📶The head of the United States Securities and Exchange Commission's Crypto Asset and Cyber Unit in the Division of Enforcement has left the agency after nearly nine years.

"This past Friday was my last day with the SEC after almost 9 years," David Hirsch wrote on LinkedIn. "During that time I had the opportunity to work on more complex, challenging investigations and issues than I ever imagined when I joined the agency as a staff attorney in the Fort Worth Regional Office."🤔🤔
"I'm particularly proud of the historic work done by the Crypto Assets and Cyber Unit team I had the privilege to lead," Hirsch added.🥰
Hirsch did not provide any details about his future plans but noted that he would share more details after a break.
✅✅Prior to joining the SEC, Hirsch was a legal advisory board member at the NYU Center for Cybersecurity.
SEC'S PIVOTAL ROLE IN CRYPTO
With crypto increasingly becoming a hot political issue in the U.S. ahead of this year's presidential elections, the SEC remains in focus.😍😍
🎗The agency recently came under pressure from lawmakers to approve spot Ethereum exchange-traded funds, and its Chair, Gary Gensler, has long been something of an antagonistic figure among crypto proponents.

Regarding departures, a former lawyer known for litigating high-profile cases against Ripple and Coinbase, Ladan Stewart, left the SEC's enforcement division after eight years. She joined the law firm White & Case LLP as a partner.💯💯
DON'T FORGET TO FOLLOW ME FOR FREE FUTURES TRADING SIGNALS🔥🔥

✅✅Crypto products saw $600 million in weekly outflows, marking the largest withdrawal since March, prompted by a "more hawkish-than-expected" Federal Open Market Committee (FOMC) meeting last week, according to CoinShares.🥰🥰
The recent outflows, coupled with a price sell-off, caused total assets under management (AUM) to drop from over $100 billion to $94 billion within a week. Notably, it also breaks the five-week streak of crypto products' inflows.👍

✅✅Bitcoin (BTC) bore the brunt of the bearish mood, with outflows totaling $621 million. Conversely, the market's cautious stance led to $1.8 million being channeled into short Bitcoin positions. Meanwhile, a variety of altcoins attracted inflows, with Ethereum (ETH), Lido (LDO), and XRP receiving $13 million, $2 million, and $1 million, respectively.Image: CoinShares🥈🥈
Additionally, the outflow was not evenly distributed across regions. The US accounted for the majority, with outflows of $565 million. However, the sentiment was widespread, with Canada, Switzerland, and Sweden experiencing outflows of $15 million, $24 million, and $15 million, respectively.🤔🤔 Germany, Brazil, and Australia contrasted the trend with inflows of $17 million, $0.7 million, and $1.7 million, respectively.
📶📶Trading volumes dipped to $11 billion for the week, falling short of the $22 billion weekly average for the year, yet still substantially higher than the $2 billion weekly average last year. Despite the downturn, digital asset exchange-traded products (ETPs) continue to account for a consistent 31% of global trading volumes on reputable exchanges.😍😍
DON'T FORGET TO FOLLOW ME FOR FREE FUTURES TRADING SIGNALS🔥🔥

Tether CEO Paolo Ardoino recently emphasized USDT’s significant role in driving demand for the US dollar in emerging markets.🎗🎗
✅✅Ardoino’s comments were in response to an article suggesting that dollar-backed stablecoins contribute to the demand for US public debt.
OVER 300 MILLION PEOPLE USE USDT.
Ardoino revealed that over 300 million people globally use USDT as a digital dollar, offering essential financial services to communities in developing countries. This stablecoin enhances the efficiency of money transfers and storage, bypassing traditional financial systems that often exclude the underbanked.📶📶
“USDT is being used by more than 300 million people across the world as the digital dollar, providing a lifeline utility to entire communities in developing countries. These people are underserved by the banking industry, mostly remaining unbanked and subject to high inflation and fast devaluation of their national currencies,” Ardoino wrote.
💯💯This means if Tether were a country, it would rank ahead of nations like Indonesia, Pakistan, and Nigeria. Consequently, the high adoption of USDT significantly impacts the global financial system.
Ardoino noted that Tether is among the top three global purchasers of short-term US Treasury Bills and ranks within the top 20 overall buyers.👍 This reflects Tether’s growing influence in finance and the increasing integration of virtual assets with traditional financial systems.💎💎
According to Tether’s Q1 attestation report, the firm held approximately $90.87 billion in US Treasuries as of March 31, 2024. These holdings include direct and indirect ownership of US Treasuries, with indirect exposure comprising overnight reverse-repurchase agreements collateralized by US Treasuries. The firm also invests directly in US Treasuries through money market funds.😍

Tether’s USDT is the dominant stablecoin in the industry, with a market capitalization exceeding $1112 billion. According to CoinMarketCap, digital assets control around 70% of the market and are the most traded cryptocurrency, even ahead of Bitcoin.😍😍
Moreover, a Chainalysis report shows steady growth in global demand for stablecoins like USDT in emerging markets such as , Turkey, Thailand, Nigeria and Brazil. Despite its dominance, Tether faces consistent regulatory scrutiny.🧡🧡
Ripple CEO Brad Garlinghouse recently suggested that the US government might target the asset — a claim debunked by Ardoino.
DON'T FORGET TO FOLLOW ME FOR FREE FUTURES TRADING SIGNALS 🔥🔥

🇦🇺Australia’s largest stock exchange, the Australian Securities Exchange (ASX), has approved its first spot Bitcoin exchange-traded fund (ETF), which will commence trading on June 20.✅✅

Investment firm VanEck will be the issuer of the spot Bitcoin ETF — the VanEck Bitcoin ETF (VBTC) — according to a VanEck press release shared with Cointelegraph. It comes only months after the firm was approved to start trading spot Bitcoin ETFs, the VanEck Bitcoin Trust (HODL), in the United States on Jan. 11.🤗🥰
CEO for VanEck in the Asia-Pacific region, Arian Neiron, reiterated that the demand is growing for Bitcoin exposure in Australia, especially through a “regulated, transparent and familiar investment vehicle.”💯💯
“We recognize Bitcoin is an emerging asset class that many advisers and investors want to access,” Neiron said.
“VBTC also makes bitcoin more accessible by managing all the back-end complexity. Understanding the technical aspects of acquiring, storing and securing digital assets is no longer necessary,” he added.
Although this is the first time a spot Bitcoin ETF has been approved by the ASX, there have been two other instances when Bitcoin ETFs have launched in Australia over the past two years.🤔
🎗🎗Recently, the Monochrome Bitcoin ETF (IBTC) was approved and started trading on Australia’s second-largest stock exchange, the Cboe Australia exchange.
The Monochrome Bitcoin ETF started trading when the markets opened on the Cboe Australia exchange on June 4.🧡🧡

🥈🥈Monochrome said IBTC’s holdings are stored offline in a device not connected to the internet and with a crypto custody solution that meets “Australian institutional custody regulatory standards.”
In April 2022, the Global X 21 Shares Bitcoin ETF (EBTC) became the very first Bitcoin ETF product to debut in Australia.😍
DON'T FORGET TO FOLLOW ME FOR FREE FUTURES TRADING SIGNALS🔥🔥

Bitcoin has faced a significant amount of selling pressure over the past week, according to the latest on-chain data. Expectedly, this bearish pressure has had a notable impact on the price of the premier cryptocurrency.📶📶
According to data from CoinGecko, the value of Bitcoin has declined by nearly 5% in the past seven days. 🥰🥰On Friday, June 14th, the BTC price fell to around the $65,000 level — its lowest level in nearly a month.

BITCOIN MINERS OFFLOAD OVER 1,200 BTC IN ONE DAY.
✅✅In a recent post on the X platform, crypto analyst Ali Martinez revealed that Bitcoin miners have been active in the open market in recent days. Specifically, these network entities have been trimming their BTC holdings, and selling their assets for profit.😯
Martinez mentioned in his post that the Bitcoin miners offloaded more than 1,200 BTC (worth roughly $80 million) in a single day. 👍According to the crypto pundit, this increased selling activity by the miners might have played a significant role in the premier crypto’s recent correction to $65,000.🤗🤗
This on-chain observation is in tandem with CryptoQuant’s latest weekly report. The blockchain analytics firm noted that miners were transferring their coins 🧡to exchanges and over-the-counter (OTC) desks for sale, as the Bitcoin price hovered between $69,000 and $71,000.🤔🤔
According to CryptoQuant, the recent decision of miners to offload their holdings Is associated with the declining revenues following the halving event. With reduced transaction fees and persistently high network hashrates, miner revenues have continued to dwindle over the past few months.
📶📶Furthermore, CryptoQuant mentioned that historical patterns suggest that sustained low revenues and high hashrate could imply a potential market bottom. Ultimately, this means that the Bitcoin market could be stabilizing or getting ready for upward movement.
WHALES JOIN THE SELL-OFF, DUMP 50,000 BTC
Further on-chain observations show that miners are not the only entities responsible for the recent selling pressure. In another post on X, Martinez revealed that Bitcoin whales have also been offloading significant BTC amounts in recent days.✅✅
Based on data from Santiment, whales have sold 50,000 BTC (equivalent to about $3.3 billion) in the past 10 days. Bitcoin whales – in this particular data point – refer to holders that own between 1,000 – 10,000 BTC.🎗🎗
📶While the price of BTC fell as low as 65,000 in the past day, it is beginning to show some signs of recovery. As of this writing, Bitcoin is valued at $66,300, reflecting a 0.7% decline in the past 24 hours.
DON'T FORGET TO FOLLOW ME FOR FREE FUTURES TRADING SIGNALS🔥🔥