From the comment Cathie Wood maintains her optimism on Bitcoin to the Commonwealth Bank will refuse or withhold “certain payments” to the exchange. Here are some highlights from the crypto market.
Despite the crypto-related regulatory uncertainty, Ark Invest CEO Cathie Wood maintains his bullish prediction for Bitcoin, with a $1 million target.
Her confidence seems to be growing amid global economic uncertainty. Cathie emphasized in a recent interview with Bloomberg that “uncertainty and volatility” in global economies has only strengthened her confidence in Bitcoin, a hedge against inflation and risk. .
Discussing the legal battles of Binance and Coinbase, Wood said, the SEC's lawsuit against both companies was in quick succession, but she highlighted the stark contrast between them.
While Binance is facing allegations of fraud and criminal activities, Coinbase's main issues revolve around questions of security and staking, concerns that are much less serious.
Furthermore, Wood sees the regulatory hurdles that Binance is facing as an advantage for its competitor, Coinbase. This, along with the transparency and risk reduction that Bitcoin brings through its blockchain system, has built Wood's unwavering confidence in the crypto market.
On-chain analytics provider, Nansen, has indicated that LSD staking on Ethereum continues to set new highs.
LSD is a user's amount of staking assets that they can deploy in other DeFi activities. Interest in Liquidity staking has increased since the Ethereum Shapella upgrade.
Nansen observed that the number of ETH staked with LSD providers such as Lido Finance, Rocket Pool, Frax Finance, and Stakewise continues to increase steadily monthly.
“Staking ETH in LSD continues to hit ATH, surpassing the previous peak in May, and ETH staked through LidoFinance, Rocket Pool, Fraxfinance and Stakewise continues to increase every month.”
This comes despite the SEC's crackdown on the staking sector, first with Kraken. The exchange settled with the SEC by agreeing to close its staking service in the United States and pay a $30 million fine.
Recently, Coinbase was accused by several US state regulators of violating securities laws with its staking program.
Cryptocurrency exchange Bittrex's plan to repay customers has faced opposition from the US government.
The company's US arm filed for bankruptcy on May 8 after regulators accused it of operating an illegal stock exchange.
Four days later, the company sought court permission to allow customers to withdraw their shares without costs and delays due to litigation. However, the US government has denied this.
The Bittrex company “has failed to demonstrate crypto asset ownership issues, and these need to be identified before bankruptcy plans are confirmed.”
Bittrex's US branch holds $50 million in cash and $250 million in customer crypto. The exchange's operating company also filed for bankruptcy, having $120 million in customer cash and crypto. Attorneys representing the company previously told a Delaware court that both have sufficient assets to make the withdrawals.
Sportswear brand Puma has teamed up with basketball star LeMelo Ball to launch an NFT shoe called the Gutter Cat Gang.
From June 29, the limited edition “GutterMelo MB.03” will be sold for $175 on the OpenSea marketplace. Collectors can also purchase NFTs with a credit or debit card. Owners can then exchange the NFT for real shoes within one month from July 18 to August 20. The total number of NFTs in the collection is yet to be announced.
Launched in June 2021, Gutter Gang Cat is an NFT profile picture (PFP) project consisting of 3,000 cat-themed avatars. In this NFT set, Puma sneakers carry a variety of color effects, combined with the Gutter Cat Gang image and the words "1-of-1" along with the names of celebrities on the heel.
The release announcement of “GutterMelo MB.03” further marks the partnership between the NFT market and NBA stars. For example, players Wilson Chandler collaborated with CryptoKickers, Metta Sandiford-Artest collaborated with fashion brand metaverse, BlankSoles and Mike Bibby and Air Jordan organized auctions of XIX PE shoes as well as NFT replicas.
NFT platform, Enjin, has announced a transition to a new Mainnet called Enjin Blockchain, which aims to further Web3 adoption. After the transition, its Polkadot parachain called Efinity was fork into the new blockchain.
In the announcement , the Enjin development team emphasized that Enjin Blockchain will be different from other blockchain solutions based on smart contracts. Accordingly, functions such as NFT generation and transfer will be integrated into the blockchain's underlying code.
In addition, the blockchain also released new features, including “Fuel Tanks”, which allows developers to subsidize user transaction fees, and “Discrete Accounts”, which allows users to interact with projects using how to use its blockchain without downloading specific wallet software.
The team has also informed its community that Efinity, their Polkadot parachain, has also been forked into the new Mainnet , called Efinity Matrixchain, and supports the transition for existing users.
Decentralized exchange, Curve Finance, has added support for wrapped staked ether (wstETH) as Collateral asset to mint and borrow its decentralized Stablecoin crvUSD.
The vote to introduce this Collateral asset passed on June 8 and was issued on-chain. It passed with 100% of the votes in favor and achieved 84.5% of delegates.
This means that users of the exchange can use their wstETH as Collateral asset and mint a portion of the exchange's native Stablecoin crvUSD. Users have to pay 6% loan interest. If the value of the Collateral asset falls, it will be liquidated gradually to maintain the position.
Archway (ARCH) has announced the Genesis AirDrop for Axelar Bridge users and ATOM staking participants.
Per the announcement , Archway (ARCH), the L1 blockchain that works on Cosmos, has announced the Archway Genesis AirDrop, which includes Axelar Bridge users and ATOM stakers.
The Archway Protocol is expected to allocate 5% of the initial supply, or 50 million ARCH, to members of the Cosmos and Archway communities in installments. The project raised $21 million in a seed round backed by Hashed Fund, Blockchain Capital, CoinFund, and others.
ARCH token sale will be conducted on CoinList on June 15. Registration deadline is June 12. Hardcap sells CoinList for $6 million, ARCH 30 million (3% of total supply) for $0.2 and a $200 million valuation.
CIO Soros Fund Management is optimistic about the future of cryptocurrencies
Dawn Fitzpatrick, CEO and chief investment officer of Soros Fund Management, remains bullish on the future of cryptocurrencies, despite recent market failures.
Speaking to Bloomberg, she highlighted the ongoing opportunity for incumbent financial firms to take the lead in the sector.
Fitzpatrick addressed the recent legal issues faced by crypto giants Binance and Coinbase, when the Securities and Exchange Commission (SEC) sued. This can be an obstacle, but it will also pave the way for traditional financial institutions to step in and set standards.
Fitzpatrick emphasized that the rules and standards that guide the handling of client assets can be a beneficial signal in the early stages of the development of the crypto space.
Commonwealth Bank will refuse or withhold “certain payments” to crypto exchanges
Commonwealth Bank, one of Australia’s four major banks, announced on June 8 that it will refuse or withhold “certain payments” to cryptocurrency exchanges.
The move comes after Australia's oldest bank, Westpac, banned payments to crypto exchanges in May.
Effective June 8, Commonwealth Bank will deny or hold a 24-hour hold for “certain payments” to crypto exchanges. Additionally, “in the coming months” users of the bank will face a monthly limit of A$10,000 ($6,650) on crypto exchange payments.
The bank explained that these crackdown are intended to protect customers from the risk of fraud related to payments to crypto exchanges. However, the press release does not clarify what “certain payments” means or which exchanges will be affected.
BEUC asks Instagram, YouTube, TikTok and Twitter to ban influencers from promoting cryptocurrencies
BEUC, the umbrella group of European consumer organisations, has filed a complaint with European Union consumer protection agencies, calling on Instagram, YouTube, TikTok and Twitter to tighten advertising rules. their cryptocurrencies.
The complaint says that national regulators should ask social media platforms to tighten their policies and ban influencers from promoting crypto.
Under EU Crypto Asset Market regulation, MiCA, crypto providers will need a license to advertise across the bloc and the Digital Services Act also imposes additional constraints on major online platforms.
Additional measures are still needed, the BEUC said. Current consumer law prohibits unfair trade practices because cryptocurrency scams can cause people to suffer heavy financial losses.
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Viet Cuong
Bitcoin Magazine
