Fresh crypto market overview for the morning of June 29: South Korean Kiwoom Securities is discussing an equity entry into Bithumb, Loopring is shutting down its decentralized exchange, and Sharplink is once again actively buying Ethereum after a long pause.
Major Coins Start the Day Without Sharp Moves
Bitcoin, according to TradingView, started the morning in a sideways range. At 07:41 Moscow time, the cryptocurrency was trading around $59,791, which is approximately ₽4,715,256 per coin. Over the past 24 hours, the minimum was recorded at $58,856, and the maximum at $60,432.
The US dollar remains the base unit for most market quotes, but for local investors, the ruble price is also important: it helps to quickly assess the value of a position and the overall size of the portfolio.
Bitcoin price chart.
Ethereum, the second largest cryptocurrency by market capitalization, also did not show a strong impulse at the start of the day. At the time of writing, the coin was priced at $1,577, or about ₽124,328 per token.
Ethereum price chart.
Among the top ten largest coins, the picture looked like this:
- Solana: for ,85%; weekly dynamics remained below zero.
- Dogecoin: daily -1.78%; weekly -12.30%.
At the same time, the weekly dynamics for the entire top 10 remained negative.
Top 10 cryptocurrencies by capitalization.
In the top 100 most capitalized coins, two extreme results stood out:
- Velvet: for ,85%; for ,94%.
- MemeCore: daily -9.91%; weekly -77.98%.
For those holding a diversified portfolio of Bitcoin, Ethereum, Litecoin, and other coins, this picture shows: isolated rallies do not cancel out the overall market weakness.
Kiwoom Securities Discusses Buying a Stake in Bithumb
South Korean Kiwoom Securities is negotiating to buy a stake in Bithumb, the country’s second largest crypto exchange. The deal may take place through the issuance of new shares, which the financial company will acquire. The investment amount and final stake are still under discussion.
For South Korea’s traditional financial sector, this is not the first foray into the crypto industry. There are already several major deals and applications:
- Hana Bank bought a stake in Dunamu, operator of Upbit, for $670 million.
- Samsung structures invested $407.7 million.
- OKX Ventures is buying 19.6% of Coinone.
- Binance completed the acquisition of the Gopax exchange.
Against this backdrop, Kiwoom Securities’ interest looks like part of a broader trend: major financial groups are gradually strengthening their positions in the crypto market.
In this model, a share as a financial instrument becomes a way to access the crypto exchange business without directly launching their own platform. For the buyer, it’s an investment in infrastructure, and for the market — another signal of the convergence of the crypto sector and traditional finance.
Loopring Shuts Down DEX and Automated Market Maker
Loopring, one of the notable zk-rollup projects in the Ethereum ecosystem, is closing its decentralized exchange and automated market maker. The team cited three reasons:
- Weak real demand.
- Lack of business expertise for product development.
- Technological lag behind more modern zkEVM solutions.
The developers admitted that the project lacked a virtual machine, full composability, and demanded scenarios for real payments. All this limited growth and hindered competition with new solutions.
In 2017, Loopring raised $45 million in an ICO and was one of the first to show that scaling Ethereum via zk-rollup was truly possible. But then more advanced competitors came to the fore, including zkSync, Scroll, and StarkNet.
Sharplink Resumes Buying Ethereum on the Dip
Sharplink has resumed buying Ethereum after an eight-month pause. Over the past week, the company purchased $62.4 million worth of ETH, returning to an active accumulation strategy.
According to Arkham, the purchases were made in stages:
- Thursday: 5,000 ETH; deal type — ETH purchase.
- Friday: 5,000 ETH; deal type — ETH purchase.
- Saturday: 29,196 ETH; deal type — three OTC transactions.
Formally, the last batch was not a bank transaction but went through OTC deals, but the scale of purchases shows high institutional interest.
The purchases coincided with support for the new nonprofit project Ethlabs, which Sharplink is developing together with Bitmine and Ethereum co-founder Joe Lubin. The project’s goal is to prepare the network for broader institutional adoption.
At the same time, Ethereum itself remains under pressure: over the month, the coin has fallen by 22.8%, and nearly 50% since the start of the year. For companies betting on the long term, such a digital asset on the balance sheet can be seen as a strategic position rather than a short-term speculation.
Why the Crypto Market Remains Under Pressure
The market’s weakness is due to several factors at once. Even when individual coins rise sharply, the overall backdrop can remain heavy due to macroeconomics, regulation, project news, and investor sentiment.
- Macroeconomics: dollar quotes, rates, and liquidity affect demand for risky assets.
- Regulation: regulator decisions and politician statements can increase investor caution.
- Project news: product closures, strategy changes, or technological lag undermine confidence in the segment.
- Investor sentiment: in a weak market, participants reduce risk faster and are more cautious about new positions.
How to Read Prices, Capitalization, and Charts
Cryptocurrency is a digital asset that operates on a blockchain: transactions are recorded in a distributed network, and participants can transfer value without a single central operator. Such assets are used for payments, value storage, trading, DeFi, and infrastructure projects.
- Prices and charts are conveniently checked on TradingView, exchanges, and analytics services.
- Large transfers and on-chain purchases can be tracked via Arkham and similar platforms.
- Market capitalization is calculated by the formula: token price × number of tokens in circulation.
- Prices differ across exchanges due to liquidity, order book depth, fees, local demand, and currency pairs.
Buying, Storing, Earning, and Risks
For beginners, it’s better to start not with the idea of quick profits, but with safety: choose a platform, understand fees, buy the asset, and decide in advance where to store it.
- Buying: choose an exchange or service, fund your account, buy the desired coin, and check the fees.
- Storage: exchanges are convenient for active trading, while a personal wallet gives more control over keys.
- Security: enable 2FA, store the seed phrase offline, check addresses, and avoid suspicious links.
- Long-term growth usually depends on adoption, technology, liquidity, team, and demand; even promising assets can fall sharply.
- $100 a day from crypto should not be seen as a guaranteed goal: trading, staking, DeFi, and arbitrage require capital, skills, and risk control.
- Without investment, people more often use crypto freelancing, airdrop campaigns, testnets, and faucets, but the reward size is unpredictable in advance.
- Main risks: volatility, technical failures, regulatory restrictions, phishing sites, fake giveaways, and promises of guaranteed income.
Earlier, Adam Back showed the formula E=mc² for Bitcoin, comparing the properties of the first cryptocurrency with one of the most famous ideas in modern physics.
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