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The price of Ether (COIN:ETHUSD) rose by 1.7% at the time of writing after the SEC concluded its investigation into Consensys, the tech incubator behind the MetaMask wallet. The SEC informed that it would not recommend enforcement action against the company, according to letters sent on Tuesday. Consensys announced that the investigation into Ethereum 2.0 was closed, boosting market confidence.
Arkham offered a $150,000 reward for the identity of the DJT token creator. Martin Shkreli, the infamous pharmaceutical executive, claimed to be the creator of the token, causing a stir in the crypto community. Crypto investigator ZachXBT responded by submitting information for the reward. Suspicious trading activities and possible legal implications for Shkreli, due to the terms of his parole, add complexity to the case, keeping the community on edge.
Donald Trump reaffirmed his support for Bitcoin, stating that the US must lead in the crypto sector or risk falling behind. In Wisconsin, he promised to end Joe Biden’s “war on crypto” and keep regulators away from Bitcoin if elected. Trump is the first president to accept Bitcoin payments and oppose central bank digital currencies, aiming to secure the future of cryptocurrencies in America.
After hitting a monthly low, the price of Bitcoin (COIN:BTCUSD) showed signs of stability on Wednesday morning, with a slight increase of 0.05%, reaching $65,169.44. Fernando Pereira, an analyst at Bitget, noted that while the market remains bearish, technical analysis of the one-hour and four-hour charts reveals divergences indicating seller exhaustion. “Despite the bearish sentiment, strong divergences on the 1-hour and 4-hour charts show that sellers are tiring, and a bullish pullback is likely, potentially bringing prices back to $67k,” explained Pereira.
Data from Farside shows that spot Bitcoin ETFs experienced outflows of $152.4 million on June 18, marking the fourth consecutive day of withdrawals. The current streak totals $714.4 million in outflows. Fidelity’s ETF (AMEX:FBTC) saw an outflow of $83.1 million, while Grayscale’s ETF (AMEX:GBTC) recorded $62.3 million in outflows. Bitwise’s ETF (AMEX:BITB) had an outflow of $7.0 million, while BlackRock’s ETF (NASDAQ:IBIT) continued its long streak without outflows.
Bitwise updated its S-1 form for the Ethereum ETF, including an initial $2.5 million investment by Bitwise Investment Manager, LLC. The company also indicated a potential $100 million investment by Pantera Capital Management after the commercial launch. The June 18 document clarifies that these indications of interest are not purchase guarantees. Approval of this filing is the final step before Ether ETFs can be publicly traded, a development expected this summer according to SEC Chairman Gary Gensler.
LandBridge, a US oil and gas exploration company, announced plans to attract crypto miners during its initial public offering (IPO) launch on Monday. With the offering of 14.5 million shares and a potential valuation of up to $1.6 billion, the company seeks to diversify its land use in the Delaware sub-basin by exploring revenue generation potential with infrastructure for crypto mining and data centers.
Brokerage Bernstein stated that Bitcoin (COIN:BTCUSD) and crypto-related stocks are undervalued and poised for institutional adoption. The firm predicts that Bitcoin ETFs will be approved by major agencies and banking platforms by year-end, boosting institutional demand. Bernstein estimates that BTC could reach $200,000 by 2025 and $1 million by 2033, highlighting the potential of miners like Riot Platforms (NASDAQ:RIOT), CleanSpark (NASDAQ:CLSK), and companies like MicroStrategy (NASDAQ:MSTR) and Robinhood Markets (NASDAQ:HOOD).
The LayerZero Foundation launched an eligibility checker for its upcoming airdrop, announced by LayerZero Labs CEO Bryan Pellegrino. Users can now verify their eligibility and activity history on the platform. The airdrop will distribute 23.8% of the total 1 billion tokens, with 8.5% allocated on the first day. The foundation also intensified anti-Sybil measures before the June 20, 2024 claim date, ensuring a fair distribution.
DLC.Link announced the integration of Chainlink (COIN:LINKUSD), a leader in decentralized oracle networks, to enhance the cross-chain capabilities of dlcBTC, allowing Bitcoin holders to explore DeFi while retaining control of their assets. The collaboration includes implementing Chainlink’s Proof of Reserve (PoR), increasing transparency and ensuring Bitcoin reserves are adequately backed. This partnership aims to facilitate secure transfers and independently verify collateral almost in real-time.
The North Dakota Department of Financial Institutions revoked the money transmission license of Binance.US, making it the seventh state to do so. The decision follows the federal conviction of majority owner Changpeng Zhao for operating an unlicensed money transmission business and anti-money laundering failures. Binance.US has 30 days to contest the revocation, with North Dakota joining other states that have already taken similar actions.
Laser Digital, the crypto arm of Nomura (NYSE:NMR), obtained a brokerage license from the Abu Dhabi Financial Services Regulatory Authority. The license allows the company to offer brokerage and asset management services for both digital and traditional assets. This significant milestone, according to CEO Jez Mohideen, reinforces Laser Digital’s commitment to compliance and regulation in the ADGM, contributing to the UAE’s virtual asset ecosystem.
Kunal Bhasin of KPMG Canada highlighted at the Toronto Collision Conference that tokenization of commercial real estate could enable institutional investors, like family offices, to acquire stakes in high-value properties such as Toronto’s Eaton Center. Bhasin predicts tokenization will become one of the primary institutional uses in the crypto industry, allowing broader access to large real estate assets previously limited to pension fund managers and large investors.
Brickken, a Web3 platform specializing in real-world asset (RWA) tokenization, was selected for the European Blockchain Sandbox. This program, coordinated by the European Commission, aims to strengthen the legal certainty of blockchain technologies. Alongside Coinbase (NASDAQ:COIN), Brickken will offer expertise in tokenization, helping regulators better understand and adopt these technologies, paving the way for broader and more efficient acceptance in the financial and real estate sectors.
Nearly a week after Terraform Labs settled with the SEC, court documents from April revealed that Montenegro’s Prime Minister, Milojko Spajic, was an early investor in the failed crypto project. In 2018, Spajic invested $75,000 to purchase 750,000 LUNA tokens. This revelation contrasts with his previous claims that the company he worked for, Das Capital SG, had made the investment.
An IMF survey with 19 central banks in the Middle East and Central Asia suggests that central bank digital currencies (CBDCs) may not be crucial for achieving policy goals. While they can promote financial inclusion and reduce service costs, the survey indicates that improving existing payment systems might be more effective. The IMF warns of potential risks of CBDCs, including competition with bank deposits and impacts on financial stability.
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