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Gary Gensler Predicts ETH ETFs Approval by September, CRV Token Plummets, and Latest Crypto News

Fernanda T
Latest News
June 13 2024 3:46PM

Founder of Curve Finance faces liquidation after CRV token drop

Michael Egorov, the founder of Curve Finance (COIN:CRVUSD), faced liquidation after the CRV token hit an all-time low of $0.22. Approximately 100 million CRV were liquidated, totaling $27 million, but Egorov still holds 39.35 million CRV securely. This situation triggered widespread liquidations, causing concern among investors. Despite this, Curve Finance praised its soft liquidation mechanism during the recent market turmoil, highlighting its resilience against adverse events like the UwU hack.

Gary Gensler predicts approval of Ether ETFs by the end of Q3

Cryptocurrency markets faced continued pressure during Thursday’s US trading session, following a drop initiated after the Fed indicated a single rate cut this year. During a hearing before the US Senate Appropriations Committee, SEC Chairman Gary Gensler indicated that Ether exchange-traded funds (ETFs) could be approved by the end of the third quarter. He mentioned that issuers are progressing with the registration process and approval to list these ETFs could happen in the coming months. These ETFs would allow investors to trade Ether without directly holding the cryptocurrency. Despite a brief recovery spurred by Gensler’s optimistic comments, Ethereum (COIN:ETHUSD) fell by -2.7% to $3,463. Bitcoin (COIN:BTCUSD) also dropped by 2.3%, trading near $66,703.

Bitcoin ETFs see $100.8 million inflow after previous outflows

On June 12, Bitcoin ETFs experienced a positive turnaround, with an inflow of $100.8 million after two consecutive days of outflows. Notably, Fidelity’s ETF (AMEX:FBTC) led with $50.6 million in inflows, followed by BlackRock’s ETF (NASDAQ:IBIT) with $15.6 million and Bitwise’s ETF (AMEX:BITB) with $14.5 million. This shift was driven by the recent increase in Bitcoin’s price and favorable US economic data.

SEC may receive little from multibillion-dollar settlement with Terraform Labs

Chris Amani, CEO of Terraform Labs, announced the company’s closure following a $4.47 billion settlement with the US SEC. The plan includes selling projects and transferring control to the community. This decision follows the collapse of the UST stablecoin in 2022. The community reacted mixedly, and Terra (COIN:LUNAUSD) and Terra Luna Classic (COIN:LUNCUSD) prices fell after the announcement, underscoring the importance of regulatory compliance and governance in the crypto space. The SEC is likely to receive a fraction of the amount due to the company’s bankruptcy process, which shows $430.1 million in assets against $450.9 million in liabilities. Bankruptcy payment priorities place government fines and penalties, like those from the SEC, behind secured creditors.

Growth and rotation in the digital asset market in 2024

So far, the digital asset sector has accumulated $12 billion in net inflows in 2024, with projections from JPMorgan Chase (NYSE:JPM) indicating this could reach $26 billion by year-end. The report highlights that spot bitcoin ETFs are the main contributors, attracting $16 billion of these inflows. However, a significant portion of these inflows appears to be a reallocation of funds from digital wallets on exchanges to the new ETFs, rather than new capital entering the crypto market.

MicroStrategy seeks $500 million to buy more Bitcoin

MicroStrategy (NASDAQ:MSTR) plans to issue $500 million in senior convertible notes to finance new Bitcoin (COIN:BTCUSD) acquisitions. Targeted at qualified institutional buyers, the private offering aims to bolster the company’s position in a volatile market. With 214,400 BTC currently in its portfolio, valued at around $15 billion, MicroStrategy will offer the option to purchase up to an additional $75 million in notes. The notes will mature in 2032, and investors can convert them into cash, MicroStrategy common stock, or a combination of both, aligning with Michael Saylor’s Bitcoin-focused growth strategy. launches crypto staking services for institutional clients in collaboration with OKX, specializing in institutional validation, has introduced cryptocurrency staking services for large clients in partnership with the OKX exchange. This service is part of the staking-as-a-business (SaaB) model, allowing enterprise clients to use staking on a range of crypto assets like Polkadot, Kusama, Celestia, and Cardano. This collaboration with OKX facilitates yield generation without the complexities of setting up new nodes. Notably, technical difficulties and operational costs have been significant barriers for institutions entering this sector. has also achieved a total value locked of $7.5 billion and presented its staking business model to reduce these obstacles for institutions.

Privado ID rebrands and separates from Polygon Labs to expand in digital identity market

Privado ID, formerly known as Polygon ID, has separated from Polygon Labs (COIN:MATICUSD) to operate independently in the growing digital identity market. According to the company, this change aims to meet the rising demand for digital identity solutions, both online and on-chain, forecasting the market to grow to $101.37 billion by 2030. Privado ID plans to offer its solutions across various Ethereum Virtual Machine (EVM)-compatible blockchains, expanding its reach beyond the Polygon network. and VillageDAO drive decentralization in the film industry, led by Bryan Hertz, is the first official partner of VillageDAO, a smart contract framework within ConsenSys. uses blockchain to democratize the Hollywood studio system, allowing filmmakers to create and fund independent projects. The partnership aims to provide a better-managed environment than traditional platforms like Discord, promoting advanced technology, efficient funding, and robust community support. The certified “Community Expert” program will help integrate new members and strengthen the community within VillageDAO.

Exploring the potential of blockchains to fund public good

While many see crypto as merely a wealth opportunity, the technology is also driving innovations in public financing. At a Consensus 2024 talk, an industry expert highlighted how blockchains are creating scalable and transparent ways to fund social and environmental projects. Although still in its infancy, these mechanisms promise to transform resource distribution globally, challenging traditional economic and governance paradigms.

European Commission selects Iota for Web3 identification solution

The European Commission has chosen Iota’s (COIN:IOTAUSD) Web3 identification solution for its European Blockchain Sandbox (EBSI) initiative. The project aims to revamp traditional KYC through DLT and tokenization. Iota plans to use its participation to explore privacy and KYC regulations in the Web3 environment, crucial for the evolution of decentralized finance (DeFi). The EBSI provides a controlled environment for blockchain technology testing, focusing on facilitating interaction between projects and EU regulators.

BNB Chain launches incubation alliance for Web3 projects

BNB Chain (COIN:BNBUSD) has unveiled a new initiative in collaboration with Binance Labs: the BNB Incubation Alliance (BIA), aimed at supporting early-stage blockchain projects. The program offers a 10-week accelerator, grants, investments, and launch services for builders and developers. Participant selection will occur through global events, focusing on early-stage blockchain ventures. The first edition of the BIA will launch during the Ethereum Community Conference in Brussels.

Joe Biden plans crypto donations despite proposed high taxes for mining

Joe Biden’s campaign team is exploring the possibility of accepting crypto donations via Coinbase Commerce, aiming to attract support from the crypto community. This initiative comes after a period of strained regulatory relations between the Biden administration and the crypto sector. Additionally, the Biden administration’s recent proposal suggests a new 30% tax specifically for cryptocurrency miners, part of the next fiscal year’s budget. This initiative contrasts with former President Trump’s pro-crypto policies, which recently encouraged US dominance in bitcoin mining. The measure aims to address environmental concerns and regulate the industry, but critics argue it would stifle sector growth, discourage innovation, and could be unconstitutional due to its focus on a single industry.

Tether CEO claims Bitcoin is the only decentralized asset

The CEO of Tether (COIN:USDTUSD), Paolo Ardoino, emphasized Bitcoin’s uniqueness in terms of decentralization. While most cryptocurrencies rely on developer groups for updates and monetary policy changes, Bitcoin is governed solely by mathematical algorithms. Its limited and predictable supply, with halvings every four years, provides certainty to investors. Ardoino acknowledged that his view might be controversial, especially regarding Tether’s centralization. He also expressed skepticism about memecoins and participated in BTC Prague, an event focused exclusively on Bitcoin.

Paxos cuts staff to focus on tokenization and stablecoins

Paxos (COIN:PAXGUST) laid off 65 employees, about 20% of its workforce, to concentrate on tokenization and stablecoins. CEO Charles Cascarilla stated that the layoffs would strengthen the company’s ability to capitalize on opportunities in these sectors. Despite previous regulatory challenges, including restrictions on Binance’s BUSD, Paxos maintains a robust financial position with over $500 million in corporate assets. The company plans to gradually wind down settlement services to focus exclusively on developing tokenization and stablecoin solutions.

Swiss digital bank focused on crypto declares bankruptcy

FlowBank, a Swiss digital bank focused on cryptocurrencies, has been declared bankrupt and closed by the Swiss Financial Market Supervisory Authority (FINMA) due to capital insufficiency and severe violations of minimum requirements. The institution, which began operations in 2020 and offered crypto-related services, now faces liquidation with no prospects of restructuring, while customers with guaranteed deposits await fund returns.

Manta Network establishes $50 million fund for development ecosystem

Manta Network launched a $50 million fund to boost projects on its modular layer 2 network, focusing on zero-knowledge applications. This funding will be distributed over a year through direct investments, grants, and support for hackathons. Despite a decline in total value locked following a crypto yield program, Manta remains resilient after a previous DDoS attack. The fund aims to catalyze innovation and sustainable growth within the Manta ecosystem.

Nuffle Labs receives $13 million to develop NEAR data layer

The NEAR Foundation launched Nuffle Labs, an independent entity, securing $13 million in strategic funding. Nuffle Labs will focus on developing the NEAR Data Availability Layer (NEAR DA) and other modular NEAR products. Funding came from the NEAR Foundation, Electric Capital, and other investors. The company aims to enhance the competitiveness of NEAR products and leverage the strengths of various platforms to strengthen the ecosystem. The NEAR token (COIN:NEARUSD) is currently priced at $6.08.