🦎🚀 The Floors Are Falling Out 😲

Tuesday, July 4, 2023

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Bitcoin has surged above $31,000 for the second time in the last week and Ethereum is approaching $2,000 as the cryptocurrency rally continues.

Institutional investors have contributed $125 million in inflows in the past week, signaling strong market momentum, according to investment firm CoinShares.

For today's news, we have BlackRock refiling its ETF application, 3AC founders pledge to donate their future earnings and BAYC capitulation.

Job Search Trends, Revealed

Evidently, job seekers have shifted focus to the advancing AI sector. According to Google Trends data, search interest in 'AI jobs' peaked 4 times higher than 'crypto jobs'.

Average search interest in 'AI jobs' was 3 times higher than 'crypto jobs' in 2020, up until the start of the crypto rally early 2021.

24h Hot Searches Worldwide

Polygon (+2.5%)
ApeCoin (-0.5%)
Curve DAO (+4.6%)
BitDAO (+2.2%)
Pendle (-24.4%)
Sui (+3.0%)
Pepe (+0.7%)

Fully Diluted Valuation (FDV) and Market Cap - do you use either of these metrics when evaluating coins? Find out what they mean and how to use them in this video!

Let's find out here!

In It to Win It

BlackRock has refiled its Bitcoin ETF application, this time naming Coinbase as its surveillance-sharing partner.

This decision comes after the SEC criticized previous proposals for lacking adequate surveillance-sharing agreements, which are essential in preventing market manipulation.

Coindesk

Karma Farming

The founders of Three Arrows Capital (3AC), Su Zhu and Kyle Davies, have pledged to donate their future earnings to creditors as a gesture of karma.

Davies described the plan as a "shadow recovery process", As 3AC undergoes liquidation proceedings to recover value and repay creditors, the company's outstanding debt amounts to $3.5 billion.

Coindesk

Supply and Demand

Bored Ape Yacht Club (BAYC), a well-known NFT collection, has experienced a significant price drop, reaching its lowest level in nearly two years at 27 ETH (approximately $53,000).

The decrease in price can be attributed to a decrease in buyer demand, as a major BAYC holder, known as Machi Big Brother, sold a large number of NFTs on the Blur marketplace to take advantage of bonus tokens offered by the platform.

The Block