⬇️Weekly Recap: Crypto Markets Crash To Four-Month Low

Happy weekend Defiers!

Crypto markets were a sea of red this week, with Bitcoin on track to post its heaviest weekly percentage drawdown in more than 10 months.

The combined crypto capitalization dipped to its lowest level since February as investors panicked in response to Mt. Gox transferring billions of dollars worth of Bitcoin. Despite the size of the transfers, Mt. Gox only distributed $148 million to Bitbank users in its first creditor repayment.

Leverage traders suffered heavy liquidations, with crypto markets driving $570.5 million in margin calls in 24 hours on Friday. However, many analysts are unperturbed, with past bull cycles including numerous violent retracements.

Experts also revised their timeline prediction for spot Ether ETFs entering the markets. While analysts initially tipped July 2 for the funds’ final approval, the SEC requested revised filings from prospective issuers by July 8.

While memecoins have suffered heavy retracements in recent weeks, pundits continue to use meme tokens as a vehicle for punting on politics. KAMA rallied 125% in a day as onlookers anticipate Kamala Harris may take the reigns of the U.S. Democratic Party.

Ethereum continues to dominate the web3 landscape by smart contract activity, DeFi TVL, and fee revenue. However, Ethereum’s annual fee revenue is on course to drop by 40% over the next 12 months, setting the stage for Tron to overtake it with a 275% gain.

We checked out the ETHChile conference in Santiago to get the latest on Latin crypto adoption. South America is the fastest-growing region by cryptocurrency ownership, with the Argentinian peso emerging as the most popular crypto pairing among Latin currencies after a 400% jump in volume this year.

Symbiotic has quickly emerged as the second-largest restaking protocol with more than $1 billion in TVL one month after launching. Symbiotic’s TVL tripled in less than one day after raising its deposit limit.

Pendle’s TVL crashed by $2.7 billion or 45% this past week. The move was triggered by a heavy volume of Pendle’s pools expiring on June 27, with the project’s CEO asserting the dip is a sign of Pendle working as expected.

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