodities, oil prices consolidated on Friday after touching a seven-week high earlier this week. Brent crude futures fell 0.1% to $85.59 per barrel, while U.S. crude futures fell 0.1% to $81.19 per barrel.

The price of gold remains steady at $2,358.83 per ounce.

Author: Sherry S. & Icing. This article represents only the author's point of view and does not constitute any trading advice. This article is original and the copyright belongs to Gate.io. If you need to reprint, please indicate the author and source, otherwise legal responsibilities will be pursued.