Circle, the issuer of USDC and EURC, has registered as an electronic money institution (EMI) in France, becoming the first global stablecoin issuer to achieve compliance with the EU’s Markets in Crypto-Assets (MiCA) regulatory framework.

MiCA, which the EU passed last year, is the world’s first comprehensive law specifically governing how crypto companies should operate.

Bitcoin market update: Bull Trap or Bull Run?

🧐 BTC/USD has shown resilience, suggesting recent dips below $60K might have been bear traps.

🚀 Critical resistance at $64,000, which includes the 21-week moving average and short-term holder cost basis, remains the key barrier.

🇺🇸 Upcoming U.S. unemployment data and Fed Chair Powell’s speech could inject volatility into the market.

⚡️ Despite a drop in hashrate, decreased miner selling pressure hints at improved profitability conditions.

💰 The Crypto Fear and Greed Index is climbing, indicating a shift from fear to greed among investors.

🇺🇸 Trading volumes on crypto betting platform Polymarket surpassed $100M in June as more punters place bets on how the U.S. election will unfold.

The US Treasury will implement crypto taxes in 2025, delaying rules for non-custodians.

The IRS won’t require stablecoin sale reports and sets a $600 annual NFT income reporting threshold.

The US Government wallet transferred 11.84 BTC ($726k) to another address, likely as a test before a larger transfer.

This wallet contains funds seized from Estonian crypto entrepreneurs Potapenko and Turogin.

21Shares has filed an S-1 form to launch a Solana spot ETF.

Coinbase is drawing attention to the SEC’s inconsistent statements over the years regarding cryptocurrency regulations.

In 2018, the SEC said digital assets aren’t securities, but in 2021 and 2024, they claimed they are.

In 2021, the SEC initially said no market regulator for crypto exchanges existed, but a year after they said that Congress provided a broad framework.

The SEC said the existing laws were unclear, admitting uncertainty about digital assets being securities in 2020. But in 2023, they said there is a clear regulatory framework built up over 90 years.

The US government missed out on over $11.6bn in profit by selling 195,091 BTC for $366m since 2014, which is now worth over $12bn.

According to GSR, crypto market maker, Solana is poised to become the next major cryptocurrency to receive a spot ETF, following Bitcoin and Ethereum, due to its strong technology and high demand, potentially leading to significant price increases.

During the US presidential debate between Joe Biden and Donald Trump, there was no mention of cryptocurrency and Bitcoin.

Biden and Trump traded criticisms on key issues including the conflicts in Ukraine and Gaza, immigration policies, abortion rights, and threats to American democracy.

Solana jumped by up to 11% from $135 to $150 after VanEck submitted spot Solana ETF application yesterday.

VanEck is looking to launch the VanEck Solana Trust, which would hold the token directly, according to the filing.

Solana is currently the 5th biggest cryptocurrency by market cap and the token gained more than 900% in 2023.

JPMorgan analysts predicted that Bitcoin sales from Mt. Gox will exert pressure on crypto markets initially in July, but markets are expected to recover by August.

Mt. Gox clients will receive 142k BTC ($8.6bn) between July and October 2024.

Additionally, FTX payouts could drive crypto market growth, with clients receiving $11bn in fiat, potentially reinvested in cryptocurrency in October-November.

Earlier, JPMorgan analysts questioned the inflow of capital into spot Bitcoin ETFs, suggesting that most of the $16bn net inflow this year likely came from existing exchange wallets rather than new money or investors.

The Danish Financial Supervisory Authority plans to abolish non-custodial Bitcoin wallets to comply with EU MiCA regulations, citing unregulated activities.

Joe Biden and Donald Trump will face off in first US presidential debate today at 9 p.m. ET.

There is a 43% probability that Trump will mention cryptocurrency and Bitcoin during the debate, based on bets placed on Polymarket.

VanEck has filed an S-1 Form to the SEC for a Solana ETF.

Binance has received a Virtual Asset Service Provider (VASP) license from Dubai’s Virtual Assets Regulatory Authority (VARA) for its local exchange, Binance FZE.

All UAE resident users will be contacted via email to update their KYC information by December 15, 2024.

Bitcoin exchange balances are hitting six-year lows, but some analysts argue this metric is overrated.

As 140,000 Mt. Gox $BTC ($9 billion) prepares for release, debate sparks over its impact on the market. Analyst Matthew Hyland suggests supply fluctuations don’t directly correlate with BTC price, while Samson Mow believes any Mt. Gox sales will likely be OTC, having minimal price impact.

Rapper Drake lost over $1m in Bitcoin betting on the NBA Finals and Stanley Cup, with unsuccessful bets on the Dallas Mavericks and Edmonton Oilers.

On June 25, Bitcoin price briefly dipped below $60k, hitting as low as $58.9k. A few factors for this decline include:

⚫ Mt. Gox Distribution
Mt. Gox announced plans to start distributing 143k BTC to its creditors, creating significant selling pressure and causing market panic.

⚫Miner Sales
In June, miner sales reached a yearly high. Miners sold about 30k BTC worth $1.8bn in the first three weeks of the month.

⚫ Large ETF Outflows
Since June 15, Bitcoin ETFs have seen over $1bn in outflows. ETFs experienced outflows for seven consecutive trading days, and this trend is expected to continue.

⚫Sales by the German Government
Last week, the German Government transferred a total of 1,700 BTC to Coinbase, Bitstamp, and Kraken. Today, they transferred a total of 400 BTC to Coinbase and Kraken, worth about $24.34m.

Bitcoin ETFs experienced a $1.3bn outflow over the past two weeks, with Grayscale leading at $517m.

BlackRock was the only fund with positive results, showing a $43m inflow.