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Coin Trading News: Essential source for crypto market news & analysis. Stay ahead with updates on Bitcoin and altcoins. Admin 📩 @nftmaxcoll"
🇰🇷 South Korea Launches Continuous Monitoring for Crypto Transactions
South Korea’s Financial Supervisory Service (FSS) will introduce a continuous monitoring system on July 19 to track suspicious cryptocurrency transactions. Developed with local digital asset exchanges, this system aligns with the country’s Virtual Asset User Protection Act, which aims to regulate trade practices and protect investors.
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🇨🇦 Canadian Regulator Probe Determines That Liquitrade Operates an Illegal Crypto Exchange
The British Columbia Securities Commission (BCSC) said its investigation into Liquitrade’s crypto asset trading platform found that the company operated an illegal exchange. The probe also determined that users were trading contractual rights, not crypto assets, as the platform had claimed. The BCSC said a panel investigating the operator found that users of the crypto asset trading platform “didn’t actually buy and sell assets.”
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🪙 Bloomberg analysts expect spot Ethereum ETFs to launch by mid-July
Bloomberg ETF analyst James Seyffart said he and his colleagues believe spot Ethereum ETFs could launch around July 15 as the application process settles. Seyffart posted the prediction on social media on July 3 but said he has “low confidence in those launch date predictions at this point.” The prediction is related to Bitwise’s amendment to its spot Ethereum ETF application on July 3. Seyffart noted that the only significant change was adding a six-month fee waiver for the first $500 million in assets.
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💰 Mt Gox wallets make small bitcoin moves, including to recipient exchange Bitbank, shows Arkham
A number of Mt Gox wallets were involved in two transactions over the last few hours ahead of the pending repayments of $9 billion of bitcoin. When the Mt Gox funds were last moved with significant size, the funds were predominantly consolidated in three wallets. When this happened, there was $24 left in a wallet that was used as an intermediary at one point. In the last few hours, this small amount of bitcoin was forwarded on to a wallet that then sent funds to Bitbank's hot wallet, according to Arkham labeling.
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💰 Bitcoin long liquidation dominance hits 70% in June amid 2024 market volatility
Bitcoin’s long liquidation dominance across all exchanges has fluctuated significantly in 2024, reflecting volatility in market sentiment. The seven-day moving average data reveals periods of increased long liquidations, especially in April and June. Notably, these spikes in liquidation dominance coincide with significant price movements. In March, the dominance of long liquidations surged above 60%, correlating with a notable decline in Bitcoin’s price from approximately $70,000 to $60,000.
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💰 Iris Energy raised $413 million to fund bitcoin mining expansion
Iris Energy, an Australia-headquartered bitcoin mining firm, has recently raised about $413.4 million through stock offerings to fund expansion after bitcoin’s halving event. The Nasdaq-listed firm raised the funds between May 15 and June 28 from the sale of 39.8 million shares, according to a Monday statement, first reported by TheMinerMag.
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🪙 Ethereum suffers worst outflows in two years due to spot ETF delays
The US Securities and Exchange Commission’s continued delay in approving spot Ethereum exchange-traded funds (ETFs) for trading resulted in Ethereum ETFs recording their most significant outflows in two years. According to CoinShares‘ latest digital asset fund report, these outflows resulted in a third consecutive week of negative flows of $30 million for global crypto-related investment products.
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🟠 Court allows most SEC claims to proceed in Binance suit
Judge Amy Berman Jackson however dismissed the SEC’s claim that BNB is traded illegally on secondary markets, citing the Ripple decision.
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💰 Bitcoin volatility sees futures slump, while options open interest spikes
Bitcoin's recent volatility sent shockwaves through the derivatives market, particularly between June 23 and June 27 when BTC's value slipped below the crucial $60,000 mark. This price movement triggered a cascade of events. Open interest in Bitcoin futures plummeted significantly due to margin calls and forced liquidations, creating a feedback loop of sell-offs. But while futures traders were pulling out, another curious trend was emerging in the options market.
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💰 VanEck files for spot Solana exchange-traded fund (ETF)
VanEck has filed plans with the US Securities and Exchange Commission to create a spot Solana exchange-traded fund (ETF). If approved, the VanEck Solana Trust will reflect the performance of the price of the blockchain network’s native SOL token. However, the filing stated that the Trust has no plans to stake the SOL tokens for staking rewards.
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💰 Ripple CEO says SEC Chair Gary Gensler 'will cause Biden to lose the election'
Ripple CEO Brad Garlinghouse said Securities and Exchange Commission Chair Gary Gensler will cause Joe Biden to lose the U.S. presidential election in November. Commenting on the crypto industry at a Bloomberg Invest Summit in New York on Tuesday, Gensler said, "This is a field where the leading lights from a couple of years ago are either in jail, about to go to jail, or awaiting extradition.”.
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🇩🇪 German government sends further $24 million in bitcoin to Coinbase and Kraken: Arkham
German government-labeled addresses appeared to send another 400 ($24.34 million) to Coinbase and Kraken Tuesday morning, indicating a potential intention to sell the assets and following substantial transfers of its seized bitcoin last week, according to on-chain analytics provider Arkham. “They have also moved 500 BTC ($30.4 million) to address 139Po. We have yet to see where these funds are moved” Arkham posted on X.
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💰 Bitcoin tumble below $63,000 last week was its second-worst weekly performance of 2024
Bitcoin faced a challenging period last week (June 17-23), marking one of its worst weeks of 2024. According to Glassnode, Bitcoin declined by 5.2% in week 25, making it the second worst-performing week of the year, just behind week 15’s 5.12% drop. The trend continued into week 26, with Bitcoin losing over 1% and dipping below the $63,000 mark.
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🟠 Nigerian government defends treatment of imprisoned Binance executive after visit from U.S. lawmakers
U.S. lawmakers in recent weeks have called attention to the Nigerian government's treatment of detained Binance executive Tigran Gambaryan, who's been held by the African country since February on charges of money laundering and tax evasion. The Nigerian government, through a statement posted to the X account of its Minister of Information and National Orientation, Mohammed Idris, has called the allegations of poor healthcare "false," asserting that Gambaryan "...has access to quality medical care whenever required" along with consular services from his home government of the United States.
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💰 Jack Dorsey Envisions Bitcoin Replacing US Dollar — Foresees BTC Reaching $1 Million
Billionaire Jack Dorsey foresees a future where bitcoin could supplant the U.S. dollar as the dominant global currency. He envisions a scenario where bitcoin’s value could soar to $1 million by 2030. Highlighting the cryptocurrency’s decentralized nature, Dorsey underscores its potential to democratize financial systems and reduce reliance on traditional banking institutions.
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🆘 Fake X accounts lead to record-setting crypto phishing attacks of $341 million
Crypto phishing exploits in the first half of this year reached $341 million, surpassing the $295 million scammers siphoned from victims in 2023, according to blockchain security firm Scam Sniffer. Security expert and SlowMist founder Yu Xian said the phishing incidents of the first half of the year showed that the profit margin of these malicious attacks was profitable.
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💰 Bitcoin’s bullish cycle questioned as price falls below 200-day moving average
Bitcoin price movements are influenced by various technical models that provide insight into market trends and potential future performance. As of July 4, Bitcoin has fallen below the 200-day moving average (DMA), which is currently at $58,373. The last time Bitcoin fell through this level was in August 2023. Since the beginning of 2024, Bitcoin’s price has shown a robust upward trajectory, peaking above $70,000 in March.
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📊 Crypto VC investment ‘continued rebound’ in Q2 with $3.2 billion invested – Galaxy
Venture capital investments in crypto continued to rebound in the second quarter, with a total $3.2 billion invested during the period — up 28% compared to $2.5 billion in the previous quarter, according to Galaxy Digital latest research report. Galaxy noted the second quarter’s median pre-money valuation is the highest since the fourth quarter of 2021 and represents an almost all-time high. It attributed the surge to a more competitive market, giving companies greater negotiation leverage in deals.
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💰 Standard Chartered Predicts Bitcoin Hitting Fresh All-Time High in August
Standard Chartered has predicted that bitcoin could hit a fresh all-time high in August and reach $100,000 by the November U.S. presidential election. The bank’s analyst expects a Trump victory to boost the price of bitcoin, while maintaining year-end and 2025 targets of $150,000 and $200,000, respectively.
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📊 Crypto Spot ETFs Will Have More Influence on Market's Price Action: Canaccord
The approval of bitcoin (BTC) and ether (ETH) spot exchange-traded funds (ETFs) is encouraging and while digital assets underperformed traditional assets in the second quarter, potential ETF inflows could reverse the recent trend, broker Canaccord Genuity said in a quarterly report on Sunday. Spot ETFs are expected to become a more meaningful part of crypto’s price action, analysts led by Michael Graham wrote.
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🇺🇸 U.S. spot ETH ETFs delayed; SEC asks for resubmission of S-1 forms by July 8
According to Eric Balchunas, senior ETF analyst for Bloomberg, the U.S. Securities and Exchange Commission (SEC) has asked prospective spot Ethereum exchange-traded funds (ETFs) issuers to re-file their S-1 forms by July 8. This would delay the launch of the Ethereum ETFs to mid-July or later, pushing it from its expected launch date of July 2. SEC chief Gary Gensler told the senate last month that spot ETH ETFs will be approved ‘this summer.’
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🇺🇸 Supreme Court overturns Chevron, reducing SEC’s ‘unilateral power’ over crypto: expert
Economist Timothy Peterson said the US Supreme Court’s decision to overturn Chevron will prevent the SEC from acting as an “automatic subject matter expert” on crypto on June 28. Chevron doctrine originated in a 1984 case titled Chevron v. Natural Resources Defense Council, which created a test to determine when US federal courts must defer to agency interpretations of laws and statutes.
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🪙 Galaxy Digital sees up to $7.5 billion flowing into ETH ETFs within first five months
Galaxy Digital said exchange-traded funds tracking Ethereum’s native token, could become a multi-billion market opportunity soon after approval. The U.S. Securities and Exchange Commission recently changed course to accelerate the approval of these funds, with some analysts predicting the first ETH ETFs approvals could come in next week. The SEC has yet to approve the crucial S-1 filings needed for the funds to hit the market.
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🔵 SEC could approve spot Ethereum ETFs by July 4: report
The Securities and Exchange Commission could approve applications for spot Ethereum ETFs as soon as July 4, according to Reuters, which cited anonymous sources. The SEC "could approve exchange traded funds tied to the spot price of ether as soon as July 4, as talks between asset managers and regulators enter the final stages, industry executives and other participants told Reuters," according to the report published Wednesday.
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🇺🇸 Gensler mum on timing of spot 🪙 Ethereum ETFs' launch, but says process is going 'smoothly'
The process of launching spot Ethereum exchange-traded funds is "going smoothly," U.S. Securities and Exchange Commission Chair Gary Gensler said on Tuesday. The SEC approved 19b-4 forms for eight Ethereum ETFs last month. Firms vying for those products still need their registration statements, called S-1s (or S-3, in the case of Grayscale, which is seeking to convert its Ethereum Trust to an ETF), to become effective before trading can begin.
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🪙 Ether Traders Buy $4K Calls In Anticipation of Record High
Ethereum's native token ether (ETH), the second-largest cryptocurrency by market value, has dropped over 5% to $3,350 in one week, according to CoinDesk data. The decline follows speculation that ether ETFs could begin trading in the U.S. next month and is consistent with weakness in market leader bitcoin and other alternative cryptocurrencies. Still, according to Amberdata data, some traders have been buying large numbers of ether September expiry call options at the strike level of $4,000 on crypto exchange Deribit.
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📊 Altcoin Investors Struggle Despite Bitcoin, Ether Sitting Near Yearly Highs
The cryptocurrency market is undergoing a healthy consolidation after a massive run-up from October to March – at least for those who invested in the two largest digital assets. While bitcoin (BTC) and Ethereum's ether (ETH) are only 15% below their yearly highs, several crypto majors like solana (SOL) and avalanche (AVAX) are down 40% to 50% from their March peaks, while layer-1 challengers sui (SUI) and aptos (APT) have cratered 60% to 70%.
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💰 Ripple CEO Hails Latest Court Ruling 'a Big Win' — Calls His Lawsuit Baseless Troll Attempt
Ripple CEO Brad Garlinghouse says the latest court ruling on Ripple’s securities lawsuit “is a big win.” He stressed that “absolutely nothing in the decision negates or changes the fact that XRP is, in and of itself, not a security.” The Ripple executive slammed allegations of misleading statements about his XRP position, stating that the lawsuit “was a clear example of the trolls that unsuccessfully tried to take advantage of the U.S. legal system and distort statements to seek 100’s of millions in class action settlements.”
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📣 Standard Chartered to launch spot trading desk for bitcoin and ether: Bloomberg
Standard Chartered is close to starting operations on its own spot crypto trading desk for bitcoin and ether, according to a report. On Friday, Bloomberg reported that sources familiar with the matter revealed that the British multinational bank plans to enter the spot crypto trading market as part of its FX unit. According to the report, this crypto trading desk will be run from London.
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