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💰 World's Largest Bank ICBC Sees Bitcoin as Digital Gold — Calls 🪙 Ethereum 'Digital Oil'
The Industrial and Commercial Bank of China (ICBC), the world’s largest bank by total assets, recently compared bitcoin to digital gold and labeled Ethereum “digital oil” in a report. The bank emphasized the roles of these cryptocurrencies in the digital economy and their contributions to technological advancements.
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💰 Rich Dad Poor Dad Author Robert Kiyosaki Sees Bitcoin as the Easiest Way to Become a Millionaire
Rich Dad Poor Dad author Robert Kiyosaki has stated that bitcoin is the easiest way to become a millionaire because the cryptocurrency “does the hard work.” He contrasted this with entrepreneurship, which requires significant intelligence, dedication, and luck. “That is why I love bitcoin,” he emphasized.
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💰 Russia Set to Recognize Bitcoin Mining as Economic Activity
According to Osman Kabaloev, the Deputy Director of the Financial Policy Department at Russia’s Ministry of Finance, the recognition of Bitcoin mining as an official economic activity is set to happen soon. Following the approval of a law regulating cryptocurrency mining, this activity would be assigned an OKVED code, which classifies company activities for licensing purposes.
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💰 BlackRock's spot bitcoin ETF surpasses 300,000 BTC in assets under management
BlackRock’s IBIT spot Bitcoin exchange-traded fund crossed 300,000 ($21 billion) in assets under management on Thursday, five months after trading began on Jan. 11. BlackRock’s Bitcoin ETF has now accumulated 302,534 BTC, according to its fund page, with around 4,920 BTC in net inflows yesterday taking it over the milestone. GBTC originally operated as a private placement fund before transitioning to public trading on the OTC market in 2015 and its ultimate conversion to an ETF in January.
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💰 Jack Mallers and Matt Odell speak on Bitcoin being a open-source and freedom movement
“Google doesn’t have as much of a vested interest in the success of the open web, but as a Bitcoin company, I do in Bitcoin.”
- Jack Mallers
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💰 Standard Chartered says bitcoin could hit $100,000 ahead of US elections
Bitcoin's price could increase to $100,000 ahead of the U.S. presidential election in November, according to Standard Chartered. "As we approach the U.S. election, I expect $100,000 to be reached and then $150,000 by year-end in the case of a Trump victory," Geoffrey Kendrick, head of Standard Chartered Bank's forex and digital assets research, said Thursday in an email sent to The Block.
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💰 Bitfarms mining revenue drops 45% to $7 million in first full month after Bitcoin halving
Bitcoin miner Bitfarms released its latest monthly production data, which highlights the Bitcoin halving effect on the company’s bottom line and raises concerns about industry consolidation. In its monthly update, Bitfarms said it earned 156 BTC in May, a 42% drop from the previous month and down 66% year over year. Of that earned, it sold 136 BTC for total proceeds of $8.9 million (down from $16.1 million in April) as part of the company’s regular treasury management process.
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💰 British-Chinese Woman Sentenced to 6 Years for Laundering Bitcoin in $6B Scam
In a high-profile case involving a massive cryptocurrency fraud, a British-Chinese woman, Jian Wen, has been sentenced to six years and eight months in prison for her role in laundering Bitcoin proceeds from a $6 billion investment scam in China. Wen, aged 42, was found guilty in March of laundering Bitcoin on behalf of her former boss, Yadi Zhang, whose real name is Zhimin Qian.
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💰 Over 90% of Bitcoin supply remains profitable despite market volatility
Bitcoin’s current market trends show a nuanced interaction between price fluctuations and the profitability of entities holding the asset. Recent data from Glassnode reveals a substantial portion of Bitcoin holders remain in profit despite recent volatility — with over 90% of the supply being profitable as of May. This trend indicates that holders are maintaining their positions amid market swings, reflecting a resilient support level for the flagship digital asset.
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💰 Babylon secures $70 million to turn Bitcoin into PoS security backbone
Babylon, the Bitcoin staking protocol, has successfully closed a $70 million funding round led by Paradigm, with significant contributions from Bullish Capital and Polychain Capital. This pre-launch funding aims to support team growth, research, and development ahead of Babylon’s mainnet launch. The funds will be used to advance Babylon’s scalable staking and restaking features, unlocking value from the idle $1+ trillion Bitcoin ecosystem and positioning Bitcoin as the security backbone of Proof-of-Stake (PoS) systems.
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💰 Bitcoin addresses with positive balances surpass 52.5 million amid strong growth since 2020
The number of addresses with a non-zero balance provides insights into the market forces and user adoption. The data from Glassnode shows a notable increase in addresses holding Bitcoin, surpassing 52.5 million in 2024. This growth signifies rising interest and engagement in the digital assets ecosystem. Notably, periods of price volatility are accompanied by shifts in address balances, reflecting investor behavior.
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🪙 Bankrupt Mt. Gox trustee said it is not selling Bitcoin
The Rehabilitation Trustee of the defunct crypto exchange Mt. Gox has confirmed that it has not sold its significant Bitcoin holdings despite transferring over 140,000 BTC (approximately $10 billion) today. The trustee clarified in a May 28 statement that preparations to repay creditors were ongoing. According to the firm, the bankruptcy process will compensate creditors with fiat currency, Bitcoin, and Bitcoin Cash. While fiat currency payments have already begun, creditors have not received digital asset payments.
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💰 JPMorgan casts doubt on SEC approval for Solana and other crypto ETFs
JPMorgan is skeptical about the United States Securities and Exchange Commission approving Solana and other crypto exchange-traded funds now that Ethereum ETFs have been approved. Nikolaos Panigirtzoglou, managing director and global market strategist at JPMorgan, told The Block that the investment bank doubts the SEC will approve such funds given its stance that most cryptocurrencies are securities.
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💰 Bitcoin white paper returns to Bitcoin.org website
The Bitcoin white paper has been reuploaded to the Bitcoin.org website after Craig Wright’s unsuccessful court attempt to prove he is Satoshi Nakamoto, the protocol’s pseudonymous creator. Hennadii Stepanov, the maintainer of the Bitcoin.org website, announced the return of the Bitcoin white paper by sharing a link to the white paper PDF on platform X.
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💰 Bitcoin surges above $69k after better-than-expected US CPI
Bitcoin’s price has soared past $69,000 after the latest US Consumer Price Index (CPI) for May showed a slight decline. Available data shows that the much-anticipated US CPI inflation data was better than several experts’ predictions. He added that the decline in these numbers was caused by the “lower rates of inflation in used cars, gas utilities, apparel, food at home, gasoline, medical care, fuel oil, food away from home, shelter, and electricity.”
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💰 Bitcoin Falls Below $67K, More Than 75K Traders Liquidated Amid Market Decline
On Tuesday, the price of bitcoin (BTC) fell to an intraday low of $66,696 per unit, marking a 3.3% decrease over the last 24 hours. This decline resulted in the liquidation of $170.25 million in long derivatives positions, with $50.87 million of this amount comprised of BTC long positions.
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💰 Short-term holder realized price nears $64,000, signaling Bitcoin uptrend
The Realized Price metric offers a comprehensive overview of the average on-chain acquisition price for the entire Bitcoin circulating supply. By analyzing Short-Term and Long-Term Holder heuristics, we can determine the realized price for different investor cohorts. These coins are the most likely to be spent soon. Conversely, Long-Term Holders (LTH) represent coins not moved within the last 155 days, indicating the least probable coins to be spent.
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💰 Bitcoin accumulation addresses surge as market optimism returns
Recent data from Glassnode indicates notable movements in Bitcoin accumulation addresses. The number of these addresses declined earlier this year, and a resurgence started in late April. This increase aligns with broader market optimism and Bitcoin’s price stabilization around $60,000. According to CryptoSlate, long-term holders have added nearly 70,000 BTC since the cycle’s bottom, reversing a previous divestment trend.
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📊 MicroStrategy faces highest institutional net short positions among crypto-related firms
Analyzing institutions’ net short positions can reveal crucial insights into market sentiment and potential volatility. For instance, examining the net short positions on MicroStrategy (MSTR), Coinbase Global, Inc. (COIN), and Marathon Digital Holdings, Inc. (MARA) provides valuable perspectives on investor outlook and market forces. According to data from Fintel, MicroStrategy, with a market cap of roughly $30 billion, faces a substantial net short position of $6.9 billion, constituting 23.14% of its market cap.
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💰 Bitcoin perpetual funding rates fluctuate with market sentiment in 2024
Bitcoin futures perpetual funding rates provide valuable insights into the market’s current forces. Throughout 2024, these rates have fluctuated, reflecting trader sentiment and market volatility. However, the start of Q2 market turbulence led to several instances where funding rates turned negative, signifying a shift towards bearish sentiment. Notably, these negative funding rates often coincided with significant price drops, suggesting traders’ anticipation of further declines.
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💰 Bitcoin options positioned for potential price breakout above $74,000 this month
Recent large buys of bitcoin call options with a strike price above $74,000 for June expires lead analysts to speculate that many investors are betting that prices will rise above $74,000 by the end of the month. "Our desk saw strong bullish follow-through with significant bitcoin option call buying for June expiries, indicating positioning in the options market for a decisive break above $74,000 all-time-highs this month," QCP Capital analysts said.
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🇺🇸 US SEC is ‘bent on choking’ the crypto industry — Coinbase
The United States Securities and Exchange Commission (SEC) will continue its regulation-by-enforcement approach to the cryptocurrency industry for as long as it can to satisfy its goal of “choking” the industry, according to crypto exchange Coinbase. “The SEC is serious about the destruction of digital assets,” Coinbase declared in a May 31 filing with the U.S Court of Appeals in its ongoing effort to push the court to force the SEC to begin making fair rules for the crypto industry.
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🪙 Mt. Gox Bitcoin Moves Will Cause No Immediate Selling Pressure: CryptoQuant
Analysts from the market intelligence platform CryptoQuant say the recent bitcoin (BTC) moves by the defunct crypto exchange Mt. Gox are no cause for alarm and would cause no immediate selling pressure on the digital asset. According to the latest weekly report from the analytics firm, the transfers were executed between Mt. Gox’s trustee addresses and are not a sign that creditor repayments have begun.
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💰 Kraken experiences largest outflow with $1.6 billion in Bitcoin transactions
Kraken, the digital asset exchange, recently experienced its largest outflow in dollar value, with approximately $1.6 billion being transferred out of the platform on May 30, according to Glassnode data. According to Arkham Intelligence Transaction data, this significant movement was executed through five transactions from Kraken’s deposit to an external address: three transactions of 6,000 BTC each and two transactions of 5,000 BTC each. The transferred Bitcoin, totaling roughly 28,000, is currently held in the address “bc1q.”
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💰 BlackRock’s IBIT continues to lead net inflows in spot bitcoin ETFs
Spot bitcoin exchange-traded funds in the U.S. recorded a total daily net inflow of $28.32 million on Wednesday. The funds continued to log their 12th consecutive day of inflows, marking the longest streak since the last week of February. The inflows were led by BlackRock’s IBIT, which drew in $24.5 million worth of funds according to data from SoSoValue. Grayscale’s GBTC saw net outflows of $31 million.
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💰 Dormant Bitcoin Address Awakens After a Decade, Moves $9.8 Million in BTC
After a much quieter April, May has witnessed numerous dormant bitcoin addresses becoming active after years of inactivity. Notably, a significant holder from 2010 reappeared this month, spending 2,050 BTC from a cache of block rewards. Additionally, $9.6 billion in Mt Gox bitcoins was transferred on Tuesday morning. On the same day, May 28, 2024, at block height 845,533, another entity decided to transfer 145.89 BTC worth $9.8 million from a dormant 2013 address.
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🇹🇷 Turkish Parliament Committee to Review Crypto Bill This Week
The Turkish parliament’s Planning and Budget Committee will discuss a draft law this week that would require crypto asset service providers to obtain licenses and register. This move aims to enhance Turkey’s compliance with the Financial Action Task Force (FATF) standards. In 2021, FATF placed Turkey on its “grey list” due to inadequate oversight of sectors prone to money laundering and financing terrorist organizations.
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💰 Robert Kiyosaki Advises Buying Bitcoin Before Price Explodes — Warns of Bonds Crashing
Rich Dad Poor Dad author Robert Kiyosaki has warned investors about the bond market crashing, urging them to invest in “safer real assets,” like bitcoin, before their prices “explode.” He criticizes financial planners for promoting bonds as safe investments, predicting significant losses for investors when AAA bonds and commercial real estate crash. Meanwhile, Kiyosaki expects bitcoin’s price to reach $2.3 million.
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💰 Bitcoin miner Marathon Digital partners with Kenya on renewable energy projects
Bitcoin mining firm Marathon Digital Holdings is partnering with Kenya's Ministry of Energy and Petroleum (MOEP) on several renewable energy projects. Marathon Digital and the MOEP will come up with a series of bitcoin-based renewable energy projects in Kenya. To facilitate that work, the two groups will establish a committee charged with steering the development and implementation of those energy-related projects across the African nation, according to a joint statement.
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