🎉Asset managers are racing to the finish line with revised proposals for an Ethereum ETF! VanEck, BlackRock, Grayscale, and Invesco Galaxy Digital have updated their S-1 Registration Statements with the SEC. Fidelity also jumped into the fray with a new S-1 form. VanEck's filing revealed a 0.20% management fee, putting a bit of pressure on BlackRock to keep its fees low. The S-1 approval is one of the final steps before these funds make their Wall Street debut, expected in early July. Meanwhile, Fidelity disclosed a $4.7 million seeding at $38 per share by FMR Capital. The race is on! 🏁

🎭 In a twist of events, fake altcoin delisting rumors caused a panic sell-off in Korean markets, with half of the altcoins on Upbit plunging 10-20%. However, the Financial Supervisory Service clarified that they won't directly monitor altcoin listing reviews. Meanwhile, Binance is playing Santa 🎅, rewarding loyal BNB holders with airdrops. But there's a catch - you must invest in Simple Earn products with BNB holdings. In Hong Kong, regulators are tightening the leash on crypto entities, approving only two out of 23 virtual crypto exchange license applications. Lastly, the Bitcoin ETF hype seems to be cooling off, with Australia's first Bitcoin ETF closing its first day with a mere $1.3 million in trading volume.

📉 Bitcoin (BTC) is playing hard to get, trading 13.8% below its all-time high, and it's all about the hashrate, baby! Analyst Willy Woo says BTC's price will only recover when "weak miners die" and the hashrate bounces back. Miner capitulation, or when miners turn off their hardware and sell their coins because mining becomes unprofitable, is taking longer this cycle. Woo says we're still waiting for the miners to "properly die." Ouch! Meanwhile, analyst Ali Martinez says Bitcoin's average mining cost is $86,668 and historically, BTC always surges above its average mining cost. So, keep calm and HODL on!

📜 The Blockchain Association is back at it, locking horns with the IRS over proposed broker-dealer rules. They argue these rules would be a paperwork nightmare for investors, crypto companies, and even the IRS itself. If passed, we're looking at 8 billion extra tax forms, 4 billion hours of labor, and a whopping $254 billion in annual compliance costs. The Association says it's like using a sledgehammer to crack a nut, given the tax gap from crypto is a mere $10 billion. The crypto community is far from thrilled, with many voicing disdain for these out-of-touch requirements.

🍏 Apple is putting the brakes on its AI upgrade, iPhone mirroring, and SharePlay Screen Sharing in the EU, citing concerns over the Digital Markets Act (DMA) regulations. The tech giant, one of six "gatekeepers" identified by the EU, fears the DMA could compromise user privacy and data security. Violations of the DMA could lead to penalties of up to 10% of a company's total worldwide annual turnover. In related news, Apple is already under EU scrutiny for its business practices. So, it seems Apple's EU relationship is as rocky as Bitcoin's price chart.

🔮Crypto firms are hustling to meet the demand for dollar-pegged digital assets! Tether's synthetic dollar backed by gold is the latest entrant, hot on the heels of Assymetry's afUSD. Ethena's USDe has already amassed over $3.4 billion in locked assets in just four months! 🚀

Meanwhile, tokenized U.S. Treasurys are growing in size, with BlackRock's BUIDL and Franklin Templeton's FOBXX holding over $820 million in assets combined.

In other news, Hashdex is seeking SEC approval for a combined Bitcoin and Ether ETF, while Coinbase is enabling early trading of yet-to-be-listed tokens.

Ripple's tussle with the SEC continues, with the latter suggesting a hefty $102.6 million penalty.

Finally, Uphold is set to delist six stablecoins due to new EU regulations.

Remember folks, despite the peaks and troughs, over $100 billion has been raised for crypto startups since 2014. The crypto train keeps chugging along! 🚂💨

Crypto market cap took a 3.9% nosedive, hitting a 5-week low at $2.34 trillion. All top-10 coins felt the burn, with Bitcoin, Ether, and BNB down by 4.2%, 4%, and 4.2% respectively. 📉 Some blame a hefty Bitcoin sale by the German government, but others point to unfavorable macroeconomic data. However, MicroStrategy’s purchase of 11,931 BTC for $786 million has somewhat cushioned the blow. As the U.S. stock market faces a "triple witching" and global macroeconomic conditions worsen, investors are shifting towards the U.S. dollar. Despite the uncertainty, Bitcoin's 52% YTD gains in 2024 remain a silver lining.

📣Crypto Politics Alert! President Biden's previously frosty stance on crypto seems to be thawing as the election season heats up. Meanwhile, Trump is trying to win over crypto enthusiasts with his own digital asset moves. It's a veritable crypto tug-of-war in the political arena! 🥊

Biden, once criticized by crypto holders, has been subtly pushing digital assets into mainstream politics. He's even vetoed an SEC rule on banks handling crypto. Trump, on the other hand, has gone from calling BTC a scam to launching an NFT collection and accepting crypto for his campaign. 🔄

As the election draws near, both candidates are realizing the power of the crypto vote. With over 60 million U.S. crypto investors, it's no surprise they're scrambling to appeal to this tech-savvy demographic.

So, will it be Biden's softening stance or Trump's newfound crypto love that wins the day? Stay tuned for more crypto-political drama! 🍿

📣DeFi Digest: zkSync's (ZK) token airdrop made waves this week, with 41% of top wallets selling their entire allocation, causing a 34.5% price drop. Meanwhile, Kraken's $3 million "whoopsie" turned out to be a white hat operation by CertiK, who returned the funds (minus transaction fees). In privacy news, MetaMask's parent company, Consensys, is upping its game with a policy update for better user consent and data control. And 1inch is stepping up security, partnering with Blockaid to combat DeFi fraud and cyber threats. Despite a bearish week for top DeFi tokens, the industry keeps innovating. Stay tuned for more DeFi drama next week! 🚀

📉 Bitcoin (BTC) took a dip below $64,000 for the first time since mid-May, with investors pulling their capital from spot Bitcoin ETFs for the fifth day in a row. The total withdrawals for the week hit a high of $900 million. Meanwhile, daily active addresses on the Bitcoin network have dropped 35% over the last 90 days, suggesting a decrease in demand. Despite this, BlackRock's IBIT, the largest ETF by assets held, saw net inflows of $1.5 million. So, while Bitcoin may be down, it's certainly not out! Keep your eyes on the prize, crypto enthusiasts! 💪

📣Presidential candidate Robert F. Kennedy Jr. has promised to pardon Silk Road founder Ross Ulbricht if elected. RFK Jr. is no stranger to crypto, having proposed backing the U.S. dollar with Bitcoin and scrapping capital gains tax on it. He's also gifted each of his 7 kids with Bitcoin, proving he's not just all talk. RFK Jr. is also against a central bank digital currency, citing privacy issues. His latest radical proposal? Putting the entire U.S. fiscal budget on the blockchain for ultimate transparency and accountability. Pardoning tech dissidents seems to be the new trend among 2024 candidates. Stay tuned for more crypto-political drama!

Fidelity is back at it with a fresh update to its application for an Ether ETF. They've just bought 125,000 shares at $38 a pop, seeding the fund with a cool $4.7 million. 🤑 But don't expect any ETH staking - they've nixed that idea from their proposal. Meanwhile, the SEC has given the green light for the listing and trading of eight Ether ETFs. With a predicted launch date of July 2nd, we're all on the edge of our seats. In other news, Bitwise is also updating its proposal, and Hashdex is seeking approval for a combined Bitcoin and Ether ETF. Stay tuned!

Bitcoin's price dances in the $56,552 to $73,777 range, with analysts predicting a potential leap to $200,000 by next year. Meanwhile, MicroStrategy continues its Bitcoin shopping spree, adding 11,931 BTC to its stash. In other news, Ether, BNB, Solana, XRP, Dogecoin, Toncoin, Cardano, Shiba Inu, and Avalanche are all playing hard to get, with prices fluctuating and bears and bulls locked in a fierce tug-of-war. So, will Bitcoin lead a market recovery or are we in for more crypto rollercoaster rides? Stay tuned! 🎢

📉 Bitcoin (BTC) is playing hard to get, teasing us with a six-week low. Bulls are on a coffee break, leaving BTC to flirt with $63,356. Despite a few eager buyers lurking in the shadows, BTC is playing coy, refusing to commit to the $64,000 mark. 🤷‍♂️

Our buddy Skew notes a "lack of real market participation," blaming those pesky automated trading algorithms for the week's drama. Meanwhile, trader Roman hints at potential rebound, but BTC seems to enjoy the suspense.

In a plot twist, BTC crossed the short-term holder cost basis (STHCB), a key bull market trendline, unchallenged since the end of the 2022 bear market. It's like watching a telenovela, folks!

Stay tuned to see if BTC will finally commit or continue to play the field. 😏

🎪 Welcome to the crypto circus! Amanda Cassatt, former CMO of Consensys, shares her journey into the crypto space and how she built one of the most successful marketing empires in the Web3 world. She recalls the early days when words like crypto, Bitcoin, or Ethereum were banned from paid platforms, forcing marketers to get creative and return to their "growth hacker roots". Cassatt's strategy? Building a network of meetup organizers and curating a roving content series of new DApps. Her advice to the next generation: find product market fit and do things that don't scale at the beginning. 🚀

📣 Nigeria's SEC is shaking things up! They've tweaked rules on Digital Asset Issuance, Offering Platforms, Exchange and Custody. The aim? To make the regulatory environment more responsive to the digital asset market's complexities. They've also introduced the Accelerated Regulatory Incubation Programme (ARIP) for Virtual Assets Service Providers (VASPs). This special compliance program offers a path for VASPs to align with new regulations. But beware, latecomers! VASPs have 30 days to complete the onboarding process or face regulatory actions. This move follows Nigeria's rise as a major player in the crypto world. So, let's get compliant, folks! 🚀

🎉 Ether (ETH) breathes a sigh of relief as the SEC halts its investigation into whether it's a security. While this isn't a final verdict, it's a significant burden off Ethereum's shoulders. Experts predict a potential price surge for ETH, and altcoins with similar attributes might also benefit. However, the SEC's stance could change with the upcoming U.S. presidential election. Meanwhile, the launch of spot Ether ETFs on July 2 is expected to boost ETH's price. But remember, the SEC has forbidden staking in these ETFs. So, will ETH surge and lead the altcoin market to follow? Only time will tell! 😎

🥞 PancakeSwap is cooking up something sweet with its new AI-powered tool, CupcakeHop! Developed by Bril Finance, this tool aims to simplify DeFi investments, making them a piece of cake even for newbies. Set to launch in August, CupcakeHop will offer tailored investment strategies and real-time risk management. Users can choose their risk appetite, from low to high, just like choosing the heat level for your hot sauce. The tool also promises to serve accurate and transparent info about your investments. So, get ready to have your cake and eat it too with CupcakeHop! 🧁

🚀 Pyth Network, a blockchain market data provider, is joining forces with DeFi developers Morpho and Gauntlet to enhance lending and borrowing on Ethereum and Base. The partnership will leverage Pyth's speedy price data to offer more secure lending protocols. Morpho is set to launch a lending platform for permissionless market creation, while Gauntlet will operate a USDC Core MetaMorpho Vault on Morpho. Pyth's low-cost, high-frequency data feeds will help stabilize the information provided to decentralized apps. The future of DeFi just got a turbo boost! 🚀

📣 Tether is making waves again with its new Alloy (aUSD₮) token! 🌊 This digital asset is backed by Tether Gold (XAU₮) and designed to track the U.S. dollar, combining the stability of gold with the convenience of fiat. 💰🔒

But it's not just a pretty face, aUSD₮ is minted using EVM-compatible smart contracts, allowing for seamless integration within the Ethereum ecosystem. 🌐

Users can interact with these smart contracts through a user-friendly web interface, where they can mint and redeem aUSD₮ using XAU₮. 🖥️

With overcollateralization, vaults, and a liquidation mechanism, aUSD₮ offers a stable unit of account. Plus, it's auditable, transparent, and compatible with DeFi platforms. 📈

So, whether you're a gold bug, a dollar devotee, or just a fan of stablecoins, Alloy by Tether might just be your new best friend. 🤝

Remember, always do your own research and happy trading! 🚀