Crypto

Crypto Market Analysis

Crypto Market Analysis | 21 June 2024  

Market Analysis

In the past 24 hours, AI-themed tokens recorded remarkable gains, with some surging up to 35%, significantly outperforming the broader crypto market. Among the gainers were tokens such as Fetch.ai‘s FET, SingularityNET’s AGIX, and Ocean Protocol’s OCEAN. This rally aligns with a notable rise in Nvidia’s stock, now the world’s most valuable company, reflecting growing investor interest in AI-related technologies.

In other news, MicroStrategy has expanded its Bitcoin holdings, acquiring an additional 11,931 BTC for $786 million. The acquisition brings the company’s total holdings to 226,331 Bitcoin, valued at about $15 billion at current prices. Since 2020, MicroStrategy has been a key advocate for Bitcoin, aiming to establish it as a reserve asset for corporate treasuries worldwide.

Additionally, Australia’s largest equity exchange has launched its first spot Bitcoin (BTC) exchange-traded fund (ETF), signaling the beginning of a global Bitcoin ETF wave in the region. This development marks a significant milestone for crypto investment opportunities in Australia.

In US election news, Gemini co-founders have donated $1 million each in Bitcoin to Donald Trump’s presidential campaign.

Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. The information provided in this post is not to be considered investment/financial advice from CoinSwitch. Any action taken upon the information shall be at the user’s risk.

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