Morning Minute | Crypto Fireworks for the 4th of July

TylerD's Market Summary

🎢 Bitcoin Rollercoaster Over Holiday Weekend

Let's just say it was a good weekend to be out touching grass and/or celebrating the 4th of July weekend with family and friends.

And not inside watching the screens.

Because the screens showed all doom and gloom (until this morning).

What Happened?

Bitcoin was holding at $60,000 headed into July 4th and the long holiday weekend.

Then all hell broke loose.

A combination of continued selling from the German Government, the first major movement of $2.7B worth of Mt. Gox Bitcoin on Thursday night (yes on the 4th of July) and the US Government also selling drove down the price of BTC.

Bitcoin touched $54,000 early Friday morning, briefly rallied back to $58,000 over the weekend, and then fell to $54,500 again last night.

Before rebounding back over $57,000 this morning.

An exhausting rollercoaster for anyone watching closely and/or trying to trade the volatility.

Market Impact

After the dust settled, this is where we're at on the weekly for the majors:

• BTC at $57,200 (-9%)
• ETH at $3,040 (-12%)
• SOL at $141 (-4%)

So Solana is clearly outperforming here during the bleed.

The picture for memes is a bit worse:

• DOGE at $15.85B mc (-12%)
• SHIBA at $9.8B (-2.4%)
• PEPE at $3.7B (-22%)
• WIF at $1.72B (-22%)
• BONK at $1.6B (+0.4%)

WIF and PEPE down 22% hurts, especially for downstream memes which were hit harder.

And BONK is looking as strong as ever, closing the week green and neck and neck with WIF now by mc.

What's Next?

This price action has led to many on CT asking more loudly if the cycle top is in.

That's still hard for me to believe personally, despite the recent bleed.

On the near-term horizon:

• ETH ETF approval and launch (maybe even this week!)
• Two rate cuts now priced in for 2024
• The election cycle and potential ease on crypto regulation
• Solana ETFs?

It's a bullish backdrop.

Bears may have the upper hand this summer, but their clock is ticking...

🚚 What else is happening in NFTs?

Here is the list of other notable headlines from the weekend in NFTs:

• ETH led NFT trading volume with $5.3M (+40%) on the day; Bitcoin was next with $2.5M, and then SOL with $2.4M
• ETH NFT leaders were slightly red on the day; BAYC -2% to 9.5 ETH, Pudgy -1% to 10.35 ETH, Azuki +1% to 3.66 ETH and Milady -3% at 5
• Smowls and Loot were top movers on the day, jumping 40% and 25% respectively
• The CryptoPunk floor reached 28.8 ETH as ETH fell over the long weekend
• BTC NFT leaders were mostly green after a weekend pull back; NodeMonkes +1% at 0.163 BTC, Puppets +3% at 0.124 BTC, OMB -1% at 0.205 and Quantum Cats +2% at 0.25
• The Runes leaders were also green after a big pullback; DOG +1% at $470M mc, RSIC -6% at $81M mc and PUPS +1% at $5M
• Solana NFTs were mixed; Mad Lads -3% at 85 SOL, SMB Gen 2 -1% at 33, DeGods -1% at 19, Tensorians +1% at 13
• The bankrupt fund 3AC bought a Seerlight 1/1 "Neon Village" for 20 ETH on Friday due to a forgotten bid
• Notable collector Kanbas bought Punk #2 for 130 ETH
• A Fidenza sold for 20 ETH, the lowest sale in years for that collection

💰 Token, Airdrop & Protocol Tracker

Here's a rundown of major token or airdrop news from the weekend:

🌎 Around Crypto and Web3

A few other Crypto and Web3 headlines that caught my eye:

• Crypto majors are slightly green this morning after a big recovery; BTC -0.3% at $57,205; ETH +1% at $3,030, SOL +1 at $140
• Memecoin majors are mostly red with DOGE -1%, PEPE -4%, WIF -7%, BONK +6%, MOG -4%
• Mt Gox moved $2.7B in BTC late on July 4th, causing a scare and dip in the BTC price
• Two interest rate cuts are now priced in for 2024, up from just one expected cut
• Donald Trump began talks of using Bitcoin as a strategic reserve asset for the US
• Solana did more volume on Saturday than ETH and Arbitrum combined

🚀 Memecoin Movers 

• $Doogle (+50%, $9M market cap, SOL)
• $BILLY (+22%, $167M market cap, SOL)
• $GIGA (+18%, $120M market cap, SOL)
• $DADDY (+12%, $111M market cap, SOL)
• $PONKE (+4%, $204M market cap, ETH) 

📈 NFT Floor Price Increase (ETH)

• Yogapetz (73%, 0.12 ETH Floor)
• SMOWL (40%, 0.23 ETH)
• Loot (25%, 0.25 ETH)
• Band Bears (22%, 4.89 ETH)
• Overworld Incarna (21%, 0.59 ETH)

🗓 Upcoming Mints and Events

Today is a very slow day of drops coming off the holiday weekend.

Adam Disbrow is the meme card artist, and there are a few drops on Bitcoin today as well.

See the full list and dive in for more details with Swizzy's daily mint monitor. 

• Memes by 6529 (11:00 a.m. ET)
• BlocKhZ (12:00 p.m. ET)
• BTC Machine - ZBIT Loot Box (12:00 p.m. ET)

Enjoy this write-up and/or want to sponsor the Morning Minute? Follow along with me on Twitter @tyler_did_it or reach out via email to tyler.warner@luckytrader.com.