The Latest Crypto Market News: June 7 14
Whats happening in the crypto market? Is Bitcoin rising, or is crypto dying? Find answers to all these questions and more in our weekly crypto news round-up.
A Big Step For Web3: Aethir Launches A Decentralized Cloud Network on Ethereum
Aethir has recently launched its decentralized cloud compute network on the Ethereum mainnet. This launch allows enterprises, data centers, and cryptocurrency miners to contribute idle GPU resources, facilitating a GPU-as-a-service solution that supports artificial intelligence (AI), machine learning (ML), and cloud gaming. The integration with Ethereum utilizes the platforms staking capabilities and Arbitrum for swift transactions and rewards distribution, reflecting a sophisticated approach to managing decentralized services.
Historically, the introduction of decentralized services on established blockchains like Ethereum has been met with enthusiasm from the crypto community, often leading to an increase in trading activity and positive price movements of the associated tokens. Aethirs launch on the Ethereum blockchain is particularly notable as it aims to disrupt the traditional centralized models of cloud computing. By leveraging idle GPU resources across a vast network, Aethir could significantly reduce costs and increase computational availability for tasks requiring high processing power, such as AI and ML algorithms. Moreover, the use of blockchain technology ensures enhanced security and privacy, addressing key concerns in cloud computing.
This launch not only broadens the utility of Ethereum but also sets a precedent for future blockchain-based decentralized solutions, potentially influencing broader tech industry approaches to resource sharing and management.
What does this mean for the crypto market?
This launch is a clear indicator of the growing trend towards more decentralized and community-driven business models in the crypto industry. Moreover, it is yet another addition to the already dominant Ethereum ecosystem coupled with the upcoming release of spot Ethereum ETFs, it is likely to significantly strengthen Ethereums position on the market.
How U.S. CPI Report Affected Bitcoin Price Last Week: The Ups and Downs of BTC
Last weeks U.S. Consumer Price Index (CPI) report revealed flat inflation for May, beating the expected 0.1% rise and coming down from Aprils 0.3% increase. This favorable inflation data seemed to provide temporary relief for Bitcoin, which saw a price surge to $69,400, marking a nearly 4% increase within 24 hours. Although BTC price later corrected and later went down to $66K, that initial price spike is still significant. Historically, Bitcoin and the broader cryptocurrency market have shown sensitivity to macroeconomic indicators like CPI, as they influence monetary policy expectations and, consequently, risk asset valuations.
What does this mean for the crypto market?
The potential implications of reports like this one are substantial, affecting not only immediate price action but also longer-term sentiment and strategic positioning within the market. If inflation rates continue to stabilize or decline, it might create a more favorable environment for cryptocurrencies as alternative investments, especially if traditional financial instruments are perceived to offer lower returns amidst a lower interest rate regime.
Terraform Labs End Operations: What Will Happen To The Terra Blockchain Now?
The closure of Terraform Labs marks a significant moment for the cryptocurrency industry, particularly in how it deals with major financial and regulatory challenges. After a substantial settlement with the SEC totaling $4.47 billion due to the collapse of the TerraUSD stablecoin, the company announced it would cease operations and transition control of the Terra blockchain to the community. This development follows a tumultuous period for Terraform, which saw its algorithmic stablecoin UST lose nearly all its value in a dramatic crash in 2022, profoundly impacting the broader crypto market and investor confidence.
The crypto community typically views such events with a degree of skepticism, especially concerning the robustness of decentralized financial systems and the need for more stringent oversight to prevent similar occurrences. The significant aspect of Terraforms dissolution is the handing over of control to the community, which may set a precedent for decentralized governance models but also raises questions about the viability and security of such frameworks.
What does this mean for the crypto market?
The event not only affects Terras native tokens, LUNA and LUNC, which saw immediate price impacts, but also sets a regulatory precedent that could influence future SEC actions against other crypto entities. As the community takes over, the future of the Terra blockchain will likely serve as a case study in decentralized governance and community resilience in facing regulatory and market challenges.
Is crypto dead? Crypto prices down this week
The crypto market was firmly in the red this past week. Bitcoin (-6%), Ethereum (-8%), BNB (-14.3%) and most other top cryptocurrencies have all experienced losses in the past 7 days.
Only a few coins and tokens in the top 100 finished this week in the green, with the biggest winners being ROSE (+13.9%) and TON (+2.7%). On the other side of the spectrum, the biggest loser within the top 100 was FLOKI this meme cryptocurrency lost over 30% last week. Outside the top 100, the situation was mostly similar, with only select cryptocurrencies recording gains. The biggest losers were HIGH (-62%) and GME (-47%).
Disclaimer: Please note that the contents of this article are not financial or investing advice. The information provided in this article is the authors opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.
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