PANews reported on July 2 that Grayscale Research said in its latest article that in June, continued and expected selling pressure from various sources, including the Mt Gox bankruptcy estate, the sale of Bitcoin by the U.S. and German governments, and the outflow of funds from U.S. spot Bitcoin ETPs, put pressure on Bitcoin and the broader cryptocurrency market. However, it believes that the fundamentals of the asset class have not changed significantly. The listing of spot Ethereum ETPs seems to have made more progress. Although the specific time is still uncertain, Grayscale Research believes that these products will begin trading in the third quarter of 2024. Unless there is a major change in the macroeconomic outlook, cryptocurrency valuations are expected to recover in the coming months.
The article further stated that despite the setbacks in the cryptocurrency market in June, Grayscale Research remains optimistic about the valuation outlook for the rest of the year. The macroeconomic background remains broadly supportive of the cryptocurrency asset class, with continued economic growth, possible interest rate cuts by the Federal Reserve, and a strong stock market. Although a U.S. recession could weigh on the Bitcoin market, a period of slow but positive economic growth appears to remain the core scenario. In addition, the approval of Ethereum ETPs has the potential to introduce more investors to the concepts of smart contracts and decentralized applications - thereby introducing the potential for public blockchains to change digital commerce.
The article also specifically pointed out that in June, when most token prices fell, Toncoin (TON) was an exception. It is the third largest asset by market value in the cryptocurrency sector of its smart contract platform and a component of the index for the next quarter. The TON blockchain is integrated in Telegram's secure messaging application and has the potential to leverage the distribution of Telegram's 900 million monthly active users, making it an attractive platform for application developers. Driven in part by its Open League token incentive program and the increasingly popular Telegram games, the network grew from an average of 27,000 daily active users in January to more than 400,000 in June. In addition, Tether's USDT stablecoin was launched on the TON network in April 2024 and quickly gained adoption.
