MEXC Exchange/Learn/Market Insights/Others/MEXC Daily News (June 13)｜Altcoins See Broad Declines of Over 10%, Ethereum-Related Tokens Lead Losses
MEXC Daily News (June 13)｜Altcoins See Broad Declines of Over 10%, Ethereum-Related Tokens Lead Losses
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1. Market Overview
Amid escalating tensions in the Middle East, the cryptocurrency market has entered a bearish phase over the past 24 hours. According to MEXC data, ETH has dropped 8.56% in the past 24 hours and is currently trading at 2,486.84 USDT.
For more information on crypto prices and macroeconomic trends, visit MEXC Markets.
2. Industry Data Insights
According to data from centralized exchanges (CEXs), the recent downturn was triggered by reports of Israeli strikes on Iran, leading to a broad market decline. Bitcoin and Ethereum both saw sharp corrections, with altcoins following suit—many dropping over 10%, and some more than 15%. Tokens in the Ethereum ecosystem were among the hardest hit:
- ETH: -9% (now $2,522)
- ANIME: -19.5% (now $0.0254)
- NEIRO: -18% (now $0.000395)
- COOKIE: -18% (now $0.195)
- SSV: -18% (now $8.99)
- EIGEN: -16.5% (now $1.27)
- PENGU: -16.4% (now $0.0093)
- LDO: -16% (now $0.808)
3. Analyst Commentary
3.1 CryptoQuant: BTC Likely to Face Short-Term Correction Below $108K
CryptoQuant analyst Axel Adler Jr. notes a visible increase in long liquidations and short positioning within the past hour. This suggests a classic “soft reversal point” post-uptrend—open interest is falling while funding rates remain positive. He expects a short-term correction or consolidation below $108K.
3.2 Han Tan (Exinity Group): Rising CPI Could Delay Fed Rate Cuts
Exinity’s Chief Market Analyst Han Tan stated: "The market understands that trade negotiations among major economies remain uncertain. As long as global trade tensions persist or worsen, gold should remain supported."
He added that higher CPI figures may temper expectations for Fed rate cuts. “Silver could hit $38/oz in the coming months, with a test of $40 possible if dollar weakness and supply deficits continue.”
3.3 Santiment: Bitcoin May Struggle in Q3; Watch Ethereum’s Catch-Up Potential
Santiment’s Brian Quinlivan commented that investor sentiment on social media shows anticipation of new BTC all-time highs. “Historically, when crowd expectations are high, markets often pull back. Bitcoin may not be ready for its next major rally just yet.”
However, with BTC repeatedly approaching record highs and sentiment cooling, a breakout could still be in play. Quinlivan suggests monitoring Ethereum for a potential "catch-up" rally.
4. Industry News
4.1 U.S. Senate to Vote on GENIUS Act on June 17
According to Cointelegraph, the U.S. Senate is scheduled to hold a final vote on the GENIUS Act on June 17, pending scheduling by Senate leadership.
4.2 SEC Scraps Gensler-Era Rules Including Custody Rule & Rule 3b-16
Journalist Eleanor Terrett reports that the SEC has dropped proposals from the Gensler era, including the expanded Custody Rule and Rule 3b-16, which would have broadened crypto oversight. These rules raised concerns about treating state-chartered entities as qualified custodians and regulating DeFi platforms as national exchanges.
4.3 Trump Pledges Clear Crypto Framework for U.S. Leadership
Speaking via video at Coinbase’s State of Crypto summit, Donald Trump said the U.S. will establish a clear and simplified regulatory framework to ensure leadership in Bitcoin and crypto innovation.
5. Trending Topics
5.1 BlackRock Targets Crypto as a Core 2030 Strategic Goal
BlackRock has announced it will make crypto a central pillar of its 2030 vision. Its crypto AUM has surpassed $50B, including products like IBIT and ETHA, plus managing USDC reserves for Circle and a $200M tokenized BUIDL fund.
5.2 SEC Delays Decisions on Spot ETFs for Dogecoin, Hedera, and Avalanche
The U.S. Securities and Exchange Commission (SEC) has postponed its decisions on several spot altcoin exchange-traded fund (ETF) applications, including Bitwise’s Dogecoin ETF, Grayscale’s Hedera Trust, and VanEck’s Avalanche ETF. The delay reflects a transitional phase under the SEC’s new leadership.
The SEC emphasized that the delay does not indicate any conclusions about the applications and encouraged the public to submit comments on the proposed rule changes. Previously, the SEC asked Solana ETF issuers to update their S-1 filings, signaling potential progress toward approval.
New SEC Chair Paul Atkins has pledged to adopt a more supportive policy toward digital assets. However, firms like VanEck and 21Shares expressed concern that the SEC is not adhering to the “first come, first served” principle, which could affect fairness and innovation in the market. 21Shares plans to submit revised filings as soon as possible.
5.3 Hong Kong SFC Proposes Tighter Restrictions on Misleading Entity Names
The Hong Kong Securities and Futures Commission (SFC) has launched a consultation aimed at restricting the use of misleading or deceptive names by unregulated entities, which could lead the public to mistakenly believe they are licensed institutions.
In response to market developments, the SFC proposes expanding the existing restricted titles list under the Securities and Futures Ordinance. The proposed changes would cover names that imply exchange-like functions or suggest affiliations with regulated financial products and platforms.
The update would also prohibit terms that could suggest ties to existing trading venues, virtual asset platforms, or regulated entities, thereby enhancing investor protection.
5.4 Glassnode: Options Market Signals Bullish Sentiment for ETH
Analytics platform Glassnode posted on X (formerly Twitter) that Ethereum’s options market is showing signs of continued bullish momentum.
Key indicators include:
- The put-to-call open interest ratio remains near a low of 0.43, and
- The put-to-call trading volume ratio has fallen to 0.63,
These figures suggest a growing preference among traders for bullish bets on ETH. The data reflects increasing speculative interest in Ethereum’s upside potential, which may further strengthen overall market optimism.
6. Project Updates
1）Shopify Payments adds support for USDC.
2）Uniswap Wallet enables smart wallet features with one-click swaps.
3）Spark launches Phase 1 of its Ignition airdrop.
4）Polygon integrates its native POL token into Solana via Wormhole’s NTT framework.
5）Morpho to release V2 soon with support for RWA and more.
6）Virtuals Protocol updates its Genesis points system.
7）Infinex opens claiming for sKAITO airdrop.
8）Real Vision to launch a new platform in August.
9）Coinbase to integrate Base DEX into its main app.
10）DTCC explores stablecoin applications in financial markets.
7. Fundraising & Investment
1）Singapore-based Trident plans to raise $500 million to build an XRP reserve.
2）OneBalance closes $20 million Series A, led by Cyber Fund and Blockchain Capital.