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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 ETFs rebound with $100.8M in inflows
Bitcoin ETFs saw a significant turnaround on June 12, recording a $100.8 million inflow. This marks a notable recovery from two consecutive days of outflows. While inflows exceeding $100 million haven’t been a rarity for spot Bitcoin ETFs, these inflows are especially significant as they come after a substantial outflow of $200.4 million on June 11.
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💰 Cboe exec says Solana ETFs unlikely without futures market or regulatory clarity
Cboe Vice President and Global Head of ETF Listings Rob Marrocco believes crypto ETFs beyond Bitcoin and Ethereum are unlikely until the market and regulatory landscape changes. Marrocco said during an ETF Store podcast on June 11 that market expectations of a Solana (SOL) and XRP spot ETF are unrealistic in the short term since these cryptocurrencies do not have a futures market, which was a primary factor in the approval of spot Bitcoin and Ethereum ETFs.
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💰 Ripple acquires NYDFS-regulated custodian Standard Custody
According to a June 11 statement, Ripple has completed the acquisition of Standard Custody & Trust Company, a licensed digital asset custodian. Ripple said the acquisition brings a New York Department of Financial Services (NYDFS)-regulated trust company into its portfolio, further bolstering the number of licenses it has received in several countries, such as the US and Singapore.
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Stay ahead with:
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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
🤝 @Cryptocurrency_Inside ✅
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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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📊 Bitwise Analysis: AI and Crypto Fusion Poised to Elevate Global Economy by $20 Trillion
Bitwise’s Senior Crypto Research Analyst, Juan Leon, predicts a transformative impact on the global economy as artificial intelligence (AI) and cryptocurrency converge, potentially adding $20 trillion to the global Gross Domestic Product (GDP) by 2030.
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💰 Polygon unveils 1 billion POL token program to boost developer engagement
Polygon, the Ethereum layer-2 blockchain, has unveiled a Community Treasury initiative funded with 1 billion POL tokens, which will be distributed over the next decade to drive developer engagement on the network. Polygon has launched the first season of its Community Grant Program (CGP), offering developers an initial 35 million MATIC valued at around $22 million. Future seasons will provide up to 100 million POL tokens as the network transitions from MATIC to POL.
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🪙 Ethereum futures funding rate volatility mirrors significant price movements
Ethereum’s futures perpetual funding rate across all exchanges has exhibited significant fluctuations, as observed in recent market trends. The perpetual funding rate, a key indicator for market sentiment and trader positioning, demonstrated volatility throughout the first half of 2024. Notably, spikes in the funding rate often coincide with notable price movements in Ethereum, suggesting shifts in market sentiment.
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