German Government Continues Bitcoin Selling Spree

According to The BLOCK, German government transferred over 15,000 bitcoins ($866 million) to market makers and exchanges, according to Arkham's data. Recipients included Cumberland DRW, Flow Traders, B2C2 Group, Bitstamp, Coinbase, and Kraken. This follows the seizure of 50,000 BTC from the film piracy site Movie2k in January. Criticism has emerged from Bundestag member Joana Cotar, who argues against selling the bitcoin hastily. The government still holds 23,788 BTC, valued at around $1.3 billion.

Bitstamp to Expedite Mt. Gox Bitcoin Distribution

Bitstamp plans to distribute its portion of Mt. Gox bitcoin to creditors "as soon as possible" once received, despite having up to 60 days. The Mt. Gox Trustee has already sent 47,229 bitcoins ($2.7 billion) to Japanese exchanges BitBank and SBI VC Trade, which distributed their funds within hours. The remaining 94,771 bitcoins ($5.4 billion) are pending distribution by Bitstamp, Kraken, and BitGo. Kraken has up to 90 days and BitGo up to 20 days, but neither has disclosed their timeline.

Coinbase Ventures Invests in Ampleforth's Flatcoin Technology

Coinbase Ventures has invested $1 million in Ampleforth's decentralized flatcoin, SPOT. Flatcoins aim to track the cost of living, viewed as the next iteration of stablecoins by Coinbase CEO Brian Armstrong. SPOT launched on the Coinbase-incubated Ethereum Layer 2 Network Base, with new markets on Aerodrome Finance DEX. SPOT combines fiat money and hard commodities characteristics for a decentralized, less volatile asset.

ZKM to Launch Bitcoin Layer 2 GOAT Network

Metis DAO-incubated ZKM plans to launch its Bitcoin Layer 2 solution, GOAT Network, this quarter. GOAT Network uses a decentralized sequencer model for network security and yield for node operators. It has secured 5,000 BTC ($287.5 million) in commitments and plans a $5 million Series A fundraising round. GOAT Network aims to become a "Universal Layer 2," starting with Bitcoin and expanding to Ethereum, TON, Cosmos, and others.

$1 Million Bug Bounty for 'Firedancer' Solana Client

Jump Crypto's Firedancer, an independent Solana validator client, will launch a $1 million bug bounty program starting July 10. The six-week program, powered by Immunefi, offers rewards for finding bugs in the first version, "Frankendancer." Firedancer aims to enhance Solana's resiliency and optimize high-frequency trading through its C/C++ implementation.

Upcoming Events

- U.S. Fed Chair Jerome Powell will testify on economic outlook and monetary policy before the Joint Economic Committee on Tuesday at 10 a.m. ET.

- U.S. FOMC member Michelle Bowman will speak at 1:30 p.m.

- The Ethereum Community Conference continues in Brussels.

$BTC

#Ton_Coin_Surge #BTCUSDTUPDATE #BinanceTurns7 #6thTrade #MarketNews