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💰 Trump Interested in Using Bitcoin to Solve the US National Debt Problem
Former President and Republican Presidential Candidate Donald Trump reportedly inquired about solving the U.S. national debt problem using bitcoin. Audio recorded by the Bitcoin.com News team confirmed that on an X space held on Sunday night, Bitcoin Magazine CEO David Bailey revealed that Trump asked if bitcoin could solve the $35 trillion U.S. national debt problem during their first meeting.
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💰 Ripple $25 million crypto education contribution amid rising importance in 2024 election
Ripple has highlighted the 2024 US election as a crucial juncture for the crypto industry, according to a May 29 statement. In response, the company has donated $25 million to Fairshake, a federal super PAC that backs pro-crypto and pro-innovation candidates. This contribution raises Ripple’s total donation to the committee to $50 million. Notably, Fairshake has attracted funding from prominent crypto industry players, including Coinbase, Gemini, and venture capital firm Andreessen Horowitz.
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🇺🇸 Crypto wallet linked to Donald Trump hits $10 million in value: Arkham
A crypto wallet linked to former President and leading Republican presidential candidate Donald Trump holds around $10 million worth of assets. The wallet holds $7.12 million worth of MAGA tokens, known by its ticker, according to blockchain data tracker Arkham Intelligence. The MAGA tokens were originally puchased with wrapped ether on Uniswap, Arkham noted. The wallet also holds 463.441 ETH ($1.84 million) and 1 million tokens of MAGA VP (MVP) valued at around $509,000.
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💰 Robert Kiyosaki Advises Buying Bitcoin Before Price Explodes — Warns of Bonds Crashing
Rich Dad Poor Dad author Robert Kiyosaki has warned investors about the bond market crashing, urging them to invest in “safer real assets,” like bitcoin, before their prices “explode.” He criticizes financial planners for promoting bonds as safe investments, predicting significant losses for investors when AAA bonds and commercial real estate crash. Meanwhile, Kiyosaki expects bitcoin’s price to reach $2.3 million.
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🪙 Ethereum Foundation says it's working to address potential conflicts of interest
Ethereum Foundation Executive Director Aya Miyaguchi said the organization is accelerating work on a formal policy to address potential conflicts of interest after two of its researchers disclosed receiving “significant” EigenLayer token incentives. “The Ethereum Foundation’s credible neutrality is critical for us to perform our role in the ecosystem. We are aware of the current conversation about potential conflicts of interest, and share the community’s concerns,” Miyaguchi posted to X on Friday.
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💰 Bitcoin Difficulty Rises 1.48% Reaching 84.38 Trillion at Block 844,704
Bitcoin’s mining difficulty increased by 1.48% at block height 844,704, reaching 84.38 trillion. This adjustment aligns with Bitcoin’s overall hashrate exceeding the 600 exahash per second (EH/s) mark. On May 23, 2024, at block 844,704, the difficulty adjusted from 83.14 trillion to 84.38 trillion. This rise follows a 5.62% decrease on May 9, 2024, coinciding with a hashprice lower than pre-halving levels. Hashprice refers to the estimated value of one petahash per second (PH/s) of hashing power per day.
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🪙 Ethereum futures ETF daily trading volume hits all-time high as spot approval anticipation grows
Daily trading volume for Ethereum futures exchange-traded funds hit a fresh all-time high yesterday amid increasing anticipation of spot approvals from the U.S. Securities and Exchange Commission. The Ethereum futures ETFs generated $47.75 million in trading volume on Tuesday — 40% more than the prior $34.18 million peak set on March 5 as ether was approaching the $4,000 mark — building on their $23.67 million spike on Monday.
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📣 Sei Foundation proposes version 2 network upgrade to bring EVM compatibility
The Sei Foundation announced Monday that it has initiated a governance proposal to upgrade the Sei Layer 1 blockchain to version 2. This proposed upgrade, to be implemented by Sei Labs, will introduce a high-performance, parallelized Ethereum Virtual Machine (EVM) aimed at enhancing the network’s capabilities. If the governance proposal is approved, the network upgrade will take place a week later.
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🇨🇳 Chinese Police Raids Illegal $1.9B USDT Banking Operation: Report
The Chinese police forces have burst a large underground banking operation using the popular stablecoin Tether (USDT) to facilitate transfers of up to 13.8 billion yuan ($1.9 billion). According to a report from local media house Weixin, the Public Security Bureau of Chengdu Municipal arrested 193 suspects linked to the case and froze 149 million yuan ($20.6 million) after raiding the operation’s location.
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🇳🇬 Nigerian court denies bail to 🏦 Binance executive, intensifying crypto industry tensions
A Nigerian High Court has denied bail to Binance executive Tigran Gambaryan, citing concerns that he might flee the country. The lawyer for the prosecutors, Ekele Iheanacho, firmly opposed Gambaryan’s bail application. He pointed out that the Binance executive recently attempted to obtain a new passport under dubious circumstances, alleging his previous one was stolen.
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🪙 Morgan Stanley discloses US spot bitcoin ETF holdings worth over $270 million in filing
Multinational investment bank and financial services company Morgan Stanley disclosed U.S. spot bitcoin exchange-traded fund holdings worth over $270 million as of March 31 in a quarterly 13F filing with the Securities and Exchange Commission on Wednesday. Morgan Stanley disclosed holding $269.9 million worth of Grayscale’s converted spot bitcoin ETF — making it the third-largest holder of GBTC shares behind Susquehanna’s $1.1 billion and Horizon Kinetics’s $946 million, according to Fintel data.
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💰 Vanguard appoints Bitcoin-friendly former BlackRock ETF lead as CEO
Investment management firm Vanguard has confirmed the appointment of Bitcoin-friendly former BlackRock executive Salim Ramji as its new CEO and member of the board, effective July 8. Ramji, who has 25 years of experience in the industry, previously led BlackRock’s global exchange-traded fund business, overseeing the launch of its IBIT spot bitcoin ETF in the U.S However, he left the firm in January to “seek a new leadership or entrepreneurial opportunity outside the firm.”.
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🇭🇰 Hong Kong Bitcoin and Ether ETFs See $39M Outflows on Monday: Farside Investors
The Hong Kong-listed spot bitcoin and ether exchange-traded funds (ETFs) saw heavy outflows on Monday following bitcoin’s drop below $61,000 on Friday. The spot bitcoin ETFs from issuers ChinaAMC, Harvest Global, as well as Bosera and Hashkey, saw a combined $32.7 million outflows on Monday, according to data from Farside Investors. This number is significantly higher than previous outflows, which hovered around the $6 million mark.
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💰 Bitcoin repeats ‘2016 history perfectly’ amid $350K price prediction — Traders
Bitcoin is replicating the same path as it did after the 2016 Bitcoin halving event, with one indicator signaling it may be nearing its local bottom and another indicating it could reach $350,000 during “the peak” of this cycle, according to crypto traders. Rekt indicates that the reaccumulation range at this point of the cycle is any price below $61,081, which Bitcoin is currently trading below, at $60,901, according to CoinMarketCap data.
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🟠 DOJ taps FRA over Sullivan & Cromwell for Binance's 3-year monitorship: report
The United States Department of Justice (DOJ) appointed Forensic Risk Alliance (FRA) to serve as the outside monitor over the crypto exchange Binance, reports Bloomberg citing people familiar with the matter. FRA, a London-based providing services in forensic accounting and compliance consulting services, beat out Sullivan & Cromwell to take on the position, Bloomberg adds. Binance must undergo a monitorship of three years as part of its plea deal with the DOJ related to money laundering violations.
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🪙 BlackRock files amended S-1 registration statement for upcoming Ethereum ETF with more disclosures
BlackRock filed an amended registration statement for its proposed Ethereum fund, marking the latest move as firms work to list and trade their products. The world's largest asset manager filed its amended S-1 registration statement almost a week after the U.S. Securities and Exchange Commission approved 19b-4 forms for eight Ethereum ETFs, including BlackRock's proposed iShares Ethereum Trust. Issuers still need their S-1 statements to become effective before trading can begin.
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💰 Healthcare tech company shares surge 27% after announcing plans to buy bitcoin with cash reserves
Medical device maker and healthcare technology company Semler Scientific announced Tuesday it plans to buy bitcoin with its cash reserves and, almost immediately, the company's shares rose by as much as 27%. Semler Scientific's board of directors had "adopted bitcoin as its primary treasury reserve asset" and "purchased 581 bitcoins for an aggregate amount of $40 million, inclusive of fees and expenses," the company said.
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♦️ Polkadot celebrates 4 year anniversary with unanimous JAM upgrade approval
The Polkadot community celebrated the blockchain’s fourth anniversary by ratifying the highly anticipated Join-Accumulate Machine (JAM) upgrade. The proposal received unanimous support, with backing from over 31 million DOT tokens. JAM is a decentralized hybrid system offering secure and scalable smart contract functionalities by merging features from Ethereum within Polkadot’s framework.
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💰 Bitcoin miner Marathon partners with Kenya to capitalize on excess energy
Marathon Digital Holdings has partnered with Kenya to monetize underutilized energy. Marathon chairman and CEO Fred Thiel signed the agreement with Kenya’s Prime Cabinet Secretary, Hon. Musalia Mudavadi, E.G.H, on May 24. Thiel said the deal will involve Kenya and Marathon “jointly developing technology projects.” Thiel described a partial focus on digital assets, stating that the country has a “special spot in the history of digital currencies” and that Marathon will “play a part in the next phase.”
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🪙 Crypto industry cheers 'historic move' as Ethereum ETFs get the greenlight
Capping what appears to be a reversal of fortunes, spot Ethereum ETFs were approved by the U.S. Securities and Exchange Commission on Thursday, a move that comes after shifting political sentiments appeared to influence the agency's view of the new financial instruments. Along with BlackRock, Grayscale and Fidelity, VanEck is one of the firms that applied for the right to issue spot Ethereum ETFs.
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🪙 CryptoQuant warns of Ethereum price correction, volatility if ETF approvals waver
On-chain analytics firm CryptoQuant warned that ETH prices could fluctuate if pending spot Ethereum ETFs encounter uncertainties. It warned that ETH could undergo a “significant price correction” if the SEC denies ETH ETF applications or delays the approval process. Furthermore, high exchange flows could produce ETH price volatility in the coming days. Amid rumors of pending spot ETH ETF approvals, exchange flows reached 62,000 ETH, the highest since March.
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🪙 Grayscale Ethereum Trust discount narrows to 10% as odds of spot ETH ETF approvals are raised
The Grayscale Ethereum Trust (ETHE) discount has narrowed to its lowest level in more than two months as investors anticipate spot ether ETF approvals in the U.S. The narrowing comes as investors expect regulators to approve spot ether ETF approvals in the U.S., where the Securities Exchange Commission requested firms looking to launch such funds update and refile documents needed for their approval.
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🏦 Gemini to return 97% of frozen assets in-kind to Earn users by month’s end
Crypto exchange Gemini said its defunct Earn product users will begin receiving approximately 97% of their frozen digital assets by the end of this month. Notably, the exchange’s announcement coincided with news that the failed crypto lender Genesis got Court approval to return around $3 billion of its customers’ assets. Meanwhile, this development marks a significant relief for Earn users, whose assets have been frozen since November 2022 due to the liquidity crisis that hit Genesis, the now-bankrupt crypto lender.
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🇺🇸 Crypto Industry Rallies Behind House Bill as It Heads Toward Final Vote
The U.S. House of Representatives is on the verge of a vote that will represent the closest the cryptocurrency industry has ever been toward finally winning regulation in the U.S., and the sector's associations and top businesses are encouraging House leaders to support the effort. The Financial Innovation and Technology for the 21st Century Act (FIT21) has been authorized for floor time next week, where observers are hoping to see a mid-week vote.
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🇫🇷 Bybit faces potential legal action in France for regulatory non-compliance
France’s Autorité des Marchés Financiers (AMF) has warned French crypto investors that Bybit is not a registered platform in the country, according to a May 16 notice. According to CoinMarketCap data, Bybit is the third-largest crypto exchange by trading volume. The platform was launched in 2017 and holds over $10 billion worth of its users’ assets. Moreover, Bybit has been on the AMF’s blacklist since May 20, 2022, due to its failure to comply with these regulatory standards.
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💰 FTX repayments might cause crypto buying pressure: K33
A Tuesday report from the digital asset brokerage firm K33 suggests that repayments from the collapsed crypto exchange FTX might have bullish effects on the crypto market. "While Mt. Gox and Gemini creditor repayments represent a bearish overhang in the market, FTX’s cash repayment may be viewed as a bullish overhang," K33 wrote in the report.
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🏦 Coinbase’s chief legal officer questions SEC’s Wells process in legal dispute
Coinbase's chief legal officer Paul Grewal criticized the U.S. Securities and Exchange Commission for deviating from its own Wells notice process, according to his X post on Tuesday. “In a brief to avoid dismissal of its case against Debt Box with prejudice, [the SEC] includes a remarkable admission that it did not follow its own typical Wells process when it refused to tell us what assets would be charged as securities,” wrote Grewal.
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💰 Bernstein argues bitcoin's 'flattish' price action is great for public miners
Analysts at research and brokerage firm Bernstein aren’t worried about the “flattish” price action of bitcoin, arguing that it can be great for miners — when economics are driven by competitive hash-rate wars. “Bitcoin price action has been flattish, but we don't fear any major drawdown here,” Gautam Chhugani and Mahika Sapra wrote in a note to clients on Monday.
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🇮🇳 India Approves Crypto Exchanges Binance and Kucoin as Registered Virtual Asset Service Providers
Cryptocurrency exchanges Binance and Kucoin have successfully registered with India’s Financial Intelligence Unit as Virtual Asset Service Providers (VASPs), a top official has reportedly confirmed. Both crypto exchanges were previously banned in India due to violations of the country’s anti-money laundering regulations.
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💰 Bitcoin Advocate Says ASIC Devices’ Inflexibility Makes AI Involvement Unlikely for Bitcoin Miners
According to Joe Downie, the chief marketing officer at Nicehash, bitcoin miners struggling to stay afloat after the halving are unlikely to support or become involved with artificial intelligence (AI). This is because their application-specific integrated circuit (ASIC) miners now “only allow for mining on one algorithm.” Furthermore, Downie argued that bitcoin mining devices are not “designed for flexibility,” and hence, they cannot be used to support AI infrastructure.
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