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💰 Marathon Digital expands into altcoin mining to diversify revenue streams post-Bitcoin halving
Marathon Digital, the largest public Bitcoin miner by market cap, announced late Wednesday it had expanded into altcoin mining to diversify its revenue streams following Bitcoin's latest halving event. The altcoin in question is Kaspa, with Marathon deploying its first Kaspa application-specific integrated circuit (ASIC) miners in September 2023. In total, Marathon said it has purchased around 60 PH/s of Antminer KS3, KS5 and KS5 Pro ASICs from manufacturer Bitmain, each of which it claims can generate up to 95% profit margins given the current network difficulty rate and price of KAS.
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💰 STHs faced substantial losses as Bitcoin briefly fell below $60k
Over the weekend, Bitcoin saw a dramatic drop below $60,000, sparking over $537 million in realized losses predominantly from short-term holders (STHs). This sell-off highlights the volatility and reactive behavior of these market participants, with $441 million of these losses coming from those who had held BTC for a month or less. As the market turmoil unfolded, key on-chain metrics revealed a steep decline in the percentage of STH supply in profit.
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🪙 VanEck’s zero fees are part of plan to become the ‘go-to provider for crypto ETFs’
VanEck recently disclosed it would waive fees for its spot Ethereum ETF, adopting a similar strategy to its Bitcoin counterpart launched earlier this year. Sigel added that VanEck is confident its approach will “resonate” with investors across the spectrum and help drive more interest in Ethereum and the role it can play in their portfolios. He added that the lack of fees is also expected to lower the barrier of entry for new investors.
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💰 Bitcoin options put-call skew remains optimistic ahead of June’s quarterly expiry, analysts say
The put-call ratio of bitcoin options remains optimistic in anticipation of the quarterly expiry on the last Friday of this month, despite developments that might amplify downside risks for the top cryptocurrency, according to analysts. Recent developments could intensify selling pressure on bitcoin. The Mt. Gox trustee has announced that repayments to creditors in bitcoin and bitcoin cash are set to start in July.
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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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💰 Metaplanet to issue $6.26M in bonds for Bitcoin purchase, shares up 12%
Metaplanet announced plans to issue 1 billion yen ($6.26 million) in bonds to fund additional Bitcoin purchases, according to a June 24 notice. Following the news, Metaplanet shares surged 12% to 96 yen ($0.60), continuing an uptrend that has seen it gain over 500% this year, according to Google Finance data. The company’s board has approved the decision, and the Bitcoin is intended for long-term holding.
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📣 Crypto Market Still in Bull Cycle But There Are Worrying Signs: CryptoQuant
The lack of bullish momentum in the crypto market is evident in weak bitcoin whale demand growth and low stablecoin liquidity. The crypto market is in the red amid significant bloodshed from bitcoin (BTC) and altcoins. There is currently no bullish momentum, and BTC is hovering around key levels, falling below traders’ on-chain realized price of $65,800. Regardless, CryptoQuant analysts insist in a recent report that the market is in a bull season.
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💰 Ripple faces new trial over alleged misleading 2017 statements by CEO Brad Garlinghouse
Ripple is set for new legal battles after a US judge in California approved a lawsuit against the crypto company regarding alleged misleading statements by its CEO, Brad Garlinghouse. Ripple tried to dismiss the “misleading statement” claim by arguing that XRP was not a security. However, Judge Phyllis Hamilton noted that while XRP may not be classified as a security, it could still be considered one when sold to non-institutional investors.
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🇲🇪 Montenegrin Prime Minister Identified as Early Investor in Terraform Labs: Report
According to a recent report, Montenegrin Prime Minister Milojko Spajić has been identified as one of the early investors in Terraform Labs. Court documents released by the U.S. Securities and Exchange Commission (SEC) reveal that Spajić invested $75,000 in April 2018, acquiring 750,000 Luna tokens, which at their peak were valued at $90 million. SEC documents revealed that 14 individuals and 10 companies contributed approximately $13.75 million to the project’s initial development and research.
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🪙 Ethereum ETF issuers working to address 'reasonable' comments from SEC by Friday: Sources
Prospective spot Ethereum ETF issuers received comments from the SEC last week regarding their S-1 forms with a deadline of this Friday to get them turned around, according to two sources. While the issuers saw their 19b-4 forms approved in May, they still need the S-1 forms to become effective before trading can begin — a process with no strict deadline. These forms are currently being reworked and sent back to the SEC for further comments before being reworked again until they’re ready.
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🇺🇸 US SEC pushes back against Ripple's efforts to lower its fines saying the firm 'is agreeing to nothing'
The U.S. Securities and Exchange Commission rebutted Ripple's push for lower fines in its case against the regulator and said circumstances were different when it set penalties for Terraform last week. Ripple, which has been in a legal battle with the SEC since 2020, compared the regulator's proposed $2 billion fine for selling to institutional investors to fines against Terraform Labs in a "notice of supplemental authority" filed to a New York district court on June 13.
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💰 T-Mobile owner Deutsche Telekom will soon mine Bitcoin in addition to running nodes
Deutsche Telekom, the German-based telecommunication provider that ranks as the largest in Europe, will soon mine Bitcoin, according to remarks made by the head of Web3 infrastructure and solutions at Deutsche Telekom-owned subsidiary T-Systems MMS at the BTC Prague conference on Friday. After Bitcoin influencer Joe Nakamoto pressed Röder for clarification, asking "So is T-Mobile mining Bitcoin?", Röder clarified, "We will."
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💰 "A government cannot operate with Bitcoin in the same way it operates with fiat… that is really the ultimate goal of Bitcoin is to just achieve that constraint on government where constitutions and voting have failed."
- Erik Voorhees
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🥇 Bitcoin derivatives poised for 'quadruple witching' volatility as Friday's quarterly options expiry approaches, analyst says
The bitcoin options market is braced for heightened volatility, with over 20% of open interest on Deribit set to expire in-the-money (ITM), several analysts said to The Block on Wednesday. "As we approach Friday’s large quarterly expiry, potentially influenced by ‘quadruple witching’ and related volatility in U.S. markets, over 20% of Deribit open interest is set to expire in-the-money, equating to over $2.7 billion, total notional size of Friday's options expiry is over $10 billion," Deribit CEO Luuk Strijers told The Block.
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💰 Twitter founder Jack Dorsey gives presentation in Italy on how Bitcoin is permission-less freedom money 🇮🇹
“It could potentially be a compliment or replace the US dollar, which rules everything.”
- Jack Dorsey
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🚨 CoinStats suspends app after security breach compromises 1,590 wallets
CoinStats, the crypto portfolio app, has temporarily shut down its application to address a security incident. The company stated the breach was limited to 1,590 wallets or 1.3% of all CoinStats Wallets. The company reported that connected wallets and centralized exchanges (CEXes) were unaffected. CoinStats is also investigating a scam notification some iOS and Android users received.
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🪙 BlackRock, other issuers update S-1 filing for spot Ethereum ETFs, raising expectations for July launch
Seven spot Ethereum ETF applicants amended their registration statements with the SEC on June 21, leading to increased expectations of a trading launch in early July. Franklin Templeton, VanEck, Invesco Galaxy, BlackRock, 21Shares, and Fidelity submitted updated S-1 registrations for their respective funds. Grayscale submitted an amended S-3 registration for its Ethereum Trust and an additional amended S-1 statement for its mini Ethereum Trust. Bitwise did not amend its registration statement.
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🟣 Kraken CEO says Biden Administration is 'softening' toward crypto
Kraken CEO Dave Ripley described the Biden Administration as "softening" its stance toward crypto during an interview on CNBC Thursday. "When we came into this year, the executive branch has been, via the SEC, strongly negative to cryptocurrencies," Ripley said in the interview with CNBC "Squawk Box" host Joe Kernan. "But, there have been many supporters throughout the U.S. government. I visit D.C. periodically and met with many people in Congress, the Senate, and there are a number of supporters there.
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💰 Bitcoin ETFs see $714.4 million outflow over four consecutive trading days
Farside data shows that Bitcoin (BTC) exchange-traded funds (ETFs) experienced another significant outflow on June 18, amounting to $152.4 million. This marks the fourth consecutive trading day of outflows; the record outflow streak is from April 24 to May 2, which spanned seven consecutive trading days. The current sequence has resulted in a cumulative outflow of $714.4 million.
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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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🪙 Tether Debuts New 'Synthetic' Dollar Backed by Tokenized Gold in Tokenization Push
Tether, the company behind the $110 billion stablecoin (USDT), debuted Monday a new token minting platform called Alloy on the Ethereum network that lets users create tokens collateralized by Tether's tokenized gold (XAUT). "Alloy by Tether is an open platform that allows to create collateralized synthetic digital assets and will soon be part of the new Tether digital assets tokenization platform, launching later this year, Paolo Ardoino, CEO of Tether," said in an X post.
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⚫️ Trezor launches new touchscreen hardware wallet with custom expert setup
Trezor has launched the Trezor Safe 5, a new flagship device with upgraded security features and a haptic color touchscreen, and the Trezor Expert, a personalized onboarding service for new users. The Trezor Safe 5 introduces enhanced security and usability for managing digital assets. This new device features a color touchscreen with the Trezor Touch haptic engine, providing a visually engaging interface.
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🟠 Binance 'relieved' as Nigeria drops tax charges against its executives
Crypto exchange Binance said it was “relieved” following news that Nigerian authorities had dropped tax charges against its executives Tigran Gambaryan and Nadeem Anjarwalla, with Binance now the sole defendant. Nigeria’s Federal Inland Revenue Service (FIRS) served and filed amended charges today, a Binance spokesperson confirmed, resulting in the tax charges being dropped. The pair still face money laundering charges in the country, alongside Binance.
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🇺🇸 CFTC Chair Rostin Behnam tells Senate agency can handle greater crypto responsibilities
CFTC chair Rostin Behnam said the agency is capable of handling additional crypto responsibilities during a hearing before the Senate Committee on Appropriations on June 13. Behnam denied the suggestion that the CFTC would be “biting off… more than it can chew” if it gained additional crypto authority. He asserted that crypto commodities fall under the agency’s responsibilities and described a gap in regulation that can be filled.
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