Morning Minute is a daily newsletter written by Tyler Warner. The views and analysis presented are his own and do not necessarily represent those of Decrypt. Check out our new daily news show that covers the top stories in just 5 minutes, available on Apple Pod and Spotify.

Good morning!

Here are the main headlines:

  • Major cryptocurrencies surged over the weekend due to progress in peace talks with Iran; BTC reached $66.5k, and HYPE increased by 12%
  • Bitcoin ETFs experienced their largest inflow in a month on Friday, reversing a recent trend
  • ZEC jumped 20% after Zooko announced a Mythos audit found no security flaws
  • AERO rose 15% following the launch of its Predictive Allocation upgrade
  • Collector Crypto executed a $4M airdrop, with its token currently valued at $70M

🌱 Standard Chartered Claims the Crypto Winter Has Concluded

In a note released on Friday, Geoff Kendrick, the head of digital assets research at Standard Chartered, stated that Bitcoin's decline to approximately $59,000 on June 5 marked the lowest point of the cycle.

He remarked: “Winter is over. Welcome back to crypto spring.” The bank has set a target of $100,000 for Bitcoin by the end of the year, which represents a 70% increase from current levels, and anticipates that Ether will outperform Bitcoin as prices rise. Kendrick believes the lows have been reached and suggests that the current price will be seen as a missed opportunity when Bitcoin hits $100k. He stated, “this was the buying zone we all wanted.”

Is Kendrick's prediction accurate?

There are three significant factors that have been dragging down crypto prices, and they all appear to be improving simultaneously.

  • The first factor was the SpaceX IPO, which had created a liquidity crunch as traders seemed to sell Bitcoin to obtain cash for the historic offering. With the IPO completed and SPCX rising 19% on its first day, the pressure from ETF selling should diminish.
  • The second factor was the conflict in Iran. Following Trump’s declaration that the war was over on Thursday, a peace agreement between the US and Iran seemed imminent as the G7 approached, which pushed oil prices down to $81, their lowest level since early March.
  • The third factor was the outflow from ETFs. After around $5 billion in outflows since mid-May, marking the most significant selling since the funds were launched, money began to flow back in on Friday, with Bitcoin ETFs recording $85M in inflows, their largest day in a month, aiding Bitcoin’s recovery to $64,000.

These developments indicate a notable shift in the market dynamics. However, the effects of the SpaceX IPO may not be fully realized for weeks, peace talks regarding Iran can be unpredictable, and ETF flows may vary.

Nonetheless, it appears that momentum is building. Bitcoin has surpassed $65k, and leading altcoins surged between 10-20% over the weekend, signaling a revival of market enthusiasm. It will be interesting to see if this trend continues…

🌎 Macro Crypto and Markets

  • Major cryptocurrencies are performing well following the new Iran deal; BTC +3% at $66.5k; ETH +7% at $1,780; SOL +7% at $73; HYPE +12% at $68
  • ZEC (+28%), WLD (+23%), and NEAR (+18%)
  • Oil -5% at $80; Gold +2.8% at $4,358
  • Stock futures are looking strong, with the DOW up 0.9% and Nasdaq up 2%
  • The US government ordered Anthropic to withdraw its Claude Fable and Mythos AI models due to a security issue; Anthropic contested this, calling it excessive and claiming the vulnerability is widespread in the industry
  • ZCash conducted a security audit using Mythos and found no additional vulnerabilities beyond the one identified recently (ZEC +20%)
  • Crypto exchanges refunded purchasers of tokenized SpaceX shares after xStocks was unable to secure an allotment in the IPO
  • A Tennessee man was indicted for a Ponzi scheme involving cryptocurrency that allegedly defrauded investors of millions

Corporate Treasuries & ETFs

Meme Coin Tracker

📈 Myriad Market of the Day

💰 Token, Airdrop & Protocol Tracker

  • Collector Crypt airdropped 15 million tokens ($4M) for its Q2 rewards (CARDS valued at $70M)
  • Aerodrome launched a new upgrade, Predictive Allocation, which incentivizes liquidity providers to anticipate future liquidity needs rather than pursuing already lucrative pools

🚚 What is happening in NFTs?

  • NFT leaders performed well; Punks rose 2% to 33.5 ETH, BAYC increased by 1% to 9.1 ETH, Pudgy up 3% to 4.67 ETH; Hypurr’s increased by 5% to 272 HYPE
  • NPC (+27%) and Blupets (+37%) were the top movers

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