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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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🏦 Coinbase could face regulatory challenges over alleged ‘tailored accounting metrics’ under new FASB rules
Coinbase could face regulatory challenges over its compliance with new FASB accounting rules that shift the accounting and disclosure for crypto to a fair-value model from a cost-less-impairment model, MarketWatch reported on June 24, citing accounting experts. The rules were agreed upon by the FASB in 2023 and will officially take effect in 2025. However, firms are allowed to adopt the standards early, and some, including Coinbase, have already done so.
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💡💡💡: 🥇 Mt Gox to start Bitcoin repayments - Bloomberg
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🇺🇸 Summer Consolidation to Precede US Election ‘Fireworks’ in Crypto Markets, Says QCP Capital
Despite several bullish indicators, including a significant bitcoin purchase by Microstrategy and optimistic projections by notable figures, bitcoin’s price action remains subdued. Market analysts at QCP Capital shed light on the underlying factors contributing to this paradox. The analysts further mentioned that the purchase coincided with positive sentiments from influential voices like Arthur Hayes and Michael Dell, fueling a bullish outlook.
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💰 Trump scores bitcoin donations worth $2 million from Winklevoss twins
Cameron and Tyler Winklevoss have donated a total of $2 million worth of bitcoin to former U.S. President Donald Trump, the presumptive Republican nominee in the upcoming presidential election. The Winklevoss twins announced their donations with posts to X. "I just donated $1 million in bitcoin (15.47 BTC) to [Donald Trump] and will be voting for him in November," Tyler Winklevoss said in his post.
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🟣 Kraken discloses it was exploited for nearly $3 million in bug that has now been fixed
Kraken disclosed nearly $3 million was taken from its wallets following a bug-related exploit that's since been fixed. The crypto exchange received a bug bounty program alert on June 9, according to Kraken’s Chief Security Officer Nick Percoco. The alert warned it to an “extremely critical” bug, allowing an attacker to artificially inflate their balance on its platform.
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💰 Bitcoin hits one-month low as altcoin sell-off triggers $455 million crypto liquidation
Bitcoin’s (BTC) price dropped to a one-month low following three consecutive trading days of outflows from its spot exchange-traded funds (ETFs). The leading digital asset surged to $67,000 before falling to around $64,500 during early Asian trading hours. Other major cryptocurrencies like Ethereum (ETH), Solana (SOL), and Toncoin (TON) also saw significant declines, each losing over 3%.
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🥇 Bitcoin sees $621 million outflow as investors react to Fed’s cautious stance
CoinShares’ latest weekly report highlighted a notable shift in crypto investment products, with the sector experiencing its most significant outflows in three months. Last week, investors pulled $600 million from the market, with Bitcoin products bearing the brunt, facing $621 million in outflows. Meanwhile, short-Bitcoin products saw nearly $2 million in inflows, reflecting the bearish sentiment.
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🪙 Bloomberg Analyst Now Expects Spot Ethereum ETFs to Launch on July 2
Bloomberg’s senior ETF analyst has updated his spot ethereum exchange-traded fund (ETF) prediction. “We are moving up our over/under date for the launch of spot ether ETF to July 2nd,” he said. This revision follows light comments from the SEC Staff on issuers’ S-1 filings. The analyst believes there is a decent chance the SEC will approve the filings next week, aiming to finalize them before the holiday weekend.
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JUST IN: 🇺🇸 Donald Trump says he will "end Joe Biden's war on crypto, and ensure that the future of crypto and the future of Bitcoin will be made in America."
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💰 Terraform Labs to dissolve, CEO asks community to take over following $4.47 billion SEC settlement
Chris Amani, CEO of Terraform Labs, the developer of Terra blockchain, asked the community to take the reins as the firm plans to dissolve its operations. The firm, according to Amani, plans to sell its projects in the Terra ecosystem including Pulsar Finance, Station Wallet and Enterprise DAO. This follows Terraform's massive $4.47 billion settlement with the U.S. Securities and Exchange Commission related to the UST algorithmic stablecoin, which dramatically collapsed in 2022.
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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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🪙 Binance Labs invests in Ethereum Layer 2 network developer Zircuit
Binance Labs, the $10 billion venture capital and incubation arm of the crypto exchange Binance, has invested an undisclosed sum in Zircuit, an Ethereum Layer 2 network developer. Zircuit is a zero-knowledge rollup with "AI-enabled sequencer-level security," Binance Labs said Tuesday. The firm added that its investment will help Zircuit grow and develop its network further.
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🏦 Crypto Custody Firm Fireblocks Partners With Coinbase International Exchange for More 'Reliable' Trading
Cryptocurrency custody firm Fireblocks is working with Coinbase International Exchange, the non-U.S. arm of the trading business providing perpetual futures and spot trading features for institutional and retail clients in eligible jurisdictions, the companies said on Monday. Coinbase International Exchange received a regulatory license from the Bermuda Monetary Authority to offer its services in May 2023.
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🇭🇰 Hong Kong parliament sets up crypto legislative subcommittee
Johnny Ng, a Hong Kong lawmaker, said his team is collecting policy feedback from the global Web3 industry following the establishment of a crypto subcommittee under the Legislative Council. Ng wrote in an X post on Saturday that the Hong Kong parliament has recently set up a subcommittee on Web3 and virtual asset development. “My office seeks to gather insights from the global Web3 industry, propose policy recommendations, and discuss the future direction of the industry in Hong Kong,” he said.
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🥇 Bitcoin's Power Law Model Gains Traction Despite Market Fluctuations
In 2020 and early 2021, the stock-to-flow (S2F) bitcoin price model captured widespread attention. Although bitcoin currently stands over 13% below its peak value reached in March, the Power Law Corridor model has become increasingly influential. Many hold the view that the Power Law model’s support line has remained steadfast for over ten years and foresee that BTC could eventually reach six to seven-digit values, provided it consistently holds its course.
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🪙 Asset managers update proposals for Ether ETFs, eyeing July launch
Several asset managers submitted revised proposals for an Ethereum exchange-traded fund (ETF) to the United States Securities and Exchange Commission on June 21. VanEck, BlackRock, Grayscale and Invesco Galaxy Digital released an updated S-1 Registration Statement following the close of the markets on Friday. Earlier in the day, Fidelity also filed a new S-1 form with the regulator.
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🪙 Asset management giant Fidelity discloses $4.7 million seed investment in Ethereum ETF: SEC filing
Asset management behemoth Fidelity disclosed a $4.7 million seed investment in its latest amended filing for its spot Ethereum exchange-traded fund. FMR Capital, Inc., an affiliate of Fidelity, bought one share for $40 in late May. Later, on June 4, FMR bought 125,000 shares at a share price of close to $38, Fidelity said in its amended registration form filed on Friday. A mention of fees was absent in Fidelity's form, echoing previous statements released by other spot Ether ETF issuers.
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🇩🇪 German Government Agency Moves $425M Bitcoin, Some to Crypto Exchanges
A German government agency today moved $425 million in bitcoin (BTC) to another wallet address, Arkham data appears to show, sending some on to crypto exchange deposit wallets and returning some to the starting point. The wallet address, previously identified as belonging to the German Federal Criminal Police Office (BKA) by Arkham, moved 6,500 BTC to the address “bc1q0unygz3ddt8x0v33s6ztxkrnw0s0tl7zk4yxwd” and then back to itself.
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📊 Hashdex, Nasdaq file application for a dual Bitcoin, Ethereum ETF
Crypto asset management firm Hashdex has put forward a proposal for a spot exchange-traded fund (ETF) that would directly hold both Bitcoin and Ethereum. New York-based stock exchange Nasdaq disclosed the proposal on June 18 via a Form 19b-4 filing, which describes the firms’ intent to establish the Hashdex Nasdaq Crypto Index US ETF. The filing does not clarify the ratio of the holdings.
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💰 Fidelity's Director of Global Macro Sees Bitcoin as 'Exponential Gold' on Store of Value Team
Fidelity Investments’ Director of Global Macro sees bitcoin as “exponential gold” and “an aspiring player on the store of value team.” According to his analysis, bitcoin’s price is “driven primarily by the growth in its network, which is in turn driven by bitcoin’s unique scarcity feature, as well as the monetary and fiscal policy cycle, and of course sentiment.”.
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💰 Salvadoran Government Introduces Bitcoin Banking Law Reform
The Salvadoran government has presented an initiative to accelerate the inclusion of Bitcoin and other cryptocurrencies in its investment banking sector. The banking law reform introduced to the National Assembly would allow private investors to constitute banks that can provide services in Bitcoin and stablecoins for sophisticated investors
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💰 Bitcoin falls with equities as markets position for a single Fed rate cut this year
Bitcoin is struggling to recover after the U.S. Federal Reserve suggested on Wednesday it would pencil in only one rate cut this year. The U.S. central bank's more hawkish tones impacted equity markets, and bitcoin has mirrored their downtrend by declining over the past day. Futures ticked lower after this week's Federal Open Market Committee meeting. Dow Jones Industrial Average futures dropped 0.63% and S&P 500 futures were down 0.33% in pre-market trading.
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💰 Ripple argues for lower fines than SEC's proposed $2 billion, cites Terraform settlement to make its case
Lawyers for Ripple Labs are looking to leverage fines recently lodged against Terraform in an effort to pay a lower penalty in its case with the U.S. Securities and Exchange Commission. Ripple, which has been in a lengthy legal battle with the SEC over the last few years, said financial penalties proposed by the agency were unreasonable, in a "notice of supplemental authority," posted on Thursday.
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🇺🇸 Biden campaign in talks to accept crypto donations through Coinbase Commerce: sources
U.S. President Joe Biden’s campaign is in discussions with cryptocurrency industry players about accepting crypto donations through Coinbase Commerce, sources familiar with the matter told The Block. Coinbase Commerce, a payments service that allows merchants to accept dozens of cryptocurrencies, already powers crypto donations to presumptive Republican candidate Donald Trump’s campaign, which began accepting digital currency contributions last month.
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📊 $270.4 million in liquidations as crypto market selloff continues
The cryptocurrency market has experienced a notable selloff over the past two days, which has led to a surge in liquidations. Bitcoin, the largest crypto by market cap, was down 3.5% over the past 24 hours to $67,275, according to The Block’s bitcoin price data, while Ethereum was down 4.6% to $3,495. The selloff has led to the liquidation of about $270.4 million in leveraged positions over the past 24 hours, according to CoinGlass. A significant portion, $238 million, were long positions.
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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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💰 Bitcoin Could Lift to $83K in the Coming Days, Analyst Says
Bitcoin (BTC) may be setting up for a rise to $83,000 as it completes a major bullish price pattern on the daily chart, according to technical analysis by 10x Research. A price move above $72,000 would confirm a breakout from an inverted head-and-shoulders pattern, characterized by three price troughs, with the middle one being the deepest.
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