The first quote | JPMorgan Chase & Co. said BTC would fall to $42,000, Slerf completed its first refund of 3,800 SOL, and Blast doubled users' own funds due to a bug

J.P. Morgan analyzes that BTC will fall to $42,000, Slerf and LBank complete the first refund with a total of 3,800 SOL, and the Blast game project doubles users' own funds due to a vulnerability

Let's take a look at the trading activity of Bitcoin ETFs, according to Farside Investor data, on March 21, the Grayscale Bitcoin Spot ETF (GBTC) saw outflows of $358.8 million, while the Fidelity Bitcoin Spot ETF (FBTC) saw an inflow of $2.9 million, the Bitwise Bitcoin Spot ETF (BITB) saw an inflow of $12 million, and the ARK 21Shares Bitcoin Spot ETF (ARKB) saw an inflow of $200 $10,000.

JPMorgan analysts said that although Bitcoin experienced a sharp correction last week and rebounded this week, it is still in the "overbought zone", which suggests that Bitcoin may fall further.

In the longer term, the market is significantly optimistic about the price of Bitcoin rising by the end of the year in anticipation of continued growth in demand for spot ETFs, but a near-term correction is equally inevitable. Last week, analysts predicted that Bitcoin's price could fall to around $42,000 after the halving, mainly due to reduced miner rewards and rising production costs.

"As the halving event approaches, Bitcoin profit-taking is more likely to continue, especially against the backdrop of looking overbought despite the correction over the past week," the analysts concluded. ”

The memecoin Slerf on Solana has been widely discussed for accidentally burning tokens, and officials have said that they will refund participants. Slerf and the LBank team collectively raised nearly 4,000 Solana (SOL) in 24 hours. According to on-chain data, 3,800 of these SOLs have been refunded to small users who participated in Slerf's recruitment in the early days.

At present, the pre-sale donation for Slerf is still in progress, and the Slerf team said that it will give users airdrop rewards after the donation ends, and the content of the airdrop has not yet been announced.

The popularity of the "pre-sale donation" model has led to the activity of meme projects, but it has also caused chaos, such as the project "OrbitX" on MerlinChain, which added LPs to the majority of the fundraising, and reduced the share of airdropped tokens to 2.5%. However, only two hours after the opening of the market, the project address withdrew all funds from the LP pool, cancelled the X platform account, and the token value was reset to zero.

A project on the Blast ecosystem, a Telegram game called Super Sushi Samurai, was exploited to exploit a vulnerability. Coffee, a smart contract developer at Yuga Labs, noted that there is a bug in the contract for the token, SSS, where users double their funds if they transfer the entire balance of their wallets to themselves.

The attackers took advantage of this by selling the newly minted tokens for 1,310 wrapped ETH, using the funds to deplete the liquidity of the decentralized exchange. At current prices, it caused a loss of $4.6 million to the project party.

However, there is still an unexpected follow-up to this incident, and the project team said that the attacker has contacted them, and it is a white hat hacking attack. The other party provided contact details and said that the user should be compensated. The project has been officially contacted by Blockscan and may cooperate to solve this problem in the future.

Market analysis: The market trend continues to fluctuate and adjust, and altcoins generally fall

Market Trend

Recently, the market trend has been affected by the Fed's expectation of interest rate cuts, and the overall trend has shown an adjustment trend after a sharp rebound. In the process, altcoins as a whole showed a general downward pattern, while Bitcoin spot ETFs saw net outflows for 4 consecutive trading days, suggesting a cautious mood among investors. At the same time, U.S. stocks edged up and continued to refresh record highs, which provided a certain optimistic signal for the market, but it is also necessary to be wary of possible high-level shocks.

MARKET HOTSPOT

1. BlackRock Fund's entry into RWA has attracted attention: The news of BlackRock Fund's entry into a tokenized fund has continued to ferment in the market, driving a sharp rise in RWA-based tokens such as RSR and TRU. In addition, POLYX, MKR, ONDO and other tokens have also risen, among which ONDO hit an all-time high yesterday, rising by more than 50% in a single day. This series of rallies shows that the market is optimistic about the inclusion of institutions such as BlackRock, but also needs to be wary of the risks of excessive hype.

2. Meme concept rebound: The meme concept token BOME has rebounded sharply, and it has changed hands frequently after being launched on the exchange on a large scale. On-chain explorer data shows that the total amount of BOME currently held on CEX addresses is more than 50%. At the same time, Darkfarm, the founder of BOME, plans to issue a new inscription project, and the proceeds will be used to buy back and burn BOME. This series of developments has led to a resurgence of market sentiment towards BOME.

Chart: BOME Price Chart

3. Social Concept Protocol Diving: The Social Concept Protocol ID suffered a sharp drop, and the institution began to ship after unlocking. This is a typical pre-unlock pull order shipment behavior, and similar behaviors have been similar to APT, ARB, etc. recently. This suggests that some investors in the market are choosing to sell their token holdings before unlocking, perhaps due to concerns about future value or to cash out. This phenomenon is worth paying attention to and may affect the price performance of the underlying tokens.

Overall, the market is still in the correction stage, and investors need to remain cautious, pay close attention to the evolution of various hot markets, and pay attention to risk control to deal with possible volatility.

Macro: The prospect of a rate cut sent Wall Street to a new closing high, global markets rose, chip stocks led the gains, and Apple was sued for monopoly

Reuters reported that after the Federal Reserve kept U.S. interest rates between 5.25% and 5.5% as expected, Powell said that the recent high inflation data did not change the basic picture of the slow easing of price pressures, and he confirmed that the economy will continue to grow steadily.

Market pricing is currently pricing in expectations that the Fed and ECB will start cutting interest rates at their June meetings. U.S. Treasury yields fell in early trading before moving higher again on a decline in weekly jobless claims and a strong manufacturing PMI report.

Wall Street's three major stock indexes hit new closing highs for the second day in a row on Thursday after the Federal Reserve assured investors of the prospect of cutting interest rates this year, while chip stocks rose after an upbeat forecast from Micron Technology.

Apple was indicted by the U.S. Department of Justice for "monopolizing the smartphone market," the Biden administration's first major antitrust lawsuit against the company, sending Apple down 4.1% against the market.

Asian stocks traded near weekly gains on Friday, with the Nikkei hitting a record high and the Swiss National Bank unexpectedly cutting interest rates, leaving investors betting on who might be next, and global equities rallied. The SNB cut interest rates by 25 basis points on Thursday injected confidence into global risk sentiment, with markets racing to bet that large central banks will lower borrowing costs this year, pushing Wall Street to a record close.

The Dow Jones Industrial Average (. DJI) rose 269.24 points, or 0.68%, while the S&P 500 (. SPX) rose 16.9 points, or 0.32%, to the Nasdaq Composite (. IXIC) rose 32.43 points, or 0.2%.

Japan's Nikkei (. N225), Taiwan Weighted Index (. TWII) both rose 2% to a record high. The MSCI World Equity Index (. MIWD00000PUS), up 5.28 points, or 0.68%.

In commodities, Brent crude fell 43 cents to $85.35 a barrel, while U.S. crude fell 41 cents to $80.66 a barrel.

In gold, spot gold hit an all-time high on Thursday before falling 0.28% to $2,174.89 an ounce.

Author:Sherry S. & Icing. This article represents the views of the author only and does not constitute any trading advice. The content of this article is original, the copyright is owned by Gate.io, if you need to reprint, please indicate the author and source, otherwise you will be held legally responsible.