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Crypto, Bitcoin and Blockchain News Admin: @wanwangg More Crypto News: @BitcoinBreaking
💰 Bitcoin surges above $69k after better-than-expected US CPI
Bitcoin’s price has soared past $69,000 after the latest US Consumer Price Index (CPI) for May showed a slight decline. Available data shows that the much-anticipated US CPI inflation data was better than several experts’ predictions. He added that the decline in these numbers was caused by the “lower rates of inflation in used cars, gas utilities, apparel, food at home, gasoline, medical care, fuel oil, food away from home, shelter, and electricity.”
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🪙 Binance Labs invests in Ethereum Layer 2 network developer Zircuit
Binance Labs, the $10 billion venture capital and incubation arm of the crypto exchange Binance, has invested an undisclosed sum in Zircuit, an Ethereum Layer 2 network developer. Zircuit is a zero-knowledge rollup with "AI-enabled sequencer-level security," Binance Labs said Tuesday. The firm added that its investment will help Zircuit grow and develop its network further.
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🏦 Crypto Custody Firm Fireblocks Partners With Coinbase International Exchange for More 'Reliable' Trading
Cryptocurrency custody firm Fireblocks is working with Coinbase International Exchange, the non-U.S. arm of the trading business providing perpetual futures and spot trading features for institutional and retail clients in eligible jurisdictions, the companies said on Monday. Coinbase International Exchange received a regulatory license from the Bermuda Monetary Authority to offer its services in May 2023.
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💰 Bitcoin accumulation addresses surge as market optimism returns
Recent data from Glassnode indicates notable movements in Bitcoin accumulation addresses. The number of these addresses declined earlier this year, and a resurgence started in late April. This increase aligns with broader market optimism and Bitcoin’s price stabilization around $60,000. According to CryptoSlate, long-term holders have added nearly 70,000 BTC since the cycle’s bottom, reversing a previous divestment trend.
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💰 FTX creditor group files objection against bankruptcy reorganization plan
A group of FTX creditors led by Sunil Kavuri has objected to the reorganization plan filed by the defunct exchange’s bankruptcy managers. According to a June 5 court filing, the creditors argued that the plan failed the best interest test. Justifying the objection, Sunil noted that it is unconfirmable as a matter of law as it includes releases not in the interest of the estate. He added that the plan also ignores property rights issues.
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🟠 Binance moves to dismiss most of UK Bitcoin SV case
Binance moved to dismiss most of the claims in a UK case regarding its delisting of Bitcoin SV (BSV), Reuters reported on June 5. The case also names the companies behind Kraken, Shapeshift, and Bittylicious as defendants. BitMEX Research reported that six companies related to the four exchanges appeared with legal teams before the tribunal today. Binance asked the UK Competition Appeal Tribunal during a hearing to dismiss the part of the case claiming that BSV had the potential to become a major crypto.
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📊 Bitcoin and ether options implied volatility forecasts lackluster market in June: analysts
The current levels of implied volatility for bitcoin and ether options — a measure of expected future price movement — indicate that traders expect the market to be relatively calm over the coming weeks, analysts said. "Implied volatility rank is 40 and implied volatility percentile is 52, both mid-level indicators which show the market is not expecting a lot of activity," Luuk Strijers told The Block.
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🇺🇸 Ex-Banker Sentenced to 41 Months in US Prison for Crypto Fraud Scheme
Rashawn Russell, a former investment banker, was sentenced on Thursday to 41 months in prison for a cryptocurrency fraud scheme that caused $1.5 million in investor losses. From November 2020 to August 2022, Russell deceived multiple victims by promising high returns from cryptocurrency investments, only to misappropriate their funds for personal use, gambling, and repaying other investors.
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🏦 Coinbase slams SEC in closing brief over refusal to provide clear regulation
Coinbase filed a closing brief with the US Court of Appeals for the Third Circuit on May 31, challenging the SEC’s denial of its rulemaking petition. The case revolves around a single, conclusory sentence in the SEC’s order, which “disagreed” with Coinbase’s assertion that current SEC rules are unworkable for digital asset firms. The exchange argues that this lack of reasoned decision-making should result in vacating the regulator’s order.
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🇺🇸 Biden campaign reportedly seeking help from crypto industry to rebuild new policy
President Joe Biden’s re-election campaign has reportedly initiated a significant outreach to the crypto industry, according to a new report from The Block. Marking a notable shift from his previous stance, this engagement, which reportedly began approximately two weeks ago, involves seeking guidance from key figures in the crypto sector on community and policy matters.
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🪙 Ether options trading volume on CME hits new peak in May
According to The Block's Data Dashboard, the trading volume of options on ether futures on the CME reached $1.26 billion for May, with two days remaining in the month. This represents a significant increase compared to April's volume of $615.75 million and sets a record high for monthly trading volume, according to The Block's data.
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🇺🇸 U.S. Judge Enters Default Ruling Against Ex-Coinbase Insider, Says Secondary Market Sales are Securities Transactions
In an insider trading case involving Coinbase’s former product manager Ishan Wahi, his brother Nikhil Wahi, and their friend Sameer Ramani, a U.S. court ruled on March 1, that the trading of certain crypto assets on a secondary market, which Coinbase is, are securities transactions. The court took this critical position in a default judgment against Ramani. A default judgment is given when the defendant fails to respond to a court summons or does not appear in court.
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💰 JPMorgan Expects Bitcoin Price to Drop to $42K After Halving
JPMorgan has cautioned investors that the price of bitcoin could fall to $42,000 after the halving event in April. The global investment bank’s analysts explained that $42K is the level they “envisage bitcoin prices drifting towards once bitcoin-halving-induced euphoria subsides after April.” The bank also recently stated that the bitcoin halving and the next major Ethereum upgrade are “largely priced in.”
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💰 Bitcoin mining difficulty decreases by 3% as halving approaches in 50 days
Bitcoin’s mining difficulty has seen a downward adjustment of 3%, with the current BTC difficulty standing at 79.35 T, as per data from Newhedge and Coinwarz. This marks the second negative adjustment this year, in the wake of roughly two of the past 12 months’ highest adjustments at approximately 7% and 8%, respectively. This minor drop in difficulty is primarily due to the rapid increase in the hash rate over the past months, a trend that hasn’t maintained its upswing in the last two weeks.
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📉 Shido token plummets 94% as exploiter drains Ethereum staking contract
The token for the layer-1 blockchain Shido dropped as much as 94% in just 30 minutes after suffering an exploit on its Ethereum-based staking contract. Blockchain security firm PeckShield alerted its followers to the drop in a Feb. 29 X post. In a follow-up post, it explained an exploiter managed to transfer the blockchain’s Ethereum staking contract to another address with the new owner then upgrading the contract with a hidden function to withdraw staked tokens.
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📊 $270.4 million in liquidations as crypto market selloff continues
The cryptocurrency market has experienced a notable selloff over the past two days, which has led to a surge in liquidations. Bitcoin, the largest crypto by market cap, was down 3.5% over the past 24 hours to $67,275, according to The Block’s bitcoin price data, while Ethereum was down 4.6% to $3,495. The selloff has led to the liquidation of about $270.4 million in leveraged positions over the past 24 hours, according to CoinGlass. A significant portion, $238 million, were long positions.
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💰 Russia Set to Recognize Bitcoin Mining as Economic Activity
According to Osman Kabaloev, the Deputy Director of the Financial Policy Department at Russia’s Ministry of Finance, the recognition of Bitcoin mining as an official economic activity is set to happen soon. Following the approval of a law regulating cryptocurrency mining, this activity would be assigned an OKVED code, which classifies company activities for licensing purposes.
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💰 Bitcoin Could Lift to $83K in the Coming Days, Analyst Says
Bitcoin (BTC) may be setting up for a rise to $83,000 as it completes a major bullish price pattern on the daily chart, according to technical analysis by 10x Research. A price move above $72,000 would confirm a breakout from an inverted head-and-shoulders pattern, characterized by three price troughs, with the middle one being the deepest.
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💰 Jack Mallers and Matt Odell speak on Bitcoin being a open-source and freedom movement
“Google doesn’t have as much of a vested interest in the success of the open web, but as a Bitcoin company, I do in Bitcoin.”
- Jack Mallers
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🪙 VanEck predicts Ethereum will hit $22,000 per token by 2030
VanEck believes Ethereum (ETH) will be worth roughly $22,000 by 2030, the asset manager said in a comprehensive analysis published on June 5. The forecast, developed by the firm’s Digital Assets Research team, led by Matthew Sigel, highlights Ethereum’s strong growth potential within both traditional and cryptocurrency-focused portfolios. VanEck’s analysis attributes the optimistic price target to Ethereum’s expanding role as a high-growth, internet-native commercial system that could disrupt traditional financial sectors and Big Tech platforms.
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🏦 Coinbase launches smart wallet with hopes of addressing crypto's 'pain points'
Coinbase is officially launching its new "smart wallet" with the hope of improving the user experience for its clients. "These next-generation wallets address the biggest pain points of the crypto experience today — complex onboarding, network fees, and recovery phrases — making the transition to onchain smoother than ever," the company said in a statement.
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💰 Bitcoin miner balances fall below 1.81 million BTC, lowest in years post-halving
Bitcoin miner balances have shown significant shifts in recent months. The balance in miner wallets has seen a steady decline since late 2023, reaching lows not seen in years, reflecting miners’ responses to the recent Bitcoin halving in April 2024. According to Glassnode data, the miner balance dropped from around 1.84 million BTC in early 2023 to close to 1.8 million BTC by May 2024. This reduction is indicative of increased sell-offs by miners to cover operational costs, likely exacerbated by the reduced block rewards post-halving.
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🇯🇵 Japanese Crypto Exchange DMM Bitcoin Hacked: $305M Worth Bitcoin Drained
Japanese cryptocurrency trading platform – DMM Bitcoin – fell victim to a hack resulting in a massive loss of Bitcoin worth around $305 million on May 31st. The exchange confirmed the attack and revealed that 4,502.9 bitcoins were drained from their systems. DMM Bitcoin has not provided additional details regarding the breach but stated that it is conducting an investigation and has implemented measures to avoid a recurrence of such an attack.
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🪙 Ether options open interest concentrates at $5,000 calls for end-of-June expiry
The largest cluster of open interest for ether options is currently $5,000 calls for the end-of-June expiry — indicating a bullish outlook with traders using call spreads between $4,000 and $5,000 to position for potential price rises, analysts said. "When we examine derivatives data, we notice that the highest open interest for ether is currently in the June $5,000-call option," SynFutures co-founder Rachel Lin told The Block.
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🪙 Fidelity’s spot ether ETF appears on DTCC under ticker FETH
Fidelity Investments' U.S. spot ethereum exchange-traded fund has been added to the Depository Trust and Clearing Corporation’s list of ETFs. The fund, named Fidelity Ethereum FD Beneficial INT, was included on the list under the ticker FETH. DTCC designated the ETF as a domestic fund, while under the create/redeem column, FETH was marked as “N,” which appears to indicate that it is not yet active.
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🇬🇧 UK Digital Bank Blocks Clients From Performing Crypto Transactions
London-based digital bank Kroo has barred its customers from performing cryptocurrency transactions. The bank attributes this decision to the increased association of crypto with scams. Kroo joins fellow banks Starling Bank and Chase UK in blocking clients from engaging in crypto transactions. According to the bank’s updated terms and conditions, starting from May 30, 2024, Kroo will decline bank transfer requests or card transactions associated with cryptocurrencies.
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🇺🇸 WSJ faces defamation lawsuit tied to Tether-Bitfinex article
Over a year after alleging fraud and money laundering associated with Tether-Bitfinex, the Journal has now removed any mention of Christopher Harborne and his business from the article. The Wall Street Journal reportedly faces a defamation lawsuit for allegations made in an article published in 2023 describing illegal activities involving crypto firms Tether and Bitfinex.
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🇮🇩 Indonesia mulling changes to dual taxation on crypto: Report
Indonesia’s Commodity Futures Trading Regulatory Agency (Bappebti) has reportedly asked the nation’s Ministry of Finance to assess its stance on cryptocurrency taxation. According to a recent local report, executive staff members at Bappebti have requested to reassess the government-imposed value-added tax (VAT) of 0.11% on each crypto transaction in Indonesia, as well as the 0.1% income tax on crypto.
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🏦 Coinbase Adds 'Smart Wallet' Feature, So Lengthy Seed Phrases Aren't Needed
Coinbase, the publicly traded U.S. cryptocurrency exchange, is coming out with two new wallet solutions that are supposed to make the onboarding of new users into crypto easier. The features, known as their smart wallet and embedded wallets, aim to overcome hurdles that often come with the clunky user experience when creating crypto wallets.
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🏦 Coinbase users report zero balance bug as Bitcoin price taps $64K
While Bitcoin was flirting with a new ATH, an apparent bug caused Coinbase users to see their account balances hit all-time lows. A surging Bitcoin price between 9:00 and 10:00 AM PST on Feb. 28 may have caused a disruption in Coinbase services as widespread reports of accounts suddenly showing a zero balance began to populate social media. As of the time of this article’s publication, the apparent bug appears ongoing, but Coinbase says funds are safe.
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