$BTC has surged by 157% over the past year, but retail investors are still on the sidelines! That's mean post halving bull market not yet come! Once retail investors stepped in, we can see a boom 🚀🚀🚀
Trump says he will advocate for bitcoin miners in White House!
Former U.S. President Donald Trump expressed support for bitcoin mining in a Tuesday night meeting with a number of bitcoin miners at Mar-a-Lago, according to a Bloomberg report. Trump, who has recently taken an active pro-crypto position for the upcoming November election, reportedly told participants that he would advocate for bitcoin mining in the White House, saying that miners contribute to energy grid stability. The participants of the meeting at Trump’s Palm Beach resort included representatives from Nasdaq-listed bitcoin mining firm CleanSpark Inc. and Riot Platforms, several of whom had posted pictures with the former president. “I just ran into a guy that’s a huge fan of bitcoin and loves what we’re doing at CleanSpark Inc. in Georgia and Mississippi and Wyoming,” S. Matthew Schultz, co-founder of CleanSpark, wrote in his X post. Trump’s crypto embrace earned him support from a number of leaders in the industry, as seen in his recent $12 million fundraising event in the Silicon Valley reportedly attended by Gemini founders Cameron and Tyler Winklevoss and others. Last month, Trump announced that he will accept political donations in the form of cryptocurrencies. "Trump has reduced regulations and championed innovation in financial technology, while Democrats, like Biden and his official surrogate Elizabeth Warren, continue to believe only government has the answers to how our nation leads the world," the Republican candidate’s statement said. Meanwhile, sources told The Block late last month that President Joe Biden’s re-election campaign is reaching out to members of the crypto industry for guidance on digital asset policies. The outreach marks a significant shift from the Biden administration’s less than favorable stance on cryptocurrencies. Trump’s campaign did not immediately respond to The Block’s request for further comment.
Weekend Wrap: Loopring’s “Guardian” 2FA service was compromised leading to a $5M exploit and the NFT market saw weekly sales volumes lift, led by $BTC “We are actively collaborating with Mist security experts to determine how our 2FA service was compromised,” Loopring said. It’s also working with law enforcement “to track down the perpetrator.”
$BTC's volatility recently hit record low levels, with the period from May 24 to June 7
Bitcoin 's volatility recently hit record low levels, with the period from May 24 to June 7 falling in the bottom 6% for volatility historically. The price ranged between $66,936 and $71,656 during this time. Swan Bitcoin's CIO, Rapha Zagury, noted the 15-day rolling volatility was just 23%, close to historical lows. Despite this, Bitcoin's price dropped 3.33% on June 7 due to stronger-than-expected US job growth.
Tether CEO said that a prominent vendor used by crypto companies to manage mailing lists might have been compromised. Beware of any emails suggesting crypto-airdrops received since 24h ago. Coingecko confirmed and said it had seen phishing CoinGecko emails being sent from other client accounts. $BTC $ETH $SOL
Binance will remove and cease trading on the following spot trading pairs: At 2024-06-07 03:00 (UTC): ACE/BNB, DOT/TUSD, MAGIC/FDUSD, MEME/BNB, SAND/BNB, XAI/TUSD! $BTC $ETH $BNB
Former President Donald Trump famously launched multiple NFT collections. According to ArkhamIntel X feed, President Trump was airdropped 8 figures worth of memecoins. Also, he holds over 470 $ETH valued close to $1.8 million. $BTC $BNB
"If you are patient in one moment of anger, you will avoid one hundred days of sorrow." Don't use your emotions while trading! Use the indicators, analysis and macro news/matket updates! $BTC $ETH $BNB #
FTX Settles $24 Billion Tax Claim With IRS in Bankruptcy Court
FTX settled the Internal Revenue Service’s $24 billion claim for a fraction of what the agency said it owed, clearing the way for the crypto exchange to pay out significant customer recoveries. The IRS will receive a $200 million claim in FTX’s bankruptcy to be paid within 60 days of when the company’s proposed restructuring plan goes into effect. The agency will also receive a $685 million lower priority claim, “payable on a subordinated basis to customers and other creditors” and “to the extent funds are available,” according to a Monday filing in the US Bankruptcy Court for the District of Delaware. The settlement clears a significant hurdle in FTX’s bankruptcy, resolving what could have been protracted and unpredictable litigation between the fallen crypto exchange and its largest creditor. If a judge had upheld the IRS claim, it could have prevented customers from behind paid, FTX previously argued. The settlement “provides much needed certainty as to the magnitude of the IRS Claims and allows these Chapter 11 Cases to move to swiftly toward resolution, thereby enabling the prompt distribution to the Debtors’ other creditors and customers,” FTX said in the Monday filing. FTX has said it will pay back its customers completely. FTX disputed the $24 billion claim, but acknowledged that it “could have significant tax liability to the IRS,” and that the agency’s claims raised novel legal questions. The settlement will become effective after it is approved by a bankruptcy judge and its broader restructuring plan becomes effective. FTX Trading Ltd. is represented by Sullivan & Cromwell LLP and Landis Rath & Cobb LLP. The case is FTX Trading Ltd., Bankr. D. Del., No. 16558, 6/3/24. $BTC $ETH $BNB
Multicoin, Coinbase Ventures Invest in Latin American Stablecoin-Powered SuperApp El Dorado
Colombia-based stablecoin protocol El Dorado said Tuesday it completed a $3 million seed venture capital investment round to build a crypto payments "superapp" for the Latin American region. Multicoin Capital was the lead investor, with crypto exchange Coinbase's venture capital arm Coinbase Ventures, UC Berkeley Skydeck and Awesome People Ventures also participating in the round. Stablecoins are a $160 billion asset class within crypto, with their prices anchored to an external asset, predominantly to the U.S. dollar. They are increasingly popular in developing regions such as Latin America with less developed banking systems and history of currency devaluations. Dollar-pegged stablecoins are also a cheaper option than traditional banking and remittance rails to send money abroad. "The Latin American economy is reeling due to decades of inflation," Guillermo Goncalvez, co-founder and CEO of El Dorado, said in a statement. "Making matters worse, local cross-border exchanges charge excessive fees – an astonishing 6% for a normal, run-of-the-mill currency swap. The combination of these two forces makes it almost impossible for the people of Latin America to retain or grow their wealth,” he added. El Dorado, which is available in Argentina, Brazil, Colombia, Panama, Peru and Venezuela, provides a cheaper way to send, exchange and pay using blockchain as payment rail. The platform charges 0.6% fee for cross-border payments, significantly less than the industry average, while in-app payments are free. The app is connected to more than 70 local payment methods to facilitate on-ramp and off-ramp to fiat currencies. It supports Tether's USDT, Circle's USDC and Celo Dollar (cUSD) stablecoins on the Tron, Polygon and Celo networks, while also allows bitcoin (BTC) transactions. The app processed about one million transactions over the past year, the company said. $BTC $BNB $ETH
European stablecoin provider halting issuance amid MiCA, following Binance announcement
Euro-pegged stablecoin issuer Lugh appears to be throwing in the towel ahead of the European Union's Markets in Crypto-Assets Regulation (MiCA) coming into effect. "Due to the upcoming entry into force of MiCA and in accordance with its commitment to compliance, LUGH announces the cessation of the issuance of its stablecoin EURL and guarantees the redemption of existing EURLs until August 30, 2024," the Paris-based company posted on its website and on X. Lugh's announcement comes on the heels of Binance, the world's largest cryptocurrency exchange by trading volume, saying it will soon restrict availability in the EU to stablecoins that are considered "unregulated." While Binance did not single out major stablecoins like Tether's USDT -0.0059% and Circle's USDC -0.14% , there is concern that European nationals could have their access to the two popular tokens restricted due to MiCA. In the case of Lugh, the euro-pegged stablecoin's meager circulation has been shriveling in recent months. Circulation for Lugh's EURL token has plummeted from about $2.8 million in March to about $32,000 as of Tuesday, according to DefiLlama, suggesting most holders may have already redeemed their tokens. $BTC $ETH $BNB