Bitcoin’s price has been struggling to stay above the $60,000 mark, driven by a mix of macroeconomic factors and specific market dynamics. Despite a brief rally, Bitcoin dipped back to $58,500, suggesting that the price movement is primarily linked to cryptocurrencies rather than broader market trends. Several factors are contributing to the weakness, including the unwinding of carry trades in Japan due to rising interest rates, global recession risks, and reduced Bitcoin miner profitability. Additionally, institutional outflows from spot Bitcoin ETFs have added to the negative sentiment. Although stronger economic data in the U.S. and a financial stability agreement between the U.S. and China have improved investor confidence, these factors have not yet translated into Bitcoin’s recovery. Miners, facing lower profitability due to high energy costs and declining hash prices, may be forced to sell their reserves, further pressuring the market. Until these factors shift, Bitcoin is unlikely to surpass the $63,000 resistance level in the near term.

Story Protocol Raises $80M to Empower Creators in the AI Era

PIP Labs, the company behind the intellectual property-focused blockchain Story Protocol, has raised $80 million in a Series B funding round led by Andreessen Horowitz (a16z). Story Protocol aims to address the issue of artificial intelligence using creative content without compensating creators. The blockchain technology allows creators to convert their intellectual property into modular assets, or “IP Legos,” that can be licensed and monetized through smart contracts. PIP Labs CEO SY Lee emphasized that AI companies often take and benefit from creators’ data without consent, leading to a growing debate in the entertainment industry. Story Protocol’s mainnet launch is anticipated later this year, with further announcements expected during Korea Blockchain Week.

Pepe, Dogwifhat, and Brett Soar as Meme Coin Sector Rebounds

The meme coin market has seen a resurgence, with many coins gaining value after Tron launched its own version of the token launchpad Pump.fun. Meme coins like Pepe (PEPE), Dogwifhat (WIF), and Brett (BRETT) have experienced significant gains. The biggest winner is Sundog (SUNDOG), launched through SunPump, which has skyrocketed in value, reaching a market cap of $178 million. Other meme coins, like Brett and Popcat (POPCAT), have also seen substantial increases. Meanwhile, Shiba Inu-based Neiro On ETH (Neiro) is leading its sector, outperforming its competitors. However, not all coins are thriving; Smoking Chicken Fish, a meme coin that has become a church, has dropped 11%, falling below a $24 million market cap. The launch of Tron’s SunPump has revived the meme coin sector after frustration grew with Pump.fun for oversaturating the market.

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