Coinspeaker More than 90% of BIS Members Considering Issuing CBDC

While some United States regulators have vehemently opposed the issuance of a Central Bank Digital Currency (CBDC) due to privacy reasons, a new study shows the majority of global central banks are exploring the new technology. More global central banks are seeking ways to increase their seigniorage through the use of distributed ledger and blockchain technologies.

Moreover, the use of blockchain technology has proved environmentally friendly in addition to the efficiency of lowered transaction costs. However, some have argued that a CBDC is merely a surveillance tool for governments, and will limit users’ means of transacting.

As a result, the CBDC’s opponents have argued that private sectors should be allowed to develop stablecoins on both public and private chains to ensure further democracy.

BIS Report on CBDC Developments

According to a report from the Bank for International Settlements (BIS), an umbrella organization encompassing more than 50 global central banks, 94 percent of the 86 central banks surveyed are exploring CBDC developments. The recent BIS survey was conducted between October 2023 and January 2024.

The last time the bank conducted a similar survey in 2021, the report revealed that 90 of the 81 central banks were exploring digitizing their respective national currencies.

Notably, the BIS report indicated that the respective banks are more likely to issue a wholesale CBDC for financial institutions instead of a retail CBDC.

“For retail CBDCs, more than half of central banks are considering holding limits, interoperability, offline options, and zero remuneration,” the BIS report noted.

Market Picture

As Coinspeaker previously reported, the Bank for International Settlements is already exploring a wholesale CBDC to enable seamless forex transactions between different currencies. Dubbed project Rialto, BIS has been working together with global central banks in close collaboration with the Singapore Center to ensure an efficient CBDC.

According to the BIS recent report, stablecoins are rarely used outside the crypto ecosystem, thus not favorable for mainstream payments. As a result, several countries led by China, Nigeria, and the Bahamas have already rolled out their specific CBDCs.

The adoption of global CBDCs amid the development of private stablecoins will experience significant challenges due to surveillance issues. While most governments have cracked down on privacy-centric coins, the adoption of logarithmic stablecoins led by DAI has gained significant traction.

According to the latest crypto market data, DAI stablecoins have a market capitalization of about $5.2 billion and a daily average traded volume of around $344 million.

Nonetheless, some jurisdictions have restricted the use of logarithmic stablecoins following the collapse of Terra Luna UST in early 2022, which wiped out over $30 billion. Already, the US SEC and Terra Luna have finalized a settlement of around $4.4 billion following the Terra Luna collapse.

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More than 90% of BIS Members Considering Issuing CBDC

Coinspeaker Beeple Satirizes Andrew Tate and Iggy Azalea in New NFT

Renowned digital artist Mike Winkelmann, simply known as Beeple has released a new satirical piece featuring controversial figures Andrew Tate and Iggy Azalea, both of whom recently entered the meme coin frenzy with their own coins.

Earlier this month, Iggy Azalea launched a meme coin named MOTHER, which generated significant buzz within the crypto industry, reaching a $300 million market cap.

Following her success, media personality Andrew Tate pledged his support to another meme coin, DADDY. The meme also received massive backing from fans as well as members of the crypto community. On June 13, DADDY soared 450% within 24 hours, surpassing the $300 million market cap and dethroning MOTHER.

Beeple’s Artistic Response

Less than 24 hours after DADDY’s impressive feat, Beeple responded by releasing a new artwork titled “MOTHER and DADDY”. The piece, posted on the social media platform X, depicts exaggerated caricatures of Tate and Azalea, adorned with green stock market candles and Solana tattoos.

The artwork is a contemporary reimagining of Grant Wood’s iconic “American Gothic”.

MOTHER AND DADDY pic.twitter.com/TFKiX9hMPD

— beeple (@beeple) June 14, 2024

However, in Beeple’s version, the simplicity of agrarian life is juxtaposed with the flashy world of digital finance and celebrity culture, with Azalea and Tate as the central figures embodying these contrasting themes.

Conceptual Depth and Critique

In an accompanying post on X, Beeple also unveiled a Whitepaper detailing the conceptualization of the artwork and its commentary on the evolution of American capitalism.

He explained that the involvement of Tate and Azalea in the crypto economy highlights how digital finance transcends borders, fostering economic instability and risk.

“The choice of Tate and Azalea, foreigners leveraging American platforms for influence, underscores the globalization of American capital ideals. Their involvement in meme coins exemplifies how digital finance transcends borders, fostering economic instability and risk for many,” reads the Whitepaper.

Beeple’s Market Impact

While Beeple did not indicate if the artwork is for sale, he has a history of earning millions from his pieces.

During the non-fungible token (NFT) craze of 2021, he made headlines by selling artwork for $69 million at Christie’s, making him one of the top three most valuable living artists in the world.

In October 2021, Beeple sold his first series of NFTs, with a pair going for $66,666.66 each. One of these NFTs was later resold for a staggering $6.6 million, further cementing his place in the art and crypto worlds.

Meanwhile, Beeple’s latest piece “MOTHER and DADDY” continues his tradition of using art to provoke thought and discussion, challenging viewers to reflect on the intersection of celebrity influence, digital finance, and economic risk.

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Beeple Satirizes Andrew Tate and Iggy Azalea in New NFT

Coinspeaker Toncoin (TON) Hits ATH at $8.10 as Profitability Jumps to 100%

An increase in network activity has successfully triggered a surge in the price of Toncoin (TON), causing the altcoin to reach a new All-Time-High (ATH). Before now, the unique community engagement on The Open Network (TON) has hinted at a likely ATH push with the bullish sentiment confirmed earlier this week.

Toncoin Soared To ATH Twice in June

In the first week of June, TON witnessed a momentum that propelled it ahead of Cardano (ADA), making it the 9th largest cryptocurrency by market cap. While its valuation comes in at $16.30 billion, that of Cardano is pegged at $16.21 billion. It is safe to say that this altcoin has consistently defiled market trends especially with the price of Bitcoin (BTC) currently dropping significantly down to  $67,000.

About a few hours ago, Toncoin price retested $7.78, a level that it attained when it hit an ATH around June 5, 2024. This previous high was attributed to a number of factors including the overall market sentiment at the time and the surge in investor interest.

At the time of this writing, Toncoin has now retested a new all-time high of $8.10 after soaring by 7.40% in the past 24 hours per data from CoinMarketCap. At this all-time high, more than 21,000 wallets holding TON have now been sent into profit.

Noteworthy, several projects have leveraged The Open Network, which powers Toncoin for their incubation just before opening to the public. Notcoin (NOT) and Hamster Kombat are two of the most recent launches on the platform. With time, more Telegram-based games and tokens are expected to come onboard The Open Network (TON) including Tapswap and Yescoin.

With Toncoin now in price discovery mode, its price could soar to $10 in the short to long term.

Toncoin Outperforms ETH’s Daily Transactions

As soon as it was discovered, Telegram became the most sought-after space for crypto projects. Its large social community has contributed to this increased engagement within the social media platform. Most developers and founders are constantly taking advantage of this community to launch their blockchain initiatives. At the center of this demand is Toncoin, currently recognized as the biggest beneficiary.

Toncoin is still way behind some crypto protocols but it has also surpassed others in terms of daily transactions. As large as Ethereum seems, TON’s daily transactions are higher, per insights provided by the data shared by Unchained on X.

“While lagging behind Solana, TON’s daily active addresses have exceeded Ethereum’s figures every day except for one thus far in June. Some believe TON could close the distance in market cap with Solana,” Unchained wrote.

Just like Toncoin, its close associate, Notcoin is performing exceptionally and analysts believe that its successful integration with Telegram’s extensive user base may have played a prominent role in its ongoing reality. Last week, its daily transaction volumes soared over 185% to move past $4.6 billion. In today’s market, NOT has registered a 19.75% increase and is trading at $0.02076.

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Toncoin (TON) Hits ATH at $8.10 as Profitability Jumps to 100%

Coinspeaker Crypto Adoption in Turkey Boosted by Unending Lira Woes, Government Moves In with Tax Reforms

Turkey currently faces a weakened national currency in Lira as its economic woes have been recently compounded by natural disasters such as earthquakes. As the currency is showing no signs of appreciating any time soon, investors may be beginning to look to crypto as their saving grace.

However, there is now a major air of uncertainty around Turkey. In the country’s bid to revive its economy and make revenue by any means necessary, lawmakers are proposing a major tax overhaul. That is, according to a recent Bloomberg report.

This new tax regime is not only the country’s biggest in over two decades, it also includes the nation’s first-ever levy on crypto transactions. This is exactly where issues are arising.

As earlier mentioned, these efforts are geared towards repairing Turkey’s finances which were depleted by last year’s disasters. However, by reaching for crypto, concerns are now being raised that the government may be attempting to stifle innovation. This is especially true if the taxes eventually get too high as many believe it would.

Details of Turkey Crypto Tax Revealed

According to a source with insider knowledge of the matter, the Turkish government is readying itself to shake up the tax system in a big way. The source, who spoke on the condition of anonymity, says the issue is so important that officials are currently drawing up new tax legislation that will be presented for deliberation in parliament later this month.

Turkey plans to put in place measures that will inject an extra 226 billion liras to its GDP, which translates to around $7 billion or 0.7% of the GDP. However, the source claims that the government is hoping to capitalize on the growing crypto adoption to realize a major part of the projected revenue.

The government plans to introduce a 0.03% tax on crypto trading, projected to generate 3.7 billion liras annually. That’s a substantial revenue that authorities see as a major step in the direction of kickstarting the nation’s economic recovery.

Government to Push Ahead Despite Backlash

The tax reform package being proposed by the Erdogan-led administration extends beyond crypto. Although the revenue is expected to help ease the financial situation of the nation, the controversial nature of the tax law is expected to bring in some heat.

Recall that the government initially proposed a tax on stock trading transactions. However, the measure met strong opposition from market participants, causing the government to backtrack. Notably, this presents a potential setback for Turkey’s crypto tax ambitions.

Although the stock tax remains pending for now, Erdogan and his officials are keen on taxing crypto transactions. Even more, the government is determined to regulate the crypto industry.

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Crypto Adoption in Turkey Boosted by Unending Lira Woes, Government Moves In with Tax Reforms

Coinspeaker Ethereum Price Correction Is Almost Over, Analyst Gives Bullish Call to $10K

Ethereum (ETH) price has recently come under strong selling pressure amid the broader market consolidation. On Thursday, June 13, despite the SEC Chair Gary Gensler stating that the spot Ethereum ETF will go live for trading by the end of summer, the ETH price continued to trade under $3,500.

While the Ethereum community seems dejected for now, market analyst CrediBULL crypto remains bullish on Ethereum, expecting its price to hit $10,000 during the next bull cycle. The crypto analysts added that it is impossible for Ethereum to stay in the same place, while investors expect the Bitcoin price to cross $100,000.

Although CrediBULL crypto acknowledged the possibility of a 20-30% decline in the ETH/BTC ratio, he said that ETH price downsides against the USD remain limited, a max of 10%.

CrediBULL Crypto notes that while Bitcoin approaches its previous all-time high, Ethereum may experience consolidation near its ATH before potentially rallying further. The analysis suggests that patience may be key for ETH investors, anticipating a period of choppy price movements before a potential significant upward move.

Photo: CrediBULL Crypto

“Just to keep it simple ETH is a higher beta version of BTC, if I think BTC can 2x from here realistically, then ETH should do at minimum, more than that. Even just a 3x would put us at 10k,” noted the analyst. He further added that once the Ethereum price crosses $10K level, it can continue its rally further to $20K. Ethereum for Tokenization

Speaking at a Coinbase event, Blackrock’s CIO of ETF & Index Investments, Samara Cohen, asserted today that permissioned blockchains have fallen out of favor among traditional market participants.

Instead, Cohen highlighted a growing consensus around utilizing open-source Ethereum for tokenization purposes, emphasizing the importance of maintaining liquidity without fragmentation in the market.

Speaking on the development, Ethereum enthusiast Anthony Sassano said:

“Seriously read and digest this. An executive at BlackRock (the largest asset manager in the world) is telling you that the future is public blockchains – specifically, that the future is Ethereum! If this doesn’t make you bullish, nothing will”.

It will be interesting to see whether the Ethereum price hits its new all-time high levels before the spot Ethereum ETFs go live for trading.

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Ethereum Price Correction Is Almost Over, Analyst Gives Bullish Call to $10K

Coinspeaker Cryptocurrency Adoption Surges in Hong Kong as Brokerages Integrate Virtual Asset Trading

Hong Kong’s financial services industry has continued to grow as several brokerage firms have now entered the digital asset trading space, providing investors with more opportunities to benefit from crypto trading.

Brokerage Firms Leading the Charge

One of the brokerage firms leading the pack is Victory Securities, which made headlines late last year as the first licensed corporation in Hong Kong approved by the Securities and Futures Commission (SFC) to provide digital asset trading services to retail investors. On June 12, the firm expanded its crypto offering, announcing it now offers stablecoin deposit and withdrawal for professional investors.

The firm’s move to virtual assets is part of the growing trend among Hong Kong brokerages. Other platforms that have done this include Tiger Brokers and Interactive Brokers. Tiger Broker, for instance, launched its virtual trading asset on May 6, which is only open to professional investors and provides access to 18 cryptocurrencies, including Bitcoin and Ethereum. Aside from offering crypto features, the firm has also added traditional finance services such as stocks, options, futures, and bonds, all within its Tiger Trade platform.

This crypto integration seems to be paying dividends for Hong Kong’s brokerage. Income from virtual asset-related businesses can now account for up to a third of a brokerage firm’s total revenue as early movers in the sector reap the rewards of their investments.

Supportive Regulatory Environment Fueling Growth

A supportive regulatory environment fuels the growing interest in cryptocurrency trading among Hong Kong’s investors. In June 2024, the SFC held a briefing to guide the licensing requirements for virtual asset trading platforms that submitted applications after June 1. As it stands, only two platforms, OSL Digital Securities and Hash Blockchain Limited, have obtained the necessary licenses, but 11 other applicants are in the queue.

To attract more participants, brokerage firms have set a low entry fee of as little as $100. Through the brokerage apps, users can participate in various virtual asset transactions, including spot trading, virtual asset futures exchange-traded funds (ETFs), and private equity funds focused on virtual assets. Also, it was revealed that some HK brokerage firms are deploying ways to incentivize more people to open a virtual asset account; one of these is a three-month commission-free promotion for various accounts.

Creating a regulatory framework that gives more clarity to the adoption of cryptocurrency and the willingness of Hong Kong’s brokerages to embrace virtual assets is positioning the region as a hub for cryptocurrency trading and investment.

This is also reflected in Hong Kong’s approval of the Bitcoin and Ethereum ETFs. Hence, as more brokerages continue to integrate cryptocurrency features into their apps, it will propel more investors and large institutions to put their funds into digital assets, increasing adoption in Hong Kong.

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Cryptocurrency Adoption Surges in Hong Kong as Brokerages Integrate Virtual Asset Trading

Coinspeaker QCP: Crypto to See Quiet Summer as Miners Witness Post-Halving Capitulation

Singapore-based crypto trading firm QCP Capital recently predicted a quiet summer for the crypto market with lower volatility due to lack of any major catalysts to drive the market in either direction.

On June 14, QCP released a market analysis on its Telegram channel noting that Bitcoin is facing difficulties in its recovery post-Federal Open Market Committee (FOMC) meeting, despite a strong momentum in equities. It attributed this stagnant behavior to miner capitulation following the recent halving event.

Miner Capitulation

The halving, which reduced block rewards from 6.25 BTC to 3.125 BTC, has made it hard for miners to make profit. This financial pressure is leading miners to sell off their Bitcoin holdings, a phenomenon called miner capitulation, which typically exerts downward pressure on BTC prices.

The concern is underscored by a notable decline in the network hash rate, suggesting that less efficient miners are exiting the market due to decreased profitability. However, it’s important to note that the remaining miners often become more profitable as the difficulty adjusts. Data from Blockchain.com shows that the network hash rate has dropped from 657 EH/s on May 27 to 586 EH/s.

Adding to the market’s challenges, FlowBank, a Swiss bank involved in a triparty agreement with crypto exchange Binance, is currently undergoing bankruptcy proceedings. The Swiss Financial Market Supervisory Authority (FINMA) stated that the bank had “seriously breached” operational standards required for banking and does not possess the minimum capital necessary for its business operations.

No Immediate Movement for Ether: QCP Capital

Meanwhile, the analysis states that Ethereum currently presents a strategic opportunity for traders. For the short term, QCP Capital reiterated its prediction of no major immediate price movements for ETH.

This is because Securities and Exchange Commission (SEC) Chair Gary Gensler anticipates the approval of a spot ETH exchange-traded fund (ETF) by late summer. However, according to QCP, this could act as a significant catalyst for future price appreciation. It advises traders to consider accumulating Ether this quiet summer as long as its value is under $4,070. The report states:

“This is the ideal time to put on trades for accumulation for ETH. Currently ETH vols are trading at a 10 vol premium to BTC.”

QCP expects this spread to narrow as more Ether overwriters return to the market in anticipation of the S-1 Form approval later this summer.

Notably, in May, the SEC approved 19b-4 filings for Ether spot exchange-traded funds (ETFs) from several major firms, including Grayscale, BlackRock, Fidelity, Bitwise, ARK 21Shares, VanEck, Franklin Templeton, and Invesco Galaxy. These financial giants are now gearing up for the approval of their S-1 Forms from the regulatory agency.

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QCP: Crypto to See Quiet Summer as Miners Witness Post-Halving Capitulation

Coinspeaker Environmental Activists Blame Wall Street for Funding Bitcoin Mining Emissions

Greenpeace USA, a leading environmental advocacy group, is intensifying its campaign against Bitcoin’s Proof-of-Work (PoW) consensus mechanism, which is notorious for its high energy consumption and significant carbon emissions.

The group has now taken its fight to Wall Street, blaming the trading hub for the world’s largest companies for funding Bitcoin mining operations and helping destroy the planet.

Wall Street Contributes to Bitcoin Pollution

In a recent report titled “Bankrolling Bitcoin Pollution: How Big Finance Supports a New Climate Threat,” Greenpeace highlighted how Wall Street giants such as Trinity Capital, Stone Ridge Holdings, BlackRock, Vanguard, and MassMutual are financially supporting Bitcoin mining operations.

According to the report, these institutions provide incentives and grants that empower miners to continue their environmentally damaging activities.

Greenpeace revealed that in 2022 alone, these companies were responsible for over 1.7 million metric tons of carbon dioxide (CO2) emissions, equivalent to the annual emissions of more than 335,000 American homes.

The group stated that Bitcoin mining operations have now become a full commercial industry that requires substantial capital for the construction of facilities and the acquisition of specialized computing equipment for operations.

As a result, miners require financial backing from banks and asset managers to fund their operations. According to the report, these financial companies particularly those on Wall Street are continuously providing cash for the miners to benefit from the gold mine.

Greenpeace also accused banks of hypocrisy, noting that they promote green and sustainability goals while simultaneously investing in or financing the crypto mining industry for profits.

Call for Accountability

Due to the perceived hypocrisy, the group has called on financial companies, including BlackRock, for accountability.

Greenpeace is demanding that these firms disclose the environmental risks associated with their support for the Bitcoin mining industry to shareholders, allowing them to understand how they are helping destroy the environment.

“Banks and asset managers have a duty to disclose risks to their shareholders and clients who are currently missing vital information on the climate risks from Bitcoin,” the report states.

The report also highlights that due to the massive support given to Bitcoin miners, the United States now hosts many mining facilities, which drain electricity around the country. Greenpeace cited Bitcoin miners like Riot Platforms as among the companies contributing high carbon emissions. In 2022, the group estimated that the firm’s mining facility located near Rockdale produces the largest carbon emissions in the US.

War against Bitcoin PoW

Greenpeace has been fighting against Bitcoin’s PoW chain for years, and in 2022 they launched a campaign titled “Change the Code, Not the Climate”.

At the time, the group demanded that Bitcoin developers rewrite the protocol’s code to a less energy-intensive algorithm like Proof-of-Stake (PoS).

The group even called on Fidelity Investments to join its fight against Bitcoin when it filed a petition to the government to reduce the “outrageous power consumption miners utilize in the United States”.

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Environmental Activists Blame Wall Street for Funding Bitcoin Mining Emissions

Coinspeaker NiceHash and Marathon Digital Link Up to Launch Custom Firmware

Bitcoin (BTC) hashing power marketplace NiceHash has entered a strategic partnership with Marathon Digital Holdings Inc (NASDAQ: MARA). Per a press release shared with Coinspeaker, this alliance is focused on launching custom firmware for ASIC miners, particularly those optimized for the NiceHash mining platform. The latest product from the collaboration of both crypto key players is dubbed NiceHash Firmware.

Key Perks of the NiceHash and Marathon Digital Linkup

Marathon Digital’s technology will power the ASIC miners’ custom firmware. The firm’s solution remains accessible to all Bitcoin miners. NiceHash Firmware is embedded with a suite of advanced features that help miners seamlessly drive greater efficiency from ASIC devices and also increase revenue. The product is compatible with NiceHash ASIC Manager, Foreman, and Awesome Miner.

One perk of utilizing the product is that miners who do so will only have to pay a 2% firmware fee, a figure lower than industry standard. Once NiceHash becomes their primary pool, the fee will be further reduced to 1.4%. The other features are innovative auto-tuning and customized environment profiles which will make the top-tier technology accessible on the open market.

These environment profiles are tailored to facilitate the installation of the firmware on ASICs running either Air, Hydro, and single-phase or Two-Phase Immersion cooling. The auto-tune feature can be adjusted based on certain criteria including Power Target, Hashrate Target, or Percentage Adjustment. Compared to existing firmware solutions, NiceHash Firmware offers significant efficiency.

Overheating is catered for with the NiceHash Firmware as it comes with intelligent thermal protection. There is also a customized dashboard that outlines the performance of the ASIC. Vladimir Hozjan, CEO of NiceHash, mentioned that his company has been on the lookout for a firmware solution for ASIC miners for the longest time. This quest was fueled by the absence of suitable firmware from its product portfolio.

Bitcoin Mining Industry Sees Improvements

The decision to choose Marathon Digital came after NiceHash confirmed that it was impressed by their firmware product. According to Hozjan, MARA’s product has proven to be high quality with a significant level of reliability. NiceHash is positive that this collaborative effort will change its position in the mining industry in no distant time.

“We believe that teaming up and combining our knowledge will strengthen our position in the market, drive innovation, set new standards in the mining space, and empower miners worldwide to achieve unprecedented efficiency and profitability,” Hozjan stated.

Marathon Digital executives feel the same way about the alliance, citing it as a strategy to expand the reach of its cutting-edge firmware solution to the mining community globally. It serves as an opportunity for the mining company to introduce advanced safety and optimization features to Bitcoin miners, without size restrictions. In the long run, these Bitcoin miners stand to gain better performance and profitability.

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NiceHash and Marathon Digital Link Up to Launch Custom Firmware

Coinspeaker Bernstein Predicts Bitcoin (BTC) Price to Reach $1M by 2033

In the last few months, several analysts and market experts have shared their opinions on how high the price of Bitcoin (BTC) could go.

While a significant number of these experts are quite conservative with their speculations, others have been audacious, projecting huge price levels for the top cryptocurrency. One of the latest bullish calls came from Analysts from private wealth management firm Bernstein who said the price of Bitcoin might soar as high as $1 million within the next decade.

MicroStrategy’s Bitcoin (BTC) Acquisitions Strategy

Gautam Chhugani and Mahika Sapra from Bernstein also believe that the digital currency could reach a circle-high of $200,000 by 2025. This bold prediction comes as Bernstein initiated coverage of MicroStrategy Inc (NASDAQ: MSTR) with an outperform rating. The shares of the Tysons Corner, Virginia-based firm were placed at a $2,890 price target. However, it was only around $1,484 at the close of the market on Thursday.

MicroStrategy, the popular business intelligence and software firm, ranks as one of the Wall Street firms with the largest Bitcoin holding. The firm has engaged in consistent acquisition of the top cryptocurrency since August 2020 when the Covid-19 pandemic hit the world. At that time, MicroStrategy adopted Bitcoin as a reserve asset but it has grown over time to make the firm a household name in the crypto ecosystem.

In today’s world, the company’s founder and chairman Michael Saylor has become synonymous with Bitcoin. The frequent purchases have earned MicroStrategy ownership of 1.1% of the global supply of the world’s largest cryptocurrency by market capitalization. As of May 1, the firm’s Bitcoin portfolio holds as much as 214,400 BTC units valued at approximately $14.5 billion.

Spot Bitcoin ETF Demand to Drive BTC Price

Additionally, MicroStrategy’s Bitcoin strategy has triggered an exponential growth in MSTR value. The software firm’s Bitcoin acquisition strategy is constantly kept active by the at-scale capital, both debt and equity, that are attracted to it. Markedly, the firm recently announced its intention to sell $500 million worth of convertible senior notes to fund further Bitcoin acquisitions.

According to MicroStrategy, these notes will be due in 2032 and will be offered in a private sale to qualified institutional buyers, in accordance with Rule 144A of the Securities Act of 1933. It is still subject to the state of the market and other conditions.

In Bernstein’s report, it was stated that MicroStrategy is placed as an “active leveraged bitcoin strategy versus passive spot exchange-traded funds (ETFs).” MicroStrategy’s active Bitcoin strategy was acknowledged as a contributor to the higher Bitcoin per equity share that is the current state of the market.

Bernstein’s price forecast comes from recognizing the growing demand for the crypto from spot Bitcoin ETFs. The supply shock is also perceived as a catalyst to drive BTC prices to the $1 million level by 2033. These analysts believe that the price of the coin should hit $500,000 by 2029.

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Bernstein Predicts Bitcoin (BTC) Price to Reach $1M by 2033

Coinspeaker Trezor Unveils New Wallet and Onboarding Help for Newbies

Hardware crypto wallet firm Trezor is looking to address a growing need for simplified self-custody for those who want to take control of their digital assets. To this end, it has launched an onboarding service and a brand-new wallet with both designed for security and user-friendliness.

Trezor Expert: One-on-one Guidance for Crypto Newcomers

In comparison, self-custody wallets, which give users complete control over their assets, are usually more complex to use than custodial wallets offered by exchanges. However, Trezor Expert is aiming to bridge that gap by providing one-on-one online sessions. This affords users the opportunity to connect with Trezor specialists for step-by-step guidance on setting up their wallet securely. The $99 service offers peace of mind and ensures that users start their self-custody journey in the best way possible.

In a statement at the BTC Prague 2024 event, Trezor CEO Matej Zak hailed the efforts that went into the Trezor Expert offering. Zak claimed that it took the company over three years to have the capacity to develop its specifics. About the benefits of the new product to customers, however, he noted:

“It gives them the opportunity to explore the security considerations of self-custody in more detail as they cover topics such as private key management and safe online practices.”

Security and Usability Issues Also Addressed with New Wallet

Alongside Trezor Expert, the company also unveiled the Trezor Safe 5, a brand new hardware wallet that boasts improved security features. This includes a more sophisticated EAL 6+ certified secure element chip and a user-friendly design featuring a colour touchscreen and haptic feedback. It also comes with a Gorilla-Glass surface that protects devices from scratches and damage.

The Trezor Safe 5 also introduces a major upgrade in its recovery seed backup process. It would require a 20-word Shamir backup system, which offers multiple “shares” of the private key for secure retrieval in case of loss. This advanced multi-share backup is a major step up from the standard single-seed backup process it formerly employed.

Notably, the Trezor Safe 5 joins a growing list of Trezor wallets that each cater to specific needs. From the original Trezor Model One to the more recent Trezor Model T, Trezor offers various hardware wallets tailored to meet the preferences of various users.

According to the company, Trezor Safe 5 is the “ultimate hardware wallet” for daily crypto management. It is available for preorder at $169 and would be invaluable to users who have made both security and user-friendliness their priorities.

Meanwhile, Trezor has further expanded its offerings with a Bitcoin-only version of both the Trezor Safe 3 and Trezor Safe 5 wallets. Although only available to a few random customers, the option removes all non-Bitcoin functionalities. Expectedly, this offering is a welcome experience, particularly for Bitcoin purists – those who believe in no other crypto asset except for Bitcoin. However,  the company was quick to note that this is merely a software difference as the security remains the same across all models.

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Trezor Unveils New Wallet and Onboarding Help for Newbies

Coinspeaker Swiss-based Blockchain Solutions Provider Storm Partners Unveils Web3 Innovation Sandbox Dubbed Lightningbox

Storm Partners, a Switzerland-based blockchain solution provider, announced a new initiative during the Decentral House’s Web3 Corporate Innovation Day in Geneva. The new initiative by Storm Partners is a web3 innovation Sandbox dubbed Lightningbox to foster a seamless adoption of blockchain technology in Geneva.

Some of the early contributors of the Sandbox include Hacken cybersecurity firm, MutliversX, and Circle Internet Financial – the issuer of the USDC stablecoins.

However, the company did not reveal the exact amount of cash raised for the new initiative. Notably, Lightningbox intends to grow as an innovative web3 hub, with three initial pillars including impact, consumer, and finance. Moreover, the market demand for these pillars remained high in different jurisdictions.

“We are witnessing a major technical revolution, driven primarily by advancements in emerging technologies, which is reshaping industries on a global scale,” Sheraz Ahmed, the managing partner of Storm Partners, noted.

Ahmed further noted that the strategic location of Geneva makes it ideal for web3 innovation and development. Moreover, Geneva has over the years attracted notable attention from major institutions such as top-tier private banks, the United Nations, and the World Economic Forum (WEF).

“Giga is very pleased to see more corporate interest in innovation and blockchain in Geneva. We think that the blockchain ecosystem can help propel Geneva to new heights in finance, international relations, and technology,” Chris Fabian, the co-lead of Giga, noted.

Storm Partners and Web3 Industry

Over the past few years, Storm Partners has established itself as a go-to comprehensible blockchain solutions provider in Europe. The Storm Partners brings together innovators across different fields needed to grow a blockchain project including legal experts, investor relations, marketing team, and business development leads.

As a result, Storm Partners has worked together with dozens of Web3 projects such as OKX, Diablo, Nested, DAO Maker, Elrond, Vodafone, and AAVE, among many others.

The Web3 space has reached a flexing stage where clear global regulations have attracted significant attention from institutional investors seeking to diversify portfolio investments. Moreover, the Web3 ecosystem is projected to grow to a trillion-dollar industry in the coming years, amid the mainstream adoption of digital assets.

Market Picture

The Web3 space has evolved in the past few years amid the emergence of dozens of multi-chain blockchains led by Solana (SOL), Binance Smart Chain (BSC), Toncoin (TON), Cardano (ADA), and XRPL, among many others.

The need for seamless tokenization of real-world assets (RWA) on different blockchains has increased the overall cryptocurrency investment. Moreover, blockchain technology seamlessly traverses the traditional borders as anyone with internet access can seamlessly navigate through the web3 space with minimal interference from governments.

According to market data provided by DefiLlama, more than $102 billion has been locked in different blockchains by various web3 projects.next

Swiss-based Blockchain Solutions Provider Storm Partners Unveils Web3 Innovation Sandbox Dubbed Lightningbox

Coinspeaker Bitcoin Consolidates between $60K and $70K, Analysts Wary of Potential Drop

Bitcoin‘s recent price movements have left some investors scratching their heads. After hitting new highs in March 2024, Bitcoin has been stuck between $60,000 and $70,000 for three months, raising concerns about a possible price drop. Some analysts noted a “disappointing fake-out” last week.

However, not everyone is viewing Bitcoin’s struggle to break above $70,000 as negative. A recent analysis on The Sniper Trading Show by Crypto Banter suggests that this extended consolidation could be good for the current bull run.

Bitcoin’s Current Consolidation Phase

According to TradingView, Bitcoin is currently trading at $$66,996, marking a slight 0.39% increase in the last 24 hours. A breakout would be­ a positive sign, but analysts warn that it’s important for Bitcoin to hold onto recent lows in the­ meantime. This will allow Bitcoin to build momentum for a pote­ntial surge back towards its all-time high of $73,750 on March 14, 2024.

Photo: TradingView

Inte­restingly, some analysts belie­ve Bitcoin’s current behavior aligns with historical tre­nds. Rekt Capital, a popular crypto analyst, argues that Bitcoin has neve­r experience­d an early breakout following a halving eve­nt. The halving cuts miner rewards in half roughly e­very four years and has historically led to price­ increases.

Rekt Capital sugge­sts that a premature breakout could shorte­n the current bull market. The­y believes the­ ongoing consolidation phase is allowing Bitcoin’s price to realign with historical halving cycle­s, which could lead to a longer-lasting bull run. This perspe­ctive counters fears of a be­arish turn, suggesting Bitcoin establishes sustainable­ growth by consolidating within a specific range.

Bitcoin Post-Halving Trends Accelerate

It’s worth noting that Bitcoin’s current cycle­ has been significantly faster than pre­vious post-halving periods. In March 2024, it reached ne­w all-time highs within 260 days, a stark contrast to historical cycles. The ongoing consolidation has mode­rated this acceleration, e­xtending the timeframe­ to roughly 170 days.

While some may view this as a ne­gative developme­nt, it could also be interprete­d as a sign of a more measured and pote­ntially longer-lasting bull run. This perspective­ aligns with Rekt Capital’s view of the consolidation phase­ as a necessary building block for sustained growth.

Howe­ver, the ongoing debate­ between analysts highlights the­ importance of considering differe­nt perspectives whe­n analyzing market trends. While short-te­rm volatility can be unsettling, a broader historical conte­xt can offer valuable insights for investors with a long-te­rm outlook.

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Bitcoin Consolidates between $60K and $70K, Analysts Wary of Potential Drop

Coinspeaker Bitcoin Trails behind Bonds and Stocks in Q2, Will Underperformance Continue?

After hitting an all-time high of $74,000 earlier in the first quarter of 2024,  Bitcoin price has delivered a subdued performance undergoing a strong price consolidation. As of press time, Bitcoin is trading 0.75% down at $66,994 with a market cap of $1.320 billion.

As per the Bloomberg report, stocks and bonds have delivered better returns than Bitcoin, so far this quarter. While traditional financial assets like equities, commodities and fixed-income instruments are all in the positive territory, the BTC price is trading 5% down in the second quarter.

During the first quarter massive inflows in the spot Bitcoin ETF ignited the animal spirits among the investors. Although the inflows have continued since then, they remain a bit subdued. On the other hand, the uncertainty around the Fed rate cuts has dampened the prospect of any major rally in Bitcoin.

“In other words, not all the ETF inflows represent new money coming into the market, and only new money will move the price,” wrote Noelle Acheson, author of the Crypto Is Macro Now newsletter.

Demand for Bitcoin Products Remain a Bit Subdued

JPMorgan Chase & Co strategists, led by Nikolaos Panigirtzoglou, examined the demand for Bitcoin products, which have attracted approximately $15 billion in net inflows so far, according to Bloomberg data.

The strategists noted a significant shift from digital wallets on exchanges to the new spot-Bitcoin ETFs. Excluding this shift, they estimate this year’s net flow into crypto, encompassing ETFs, venture capital fundraising, and CME Group futures activity, to be around $12 billion.

This is still lower than the $45 billion inflows during the crypto bull rally of 2021, as well as the $40 billion flows during 2022. JPMorgan strategists stated that they are skeptical whether the current pace of inflows will continue for the rest of 2024.

The current selling pressure on Bitcoin comes largely due to the Bitcoin miner capitulation. The miners have been selling their BTC aggressively to cope with the rising Bitcoin production costs after the recent halving in April. As per sources, the cost of producing one Bitcoin has shot up to $77,000.

#BTC

The fact that Bitcoin is struggling to breakout is beneficial for the overall cycle

Bitcoin has never broken out this early in the Post-Halving period

If it did, the cycle would be accelerated to such a point that the Bull Market would simply be shorter than usual

This… pic.twitter.com/cQHKWy7hPE

— Rekt Capital (@rektcapital) June 13, 2024

Popular Bitcoin analyst Rekt Capital stated that the current Bitcoin price consolidation is rather beneficial to all which will ensure a sustained bull run in the later stage. He added that historically, Bitcoin has never given a breakout this early after the halving period.

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Bitcoin Trails behind Bonds and Stocks in Q2, Will Underperformance Continue?

Coinspeaker BOME Meme Coin Explodes 10% after Coinbase Announces Support

BOOK OF MEME (BOME) rose significantly in the past 24 hours after Coinbase, the largest crypto exchange in the United States, announced that it would add support for the perpetual futures of the meme coin on Coinbase International Exchange and Coinbase Advanced alongside Notcoin (NOT). 

In a post on social media platform X (previously branded as Twitter), Coinbase stated that the “opening of our BOME-PERP and NOT-PERP markets will begin on or after 9:30 a.m. UTC 20 June 2024”, resulting in BOME meme coin gaining significant attention in the digital asset sector. 

The official handle of the BOME token on X recently brought the attention of the crypto community to another significant milestone achieved by the meme coin. As per the X post, the BOME token is nearing 1 million holders and currently has 81,449 holders.

The price of BOOK OF MEME (BOME) rose close to 10% in the past 24 hours, with a 15.31% surge in the trading volume that currently stands at $271.9 million. Moreover, the market capitalization of the meme coin stands at a whopping $746.8 million, making it the 103rd largest digital asset, eyeing a position in the top 100 virtual currencies. 

In the past seven days, BOME fell by 20.03%, followed by a 2.74% drop in the previous 30 days. However, the meme coin has shown exceptional performance since June 2023, rising by a whopping 1086.61% and making its holders millionaires. 

Further, as per the data from Forbes, BOOK OF MEME is currently the eighth largest meme coin by market capitalization, surpassed by the likes of Brett (BRETT), Bonk (BONK), Floki (FLOKI), Pepe (PEPE), Shiba Inu (SHIB), Dogecoin (DOGE), and Dogwifhat (WIF). The total market cap of meme tokens stands at $58 billion, up by 0.17%. 

It is important to note that Coinbase announced similar listings in May, which included Bonk, FLOKI, and Shiba Inu perpetual futures on the leading crypto exchange. Additionally, following the partial victory of Ripple in its lawsuit against the SEC, Coinbase said in May that the XRP token would be available for users in New York City.

BOOK OF MEME (BOME) Performance

The performance of BOOK OF MEME has pushed investors to look at the future prices of the digital asset optimistically. In the past 24 hours, BOME rose from a low of $0.009429 to a high of $0.01083, aiming for its monthly high of $0.01348. 

Moreover, the relative strength index (RSI) of the meme coin on the daily chart reads a value of 42.52, which means that the sellers are still in control of the price action of the cryptocurrency. However, the gradient of the line suggests that buyers are now taking control of the price trajectory. 

Photo: TradingView

Notably, the volume of the cryptocurrency has declined significantly since March 2024. The BOME token is also 61.81% lower from its all-time high of $0.02805 witnessed on March 16, 2024. next

BOME Meme Coin Explodes 10% after Coinbase Announces Support

Coinspeaker Ether Records Historic Second-Biggest Hodler Buying Day, 298K ETH Purchased

In a significant development for the Ethereum market, the demand for ETH among long-term holders surged to its second-highest level on record. According to Julio Moreno, CryptoQuant’s Head of Research, permanent holders purchased a staggering 298,000 Ether in a single day, marking a buying spree similar to previous historic milestones.

The latest surge in buying activity is just 6% shy of the all-time high recorded on September 2023, when long-term investors acquired 317,000 ETH during a market downturn that saw ETH prices dip below $1,600. Analysts have been quick to spot these developments, predicting a positive outlook for Ethereum in the coming months.

Institutional and Retail Interest Driving Ethereum’s Momentum

The increase in ETH holdings aligns with the growing interest from institutional and retail investors. Data from Santiment reveals that addresses holding between 10,000 and 100,000 ETH accumulated over 240,000 ETH, valued at more than $840 million, between June 10 and June 12. The current accumulation reveals a continuation of that trend, with the numbers rapidly rising.

At the same time, Ethereum’s supply on centralized exchanges has dropped to multi-year lows, further indicating robust demand and reduced selling pressure. On Tuesday, Ethereum experienced a substantial net outflow from Coinbase, coinciding with what’s been dubbed the “big flush”.

Over 336,000 ETH, valued at around $1.17 billion, were withdrawn from the platform on June 12. This significant movement of funds suggests various factors could be at play, although rising net outflows generally indicate positive market dynamics for Ethereum.

However, ETH price is still hovering at the $3500 level, which has been marked as a significant resistance level. Analysts suggest that breaking through the $3,500 resistance could pave the way for a move beyond $4,000 in the short term.

Anticipated Approval of ETH ETFs

The possibility of regulatory approval for spot Ether exchange-traded funds (ETFs) has boosted Ethereum’s positive prospects. SEC Chairman Gary Gensler hinted at potential approvals before September, following the agency’s initial regulatory approval for 19b-4 filings by eight applicants on May 23.

While these developments are promising for institutional adoption, trading can begin only after S-1 registration statements receive approval. If ETH ETFs receive approval, Ethereum could potentially follow a trajectory similar to Bitcoin. Bitcoin ETFs have already attracted inflows exceeding $10 billion, showcasing significant investor interest and the potential for Ethereum to experience similar institutional adoption and market growth.

According to popular pseudonymous Twitter analyst Daan Crypto Trades, Ethereum is likely to outperform Solana in the near future as ETFs for Ethereum go live. The analyst drew parallels to Bitcoin’s performance, noting that Bitcoin has consistently outperformed Ethereum in this market cycle.

Investors are advised to remain cautious amidst the dynamic developments in the cryptocurrency markets, keeping a close eye on regulatory decisions and market conditions that could impact asset valuations.

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Ether Records Historic Second-Biggest Hodler Buying Day, 298K ETH Purchased

Coinspeaker Bitcoin (BTC) Price Slips Below $67K, Signaling Potential Decline toward $60K amid Heightened Whale Activity

Bitcoin (BTC) price dropped around 1.1 percent in the past 24 hours to briefly tease below $67K on Friday during the early London session. The flagship coin has experienced major resistance between $72K and $73K in the past four months, thus triggering mixed reactions among traders. According to on-chain data analysis provided by market intelligence platform Santiment, the recent Bitcoin price drop below $67K has resulted in a sharp uptick in crowd-buying interest.

The heightened calls for buying the dip narrative have caused a notable increase in greed and FOMO traders, amid anticipation of continued bullish sentiments.

Moreover, the recent interest rate cuts in Canada and from the European Central Bank (ECB) have increased the chances of a similar scenario in the United States late this year.

Bitcoin Price Under Immense Selling Pressure

According to on-chain data analysis provided by CryptoQuant, Bitcoin miners have accelerated the rate of exchange deposits in the last few days, signaling heightened selling pressure. Bitcoin miners have accelerated profit taking about two months after the fourth halving happened.

Another red flag is the issues facing miners and their active selling on exchanges and through OTC – essentially, this is capitulation. pic.twitter.com/8E4jUTBX7x

— Axel 💎🙌 Adler Jr (@AxelAdlerJr) June 13, 2024

The notable Bitcoin miners’ selling pressure has coincided with renewed cash outflows from United States-based spot BTC ETFs. As Coinspeaker explained, the rate of cash outflows from spot Bitcoin ETFs has significantly increased across the board, as investors fear further market drop.

Is the Bull Cycle Over?

Bitcoin price has significantly underperformed compared to the stock and bond market this quarter, suggesting the crypto bullish outlook is gradually losing steam. According to Jurrien Timmer, the director of global macro at Fidelity Investments, Bitcoin remains an exponential gold and a better option in the store of value despite the slowed adoption in recent months.

However, Timmer noted that Bitcoin’s adoption rate must grow further in the near term to fuel the bullish narrative to a new all-time high. Moreover, the divergence between Bitcoin price and its adoption curve has continued to widen in the past few weeks, suggesting heightened crypto cash rotation.

Already, Bitcoin dominance has approached a major resistance level coupled with a falling divergence on the weekly Relative Strength Index (RSI).

Midterm BTC Price Targets

From a technical standpoint, Bitcoin price is faced with a major uphill ahead as the daily and weekly Relative Strength Index (RSI) signals a further downward trend. According to veteran trader Peter Brandt, Bitcoin price must defend the support level around $66K to avoid further capitulation towards $60K and $48K.

Chart of interest – Bitcoin $BTCSometimes the most obvious interpretations of a chart work out, most of the time the charts morph. But the most obvious is this: Break through 65,000, then mkt goes to 60,000 Break through 60,000 mkt goes to 48,000 pic.twitter.com/JsXXVx2EhV

— Peter Brandt (@PeterLBrandt) June 13, 2024

On a macro scale, Brandt argued that Bitcoin price should have reached a cycle top based on exponential decay. However, based on Brandt’s Hump Slump Dump and Pump (HSDP) indicator, Bitcoin price could easily rally to a new ATH in the near term.

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Bitcoin (BTC) Price Slips Below $67K, Signaling Potential Decline toward $60K amid Heightened Whale Activity

Coinspeaker Ripple Seeks to Lower $1.95B Penalty to $10M Using Terraform Labs Settlement as Precedent

Ripple Labs cites the settlement between the Security Exchange Commission (SEC) and Terraform Labs to argue for a lower penalty against itself.

The SEC had initially asked for a $1.95 billion settlement as a penalty from Ripple for the alleged sale of unregistered securities. However, the company is fighting against the proposed fine, stating that it is unreasonable and should be lowered to just $10 million.

Ripple Highlights SEC’s Disparate Approach Compared to Terraform Labs Case

In a filing released yesterday, tagged “Terra Form Notice of Supplemental Authority”,  the defendant’s lawyer cited the $4.47 billion settlement with Terraform Labs as a similar case. They argued that the penalties given to Ripple are higher than the offense committed, noting that the regulatory body has agreed to civil penalties for similar offenses, and punishments given range from 0.6% to 1.8% of the defendant’s gross revenues. The blockchain company’s proposed $10 million fine falls within that category.

Ripple further emphasized that, unlike Terraform, it was not charged with any fraud case; instead, it was accused of distributing unregistered securities, yet the financial watchdog is imposing a heavier punishment. The defendant’s lawyer stated:

“As Ripple’s opposition explained, in incomparable (and even more egregious) cases, the SEC has agreed to civil penalties ranging from 0.6% to 1.8% of the defendant’s gross revenues.SeeECF No. 955 at 29-30. Terraform fits that pattern. Here, by contrast, the SEC seeks a civil penalty far exceeding that range, even though there are no allegations of fraud in this case, and Institutional Buyers did not suffer substantial losses.”

Echoing this were also the words of Bill Morgan, an XRP lawyer, who revealed on his X page that the attitude of the SEC towards Ripple is ill-motivated. He mentioned that the commission accepted a judgment for a penalty amounting to only 1.27% of Terra’s gross sales, even after a jury verdict found Terraform guilty of “one of the largest securities frauds in US history.” However, in the case of Ripple, where no fraud case was mentioned, the regulator is imposing a fine of $876 million. Morgan said:

“Against Ripple in a case in which there was no allegations of fraud and institutional buyers suffered no losses, the SEC seeks a penalty of $876 million, which Ripple alleged was 20 times more than any other penalty in crypto-related cases at that time.”

XRP Price Keeps Struggling amid Ripple-SEC Issues

Amid all this, the price of XRP has continued to decline, losing more than 10% in the last eight days. It has been trading within a range of $0.45 and $0.55 since mid-April. This is not in correlation with the price of Bitcoin, Ethereum, and many other major altcoins; although they have also experienced declines in the past few days, they have seen their prices rise in recent times.

XRP has also been one of the most underperforming top cryptos, not typically following the bullish moves of others but always quick to decline further when they do. The whole legal issue is no doubt affecting the coin’s market sentiment.

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Ripple Seeks to Lower $1.95B Penalty to $10M Using Terraform Labs Settlement as Precedent

Coinspeaker DeFi Platform Unveils Zapper Protocol and New Utility Token

DeFi (Decentralized Finance) aggregator Zapper is taking a new approach to making complex blockchain data more accessible to everyone. That is, with its new reveal the “Zapper Protocol”. This initiative aims to actively engage users to participate in interpreting and contextualizing on-chain information, while also earning rewards for their efforts. With the new protocol, Zapper aims to foster a more informed and engaged DeFi community.

Zapper Takes Aim at Changing On-Chain Data with User Incentives

According to Zapper, a future where “on-chain literacy” is the norm is very possible. This projection is vested in the belief that by simplifying access to blockchain data, they can unlock the true potential of Ethereum, often referred to as the “social network of blockchains”. That is what Zapper Protocol sets out to achieve by offering a user-friendly platform that breaks down complex data into formats that are easily readable and understandable, even for a layman. A statement on X reads:

“By making Ethereum readable, we’re revealing to everyone what it truly is. Ethereum is a social network, and we’re surfacing it.”

Zapper Protocol is launching with a focus on what the company says is the “interpretation layer”. This will allow users to contribute in two major ways. Firstly, there are the Event Interpreters, who will act as translators, transforming complex blockchain transaction data into human-readable formats. The other contributors are the Position Interpreters. These users will focus on filling in missing data points within Zapper’s system, ensuring the platform maintains accurate and comprehensive information.

The Utility Token

While announcing the Zapper Protocol launch, the Zapper team has also revealed plans for its utility token. The ZAP token would serve as an incentive for user participation. This means that users who contribute valuable data interpretations will be rewarded with ZAP tokens. Also, ZAP tokens will be used to facilitate data access within the Zapper Protocol ecosystem.

Notably, this user-driven approach brings several advantages to Zapper. It allows it to continuously improve its data analysis capabilities while also creating a community of engaged users who have made it a business to see the platform succeed.

Founded in 2020, Zapper has already established itself as a big name in the DeFi space. Since launching, the company has recorded various milestones of success, including a $15 million Series A funding round, where it saw backing from renowned investors like Mark Cuban and Sound Ventures.

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DeFi Platform Unveils Zapper Protocol and New Utility Token

Coinspeaker Terraform Labs: CryptoQuant CEO Slams US Judicial System for Approving $4.5B SEC Settlement

On Thursday, June 13, the US District Judge finally signed off the $44.5 billion settlement between Terraform Labs, Do Kwon, and the US Securities and Exchange Commission (SEC).

The deal will basically see Do Kwon and Terra paying billions in fines and penalties to the SEC while essentially banning them from the crypto industry. As per the terms of the deal, Terraform Labs will pay a total of $3.6 billion in disgorgement in addition to a $420 million in civil penalty and around $467 million in prejudgement interest.

Along with the Terraform Labs, Do Kwon has also agreed to pay a sum total of $110 million in disgorgement along with $80 million in civil penalty and $14.3 million in prejudgment interest. In a statement on Thursday, SEC chair Gary Gensler stated:

“This case affirms what court after court has said: The economic realities of a product — not the labels, the spin, or the hype — determine whether it is a security under the securities laws. Terraform and Do Kwon’s fraudulent activities caused devastating losses for investors, in some cases wiping out entire life savings. Their fraud serves as a reminder that, when firms fail to comply with the law, investors get hurt.”

CryptoQuant CEO Slams US Judicial System on Terraform Judgement

CryptoQuant CEO Ki Young Ju criticized the US government’s approach to financial crimes, stating that obtaining $4.5 billion from Do Kwon would be impossible without him committing a financial crime.

He pointed out that government settlements often prioritize financial gains over upholding the law, which, according to Ju, reflects a broken American judicial system. Ju emphasized that the US, despite acting as a global enforcer, seizes criminal proceeds without compensating international victims. He also noted that Do Kwon, involved in the controversy, is a Korean national.

If Terraform Labs ACTUALLY has $4.5B in assets…

and if it ACTUALLY is paid as a fine to the @SECGov, instead of the users who lost money….

It'll be one of the craziest examples of agency corruption in our lifetimes

— DavidHoffman.eth/acc🦇🔊 (@TrustlessState) June 12, 2024

David Hoffman, a prominent figure associated with Bankless, expressed strong concerns regarding Terraform Labs potentially paying a $4.5 billion fine to the SEC. Hoffman speculated that if Terraform Labs indeed possesses $4.5 billion in assets and this amount is paid solely as a fine to the SEC rather than compensating users who suffered financial losses, it would represent a striking example of agency corruption in recent history.

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Terraform Labs: CryptoQuant CEO Slams US Judicial System for Approving $4.5B SEC Settlement