The Ethereum Foundation is cutting its 2026 budget by 40% and laying off 54 employees to shift towards an endowment model, while ETH trades near $1,650 and SBI lists RLUSD.
Cryptocurrency markets faced turbulence as Bitcoin and Ethereum correlated strongly with declining semiconductor stocks like NVIDIA, reflecting their status as high-risk tech assets. Simultaneously, the Ethereum Foundation announced significant staff and budget cuts to streamline operations, while hawkish signals from the Federal Reserve regarding potential rate hikes in 2026 added pressure. Despite the downturn, analysts suggest these macro-driven pullbacks could present strategic entry points for long-term investors.
Virell Trade Launches Stabliq Wallet for Stablecoin Management on Ethereum and TRON
Virell Trade has launched Stabliq Wallet, a non-custodial solution for managing stablecoins on Ethereum and TRON. Featuring gasless swaps, biometric security, and multi-account support, it aims to simplify DeFi for both institutions and retail users while ensuring full control over private keys.
Bitcoin faces continued pressure, trading below $63,000 amid significant ETF outflows totaling $355 million over four days. Technical indicators show BTC trapped below key moving averages, with immediate resistance at $64,000. While some momentum indicators suggest selling pressure is easing, the overall outlook remains bearish until bulls can reclaim critical levels.
US spot Bitcoin and Ethereum ETFs saw four straight days of net outflows, totaling $114M and $82.35M respectively on June 23. BlackRock’s IBIT and ETHA led outflows, while ARKB and FETH attracted inflows. Analysts view this as investor caution, with ETF flows remaining a key price indicator.
Following the Jaredfromsubway.eth attack, 20 transactions totaling $5.1 million were moved to Tornado Cash, raising concerns about whether DeFi protocols and bridges are inadvertently facilitating illicit fund flows.
Binance ETH futures open interest has fallen to a three-month low of $4.16 billion amid a price slump to $1,650. While this indicates reduced speculative activity, analysts note it may lower the risk of cascading liquidations, potentially stabilizing the market. Traders are watching for signs of recovered confidence and liquidity.
Crypto analyst Celal Kucuker predicts XRP could reach $10 within 11 months, outperforming Ethereum. Technical analysis suggests XRP is ending a consolidation phase near $1.13 support, with potential targets at $3.40 and subsequently $10.36 if bullish momentum resumes.
Ethereum struggles to break the $1,800 resistance, halting bullish momentum. A decisive breakout is needed to target $2,500, while traders remain cautious of a potential short-term pullback.

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