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Worldcoin Surges on Regulatory Wins, MicroStrategy Expands BTC Holdings, and More Crypto News

Fernanda T
Latest News
June 20 2024 2:35PM

Worldcoin token boosted by regulatory advances

Worldcoin’s native token (COIN:WLDUSD) surged on Thursday, reaching an intraday high of $3.19 following significant regulatory victories across various jurisdictions. The proof-of-personhood project, which has faced controversy due to facial data collection, experienced a notable recovery after a more than 70% drop from its all-time high. Recent highlights include the closure of an investigation in Kenya and planned expansion in Ecuador, bolstering global support by distinguishing humans from bots. At the time of publication, WLD was trading at $3.04, up 8.6%.

MicroStrategy acquires more BTC for $786 million, boosting shares

MicroStrateg bought 11,931 bitcoins for $786 million, raising its holdings to 226,631 BTC. This purchase, partially funded by a debt offering, increased the market value of its holdings to over $15 billion. With analysts predicting bitcoin (COIN:BTCUSD) reaching $1 million by 2033, MicroStrategy’s strategy of accumulating BTC continues to attract investors and optimists for the cryptocurrency’s future. MicroStrategy (NASDAQ:MSTR) shares are down -2.6% in Thursday afternoon trading.

Growing risk of bitcoin liquidations as it nears $70,000

Bitcoin market is currently extremely volatile, with fears that the cryptocurrency will hit $70,000, a critical point not seen since June 8. This increase would trigger massive short position liquidations, estimated at around $1.67 billion. Short sellers face significant risks, as a small 7.46% price increase could lead to substantial financial losses. With markets on the rise and open interest fluctuating, uncertainty prevails, making every price movement significant for investors. After an initial rise in the morning, Bitcoin (COIN:BTCUSD) is nearly stable, down -0.02% in the last 24 hours, trading at $64,944.39. Meanwhile, Ethereum (COIN:ETHUSD) is down -1.22% at $3,516.25.

Web3 Foundation’s innovative proposal to expedite token unstaking in Polkadot

The Web3 Foundation has proposed a significant change for Polkadot (COIN:DOTUSD) with RFC-0092, aiming to reduce the unstaking period for staked tokens from 28 days to just two. This innovation promises to increase liquidity and flexibility for users by implementing a system that adjusts the unstaking time based on the size of the request queue, ensuring faster processes without compromising security. If approved, this change could make Polkadot more competitive compared to other proof-of-stake protocols.

Cardano begins voting for interim constitutional committee under Chang hard fork

Voting for the Interim Constitutional Committee (ICC) has begun in the Cardano (COIN:ADAUSD) ecosystem in preparation for the Chang hard fork. This measure aims to strengthen decentralized governance by allowing ADA holders to elect members to guide the provisional constitution. Recent criticisms, including transparency concerns raised by Pi Lanningham of Sundae Labs, highlight challenges in information disclosure. Meanwhile, Cardano founder Charles Hoskinson promised a comprehensive governance package in response to community discussions, pointing to a more structured and adaptable future for the blockchain.

LayerZero’s ZRO token introduces proof of donation for airdrop

LayerZero launched the ZRO token today with an innovative “proof of donation” mechanism, requiring claimants to contribute $0.10 in ETH or stablecoins for each unlocked ZRO. These donations support the Protocol Guild and are matched by the LayerZero Foundation up to $10 million. The unprecedented approach to the 85 million ZRO airdrop has generated diverse reactions within the crypto community.

XMR demonstrates extreme volatility in 2024

Monero (COIN:XRMUSD) price dropped significantly after being delisted by Binance in February, taking four months to recover. Recently, it reached $180, driven by rumors of a crackdown on botnet mining in Europe and decisions by major mining pools. In the last 24 hours, XMR price rose 0.2%, trading at $168.60. XMR outperformed other major cryptocurrencies with a 22% increase over four weeks, highlighting its resilience and long-term breakout potential.

VanEck Bitcoin ETF launched on ASX for Australian investors

VanEck’s spot bitcoin ETF (ASX:VBTC) was officially launched on the Australian Securities Exchange (ASX:ASX), offering Australian investors an accessible and secure way to gain exposure to bitcoin. With a management fee of 0.59%, the ETF allows trading units with bitcoin exposure through a traditional brokerage account, simplifying access to the cryptocurrency market via the ASX.

DeFi Technologies shares an emerging buy opportunity, says Benchmark

DeFi Technologies (USOTC:DEFTF) shares present an attractive buy opportunity, according to Wall Street brokerage Benchmark. Following a sharp decline driven by altcoin losses, the company saw its shares recover significantly. Analyst Mark Palmer reiterated his buy rating, highlighting that recent volatility is an overreaction, creating a favorable scenario for investors.

1inch and Blockaid join forces to strengthen DeFi security

DeFi platform 1inch announced a partnership with Web3 security provider Blockaid to enhance security measures in its ecosystem. This collaboration will introduce 1inch Shield, a solution that detects fraudulent tokens and simulates transactions before execution, aiming to combat fraud such as phishing scams and hacks. The integration of these features aims to set new security standards in the DeFi space, protecting digital assets and increasing user confidence.

Kraken recovers funds after controversy in bug bounty program

Cryptocurrency exchange Kraken faced a serious issue on June 9 when a security researcher exploited and withheld $3 million in digital assets due to a bug. Nick Percoco, Kraken’s Chief Security Officer, reported on X that the flaw allowed account balances to be artificially inflated, a consequence of untested UI changes. After fixing the issue, it was discovered that the researcher and associates had withdrawn the funds, refusing to return them and demanding additional payment. Kraken labeled the act as criminal and involved authorities. Finally, Kraken managed to recover nearly $3 million of the stolen funds, minus transaction fees, with the help of blockchain security firm CertiK.

BitFlyer to acquire FTX Japan following FTX Global collapse

BitFlyer Holdings is in the process of acquiring FTX Japan, part of the platform that collapsed in 2022. The acquisition aims to strengthen BitFlyer’s position in the Japanese cryptocurrency market, focusing on management and custody services for institutional investors. After the collapse of FTX Global, FTX Japan managed to resume withdrawals after reimbursing customers.

Fireblocks and Tres facilitate audit reports for digital assets

Fireblocks and Tres announced a partnership to offer audit-ready reports to clients, integrable with accounting software like QuickBooks and Xero. With the rise of tokenization of traditional assets, the demand for clear and integrated reporting solutions is increasing among CFOs and financial teams. This collaboration aims to simplify digital asset management for financial institutions, facilitating the continued adoption of cryptocurrencies in the corporate environment.

AO protocol based on Arweave raises $158 million after fair launch

AO, a decentralized computing protocol on Arweave’s permanent storage layer, attracted $158 million in deposits within a week of its fair launch. Designed to run AI applications on-chain, AO demonstrated strong demand for innovative technological solutions. The launch model, without venture capital, pre-sale, or pre-mining, reflects a return to cryptocurrency’s original ethos, seeking equal access.

Particle Network raises $15 million to innovate in blockchain abstraction

Particle Network, focused on chain abstraction technology for modular blockchains, raised $15 million in a Series A round led by Spartan Group and Gumi Cryptos Capital. The company plans to use the funds to expand its team and advance the development of “universal accounts,” facilitating cross-chain transactions for users and developers, simplifying interaction with various blockchains.

Konami adopts Avalanche for NFTs on Resella platform

Konami Digital Entertainment chose Avalanche blockchain for its NFT platform, Resella, promising efficiency and reduced costs. Launched last year, Resella will facilitate the creation and trading of NFTs in applications, integrating with services like AvaCloud Web3. Konami aims to expand social experiences and Web3 connectivity, allowing game NFTs to transcend into exclusive events and content, enhancing user interaction.

India imposes $2.25 million fine on Binance for AML violations

India’s Financial Intelligence Unit fined Binance $2.25 million (or 188.2 million rupees) for failing to comply with anti-money laundering rules. The exchange was accused of not maintaining adequate records, failing to report information to authorities, and operating illegally in India since January 2024, despite previous conditional approval.

Italy proposes severe fines for crypto market manipulation

Italy plans to impose significant fines, up to $5.4 million (5 million euros), for practices like market manipulation and insider trading in crypto assets, aiming to strengthen regulation under the new decree. The country designated the central bank and Consob as authorities to oversee the sector, aligning with the EU regulatory framework, MiCA, while promoting partnerships to expand crypto use among local banks and financial institutions.

Argentine president Milei supports Bitcoin to revitalize national economy

Argentine President Javier Milei reaffirmed his support for Bitcoin (COIN:BTCUSD) as a tool to boost the national economy, allowing free competition between currencies, including digital assets like bitcoin. While Milei has not yet implemented official cryptocurrency policies since taking office, his administration focuses on the financial crisis, seeking austerity measures. Monthly inflation has fallen below 5%, but annual inflation remains high, driving growing interest in crypto as an economic hedge.