What’s Happening In Crypto Today? Daily Crypto News Digest
Get your daily, bite-sized digest of blockchain and crypto news today – investigating the stories flying under the radar of today’s news.
In crypto news today:
- Why is crypto down today?
- (NFT) Artists to Donate Sales Proceeds to UNHCR – Supported by Tezos Foundation, Objkt, and ArtMeta
- The Graph Goes All-In on Decentralization
- After China’s Ban, Bitcoin Mining Rigs Appear in Southeast Asia’s Abandoned Malls and Factories
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Why is crypto down today?
The crypto market has seen another red day.
Over the past 24 hours, the global cryptocurrency market capitalization fell 0.6%. It currently stands at $2.56 trillion.
About 20 coins of the top 100 have seen their price increase in this period.
The winner is Uniswap (UNI), with a rise of 7.9% to the price of $10.64.
The second-best performer is ONDO. It’s up 3.3% trading at $1.34.
Other coins on this are up 3% and less.
As for the red coins, Stacks (STX) fell the most. It’s down 10%, trading at $2.
Injective (INJ) is behind it. It fell 6.9% to $28.15.
Now, looking at the top 10 coins per market cap, we find that most of them are red
Solana (SOL) dropped the most in the past day. It fell 3.2% to $147.5.
It’s followed by XRP, which is down 2%, trading at $0.47766.
The rest of them dropped 1% and less.
On the other hand, three coins in this category are green today.
Toncoin (TON) is the best performer with a 2% increase, changing hands at $7.8.
Ethereum (ETH) and Lido Staked Ether (STETH) are up around 0.1% to $3,516.
At the same time, Bitcoin (BTC) fell 1% to $66,938.
Meanwhile, Julio Moreno, the head of research at CryptoQuant, noted the surge in ETH demand. He stated that long-term holder purchases reached the second-highest level on record.
Within 24 hours on June 12, the accumulation addresses acquired approximately 298,000 ETH.
(NFT) Artists to Donate Sales Proceeds to UNHCR – Supported by Tezos Foundation, Objkt, and ArtMeta
Switzerland for UNHCR, Objkt, the Tezos Foundation, The Collectors Club, and ArtMeta have announced a collaborative fundraising project to celebrate digital art for good.
Their aim is to bring together ten artists who will donate sales proceeds to the UNHCR Climate Resilience Fund.
Announcing Nowhere to Run: a collaborative fundraising project celebrating digital art for good.
The project brings together ten visionary artists who will donate their sales proceeds to the UNHCR Climate Resilience Fund.
Organized by @UNHCR_CH_INNOV, @artmetaofficial,… pic.twitter.com/wR9NJ1takc
— Tezos (@tezos) June 10, 2024
The artworks will be unveiled during Digital Art Mile, a new digital art fair by ArtMeta coming to Basel during Art Basel week.
The fair is free to the public and open June 10 through June 16.
The collection features Goldcat, Uczine, Violet Bond, MEK.txt, lechatn0ir, Marjan Moghaddam, Alida Sun, Eduardo Kac, Sabato, and Diane Drubay.
Moreover, the artworks will be sold as NFTs minted on the Tezos blockchain via the platform Objkt.com.
Each artist will donate a minimum of 50% of the sales volume to the UNHCR Climate Resilience Fund.
The full collection will be available for purchase on June 20 for World Refugee Day via the ‘Nowhere to Run’ gallery page on objkt.com.
2009 I worked as an intern for a UNHCR refugee program in Nairobi wanting to get into international project management. 15 years later my life has done a 180 and I am an artist with my work being shown at Art Basel in a charity exhibition with the swiss UNHCR and tezos. Life is… pic.twitter.com/5mX4su5XDr
— goldcat (@OriginalGoldCat) June 11, 2024
The ‘Nowhere To Run’ campaign came to life in 2024 after UNHCR launched its first climate resilience fund aimed at fundraising for 22 countries most affected by climate change and displacement.
Crucially, it ensures that forcibly displaced people fleeing from or living in climate-vulnerable countries are protected from and resilient to the impact of climate change.
The Graph Goes All-In on Decentralization
The Graph Foundation, the team behind The Graph Network, has completed its Sunrise initiative, fully decentralizing Web3’s data layer.
According to the press release, this move removes the limitations of a centralized hosted service “training wheels,” as Vitalik Buterin described them.
Tegan Kline, CEO of Edge & Node, stated that “The Graph’s Network of data Indexers is now fully decentralized and token-incentivized. There is no longer any reliance on interim crutches or centralized hosting providers.”
The Graph’s Sunrise of Decentralized Data is here 🌅
The hosted service has officially upgraded to The Graph Network, now the exclusive home of The Graph’s data services. Experience web3 data with ultra-fast syncing, reliable uptime, global redundancy and much more – all secured… pic.twitter.com/e1HBc6d8YR
— The Graph (@graphprotocol) June 12, 2024
Moreover, more than 6,360 subgraphs are now live, ready to query on The Graph Network.
These include AAVE, Art Blocks, Balancer, Snapshot, Decentraland, ENS, Lido, Messari, PancakeSwap, and SushiSwap,
Therefore, “anyone can access blockchain data quickly and easily,” said the team.
Also, over 2,700 new subgraphs upgraded from the hosted service.
Since the start of the Sunrise initiative, query volume on the network has increased by a whopping 1,093%.
In other words, this is 782 million queries in May 2024 compared to 65.5 million in May 2023.
Furthermore, total data service fees for both subgraphs and Substreams increased 369% in May this year compared to the same time last year.
“The successful transition to the decentralized network signifies more than a technical upgrade; it delivers on its founders’ original promise of providing web3 with decentralized data infrastructure,” the press release said.
After China’s Ban, Bitcoin Mining Rigs Appear in Southeast Asia’s Abandoned Malls and Factories
Crypto miners are lured by competitively priced power and skilled labor in parts of Malaysia, Indonesia, and Laos, the South China Morning Post reported.
Failed businesses in these regions have left behind massive spaces with basic structures, often in industrial areas.
These have proved very useful to Bitcoin miners who started moving into these structures in 2023.
For example, a site in Tanjung Manis, Malaysia, is the largest of four operations in the area run by miner Bityou. The company was forced to leave China following the ban on crypto-related transactions.
It has over 1,000 machines operating, with hundreds more waiting to be unpacked.
Owner Peter Lim stated that,
“Most of the companies already left this industrial park. We decided, why don’t we make use of these abandoned resources?”
After China’s decline, the US became the global leader in terms of hashrate. But Southeast Asian nations are now rising as well.
Lim said that the availability of competitively priced power, skilled labor, and existing infrastructure is highly appealing to miners.
Therefore, rigs are “popping up all over Southeast Asia in abandoned shopping malls, former steel factories and on the side of hydroelectric power projects, as miners try to find sites where they can access the ample electricity they need,” the report stated.
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