As per a research report released by the Wall Street bank on Monday, the combined market capitalization of the 14 U.S.-listed bitcoin (BTC) miners, which includes JPMorgan, reached an unprecedented peak of $22.8 billion on June 15. Almost all of the companies outperformed bitcoin in the first two weeks of June, according to the bank;
According to asset management CoinShares, investors withdrew $621 million from bitcoin investment products last week due to conflicting U.S. economic signals. The losses in BTC were the only factor contributing to net $600 outflows of $600 million from investment products across the larger digital asset ecosystem. The highest number since March 22 was this one.
The European Union’s generally positive policies toward the bitcoin industry are expected to remain under the incoming European parliament. 185 million people from 27 member states of the EU participated in last week’s elections to select the new European Parliament. The rise of the far-right, the strengthening of the European People’s Party (EPP), and the
Several related concerns have been identified in a recent study report released by Liquid Collective and Obol as Ethereum gets ready for the Pectra upgrade in early 2025. The research expresses worries about the low adoption of distributed validator technology (DVT) and emphasizes the significance of variety in clients, operators, and clouds. Matt Leisinger, the
Curve Finance (CRV) founder and CEO Michael Egorov commented on the recent UwU Lend hack, stating that Curve Finance was not the target of the crime. Egorov highlighted that “this was not a Curve exploit” in a Q&A. This was an abuse of a different project [UwU Lend], the statement went on. “[…] the hacker
Donald Trump, a candidate for president of the United States, reaffirmed his determination to see cryptocurrencies more favourably than the current Biden administration. In a birthday speech, former US President Donald Trump pledged to halt US President Joe Biden’s “war on crypto” should he be elected this year. In a special speech in West Palm
According to traders, bitcoin whale watching is “good for social media” but not for insightful analysis. Traders claim that even if the measure has been used for some time to predict market mood, it will not produce “true alpha” if one follows the wallet movements of Bitcoin whales, or holders of the cryptocurrency with a
An alert regarding an increase in impersonation schemes, which frequently use “the names and titles of government employees,” was released on June 12 by the Cybersecurity and Infrastructure Security Agency (CISA). According to the CISA caution, its employees will never ask for gift cards, cash, bitcoin, or money transfers. “Do not give money to anyone
In the past day, the value of SOL, the native token of Solana, has decreased by 3.45%, landing at roughly $143.50 on June 15. This performs worse than the entire cryptocurrency market, whose valuation fell by about 1.5% during that time. The two main factors that are now pulling down the price of SOL are
After hitting one-month lows, traders are prepared with their price objectives for Bitcoin; which will materialize? The total cost price of all the hodlers is now being considered as concerns about a return below $60,000 increase. On June 14, Bitcoin stunned traders with a 3.5% decline, bringing the price of BTC/USD to $64,950 on Bitstamp.
The goals and Web3 expansion of Deutsche Telekom are in line with its newly established role as a validator on the decentralised blockchain of Fetch.ai. Mobile T-Mobile The announcement came from Deutsche Telekom that it will begin mining Bitcoin, adding to its current cryptocurrency-related operations. Since 2023, the telecom company has hosted a Bitcoin node,
The VanEck Bitcoin ETF will begin trading on June 20 after receiving approval from the Australian Securities Exchange. The Australian Securities Exchange (ASX), the country’s biggest stock market, has authorised the first spot Bitcoin exchange-traded fund (ETF), which is scheduled to be live on June 20. According to a VanEck news release, the investment firm
A novel technique for effective onchain image compression called TiTok AI may prove beneficial for blockchain applications. The new Token for Image Tokenizer (TiTok) compression technique gets the support of Ethereum co-founder Vitalik Buterin due to its potential blockchain application. The new TiTok compression technique, which is not to be confused with the social media
Representatives for the company’s creator, Michael Egorov, stated over Telegram conversations on Friday that the exploit of UwU Lend on Monday set in motion a sequence of events that culminated in Thursday’s multimillion-dollar liquidations on the DeFi lending behemoth Curve. On Thursday, the $100 million in loans that Egorov obtained from several protocols utilising Curve’s
A family representative claimed in an email on Friday that the tax charges that the Federal Inland Revenue Service (FIRS) of Nigeria had filed against Binance executives Tigran Gambaryan and Nadeem Anjarwalla had been dismissed. Through its local representative, the FIRS decided to modify the fees such that they only benefit Binance. Binance is currently
According to a blog post by the blockchain company XREX and an announcement on X, Taiwan’s crypto advocacy group, the Taiwan Virtual Asset Service Provider Association, was formally founded with a founding meeting of 24 entities involved in cryptocurrencies. As the government and the business sector collaborate to oversee the industry, the body’s goal will
Masternodes give blockchain network users the opportunity to contribute a significant amount of processing power in exchange for a consistent passive income. ..A deeper level of engagement with cryptocurrencies is made possible via masternode hosting. Users can contribute significantly to the blockchain network’s operations and frequently receive passive money in exchange. But to get started,
Link MetaMask and OpenSea, choose your NFT, click “Transfer” to move it to your MetaMask address, and verify the cost of doing so. Exclusive ownership of digital assets is made possible via nonfungible tokens (NFTs), which have become a prominent aspect of the Web3 environment. While MetaMask is a popular cryptocurrency wallet and gateway to
As part of a massive budgetary makeover, Turkey is getting ready to enact new taxes, one of which will be a 0.03% transaction tax on bitcoin trading. The proposal calls for a change in the way financial transaction regulation is approached and attempts to alleviate the nation’s budget deficit brought on by the earthquakes of
In its lawsuit against the US Securities and Exchange Commission (SEC), attorneys for blockchain startup Ripple have requested that the court take into account a “appropriate” civil penalty in light of a settlement reached between the SEC and Terraform Labs. Citing a settlement in the Terraform case, Ripple’s legal team filed a notice of additional
The largest corporate bitcoin (BTC) holder, MicroStrategy (MSTR), a software company listed on the Nasdaq, upped the size of its convertible note offering by 40% to $700 million, and priced it to yield 2.25% annually. According to a press release issued by the firm on Friday, the notes are senior obligations, unsecured, and will mature
Nuffle Labs was founded with $13 million in investment from the non-profit NEAR Foundation, which is responsible for managing the blockchain ecosystem of the same name. According to an email statement on Thursday, the spinout aims to advance NEAR’s flexibility and offer more decentralised development to the ecosystem. “As an independent entity, Nuffle Labs will
According to a Bloomberg story, digital assets provider Paxos has laid off 65 employees, or 20% of its workforce. Its CEO, Charles Cascarilla, stated in an all-hands email that Bloomberg was able to receive that the company is in a “very strong financial position to succeed” and that the layoffs “allows us to best execute
MicroStrategy (MSTR), a business intelligence company listed on the Nasdaq and a bitcoin holder, announced on Thursday that it plans to issue $500 million worth of convertible senior notes due in 2032. The proceeds from the offering will be used for other corporate purposes and to purchase more bitcoin. Starting on December 15, 2024, interest
The final draft technical standards on prudential matters that businesses must adhere to under the Markets in Crypto Assets (MiCA) Act were released by the European Banking Authority (EBA) on Thursday. MiCA, a comprehensive set of unique regulations for the cryptocurrency industry, was approved last year. The law includes guidelines for stablecoin issuers and cryptocurrency businesses. The rules set forth by the EBA define the parameters for stress test programs, the reserve asset liquidity requirements, the recovery plan that issuers must create, and other details. “Issuers of asset referenced tokens are required to conduct stress testing based on plausible financial stress scenarios, and competent authorities will be able to increase the amount of own funds requirements of an issuer of asset-referenced tokens having regard to the risk outlook and stress testing results,” the recently published package read. The European Securities and Markets Authority (ESMA) and the European Central Bank (ECB), two additional organizations belonging to the bloc of 27 states, worked closely with the development of the proposed technical standards.
The final approvals for exchange-traded funds (ETFs) that trade Ethereum’s ether (ETH) should be completed this summer, according to U.S. Securities and Exchange Commission Chair Gary Gensler, who informed senators during a budget hearing on Thursday. In an appearance to defend the market regulator’s budget before a Senate Appropriations Committee subcommittee, Gensler stated that everything is proceeding according to plan following the initial approval of a batch of exchange-traded funds. Although he claimed that the agency had already approved the first batch of applications, the filings known as S-1s, which are the final prerequisites for registration, are still being managed at the “staff level.” The new ETFs can be listed after those filings are accepted, opening up new markets to easily traded funds that hold real ether, similar to the previous development of bitcoin spot ETFs that hold (BTC). In response to a direct question about whether ETH is a commodity, Gensler remained unsure about the asset and did not provide a yes or no response.Commodity Futures Trading Commission chief Rostin Behnam answered “yes” when asked if it is a commodity during the same session.
The Swiss financial authorities closed and declared bankruptcy of FlowBank, an online Swiss bank that exposed its clients to cryptocurrency. The lender “no longer had sufficient capital for its operations as a bank,” according to the Swiss Financial Market Supervisory Authority (FINMA), which also stated that minimum capital standards had been “significantly and seriously breached.” FINMA made this announcement on Thursday. In addition, FINMA stated that there is “no prospect” for a restructuring and “well-founded concerns that the bank is currently over-indebted.” In a letter to customers posted on FlowBank’s website, the bank said FINMA’s decision to shut it down had been made yesterday. Walder Wyss, a top Swiss law firm, has been appointed by FINMA to serve as bankruptcy liquidators for the bank. Launched in 2020, FlowBank has strong ties to the cryptocurrency space, with ownership held in part by cryptocurrency asset manager CoinShares, who paid $11.8 million in 2021 to acquire a 9% interest in the bank. Following CoinShares’ investment, the bank started letting its clients use their FlowBank accounts to buy, sell, and hold tokenized assets, including cryptocurrency. The biggest cryptocurrency exchange in the world, Binance, was reportedly going to let bigger traders store their cryptocurrency holdings in FlowBank or Sygnum, two more cryptocurrency-friendly Swiss banks, earlier this year. A document on the FINMA website states that clients of FlowBank who have deposits of up to 100,000 Swiss francs, or about $111,710, are safeguarded and will get their money returned in seven working days. Less is known about the clients’ cryptocurrency deposits’ future. According to FINMA, the liquidator will decide whether to classify the bitcoins as custody assets that would be handled like securities during the bankruptcy procedure or as “claims on the bank.” A statement from FlowBank could not be obtained. The message advising customers of the bank’s closure can be found on all bank webpages.The bank has deleted its Twitter account.
Bitcoin saw a sharp increase leading up to the June 12 Wall Street open following an unexpected decline in US inflation figures. A sudden spike in the price of bitcoin to $69,636 on Bitstamp was documented by data from TradingView and Cointelegraph Markets Pro. When the Consumer Price Index (CPI) for May revealed faster-than-expected inflation, bitcoin surged $1,500 in a matter of seconds. The year-over-year total was 3.3%, which was 0.1% less than expected, but the month-over-month CPI remained steady from the previous month.“The all items index increased by 3.3 percent in the year that ended in May, which was less than the 3.4 percent gain in the year that ended in April. According to an official press release from the U.S. Bureau of Labor Statistics, “the all items less food and energy index increased by 3.4 percent over the last 12 months.” The result was a boon for risk assets, including crypto, which had suffered in the run-up to CPI in what had become classic behavior for Bitcoin and altcoins. The Federal Open Market Committee, or FOMC, meeting in June is scheduled later today, so markets were preparing for it.Interest rate decisions and Fed Chair Jerome Powell’s economic remarks would be crucial in influencing sentiment in this case. Financial analyst Tedtalksmacro expressed optimism in response to the most recent occurrences. He suggested that Powell had been given permission by CPI to consider loosening restrictive financial policy generally, including through raising interest rates. “The stage is set for J Powell to talk easing. Let’s go,” he summarized on X. Michaël van de Poppe, founder and CEO of
The decentralized cloud compute network on the Ethereum mainnet has been launched by Aethir, a supplier of Decentralized Physical Infrastructure Networks (DePINs). Businesses can donate idle GPU resources to Aethir’s GPU-as-a-service solutions network, along with data centers, other cloud providers, and cryptocurrency mining operators. The mainnet launch is crucial, as co-founder Mark Rydon stated. “By providing a scalable framework for redistributing idle compute resources, we can empower more innovation in the rapidly evolving domains of AI, ML, and cloud gaming. On mainnet, high-quality enterprises can contribute to the Aethir network and increase access to the current supply of GPUs.” To assist in the training of artificial intelligence (AI) models or the large-scale rendering of digital material, businesses and developers will be able to rent computing resources from the Aethir network of providers. Aethir employs Ethereum for its staking capacity, Arbitrum (ARB) for quick payments to compute providers, and community rewards for checker nodes to enforce quality assurance using the native ATH currency. Additionally, Aethir’s ATH makes network governance, staking procedures, and the ecosystem’s security easier. In an interview with Cointelegraph, Rydon described the encryption safeguards in place to ensure the security of data transfer. “We use full-channel encryption technology to ensure
According to a research by CryptoQuant, transfers of bitcoin (BTC) from mining pools to exchanges hit a two-month high this week as BTC remained close to its local high of $70,000. After the bitcoin halving, which reduced daily mining earnings, miners’ desire to profit from their holdings led to a surge in sales through over-the-counter (OTC) desks. On June 10, miners sold at least 1,200 BTC, the most they had in the previous two months. Miners transferred almost 3,000 BTC ($209 million) to exchanges the day before, with the majority of that amount coming from the btc.com mining pool into Binance. A brief decline in bitcoin’s value from $70,000 to $66,000, followed by a few days of recovery, matched the increase in transfers. With Marathon Digital (MARA) having sold 1,400 BTC ($98 million) since the beginning of the month, selling activity among bitcoin miners in the US has also intensified.According to the report, miners’ daily earnings has dropped to $35 million, a 55% decrease from its peak of $78 million in March. Lower transaction fees following the halving are the reason for the decline in revenue.
