Solana (SOL), the fifth biggest crypto, surged by over 8% as VanEck filed for new Solana exchange-traded funds (ETFs). Matthew Sigel, the head of digital assets research at VanEck, on Thursday announced the filing. He stated that the firm has filed with the US Securities and Exchange Commission (SEC) for the VanEck Solana Trust.

Solana ETF coming soon

VanEck is known for being among the first issuers of spot Bitcoin ETFs in the United States. However, its Solana Trust aims to capitalize on Solana’s decentralized nature and high utility. Sigel highlighted that the native token, SOL, functions similarly to other digital commodities like Bitcoin and Ether.

He noted that, like Ether, SOL can be traded on platforms or used in peer-to-peer transactions. If the US SEC approves the application then the trust is expected to be listed on the Cboe BZX Exchange.

Matthew Sigel mentioned that Solana is open-source blockchain software designed to handle various applications, including payments, trading, gaming, and social interactions. 

He highlighted that it is operating as a single global state machine without sharding or layer 2s. “The Solana blockchain is a unique combination of scalability, speed, and low costs that may offer a better user experience for many use cases,” stated the head of digital assets research at VanEck.

However, Sigel went on to answer the very curious question of why they believe SOL is a commodity like  Bitcoin, Ether.

Why this ecosystem?

The post says that they believe that the Solana ecosystem supports a broad range of applications and services. The tally includes from decentralized finance (DeFi) to non-fungible tokens (NFTs). This underscores SOL’s utility and value as a digital commodity.

He suggested that there is no single intermediary or entity that operates or controls the Solana network.

Solana was struggling with high selling pressure and wasn’t able to find its way to settle. The positive news has pushed the crypto to move ahead. SOL price is up by over 11% in the last 7 days. It is trading at an average price of $146.93, at the press time. Its 24 hour trading volume is up by 48% to stand at $2.69 billion. SOL is holding a market cap of more than $68 billion.

The digital assets market surged by 1.16% over the last day to stand at around $2.29 trillion. Bitcoin price remained marginally up while Ether gained by more than 2%.

Paul Grewal, Chief Legal Officer of Coinbase, expressed strong criticism towards financial regulators for their handling of the digital asset industry. He stated that Financial regulators have used multiple tools at their disposal to try to cripple the crypto market. This comes in when the crypto exchange has been asking for clear guidelines over the trading linked to cryptos.

Coinbase hits back

Coinbase’s Chief Legal Officer highlighted that “the US Securities and Exchange Commission has claimed sweeping authority, but refuses to provide any rules, let alone consistent or coherent ones.”

Grewal revealed that Coinbase has filed lawsuits under the Freedom of Information Act (FOIA) to gain crucial information. He wrote, “Today we filed lawsuits under the Freedom of Information Act for requests we made over a year ago seeking important information to which we, and the public, are entitled.” 

The attorney revealed that Coinbase asked the SEC for documents about closed investigations to shed light on how the commission views its newfound, sweeping (and unlawful) authority. However, one such investigation that only recently closed was focused on Ether.

Ether, the biggest altcoin, recorded a drop of 12% in the last 30 days. ETH is trading at an average price of $3,468, at the press time.

He added that Coinbase also sought the FDIC for the letters they sent to financial institutions asking them to indefinitely “pause” crypto-related activities. This is an action that the FDIC’s own Office of Inspector General criticized for creating a “risk that the FDIC would inadvertently limit financial institution innovation and growth in the crypto space.

What’s behind this?

Grewal stated that this is no way to regulate and this is no way to operate a transparent government. He revealed that, now, Coinbase demands better from our financial regulators.

As reported History associates requested “access to all copies and records concerning Ethereum’s shift to a proof-of-stake consensus mechanism.” Meanwhile, the SEC had denied the request and their appeal.

They also filed FOIA requests on two closed investigations. One of these investigations involves Zachary Coburn and another for Enigma MPC. The firm sought “records… reflecting or concerning any investigation” of the two. 

Enigma MPC settled with the SEC in 2020 over securities law violations. Coburn created the crypto trading platform Ether Delta. He settled with the SEC in 2018. Despite appeals, the SEC had denied the requests by citing potential harm to ongoing enforcement proceedings.

In the last few weeks, especially in June 2024, the cryptocurrency market has experienced massive losses due to hacks and scams. Following this recent wave of crypto losses, the overall loss in the second quarter of 2024 has more than doubled compared to the same period last year. Today, on June 27, 2024, the blockchain security firm Immunefi published a report stating that the total losses for Q2 2024 reached over $572 million, up from $220 million in Q2 of 2023.

$572 million crypto loss in Q2 2024

These massive losses in the evolving industry come from hacks on centralized exchanges (CEXs). According to the report, in Q2 2024, CEXs experienced a total crypto loss of $401 million, which is equivalent to 70% of the total. This occurred despite a relatively small number of successful attacks on centralized protocols, with only five incidents recorded.

Besides CEXs, during the same period, the decentralized protocols experienced 62 successful scams resulting in $171 million in crypto loss. However, this loss is 25% lower than the previous year. 

However, the major incident was observed on May 31, 2024, following the hack of the DMM cryptocurrency exchange that lost nearly $305 million of Bitcoin. Additionally, this was the only largest single loss in Q2 2024. Whereas, another major hack was observed on June 22, 2024, when BtcTurk was breached, leading to $55 million in losses. Together, these two incidents accounted for more than 62% of the total losses for the quarter.

The report also highlighted that Ethereum and the BNB Smart Chain remained the top targets for hackers and scammers, representing 71% of total losses. However, there is growing evidence that Ethereum layer 2 solutions are becoming more popular among malicious actors. Arbitrum, for instance, was the third most targeted network, with four incidents accounting for 5.5% of total losses. Blast and Optimism each faced three incidents.

Immunefi founder’s words on crypto loss

Mitchell Amador, founder of Immunefi, highlighted the importance of securing centralized exchange infrastructure, stating, 

“This quarter highlights how infrastructure compromises can be the most devastating hacks in crypto, as a single compromise can lead to millions in damages. Robust measures to safeguard the entirety of the ecosystem are crucial.”

Despite the massive losses in Q2 2024, there were some successes in recovering stolen funds. Security researchers managed to recover nearly all the funds from the Gala Games protocol hack. Additionally, most of the funds lost by Alex Labs, Bloom, and Yolo Games were also recovered. These recoveries represented about 5% of the total amount lost in the quarter.

In this downturn market, the overall cryptocurrencies are struggling to gain momentum amid this situation Tron founder Justin Sun’s wallet address (TPyjyZ…kgNan5) found moving tokens on Binance. Today on June 27, 2024, an intelligence firm Arkham disclosed that a TPyjyZ…kgNan5 wallet linked to Sun has transferred a massive 173.821 million Tron (TRX) worth $21.37 million, a massive 120.149 billion BitTorrent (BTT) worth $105k, and 20.293 billion WIN worth $1.79 million to world’s biggest cryptocurrency exchange Binance at 17:00. 

Is Justin Sun dumping these tokens?

Following this massive tokens deposit on Binance, the current holding of Sun is somewhere around $1.019 billion and it is down by $2.16 million in the last 24 hours. Despite massive deposits, the token price remains stable. 

According to the data from coinmarketcap, BTT is currently moving near $0.00000088, and in the last 24 hours, it experienced a decent 0.7% upside move. If we look at the performance of BTT over a longer period, in the last 7 days it experienced a 1.4% downside move. Whereas, in the last 30 days, BTT lost nearly 26% of its value. 

Looking at TRX, currently, it is moving near $0.123, and in the last 24 hours, it experienced a nearly 0.9% downside move. If we look at the performance of TRX over a longer period, in the last 7 days its price is up by 5.2%. Whereas, in the last 30 days TRX is up by 11%. However, the current deposit by Sun may create a potential downside move in the coming days. Whereas, WIN is currently moving near $0.000089 and in the last 24 hours it experienced only 0.38% of a downside move. 

Justin Sun’s recent activity

Besides the recent deposit by Justin Sun, earlier in June on 21 and 24 Sun’s linked wallet accumulated a massive 23,338 Ethereum worth $18.97 million from Binance as reported by Todayq News. 

Despite Ether’s massive accumulation by Sun, Ethereum’s price is still struggling and remained stable for the last few days. Currently, ETH is moving near $3,430, and in the last 24 hours, it experienced a 1.65% upside move. Whereas, the world’s biggest cryptocurrency Bitcoin (BTC) is currently moving near $61,275, and in the last 24 hours it experienced a 0.31% downside move. However, the overall cryptocurrency market is down by 1%, and trading volume has dropped by 14%.

Ripple Labs, the famous blockchain firm, is dealing with heavy regulatory pressure in the United States of America. Amid this trouble, the crypto company is moving ahead to launch its own stablecoin. In the latest interview on “The Scoop”, Ripple President Monica Long talked about the stablecoin (RLUSD) and the potential launch of an XRP exchange-traded fund (ETF).

Ripple soon to launch stablecoin

Monica Long introduced the much anticipated Ripple’s stablecoin as it is primarily driven by the needs of Ripple’s existing payment clients and banking partners. She highlighted the role of stablecoins in intensifying transaction efficiency and transparency.

Ripple President stated “The US dollar stablecoin aims to optimize efficiency in major payment corridors where liquidity is abundant. In contrast, XRP will continue to serve as a bridge asset, particularly in more costly and less liquid payment corridors,” 

It is important to note that the launch of the dollar backed token will support XRP. It will address the different needs in the payment arena. Long also talked about Ripple’s strategic expansion into broader blockchain solutions.

Monica Long mentioned “We’ve identified new opportunities for Ripple to be a holistic enterprise blockchain infrastructure provider,” she said. However, this move will allow financial institutions to engage in real-world asset (RWA) tokenization.

SEC law challenge

Long expressed concerns about the ongoing regulatory challenges in the US and she particularly mentioned the SEC lawsuit and its aggressive stance on crypto regulation. She added, “The clarity around XRP specifically has been very helpful, but the overall temperament of the US government, especially the SEC, has not slowed down its war on crypto; it’s only accelerated.”

Ripple President highlighted that “XRP has been trading within the top 10 for most of its existence and on top exchanges like Coinbase.” With the court ruling that XRP is not a security and given its sustained high trading volumes, Long believes that considering an ETF is a logical next step.

“The court’s ruling last year that XRP is not a security is pretty meaningful,” she added. “Given its sustained high trading volumes, it’s logical to consider an ETF as a sensible next step.”

Garlinghouse took to X to express his disapproval. He stated that this is absolute nonsense coming from Gary Gensler. He added “ And this slander about “all crypto execs going to jail” from the man who completely missed FTX (and actually cozied up to SBF), and wasn’t even invited to the DOJ announcement about Binance.”

Kaspa (KAS) turned out to be the biggest gainer of the last 24 hours as the largest of the cryptos are still facing a decline. KAS price jumped by over 10% while Bitcoin dropped marginally over the last day. However, this sudden surge comes in over the recent announcement done by Marathon Digital Holdings.

Kaspa jumps 17% in 7 days

The crypto mining company revealed that it is now mining Kaspa (KAS), a proof-of-work (PoW) digital asset. It mentioned that this major move aims to diversify Marathon’s digital asset portfolio. 

Data indicates that Kaspa is the fifth largest PoW digital asset by market cap. It is valued at approximately $4.1 billion. Its circulating supply is 24 billion KAS, with a block reward of 103.83 KAS and a terminal supply cap of 28.7 billion KAS.

KAS price is now up by 17% in the last 7 days. KAS is trading at an average price of $0.172, at the press time. Its 24 hour trading volume is up by 192% to stand at $172.15 million. This surge comes in when top cryptos like Bitcoin and Ethereum are struggling to keep up.

Bitcoin price is down by 11% in the last 30 days due to increased selling pressure. BTC is trading at an average price of $61,174, at the press time. It is holding a market cap of more than $1.2 trillion. On the other hand, Ether price is also down by around 13% in the same period of time. ETH is trading at an average price of $3,399, at the press time.

What’s next?

It is important to note that Kaspa is similar to Bitcoin in being an open-source, decentralized, and scalable Layer-1 protocol. It uses PoW as its consensus mechanism. Unlike Bitcoin’s linear blockchain, Kaspa uses a BlockDAG (Directed Acyclic Graph).

The mentioned stated that Marathon began evaluating Kaspa in May 2023. This was done in order to diversify its revenue streams. It deployed the first Kaspa ASICs in September 2023. As of June 25, 2024, Marathon has mined 93 million KAS, valued at approximately $15 million.

The cumulative crypto market cap surged marginally over the last day to stand at $2.26 trillion. Its 24 hour trading volume is down by 10% to stand at $56.82 billion. Bitcoin’s dominance is currently 53.29%, a decrease of 0.11% over the day. Top meme cryptos also recorded a major slump. Dogecoin (DOGE) and Shiba Inu (SHIB) printed red.

In this current market sentiment, exploiters, attackers, and hackers are very active and trying to trick investors as well as traders. Today, on June 27, 2024, local media reported that Australia’s biggest YouTube news broadcaster Seven Network which has nearly 1.71 million subscribers was hacked by a crypto scammer.

Hackers hijack Australia’s biggest YouTube news broadcaster

Following the hack, the hacker renamed the channel to Tesla and went live, showing a fake video of Tesla founder and CEO Elon Musk discussing cryptocurrency using AI. During this live stream, more than 150,000 people were connected, and it was observed that Musk was saying he was giving away crypto.

Additionally, the fake AI video of Musk also touts a “double your money” scheme, as scammers encourage viewers to scan Tesla-branded QR codes on the screen and deposit assets to double their crypto holdings. The fake AI video of Musk says, “Let’s make this evening unforgettable and double your wealth with Tesla.” The fake Musk video also adds, “I am not joking, this is absolutely real and available to all of you.”

However, following this incident, Seven spokesman said, “Seven is investigating and working with YouTube to resolve the situation as soon as possible.”

This is not the first time scammers have done such a thing over the internet. Earlier, we experienced a similar activity when Ripple founder and CEO Brad Garlinghouse was shown talking about an XRP airdrop. Additionally, these scammers are using the video and running paid ads on social media platforms like X, YouTube, and others to trick crypto investors.

Cryptocurrency market overview

However, following that incident, Brad made a post on X exposing the fake XRP airdrop. In this struggling cryptocurrency market, we have experienced several crypto scams, with millions lost in June 2024 alone. Despite these incidents, there was no significant impact on the market.

As of now, the overall cryptocurrency market is down by 4.75%, with top cryptocurrencies including Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and BNB (BNB) experiencing price drops in the last 24 hours. Currently, BTC, ETH, SOL, and BNB have seen price drops of 0.6%, 0.25%, 0.55%, and 0.35%, respectively, in the last 24 hours. At the same time, the crypto meme industry is up by 3.3%, despite top meme coins including Dogecoin (DOGE), Shiba Inu (SHIB), Pepe (PEPE), and Floki (FLOKI) being in a downturn.

The biggest altcoin, Ethereum (ETH), is on a decline despite gaining clarity over the launch of a spot Exchange-Traded Fund (ETF). Ether price is down by 13% in the last 30 days. It seems like the massive interest in these investment products is waning among investors.

Ether ETF is on the way

As per reports, the final approval for trading spot Ether ETFs by the US Securities and Exchange Commission (SEC) could be granted as early as July 4. However, the report indicates that the SEC has yet to confirm the approval. Discussions are going on with asset managers that have reached the final stages.

It added that eight asset managers seek approval to launch spot Ether ETFs. This includes BlackRock, VanEck, Franklin Templeton, and Grayscale Investments. The US SEC approved the listing of spot ETH ETFs on three American stock exchanges last month.

The initial approval was for the 19b-4 forms tied to the Ether ETFs. It is required for introducing new products or amending existing rules. It is important to note that the final step requires the SEC to greenlight the S-1 forms filed by the issuers.

The report mentioned that the Executives from two firms involved in the process have indicated that minor issues in the S-1 forms. These errors are being addressed and the approval is likely just a week or two away.

Crypto market is expecting a boom

The digital assets market rejoiced as the US SEC approved Bitcoin ETFs in January. This move ended a decade long wait and led to the addition of nearly $38 billion in assets. Bitcoin went on to hit the all time high (ATH) of over $73,500 in March. BTC is trading at an average price of $60,751, at the press time.

If Ether ETF gets approval then Grayscale will move ahead to convert its Ether trust fund into an ETF. Same as it did with the Bitcoin trust fund.

Bloomberg analyst Eric Balchunas has suggested that ETH ETFs may capture lower net flows than expected, partly because ETH futures ETFs were less successful than anticipated.

According to a recent analysis by StoneX, the launch of spot Ethereum ETFs could trigger a 40% growth in ETH’s price within two months of their launch. The model predicts ETH’s price to range between $2,142 and $12,621 over the next two years, attributing the conservative estimates to the belief that NFTs will not gain mainstream attention as they did in 2021.

As Bitcoin’s (BTC) price comes near a crucial level of $60,000, two major countries including Germany and The United States move massive BTC to the US’s biggest cryptocurrency exchange Coinbase. Today on June 27, 2024, an on-chain analytic firm spotonchain made a post on X, that the United States has transferred a massive 3,940 BTC worth $241 to Coinbase Prime. This move by the US has gained massive attention from investors and traders across the industry.

The US Government moved another 3,940 $BTC ($241M) to #Coinbase Prime ~9 hours ago.Their last move was sending 2K $BTC ($131M) to Coinbase Prime on Apr 3, 2024, but it did not directly affect the BTC spot price.Currently, the US Government holds around 213.5K $BTC ($13B).… pic.twitter.com/WszoKCJK95

— Spot On Chain (@spotonchain) June 27, 2024

US government moves $241 million of Bitcoin 

This is not the first time the US has transferred a massive $241 million of Bitcoin, earlier on April 3, 2024, they moved nearly 2K Bitcoin worth $131 million to Coinbase Prime as data shared by Spotonchain. However, following that massive $131 BTC transaction, Bitcoin didn’t experience any impact on its price and market. 

Despite this massive Bitcoin move in 2024, the US government still holds a massive 213.5K BTC worth $13 billion. However, this week we have experienced a similar BTC move by the government of Germany as reported by Todayq News on June 25, 2024. According to the report, Germany moved nearly 900 BTC to a different wallet, where 200 BTC moved to Coinbase, another 200 BTC to Kraken, and 500 BTC to an unknown wallet address 139Po.

Bitcoin technical and price-performance analysis

Following all these transactions Bitcoin’s price remained stable near the $60,000 level. Currently, BTC is moving near the $60,800 level, and in the last 24 hours, it experienced over 1.45% of downside momentum. However, the trading volume has also dropped by 21% in the previous 24 hours which might be a potential indication of lower investors and traders participation. On the other hand, Bitcoin’s open interest (OI) has also dropped by 2.3% which might be another sign of a lack of investor interest.

If we look at the performance of Bitcoin over a longer period, in the last 7 days it experienced more than 7% of downside move. Whereas, in the last 30 days Bitcoin fall more than 11%. 

With bearish Bitcoin price performance in the last 30 days, according to expert technical analysis, Bitcoin is looking bearish as it is below 50 EMA (Exponential Moving Average) and near a crucial support level of $60,000 and 200 EMA. If Bitcoin on a daily time frame gives a strong candle closing below the $60,000 level, then there is a high possibility that we may see Bitcoin to the $53,200 level. 

New regulations in the United Arab Emirates (UAE) could potentially ban crypto payments in the country, according to crypto and blockchain lawyer Irina Heaver. On June 5, 2024, the Central Bank of the UAE (CBUAE) discussed projects under the financial infrastructure (FIT) program, aiming to enhance digital transformation.

UAE may ban crypto payments, Here’s what Lawyer said

The board approved regulations for payment token services, focusing on stablecoins. These new rules state that payment tokens must be backed by UAE dirhams and cannot be linked to other currencies. Heaver said that these regulations effectively ban the use of cryptocurrencies for goods and services unless they are licensed dirham payment tokens

Historically, the UAE has been attractive to foreign investors due to its liberal policies, including the absence of capital controls and flexible commercial laws. This freedom allows parties to decide on transaction terms, including payment methods and currencies. Heaver expressed concerns that the new regulations might contradict these pro-commerce and pro-investment principles, potentially affecting foreign investment inflows.

Heaver also noted that stablecoins like Tether have been crucial for transactions in the Web3 and crypto sectors. She warned that the new rules might hinder the UAE’s progress in developing the digital economy by banning the use of stablecoins in transactions.

“This policy shift could signal a less favorable environment for the crypto industry, which is not beneficial for the UAE’s image or its ambitions in the digital economy,” Heaver added.

Another issue highlighted by Heaver is the lack of industry associations in the UAE, similar to the Crypto Valley Association in Switzerland, which successfully lobbied against unfavorable regulations. She believes that the fragmented nature of existing associations in the UAE, which often focus on business development rather than advocacy, is a significant disadvantage. This fragmentation means there is no unified voice to challenge policies that could harm the growth of Web3 and crypto in the UAE.

Overview of the crypto market

In contrast, the overall cryptocurrency market is up by 0.65% in the last 24 hours. Top assets like Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and BNB (BNB) experienced decent surges of 0.67%, 0.5%, 1.05%, and 1%, respectively, in the same period.

Although the market sentiment is quite bearish at this moment, investors and institutions are taking this as an opportunity to continuously accumulate or add altcoins to their holdings, as observed in a recent report by Todayq News on June 26, 2024.

The intense legal tussle between the US Securities and Exchange Commission (SEC) and Ripple has grabbed the spotlight in the crypto industry for a long period. However, Ripple CEO Brad Garlinghouse has made headlines for his sharp response to the latest comments by the SEC chair Gary Gensler.

Ripple CEO slams SEC chair

As per reports, Gensler stated that crypto is a field where the leading lights from a couple of years ago are either in jail, about to go to jail, or awaiting extradition.”

On the SEC’s stance on crypto, he stated that “The American public is not getting the proper disclosure that they are required to get by law, but they need.”

Garlinghouse took to X to express his disapproval. He stated that this is absolute nonsense coming from Gary Gensler. He added “ And this slander about “all crypto execs going to jail” from the man who completely missed FTX (and actually cozied up to SBF), and wasn’t even invited to the DOJ announcement about Binance.”

Ripple CEO mentioned that “if he was really “working for the American people” as he says, he would have been fired a long time ago.”

He made a big statement suggesting that Gensler will cause Biden to lose the election.

SEC again under scrutiny

Garlinghouse is also under scrutiny due to a lawsuit in California, where he is accused of making misleading statements about his confidence in XRP while allegedly selling millions of tokens. This case is set to go to trial and adds to the ongoing tension between Ripple and the SEC, which have been engaged in a prolonged legal battle.

Gensler’s comments and Garlinghouse’s sharp retort highlight the ongoing friction between regulatory bodies and the cryptocurrency industry. Gensler’s criticism of the crypto sector underscores the SEC’s stance on the need for stringent regulation to protect investors, citing significant non-compliance within the industry.

Garlinghouse’s remarks suggest that the SEC’s actions could have broader political consequences. By linking Gensler’s regulatory approach to President Biden’s potential electoral challenges, Garlinghouse and Cuban highlight a crucial point of contention in the ongoing debate over cryptocurrency regulation in the US.

On the market side, Ripple’s native crypto, XRP, is down by 12% over the last 30 days. XRP is trading at an average price of $0.471, at the press time. Its 24 hour trading volume is down by 16% to stand at $867 million.

In this bearish market sentiment on June 25, 2024, Bitwise chief investment officer Matt Hougan published a report that the approval of spot Ethereum ETF (Exchange Traded Fund) may attract a massive inflow of $15 billion of net inflows in its first 18th month. However, the ETF experts are speculating that the Securities and Exchange Commission (SEC) may approve Ethereum ETF by July 2, 2024. 

Potential inflow in spot Ethereum ETF

One method to estimate these inflows is by examining the market caps of Bitcoin (BTC) and Ether (ETH). Currently, Bitcoin holds 74% of the combined market value of both cryptocurrencies. Investors are likely to allocate funds to Bitcoin and Ether ETFs in similar proportions. Since the introduction of spot Bitcoin ETFs in January, U.S. investors have poured $56 billion into these funds. This figure is projected to surpass $100 billion by the end of 2025 as major investment firms adopt these products.

Hougan in his report added, “ Using this $100 billion figure as a reference, spot Ethereum ETPs would need to attract $35 billion in assets to reach parity, a process I expect will take about 18 months.”

In Canada, Ether ETFs account for about 22%-23% of the total AUM, slightly less than their market cap weight. This difference is attributed to Bitcoin’s first-mover advantage. Some investors might feel their crypto exposure is sufficient after buying a Bitcoin ETF. This trend might also be observed in the U.S., potentially limiting the market share of Ether ETFs to 22%. If this pattern holds, net new inflows to Ether ETFs could be around $18 billion. 

Ethereum price-performance analysis 

Despite all these speculations regarding the world’s second-biggest cryptocurrency, currently, ETH is moving near $3,380, and in the last 24 hours, it experienced a decent 0.45% upside momentum. If we look at the performance of ETH over a longer period, in the last 7 days its price is still down by 5%. Whereas, in the last 30 days ETH has experienced a 14% price drop.

However, the 24-hour trading volume has dropped by 35%, signaling lower investors’ and traders’ participation in Ethereum. 

According to expert technical analysis, Ethereum is looking bearish as it consolidates in a tight range between $3,435 and $3,340 levels and also moves below 50 EMA (Exponential Moving Average). If Ethereum price on a daily time frame gives a strong candle closing above the $3,470 level then in the coming days we may see bullish till $3,600.

The latest guidance issued by the Danish Financial Supervisory Authority (FSA) linked to decentralized finance (DeFi) regulations has raised major concerns for the crypto community. The directions try to grab everything in crypto regulation, including your Bitcoin wallet, using the “interface” argument.

What do Danish rules say?

Crypto expert revealed that the DFSA says that interface providers must be regulated. This also includes Bitcoin wallets, mobile app developers, and more. The broad interpretation implies that any interface used while doing crypto transactions must be regulated involving web browsers to decentralized exchange (DEX) interfaces

However, this approach contradicts the intent of the European Union’s Markets in Crypto Assets (MiCA) regulation. The set of crypto rules looks to provide a balanced regulatory framework for the crypto industry.

Meanwhile, the Danish FSA’s guidance seems to be influenced by the Financial Action Task Force’s (FATF) aggressive stance. Its stance has suggested that all crypto linked interfaces need to be regulated.

If this is being enforced then the guidance would mean that service providers offering Bitcoin wallets, DEX interfaces, or any token-related services to Danish users would need to undergo regulatory approval in Denmark.

It is important to note that banning peer to peer or “unhosted wallets” was earlier proposed by some far-left and far-right MEPs during the preparation of MiCA. However, there are clear political forces in the EU that want to copy the Chinese model.

More slide to come?

On the market side, Bitcoin (BTC) price dropped by around 6% in the last 7 days. The recent increase in the selling pressure led the biggest crypto asset to drop below the $60,000 price level. Bitcoin is trading at an average price of $61,460, at the press time.

The cumulative crypto market cap surged marginally over the last day to stand at $2.26 trillion. The 24 hour trading volume is down by 27% to stand at $62 billion.

Expert highlighted that there is also confusion among crypto asset service providers in the EU regarding the correct deadlines. This is linked to the sustainability disclosures mandated by MiCA. 

MiCA includes requirements for crypto issuers and service providers to make sustainability disclosures. Asset referenced tokens (ARTs) and electronic money tokens (EMTs) are needed to make such disclosures from June 30, 2024. While all crypto asset service providers must start by the end of 2024.

It will be crucial to see what would be the next move taken by the authority.

After several exploitations and security breaches in June 2024, today Binance the world’s biggest cryptocurrency announced that they will soon cease and remove major spot trading pairs from the exchanges. However, those spot trading pairs are BLUR/FDUSD, LINK/TUSD, MEME/ETH, METIS/FDUSD, NFP/BNB, OSMO/BTC, SHIB/TUSD.

This is why Binance ceased these trading pairs 

Binance in his report clearly mentioned that, to protect users and maintain trading they conduct a periodic review of all listed spot trading pairs based on multiple factors including poor liquidity and trading volume. Following this review, Binance has now decided to delist above mentioned spot trading pairs.

However, the exchange in his report also confirmed that the delisting of a spot trading pair does not affect the availability of the tokens on Binance spot. Additionally, the report stated that “Users can still trade the spot trading pair’s base and quote assets on other trading pair(s) that are available on Binance. 

Moreover, this mentioned trading pair will be delisted on June 28, 2024, at 3 P.M. Binance urges users to update or cancel their spot trading pairs before the exchange ceases its service to avoid any potential losses. This is not the first time Binance has ceased trading services of any spot trading pairs, but this time Binance is going to cease major spot trading pairs.

Cease tokens performance 

After the announcement from Binance, the tokens didn’t see any impact on their prices. Following the announcement, LINK experienced a 0.5% positive momentum, METIS had a 0.8% negative momentum, OSMO saw a 1.4% price drop, and SHIB experienced a 1% price drop in the last 24 hours.

Despite these developments, the overall cryptocurrency market is currently up by 0.5%. Top assets like Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) experienced decent price surges of 0.5%, 0.3%, and 0.55% respectively in the last 24 hours. Additionally, in the same period, 31,830 traders were liquidated, and the total liquidations amounted to $80.15 million.

Meanwhile, Notcoin (NOT), Ethereum Name Service (ENS), Pepe (PEPE), and dogwifhat (WIF) are the top gainers among the top cryptocurrencies. In the last 24 hours, NOT, ENS, PEPE, and WIF experienced price surges of 10%, 6%, 5%, and 4% respectively.

On June 26, 2024, the on-chain analytics firm Lookonchain posted on X that someone’s wallet address (3TQYNN…yFAccW) had dumped a massive 2.5 million Doraemon (DORAE) meme token worth $1.45 million, causing the price to drop by 99% and indicating a potential rug pull. Lookonchain suggests that the potential suspect behind this dump is the project developer. All these incidents occurred in the last 12 hours.

Doraemon( $DORAE ) rug!Someone dumped all 2.5M $DORAE for 10,538 $SOL($1.45M), causing the price to drop by more than 99%!1/ Some on-chain data suggests that this person is likely the developer. pic.twitter.com/5sMPwILkR0

— Lookonchain (@lookonchain) June 26, 2024

DORAE token price drop 99%

The wallet that dumped a massive 2.5 million DORAE received 304 SOL worth $41,000 six hours ago from Kucoin and the wallet address CEHgjR to buy the 2.5 million DORAE tokens. After acquiring the 2.5 million DORAE tokens, the suspect sold all of their holdings for 10,538 SOL worth $1.45 million one hour ago, according to Lookonchain. Additionally, during these six hours of DORAE transactions, this wallet address (3TQYNN) made $1.41 million.

Wallet address CEHgjR that sent SOL to the potential suspect received 215.7 million DORAE from the deployer. Following the above DORAE transaction information from an on-chain analytic firm, signaling that the wallet dumping 2.5 million DORAE tokens is related to the deployer.

This is not the only individual that made massive price profits before rug pull several more traders also made huge profits from DORAE tokens. One guy converted its $686 to $619K before the token price dropped by 99%. However, this massive dump by these traders signals a potential rug pull.

Overview of meme coins and top cryptocurrencies 

Following a rug pull, the crypto meme industry is still up by 3.5% in the last 24 hours. Top meme tokens, including Dogecoin (DOGE), Shiba Inu (SHIB), Pepe (PEPE), Dogwifhat (WIF), and Floki (FLOKI), experienced impressive price surges of 1.65%, 2%, 8%, 6%, and 2%, respectively, in the same period.

In contrast, the overall cryptocurrency market is up by 0.65% in the last 24 hours. Top assets like Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and BNB (BNB) experienced decent surges of 0.67%, 0.5%, 1.05%, and 1%, respectively, in the same period.

Although the market sentiment is quite bearish at this moment, investors and institutions are taking this as an opportunity to continuously accumulate or add altcoins to their holdings, as observed in a recent report by Todayq News on June 26, 2024.

The biggest of the digital asset linked leaders are still struggling to get regularity clarity from the US Securities and Exchange Commission (SEC). Amid the increasing uncertainty, Gary Gensler, SEC chair, is expected to keep pushing his forceful agenda. The stance remains the same as he faces legal and political challenges.

SEC chair might shift his stance

Gary Gensler has aimed to introduce reforms across various financial markets since he took on the role in 2021. This includes the US Treasury bonds and climate disclosures. However, some of the plans saw several roadblocks due to several court rulings.

Reports reveal that Gensler had that “If the courts adjust, we adjust” over the regulatory matters.

It is crucial to note that Gensler’s term is set to end by 2026 and the crypto industry might have to see many massive implementations by then. Meanwhile, this could be cut short if Donald Trump wins the upcoming presidential election.

A report mentioned that despite this uncertainty, the SEC chair is looking to adopt around 45-50 new rules. He highlighted that his actions are based on aligning economics and law, not on a deadline.

After the recent decline, the cumulative crypto market cap is still standing strong at around the $2.3 trillion mark. Bitcoin (BTC) went on to hit its new all time high (ATH) of over $73,500 in March. However, BTC price had dropped by 11% in the last 30 days.

What’s next?

Recent events show that the SEC has had to change its approach. The commission approved spot Bitcoin exchange-traded funds (ETFs) after losing a lawsuit to Grayscale Investments in 2023. These ETFs now hold over $50 billion.

A piece of positive news came out as the SEC chair indicated that Ether linked ETFs will likely be approved soon. Ethereum price dropped by over 10% in the last 30 days. It is still up by 48% on the year to date basis. ETH is trading at an average price of $3,378, at the press time.

Another rule, which would require companies to disclose climate risks, has been paused due to lawsuits. This case is before the US Court of Appeals for the Eighth Circuit.

The SEC is also awaiting Supreme Court rulings on two significant issues: the constitutionality of the SEC’s in-house courts and the potential overturning of the “Chevron deference,” a legal principle that allows agencies broad discretion in interpreting laws.

After a continuous drop across the cryptocurrency industry, the market is now looking to recover as many assets experienced notable price surges. Amid this market recovery, recently an on-chain analytic firm Lookonchain made a post on X, that one of the largest holders of dogwifhat (WIF) had added a massive 2.3 million WIF tokens worth $4.65 million to its holding.

The largest holder of $WIF spent 4.65M $USDC to buy 2.3M $WIF at $2.03 8 hours ago!He currently holds 23.39M $WIF($49.6M), with a profit of ~$83M on $WIF!He is also the one who spent 86,738.1 $SOL($8.65M) to buy 17.22M $WIF in one trade.Address:https://t.co/5fd4VETnts… pic.twitter.com/EHbdZVBHl9

— Lookonchain (@lookonchain) June 26, 2024

Whale purchases $4.65 million of WIF tokens 

The analytic firm also highlighted that the average purchase of this massive WIF was nearly $2.03. However, this whale wallet now holds a significant 23.39 million WIF tokens worth $49.6 million. Besides, massive WIF holdings this whale wallet holds a massive profit of over $83 million on WIF. Lookonchain in the post on X added that, “He is also the one who spent 86,738.1 SOL($8.65M) to buy 17.22 million WIF in one trade.”

However, the recent WIF purchase highlights whales’ interest and confidence in WIF during a bearish market, additionally indicating a potential bullish buying opportunity. The token has been continuously printing green and surged more than 30% in the last 2 days, whereas other top cryptocurrencies including Bitcoin (BTC) and Ethereum (ETH) are still struggling to gain momentum.

As of now, WIF is moving near $2.02, and in the last 24 hours, it experienced a price surge of 8%. If we look at the performance of WIF over a longer period, in the last 7 despite a massive upside move in the last 2 days it is still down by 4.3%. Whereas, in the last 30 days, WIF price is down by 35%. Despite the impressive performance of the WIF token, the trading volume in the last 24 hours signaled lower participation of traders and investors. According to the data from coinmarketcap, the trading volume in the last 24 hours has dropped by 21%. 

dogwifhat (WIF) technical analysis and key levels

According to expert technical analysis, WIF is looking bullish but as of now, it is experiencing a strong resistance near the $2.1 level. If WIF on the daily time frame gives a candle closing above $2.20 then massive upside momentum we may see in the coming days. Besides this bullish optimism, WIF in the 4-hour time frame is below 200 EMA (exponential moving average) and above 50 EMA. 

Additionally, traders’ and investors’ interests are continuously surging as WIF 24-hour open interest (OI) has surged by 7.5%, which might be a potential bullish signal for this meme coin.

The crypto industry woke up to the US Department of Justice sentencing two individuals for their roles in a scheme to manipulate and defraud investors. The alleged culprits exploited the price of Hydrogen Technology’s cryptocurrency, HYDRO.

DOJ drops big convictions

The release suggests that the case marks the first time a federal criminal trial has intent that crypto constitutes a security.

Principal Deputy Assistant Attorney General Nicole M. Argentieri announced the sentences. As reported Shane Hampton received a sentence of two years and eleven months in prison. His co-conspirator, Michael Kane is sentenced to three years and nine months. 

Argentieri stated that Shane Hampton, Michael Kane, and their co-conspirators defrauded investors by using a trading bot to manipulate the price of their company’s cryptocurrency.” He added, “This prosecution and the sentences imposed today should serve as a warning: The Criminal Division will not hesitate to use all tools at its disposal. This includes the federal securities laws to protect the integrity of cryptocurrency markets.”

Court documents and trial evidence revealed that the co-founder and CEO of Hydrogen Technology, and the Head of Financial Engineering, was involved in Moonwalkers Trading Limited of South Africa. It was done to artificially inflate the price of HYDRO on a US based crypto exchange. 

From October 2018 to April 2019, they employed an automated trading application, or “bot,” to execute fraudulent orders, the report mentioned.

How did they do it?

The manipulation involved approx $7 million in “wash trades” and over $300 million in “spoof trades.” These practices successfully induced retail investors to buy HYDRO at inflated prices. It resulted in $2 million in profits for the conspirators over ten months.

Kane pleaded guilty in November 2023 to charges including conspiracy to commit securities price manipulation, conspiracy to commit wire fraud, and two counts of wire fraud. 

Hampton was convicted by a federal jury in February 2024 of conspiracy to commit securities price manipulation and conspiracy to commit wire fraud. The jury’s unanimous verdict affirmed that HYDRO sales constituted investment contracts, thereby classifying the token as a security under federal law.

This case is notable as Hampton’s trial was the first criminal jury trial to conclude that crypto is a security. The ruling may influence future regulatory and enforcement actions in the digital asset space.

Two additional co-conspirators, Andrew Chorlian and Tyler Ostern, pleaded guilty in May 2023 to conspiracy to commit securities price manipulation and wire fraud. Both have already been sentenced.

Bitcoin (BTC) major slide below the $60,000 mark has pushed intensity among retail investors and crypto whales. On-chain data reveals that major players are adjusting their meme coin holdings during the recent downturn. However, the meme coin market cap dropped by 7% in the last 24 hours to stand at $44.2 billion.

Bitcoin shakes market

BTC recorded a sharp decline as it went on to trade below $59,000. This downturn triggered a wave of concern among investors. However, it also set the stage for some major movements in the meme coin market.

Data shows that a transaction involving the crypto whale known as wallet 0x837. This wallet transferred 700 billion Pepe (PEPE) tokens (approx worth $7.83 million) to the crypto exchange Binance. Despite this mega transfer, the whale wallet is still retaining 800 billion PEPE (approx worth $8.97 million).

If this whale had sold the tokens then it would have incurred a net loss of around $3.47 million. This shows a 15% decrease from its buying price.

Pepe has managed to recover by surging 15% in the last 24 hours. PEPE is trading at an average price of $0.00001237, at the press time. It holds a 24 hour trading volume of $934 million with a market cap of $5.21 billion.

Meme coins on the move

In a similar move, another whale wallet named 0x42a moved 1.088 trillion Shiba Inu (SHIB) tokens (approx worth $18.12 million) to Binance. Unlike wallet 0x837, wallet 0x42a managed to avoid a loss. 

If sold now, this whale could make a profit of $8 million. This could mark a 79% increase over seven months. However, this profit is lower than the unrealized peak of $29 million during SHIB’s high in March.

Shiba Inu has been dealing with high selling pressure as its price dropped by 40% in the last 90 days. However, SHIB price jumped by 7% in the last 24 hours. Shiba Inu is trading at an average price of $0.00001796, at the press time.

SHIB is still the second biggest meme crypto with a market cap of $10.5 billion.

Amid Bitcoin’s struggle to regain bullish momentum, other meme coins have also experienced significant growth. Dogecoin, a market staple, saw a 2.4% price increase in the past 24 hours. Meanwhile, Solana-based Popcat (POPCAT) recorded a 50% surge, and Mog Coin (MOG) saw a 39% increase, outperforming other assets.

After a continuous downturn for the last few weeks, now the cryptocurrency market is recovering and today on June 25, 2024, the recently listed Notcoin (NOT) also gained a price surge of 6%. In this ongoing price surge recently Notcoin community made a post on X, that they have just burned $3 million worth of NOT tokens from the emission. 

Notcoin community burn $3 million worth NOT tokens

Besides token burning, the community also added that $4.2 million worth of NOT tokens will also be distributed as an incentive for Gold and Platinum users of Notcoin Explore. Additionally, the community in another post shared the tokenomics structure where they highlighted that “94.18% is in the hands of 11.5 million people, including traders, miners, stakers, etc. and remaining 5.82% is in the treasury for the next years of development.”

As a result94.18% is in the hands of 11.5M people, including traders, miners, stakers, etc.5.82% is in the treasury for the next years of development.With the community as a main stakeholder, the future seems bright.Thank you all, frens.You made it.

— Notcoin Ø (@thenotcoin) June 25, 2024

Following this massive update, there is a high chance that the NOT token price could surge in the upcoming days as the market sentiment changes. As of now, NOT is moving near $0.014, and in the last 24 hours, it experienced over 6% price surge. However, during intraday, it also reached a low of $0.132 level. Despite an impressive performance in the last 24 hours, the trading volume has dropped by 9% suggesting lower investor and trader participation.

If we look at the performance of NOT over a longer period, in the last 7 days due to the bearish market sentiment it lost 6% of the gain. Whereas, in the last 30 days NOT token price is up by 185%.

Notcoin technical analysis and key levels

According to expert technical analysis, NOT is looking bullish as the token moves upward after retesting the previous support level. Besides this, there is also a formation of a bullish flag and pole observed on a daily chart of NOT tokens. If the NOT token gives a strong candle closing above $0.0158 then there is a high potential that NOT could reach the $0.022 level.

However, in the last 24 hours, the open interest of NOT has surged by 6% indicating investors’ and traders’ interest and confidence in NOT tokens. Whereas, the 4.7% of OI surge is observed in the last 4 hours.