Crypto News Today: VanEck's Solana ETF Bid Ignites Market

Crypto market cap rose by 1.30%, reaching $2.41 trillion

• Despite the crypto industry's multibillion-dollar influence effort, Joe Biden and Donald Trump did not discuss cryptocurrency in their first debate.

• Two industry experts believe a change in the SEC Chair is necessary to consider a spot Solana ETF.

Major Events To Watch

Crypto Fear and Greed Index:

The Crypto Fear and Greed Indicator shows market sentiment at 47, up from 40 yesterday and down from 53 last week.

Crypto market has experienced a recent increase in value

TOP 5 Gainers Coins

Latest Market Update: 

• #Bitcoin ($BTC) surpassed the $61,500 mark early Friday.

• Other major altcoins like #Ethereum ($ETH), #Dogecoin ($DOGE), #Ripple ($XRP), #Solana ($SOL), and #Litecoin ($LTC) showed minor gains.

• #Akash Network ($AKT) token saw the highest gain, rising nearly 15% in the last 24 hours.

• #Fetch.ai ($FET) experienced the biggest loss, dropping over 11% in the same period.

• The total crypto market volume in the last 24 hours reached $61.44 billion, marking a 7.88% increase.

• DeFi's total volume stands at $4.6 billion, constituting 7.48% of the overall crypto market volume.

• Stablecoins accounted for $57.27 billion in volume, comprising 93.22% of the total crypto market 24-hour volume.

• Bitcoin's dominance is currently 53.08%, down by 0.27% over the day.

Major Worldwide News Update:

• In their 90-minute debate, President Biden and challenger Donald Trump avoided discussing crypto, despite lobbyists raising $202.8 million. Trump criticized Biden's stance on crypto, aiming for American production. Biden's approach is perceived as softening, impacting industry views. Polls show voters prioritize economy, inflation, governance, and immigration over crypto concerns.

• VanEck filed for a spot Solana ETF in the U.S., aiming to capitalize on Solana's utility and decentralization. Approval hinges on SEC leadership changes by 2025, potentially under a more favorable administration. Solana's status as a security remains debated amid broader ETF market developments and industry expectations.

• Artificial Intelligence (AI) is increasingly influential in industries, including crypto, sparking extensive research and controversy. It enhances trading functionalities, market analysis, and scalability for developers. However, challenges include regulatory concerns and potential misuse for scams. AI also drives growth in AI coin markets, influenced by developments like Nvidia's market cap surge.

• A new ETF filing aims to combine Bitcoin and Gold into a leveraged product, leveraging Bitcoin and Gold futures and ETFs for 100% exposure. Named the STKD Bitcoin & Gold ETF, it seeks long-term capital appreciation by capitalizing on their historically low correlation to mitigate short-term market fluctuations.

• Wormhole secures a grant from the Worldcoin Foundation to integrate World ID onto Solana, enhancing blockchain user verification. The partnership leverages Wormhole's Ethereum to Solana State Bridge for secure identity verification across chains. Worldcoin introduces privacy-centric measures, collaborating with Alchemy for infrastructure development amidst market price recoveries for WLD and SOL.

• The US Bureau of Economic Analysis revised the first-quarter annualized real Gross Domestic Product (GDP) growth to 1.4%, up from the previous estimate of 1.3%, aligning with market forecasts. Meanwhile, initial claims for state unemployment benefits decreased by 6,000 to 233,000 for the week ending June 22, according to the Labor Department. 

COIN GABBAR Views: Is it the perfect time to buy Bitcoin after its dip below $60K? Has the Bitcoin price bottomed out? Will BTC dip below $60K again? Could a Solana ETF spark a bullish rally in the crypto market? To get latest news Stay tuned us at coingabbar

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