First Quotes | Telegram launches mini-program to pay for digital goods; Roaring Kitty discloses its holdings, causing GameStop to soar another 47%; Sandbox completes financing of $20 million at a valuation of $1 billion; The European Central Bank announces a rate cut, and the release of the non-farm payrolls report may drive a rebound in global markets

Cryptocurrency Daily Summary: Telegram launches Telegram Stars to pay for digital goods; Sandbox completes $20 million in financing, SAND rises 4.5%; Roaring Kitty discloses $586 million worth of GME position, GameStop stock price soars 47%

Let’s first look at the trading activities of Bitcoin ETFs. According to Farside Investor data, on June 6, Grayscale Bitcoin Spot ETF (GBTC) continued to see outflows of US$37.6 million; at the same time, Fidelity Bitcoin Spot ETF (FBTC) saw an inflow of US$3.1 million, Bitwise Bitcoin Spot ETF (BITB) saw an outflow of US$3.1 million, and ARK 21Shares Bitcoin Spot ETF (ARKB) saw an outflow of US$96.6 million.

Telegram launches digital mini-program payment system Telegram Stars

Social messaging platform Telegram has launched “Telegram Stars,” a new in-app token that can be used to purchase digital goods and services on the platform.

“With Telegram Stars, Mini Programs can now accept payments for digital services on Android and iOS using the most convenient payment methods,” the company’s CEO Pavel Durov said in a June 6 Telegram post. Developers can also redeem their Stars for Toncoin (TON), the native cryptocurrency that powers the Telegram Open Network, through the Fragment platform, a platform primarily used to trade Telegram usernames. “They can also use Stars to further promote their apps on Telegram,” Durov added.

In addition, Telegram will subsidize ads purchased using Stars through Apple and Google, and take a 30% commission on digital product sales. Durov believes this will financially incentivize developers to build digital products on Telegram.

“Future updates will bring additional functionality and features to Stars, such as gifting content creators and more,” Telegram said in a June 6 post.

Telegram has recently achieved great success with Notcoin. Notcoin is one of the most popular applications on the platform, accumulating 35 million users in the first five months after its launch, and the TON network has also attracted much attention. According to Coingecko data, TON recently hit an all-time high of $7.65, but has since fallen back to $7.50. However, its market value of $18.2 billion is still $7 billion lower than the peak of $25.2 billion set on April 12.

Sandbox raises $20 million at $1 billion valuation, SAND up 4.5%

Metaverse platform The Sandbox has raised $20 million at a $1 billion valuation to enhance its user-generated multiplayer gaming platform. Kingsway Capital and Animoca Brands led the round, with participation from LG Tech Ventures and True Global Ventures, according to a press release. Two years ago, The Sandbox planned to raise $400 million at a $4 billion valuation.

The Sandbox’s native token SAND rose 4.5% after the funding round was announced, and its market value is now $1.1 billion, according to CoinDesk. Part of the funds will be used to develop a decentralized metaverse for mobile devices, which is expected to be launched in 2025. The Sandbox will also update its Game Maker and 3D editor tools.

The Sandbox has 5.7 million user accounts connected to crypto wallets and has created more than 1,000 user-generated experiences since the Alpha version went live in November 2023.

Roaring Kitty reveals $586 million GME position, GameStop shares surge 47%

Keith Gill, better known as RoaringKitty or DeepF--kingValue, revealed his latest massive bet on GameStop stock. Gill's stock and options positions are now worth a total of about $586 million, according to screenshots posted on Reddit. He announced the announcement live on YouTube on Friday. GameStop shares closed up 47% on Thursday.

The move has also rippled through digital asset markets. According to CoinGecko data, while the overall cryptocurrency market is retreating, Solana-based meme token GME has surged more than 80% in the past 24 hours. Although the GME token was inspired by GameStop, it is not actually associated with the company.

Market Trends

1. BTC: Currently consolidating above $70,000, the price is relatively stable. The BTC dominance rate has rebounded, indicating that the market's confidence in BTC has increased and funds have flowed back from altcoins to BTC.
2. ETH: It fell below $3,800 last night, showing some volatility.
3. Altcoins: Most altcoins generally fell and performed poorly.
4. Meme sector: It performed actively and may have attracted some speculative funds.

Macroeconomics

1. U.S. stocks: After hitting a record high, it is currently in a volatile trend.
2. European Central Bank: The first interest rate cut in five years, this policy may have an impact on global financial markets.

Market Hotspots

1. Io.net：
2. It will be launched soon. As the leading project of decentralized AI computing power, its off-site valuation has reached US$3.5 billion. The valuation when financing was only US$300 million half a year ago represents significant growth.
3. Comparison of projects in the same track: RNDR has a market value of 5 billion US dollars, and AKT has a market value of 1 billion US dollars.
4. Solana Chain Meme Coin:
5. MOTHER: Issued by celebrity Iggy, it has received support and promotion from well-known cryptocurrency community KOL Ansem and others.
6. GME: Influenced by the surge in the U.S. stock GME of the same name, GME on the Solana chain rose by more than 100% in a single day.
7. Cross-chain Bridge Protocol W:
8. With a daily increase of 15%, the project team announced that it will enable W staking and may airdrop ecological tokens in the future.
9. BRETT of Base Chain:
10. It has surged by 30% and is the largest Meme coin on the Base chain. Its current market value is nearly 1.4 billion US dollars and it has been listed on Gate.io.

BTC's consolidation and the recovery of the dominance rate indicate that the market has strong confidence in BTC. In the case of macroeconomic uncertainty, BTC may be regarded as a safe-haven asset. The emergence of new projects such as Io.net and Cross-Chain Bridge Protocol W has brought new investment opportunities to the market. However, investors need to understand the project background and development prospects in detail. In general, the current market volatility and the active performance of hot projects provide investors with diversified investment options, but at the same time, they also need to be vigilant about market risks and project risks.

Macro: The European Central Bank announced a rate cut for the first time in recent years, and the release of the non-farm payroll report may drive a rebound in global markets

S&P 500, Nasdaq close slightly lower ahead of U.S. jobs data

On Thursday, June 6, the S&P 500 and Nasdaq rose in early trading and hit intraday highs ahead of the release of a key labor market report, but then closed lower as technology stocks retreated, according to Reuters.

The specific data are as follows: Dow Jones rose 0.20%, S&P fell 0.02%, and Nasdaq fell 0.09%.

Investors were focused on Friday's U.S. nonfarm payrolls report. Also, Thursday's weekly jobless claims data pointed to some easing in the labor market, which could prompt the Federal Reserve to start cutting interest rates.

The European Central Bank (ECB) cut interest rates on Thursday, its first since 2019, a day after the Bank of Canada became the first G7 country to cut its key policy rate. The two central banks joined the Swedish Riksbank and the Swiss National Bank in embarking on their own monetary easing cycles, injecting new life into a rebound in global risk appetite as markets increasingly bet on a possible rate cut by the Federal Reserve in September.

**Asian stocks on track for weekly gains as rate cuts rebound

In the early Asian trading on June 7, Asian stocks are expected to end their two-week decline on Friday, driven by major central banks launching an interest rate easing cycle this week. The market expects that the Federal Reserve may follow suit soon.

MSCI's index of Asia-Pacific shares tracked global stocks higher, rising 0.3% in early Asian trading and closing in on a weekly gain of nearly 3%. Hong Kong's Hang Seng also rose 0.14%, while Chinese blue chips edged up 0.23%. Markets were largely flat as traders awaited the release of the U.S. nonfarm payrolls report on Friday. The U.S. nonfarm payrolls are expected to have increased by 185,000 jobs last month.

Data released on Friday showed that Japan's household spending rose in April from a year earlier for the first time in 14 months, but the growth was weak, indicating that consumers remained cautious in the face of rising prices. Data from Japan's Ministry of Internal Affairs and Communications showed that consumer spending in April rose 0.5% from a year earlier, slightly lower than the market's expectations of a 0.6% increase.

In currency markets, the dollar fell to near eight-week lows against a basket of currencies and was down about 0.5% on the week. The euro rose 0.05% to $1.0895, extending a small gain from the previous session as the European Central Bank raised its inflation forecasts and gave no indication of the timing of subsequent rate cuts.

In commodities, oil prices fell slightly. Brent crude futures fell 0.09% to $79.80 a barrel, and U.S. West Texas Intermediate crude futures fell 0.1% to $75.48 a barrel. Spot gold fell 0.2% to $2,370.82 an ounce.

By Sherry S. & Icing. This article only represents the author's views and does not constitute any trading advice. The content of this article is original and the copyright belongs to Gate.io. If you need to reprint it, please indicate the author and source, otherwise legal liability will be pursued.