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After a promising start to 2024, with optimistic predictions that Bitcoin would reach $100,000, the price faced intense selling pressure in April and June, barely managing to stay above $60,000 by the end of the quarter. Bitcoin, which began the period near $71,000, saw a drop of over 14%, while Ethereum also experienced a decline, albeit smaller, of around 5%.
The latest macroeconomic data from the US, including the Personal Consumption Expenditures (PCE) Index—a closely watched inflation indicator by the Federal Reserve—did not bring significant changes to the price of Bitcoin (COIN:BTCUSD), which remained above $60,000. The most recent PCE reading met expectations and did not significantly impact the cryptocurrency market. However, analysts are concerned about the durability of the $60,000 support, indicating possible volatility as the end of the month approaches.
Fernando Pereira, an analyst at Bitget, points out that Bitcoin’s price instability can be partly explained by the entry of new investors into the market. “A large part of the average entry price for investors is between 61k and 71k, which makes the situation very delicate, as these investors are often novices and do not handle losses well, panicking and selling their positions even at a loss,” Pereira explained.
Inexperienced traders tend to react emotionally to potential losses, selling their cryptocurrencies in an effort to avoid greater losses. “Short-term investors are reducing the volume of their positions, increasing selling pressure,” he added.
According to data from IntoTheBlock, Bitcoin address activity in June fell to its lowest levels since 2010. This suggests a decline in interest and participation from retail investors, contrasting with previous cycles dominated by institutional capital.
A fraudulent app mimicking the popular Phantom Wallet was discovered on the Apple Store. This fake app, identified as an ad by Meta Voxify, deceives users with its visual similarity to the original, leading to significant asset losses when entering the private key for account recovery. The Phantom Wallet and Solana user community has been warned about this scam, which has already resulted in significant financial losses, such as the theft of over $100,000 reported by Matthias Mende, co-founder of the Dubai Blockchain Center and founder of Bonuz.
Mende reported a significant loss of over $100,000 in cryptocurrencies and Solana Name Service domains, despite taking strict precautions. Mende, who did not store his seed phrases digitally and used the Brave browser for added security, discovered his wallet had been emptied shortly after participating in a Solana token pre-sale. He is collaborating with authorities and forensic experts to recover the funds and has already notified Dubai’s cybercrime unit.
Jesse Powell, co-founder of the cryptocurrency exchange Kraken, contributed $1 million, primarily in Ethereum (COIN:ETHUSD), to Donald Trump’s 2024 campaign. This donation marks a significant moment in the political engagement of the crypto community. Powell, who took on the role of president of Kraken after stepping down as CEO, endorsed Trump due to his pro-crypto stance, which is crucial for the future of blockchain technology in the US. He expressed his support in a post on X, highlighting the need for pro-crypto leadership in the United States.
Despite recent elections in several European Union countries and the power shift in the European Parliament, significant changes to EU crypto legislation are not expected. The already approved Markets in Crypto-Assets (MiCA) legislation will begin implementation this year, regardless of election outcomes. According to industry experts, each member country will be responsible for establishing licensing regimes to comply with MiCA, but national and European Parliament elections are not expected to directly affect the implementation of this regulatory package.
Zurich-based fintech company 21Shares has submitted a proposal to the US Securities and Exchange Commission to launch an exchange-traded fund (ETF) based on Solana. Named 21Shares Core Solana, the fund will follow the live price of SOL and be traded on the Cboe BZX Exchange, with Coinbase (NASDAQ:COIN) as the custodian. The proposal does not involve the validation or staking of SOL. This announcement follows a similar initiative by VanEck, which temporarily boosted the price of SOL (COIN:SOLUSD).
On June 27, US Bitcoin ETFs recorded a positive inflow of $11.8 million, marking the third consecutive day of gains. This positive streak comes as Bitcoin (COIN:BTCUSD) remains above $60,000. The movement was observed in five different ETF issuers, with Fidelity’s ETF (AMEX:FBTC) leading with $6.7 million in inflows. Bitwise (AMEX:BITB) recorded $8.0 million, and ARK (AMEX:ARKB) $1.8 million. In contrast, Grayscale’s ETF (AMEX:GBTC) saw an outflow of $11.4 million, while BlackRock (NASDAQ:IBIT) had no changes in its movements. Currently, cumulative Bitcoin ETF inflows reach $14.5 billion. Although the summer period may bring a slowdown, cumulative inflows point to market stability.
Curve Finance has adjusted the fees associated with its stablecoin CRVUSD (COIN:CRVUSDUST) to boost adoption and engagement within its ecosystem. This change, announced in a recent statement, aims to make crvUSD more attractive by encouraging users to explore more services on the platform. The adjustment also intends to create an additional supply of the coin, increasing the total value locked.
The Worldcoin Foundation (COIN:WLDUSD) announced a $70,000 donation to Wormhole to support the implementation of WorldID on the Solana blockchain. This project aims to provide an essential tool for verifying human authenticity within the Solana ecosystem, using 25,000 WLD from the donation. Wormhole will facilitate the verification of authenticated IDs on Ethereum for use in Solana, enhancing security, decentralization, and interoperability between these blockchains, which could also boost financial inclusion by improving access to the digital economy.
David Garai has resigned as CEO of Nostra Finance, a DeFi app aspiring to be a “super crypto app,” just two weeks after the launch of its token, NSTR. The token was introduced with an airdrop on June 13. Richard Thomas-Pryce, formerly head of product, now takes on the leadership of the company. Garai announced he would take a break and denied selling any NSTR tokens.
SnowBridge, a blockchain bridge connecting Polkadot (COIN:DOTUSD) to Ethereum (COIN:ETHUSD), is requesting about $6 million in DOT tokens from the Polkadot community. The company intends to use these funds to ensure the sustainable development and operation of the bridge, align team interests with the community’s, and offer financial security to users. The proposal details a staggered fund distribution, including immediate payments and others over two years, to cover engineering milestones, operations, and team incentives.
Yield App, a Seychelles-based crypto investment platform, announced the immediate cessation of all its activities. The decision was made to ensure fairness among all users and stakeholders, following significant losses linked to third-party hedge funds managing Yield App’s assets on the now-bankrupt FTX exchange. These assets are currently involved in ongoing litigation, leading Yield App to suspend its operations while seeking to resolve legal claims.
History Associates has joined Coinbase (NASDAQ:COIN) in a lawsuit against the US Federal Deposit Insurance Corporation (FDIC), demanding the release of withheld documents, known as “cease letters,” which allegedly instructed banks to cease crypto-related operations. The lawsuit was prompted by the FDIC’s refusal to comply with a Freedom of Information Act (FOIA) request. The parties seek transparency about regulatory practices and claim the case resembles the controversial Operation Choke Point, where regulators pressured banks to divest from clients in certain industries.
S&P Global Ratings (NYSE:SPGI) has joined the Monetary Authority of Singapore’s (MAS) Project Guardian, a two-year initiative investigating how asset tokenization can improve liquidity and efficiency in financial markets. The project aims to develop a digital asset ecosystem and establish robust regulatory policies. S&P Global will participate in pilot projects focused on fixed income, contributing its risk analysis expertise to ensure the safe implementation of this technology in financial markets.
The Central Bank of Bolivia has lifted the ban on using Bitcoin and other cryptocurrencies for payments, allowing financial institutions to conduct transactions with digital assets. This decision aims to boost the Bolivian economy by adapting to prevailing crypto regulation practices in Latin America. Although cryptocurrencies are not recognized as legal tender, their trading is now permitted through approved electronic channels, with plans to raise public awareness about the associated risks.
In a decision on June 28, 2024, the US Supreme Court, by a 6-3 vote, abolished the Chevron doctrine, which allowed courts to defer to administrative agencies’ interpretations of ambiguous laws.
In the case of Loper Bright Enterprises v. Raimondo, this decision redefines the balance of power between the judiciary and administrative agencies, strengthening judicial independence. This verdict is particularly relevant to the Bitcoin industry, similar to the impact of the decision in West Virginia v. EPA.
With Chevron’s revocation, agencies need explicit authorization from Congress to impose significant regulations, bringing greater predictability and regulatory stability to Bitcoin mining. Now, any new major regulation requires not only legislative clarity but also rigorous judicial analysis, mitigating uncertainties and protecting the industry from arbitrary interpretations and unilateral regulatory expansion.
In the context of a dispute between two major Bitcoin miners, Bitfarms (NASDAQ:BITF) has appointed Fanny Philip as a new board member to strengthen its defense against a potential hostile takeover by Riot Platforms (NASDAQ:RIOT). Riot, which owns 14.9% of Bitfarms, attempted to replace three Bitfarms board members to facilitate the purchase of a larger stake. Bitfarms responded by appointing independent board members to protect its autonomy against Riot’s takeover attempts.
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