Several important events are set to impact the cryptocurrency market this week. Cryptocurrency markets are buzzing with anticipation following the FOMC meeting, major token mergers, airdrops, and new developments in liquidity staking.
Investors and market experts closely monitor these events to gauge their potential impact on market dynamics and asset prices. Let's take a closer look at what will happen next.
Fjord Foundry launches Solana
Fjord Foundry (FJO) launches today in Solana. The project is a community-driven platform that connects projects with participating sponsors. We offer a variety of token sale methods, including Liquidity Bootstrap Pool (LBP).
This launch is the first non-EVM integration and promises ultra-fast transactions and access to Solana ecosystem projects. The platform aims to democratize access to early-stage opportunities, providing projects with a seamless liquidity bootstrap while providing backers with a variety of promising early-stage investments.
Read more: Solana’s top 7 projects with enormous potential
Federal Open Market Committee (FOMC) meeting
On June 12, the FOMC will meet to assess the state of the U.S. economy and make important decisions regarding the federal funds rate. After a series of interest rate hikes to curb inflation, the Federal Reserve is keeping interest rates on hold starting July 2023.
US Consumer Price Index (CPI) data is scheduled to be released this week, a key point for market watchers. Consensus expects the CPI to remain at 3.4%, but any deviation from this could have a significant impact on the Bitcoin price .
Therefore, the results of this meeting are likely to have an impact on various financial markets, including cryptocurrency. Markus Thielen, cryptocurrency analyst at 10x Research, provides insight into the current situation.
“If CPI prints at 3.3% (or lower), Bitcoin could attempt a breakout. If CPI is above 3.5%, Bitcoin is likely to undergo a correction in the coming weeks (this is not the base case). “There will still be an upward bias towards Bitcoin price increases,” he noted .
FET, OCEAN, AGIX token merger
Early last week, SingularityNet (AGIX) announced that it would merge with Fetch.AI (FET) and Ocean Protocol (OCEAN) to form the Alliance for Artificial Intelligence (ASI). The merger will merge the three networks into one artificial intelligence network, with a target market capitalization of $7.5 billion.
As of June 11, FET's name will change to ASI, and the token merger is expected to be completed on June 13, after which the three existing tokens will no longer exist. FET , AGIX and OCEAN token holders can exchange their tokens for ASI according to a certain conversion rate:
- FET 1:1
- AGIX 1:0.433350
- OCEAN at 1:0.433226.
The merger aims to create a more robust and scalable AI ecosystem, enhancing the value and utility of its constituent tokens. Our audited and secure token migration agreement will enable over 200,000 token holders to seamlessly transition to the new ASI token.
Unlock Starknet (STRK) and other major cryptocurrency tokens
On June 15th, Starknet will unlock 64 million STRK tokens, worth approximately $72.32 million. Starknet plans to distribute these tokens to investors and early contributors.
This token unlock is part of Starknet’s broader strategy to encourage network participation and growth. The launch of this token could introduce new liquidity into the market, potentially impacting the price dynamics of STRK and related assets.
In addition to Starknet, other cryptocurrency projects including Aptos (APT), ImmutableX (IMX), and APECoin (APE) are also expected to unlock significant amounts of native tokens this week. For more information on this week's major cryptocurrency token unlocks, see this article .
zkSync potential token launch and airdrop
zkSync, which recently completed its v24 upgrade, is planning to launch the ZK token. Last week, zkSync announced that mainnet deployment of the v24 upgrade was complete.
Speculation arose when the zkSync team hinted that they would release “the remaining missing pieces” by the end of June. The cryptocurrency community believed that this ‘missing piece’ meant a token launch and airdrop.
According to recent reports, zkSync has planned a token generation event (TGE) for late May, with the token launch and airdrop expected to occur within 30 days after the TGE. A total of 21 billion tokens will be supplied, and the airdrop is expected to occur around June 13th, ahead of Blast's token airdrop on June 26th. This development is the final protocol upgrade planned before transferring network governance to the community.
Read more: What is zkSync ?
pSTAKE’s Liquidity Staking for Bitcoin
Investors are also looking forward to the launch of pSTAKE's Bitcoin (BTC) liquidity staking solution , built on top of Babylon's BTC staking protocol. This new feature allows Bitcoin holders to receive rewards for their idle assets while maintaining liquidity. Announced in mid-May, BTC deposits for liquidity staking are set to launch soon and are expected to provide a new way for Bitcoin holders to generate income.
Collectively, these events marked a significant week for the cryptocurrency market. From regulatory decisions and technological advancements to groundbreaking financial products, each advancement has the potential to transform market sentiment and asset values.
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