🥇 Bitcoin transaction fees will surpass block subsidy predicts Marathon CEO Fred Thiel
Fred Thiel, CEO of Marathon Digital Holdings, shared his insights on several critical aspects of the Bitcoin landscape, focusing on transaction fees, hash rate resilience, and global expansion initiatives. Thiel highlighted the conditions of Bitcoin transaction fees, noting that large payloads requiring prioritization drive higher fees. He emphasized that transaction volume in the mempool is the primary driver, with various value-added services built on top of base transaction fees.
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💰 NiceHash and Marathon partner to launch new firmware for miners
NiceHash, a leading Bitcoin hashing power marketplace, has partnered with Marathon Digital Holdings to introduce new custom firmware for ASIC miners on its platform. The new product, NiceHash Firmware, will leverage Marathon’s technology to enhance the efficiency and revenue of Bitcoin miners using ASIC devices. Miners who adopt this firmware will benefit from a low fee of 2%, which drops to 1.4% if they use NiceHash as their primary mining pool.
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🇺🇸 Crypto exchange Gemini to pay $50 million in settlement with NY attorney general's office
Crypto exchange Gemini agreed to pay $50 million worth of digital assets to Gemini Earn investors as part of a settlement announced by the New York Attorney General on Friday. The settlement comes after NYAG Letitia James said Gemini "misled thousands of investors," including New Yorkers, on risks tied to the Gemini Earn program. Gemini Earn allowed Gemini customers to loan their crypto to now-bankrupt Genesis Global Capital, LLC, and earn up to 7.4 percent APY.
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💰 Glassnode says institutional cash-and-carry trades are influencing US spot bitcoin ETF flows
Glassnode analysts said on Wednesday that a major factor affecting demand-side pressure for U.S. spot exchange-traded funds is institutional traders adopting a cash-and-carry arbitrage strategy. According to analysts, since traders are buying bitcoin spot and immediately hedging it by selling bitcoin futures, this could reduce the immediate upward pressure on the spot price that would otherwise be seen if they were only buying the spot asset.
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💰 Polygon community treasury announces grants program for builders, initially distributing 35 million MATIC
A Polygon community treasury has announced a long-term plan to spur development on the blockchain that involves unlocking 1 billion tokens over a decade. "After community consensus, the Community Treasury has been created, with 1 billion POL unlocked over 10 years, with [approximately] 100 million POL per year, all for builders," the treasury said in an announcement. POL is set to become Polygon's native token, replacing MATIC eventually.
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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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🔵 Arbitrum DAO votes to approve $215 million gaming ecosystem fund proposed by Arbitrum Foundation
Arbitrum Foundation, the organization that supports the Ethereum rollup-based Layer 2 network Arbitrum, will get its wish to distribute hundreds of millions of dollars to support gaming projects on the network over the next three years. Organizations that significantly supported the proposal include L2Beat, Wintermute, and gaming-focused Treasure DAO, while Blockworks Research and Camelot DAO numbered among those who voted against.
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🟠 Binance Confirms Mastercard and Visa Support for Crypto Purchases but No Binance Credit Card Issued
Cryptocurrency exchange Binance posted on social media platform X Thursday that users can purchase cryptocurrency using Mastercard, Visa, or SEPA for bank transfers. The announcement led to confusion among some users regarding the reintroduction of Binance-branded credit cards. Binance Customer Support clarified that the current facilities allow the use of existing payment methods to buy crypto and do not indicate the issuance of a new Binance credit card.
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🇺🇸 SEC Chair Gary Gensler says disclosures not enough to protect crypto exchanges
U.S. Securities and Exchange Commission Chairman Gary Gensler said Wednesday that federal securities agents may continue bringing enforcement actions against crypto exchanges, even if the platforms disclose their products’ risks to retail investors. The companies are also not protected from lawsuits if they publicize “misleading” information that leads traders to pour money into products they otherwise wouldn’t invest in, he said.
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🪙 ARK Invest ends partnership with 21Shares on Ether ETF
21Shares has filed an updated application for its Ethereum spot ETF S-1, rebranding the fund from Ark 21Shares Ethereum ETF to 21Shares Core Ethereum ETF. Additionally, ARK Invest has ended its partnership with 21Shares and will no longer be involved with the ETF. According to the newly amended Form S-1, there are no updated fees. Despite acknowledging Ethereum’s groundbreaking potential and long-term value.
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⚪️ Worldcoin Officially Launches in Colombia
Worldcoin, the iris-scanning biometric proof-of-personhood project, announced on Thursday the launch of its operations in Colombia. Via social media, the project reported that eye-scanning operations were already available in Bogota and Medellin, for World ID users. Currently, only ten locations with orbs (iris scanning machines) are available, six in Bogota and four in Medellin.
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💰 Ark Invest’s spot bitcoin ETF logs record $100 million in daily net outflows
Spot bitcoin exchange-traded funds in the U.S. logged their 13th consecutive day of net inflows on Thursday, drawing in $48.71 million. Major movements of funds were spotted in two bitcoin funds from Fidelity and from Ark Invest and 21Shares yesterday. Fidelity’s FBTC led net inflows worth $119 million, while Ark’s ARKB saw nearly $100 million in net outflows, according to data from SoSoValue. ARKB’s Thursday outflow marked its largest since its debut in January.
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🇪🇺 EU elections could hint at future direction for crypto regulations, Bitfinex analyst says
The European Union Parliamentary Elections, taking place next week, could provide further clues on how crypto will be regulated in that market, according to Bitfinex Head of Derivatives Jag Kooner. "A right-wing shift could lead to stricter crypto controls, while a pro-crypto outcome might accelerate supportive regulations like MiCA," Kooner told The Block.
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🪙 Crypto Investments Hit $1 Billion in May With Ethereum Dominating: KuCoin
KuCoin exchange’s research arm released a report on cryptocurrency performance in May, noting $1 billion in new investments – a slight decrease from April. Earlier this week, KuCoin Research published a report indicating that in May alone, the crypto realm saw a public disclosure of about 156 investments. The total amounts invested in the 156 projects summed up to about $1.02 billion.
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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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🇮🇪 Crypto Exchange Crypto.com Secures Spot on Ireland's Virtual Assets Service Provider Register
Crypto.com received approval to register as a virtual asset service provider in Ireland, allowing the crypto exchange to operate in the European Union nation. The company was listed on the register as of June 7 under the name Foris DAX, the Central Bank of Ireland's website shows. Crypto.com will now be able to offer crypto-to-fiat exchanges and fiat wallets, the company said in a statement.
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📊 Crypto on ‘slow and steady’ pace to mainstream adoption – Canaccord Genuity
Mainstream adoption of digital assets has been steadily increasing, driven by significant regulatory advancements and rising institutional interest, according to Canaccord Genuity research. According to Canaccord’s research report, the mainstream adoption of digital assets is anticipated to continue driving growth in the sector, with Galaxy Digital well-positioned to capitalize on these evolving trends.
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💰 Bitfinex analysts predict Bitcoin’s bull market top could occur around Q4 2024
Analysts at crypto exchange Bitfinex have predicted that the current bitcoin bull market cycle may peak in the fourth quarter of 2024. "Historical data suggest that bitcoin typically reaches its new all-time high (ATH) several months after the halving event. Therefore, we predict the market top could occur around Q4 2024," Bitfinex analysts claimed in a note sent to The Block.
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💰 The Wall Street Journal releases a video comparing the Bitcoin bull run of 2021 to the current market in 2024
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⚪️ Robinhood set to acquire crypto exchange Bitstamp in potential $200 million deal
Robinhood is set to acquire Bitstamp in a potential $200 million deal designed to better position the crypto and stock trading platform for expansion outside of the U.S. The cash deal is expected to close in the first half of 2025, according to a statement on Thursday, subject to customary closing conditions — including regulatory approvals — Robinhood said. Barclays Capital Inc. served as the exclusive financial advisor to Robinhood, and Galaxy Digital Partners LLC served as the exclusive financial advisor to Bitstamp, according to the statement.
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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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🪙 JPMorgan Predicts 'Negative' Initial Reaction for Ethereum ETFs — Expects Lower Demand Than Bitcoin ETFs
JPMorgan has predicted an initial negative market reaction for spot ethereum exchange-traded funds (ETFs), expecting lower demand compared to bitcoin ETFs. The global investment bank also cautions that approximately $1 billion may exit the Grayscale Ethereum Trust, putting downward pressure on ether prices shortly after the launch of spot ethereum ETFs.
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🪙 21Shares drops Ark from ETH ETF as remaining applicants meet SEC deadline
Six companies updated their spot Ethereum ETF S-1 registration statements on May 31, with 21 Shares notably dropping Ark Invest from its filing. The relevant filing renames the “Ark 21Shares Ethereum ETF” to the “21Shares Core Ethereum ETF.” It also removes all mention of Ark Invest from its text, whereas previous submissions described Ark Invest as the fund’s subadvisor. Ark Invest has not commented on the change.
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🇺🇸 SEC told spot Ethereum ETF issuers to get first round of draft S-1 forms in by Friday: sources
The march to get the spot Ethereum ETFs approved for trading is well underway, with all eyes on the S-1 forms. After the 19b-4 forms were approved on May 23, the only remaining step is for the S-1 forms to become effective before trading can begin. However, since the approvals resulted from a last-minute change in direction from the SEC, the S-1 forms were not prepared in advance. Yet progress is now being made.
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📣 Mastercard launches P2P crypto network, vanity address system
Mastercard is launching a peer-to-peer platform for cryptocurrency users in Europe and Latin America. The Mastercard Crypto Credential network, which is in pilot mode, supports transactions on Bit2Me, Lirium and Mercado Bitcoin exchanges, enabling cross-border payments across the Atlantic, Mastercard said Wednesday in a statement. The P2P platform’s rollout forms part of the payments company's push to leverage digital assets for cross-border payments, a growing payments services sector.
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