The number of search queries in Google “bitcoin dead” has reached a record high, and JPMorgan predicted the growth of cryptocurrencies due to the capitalization of stablecoins – these and other important news of the cryptocurrency market in our review.

According to the analytical service Google Trends, for the period from June 12 to 18, the search query “bitcoin dead” (“bitcoin is dead”) scored 100 points out of 100 possible, Bits writes.Media. The fall of the cryptocurrency market and rumors about the insolvency of significant players against the background of a seven—month downward spiral of bitcoin have given rise to panic assumptions in the community that BTC is a dying asset.

According to analysts of the American investment bank JPMorgan Chase, the increase in the share of stablecoins in the cryptocurrency market hints at the upcoming growth of digital assets. The capitalization of stablecoins reached a historic high in mid-June. In a letter to investors, Nikolaos Panigirtsoglu, head of the analytics department at JPMorgan, stressed that the share of stablecoins in the cryptocurrency market has grown to 14%.

According to a new weekly report by CoinShares, the outflow of capital from cryptocurrency funds amounted to $39 million. The total amount of assets under management is now at its lowest level since February 2021 and amounts to $36 billion, which is 59% lower than the peak value of November 2021. However, despite the negative sentiment, investment flows into cryptocurrencies have remained positive since the beginning of the year — $403 million.

One of the most popular messengers in China, WeChat, has published a new usage policy, according to which all accounts providing access to cryptocurrencies and NFT will be blocked, Bits writes.Media. The new rules prohibit the promotion of issuing, trading and investing in digital assets, including collectible tokens. Users who violate the ban may be blocked with the wording “carrying out illegal business”. The bans also cover NFT trading, this is separately emphasized in the rules.

Solend, a cryptocurrency lending platform based on the Solana blockchain, seeks to avoid a liquidity crisis amid the collapse of SOL prices and huge margin requirements on whale accounts. The platform put to the vote of the project participants the SLND3 proposal, which is aimed at introducing a borrowing limit for each account in the amount of $ 50 million and reducing the maximum number of liquidations.

 

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The fall of the cryptocurrency market and rumors about the insolvency of significant players against the background of a seven–month downward spiral of bitcoin have given rise to panic assumptions in the community that BTC is a dying asset. According to Google Trends, over the past week, the number of “bitcoin dead” search queries has reached the highest level in the entire history of observations. The last time this request came close to a score of 100 points was in December 2017.

Google Trends data reflects the degree of concern in the cryptocurrency markets after several weeks of a massive sale of crypto assets. In terms of the number of incoming requests from 36 countries, 6 are leading: Canada (100 points), Nigeria (95 points), Singapore (86 points), the United States (81 points), the United Kingdom and Australia (75 points each). Data for Russia is recognized by Google Trends as insignificant for accounting in statistics.

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