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Cryptocurrency ownership jumps to $562 million globally in 2024

The number of cryptocurrency owners increased to 562 million in 2024, a 34% growth compared to the previous year. This advancement highlights the growing adoption of digital currencies, now held by 6.8% of the world’s population. South America saw the highest growth, closely followed by North America and Europe, according to a Triple-A report. Additionally, a Glassnode study shows that, despite recent fluctuations, over 90% of the Bitcoin (COIN:BTCUSD) supply is being held profitably, underscoring investor confidence and resilience in support of the primary digital asset.

DMM Bitcoin reports theft of over $300 million in BTC

Japanese exchange DMM Bitcoin faced a serious security breach, losing 4,502.9 BTC, equivalent to over $300 million. The attack occurred today, with unauthorized access to a digital wallet. In response, the exchange imposed temporary restrictions on services and ensured full guarantee of the affected Bitcoin deposits. DMM Bitcoin is investigating the incident and promises future updates while working to strengthen security.

Crypto market awaits expiration of $4.7 billion in options

On Friday, the cryptocurrency market focuses on the expiration of Bitcoin and Ethereum options contracts totaling a notional value of $4.7 billion. The “max pain point” for Bitcoin options holders, the price at which losses would be maximized for the largest number of option contracts, is set around $66,000, below the current market price. Deribit reported a large number of options with high strike prices up to $100,000, indicating considerable optimism. However, there is also a significant volume of options with a strike price of $60,000, indicating that not all traders are confident in a continuation of the uptrend. For Ethereum, the expiration expected today of around $1.8 billion in notional value of call option contracts, with a put/call ratio of 0.84. The price of Bitcoin (COIN:BTCUSD) is at $67,500 at the time of writing, down 1.3%. Ethereum (COIN:ETHUSD) is up 0.9% in the last 24 hours, at $3,779.

Bitcoin ETF flow fluctuates amid Fed uncertainties

On May 30, spot bitcoin ETFs in the US continued to attract capital for the 13th consecutive day, with net inflows of $48.71 million. Fidelity’s ETF (AMEX:FBTC) led with inflows of $119 million, while Ark Invest’s ETF (AMEX:ARKB) recorded outflows of nearly $100 million. BlackRock’s ETF (NASDAQ:IBIT), leading among spot bitcoin funds in terms of net assets, recorded an increase of $2 million in net inflows, while Grayscale’s ETF (AMEX:GBTC), which recently rose to the second position in size, did not register inflow or outflow movements. Flows are being influenced by investor uncertainty about future Federal Reserve interest rate decisions, against the backdrop of important economic reports expected at the end of the month.

Intense debate surrounds Ethereum spot ETFs

The Securities and Exchange Commission (SEC) process for approving Ethereum spot exchange-traded funds (ETFs) remains controversial, with the crypto industry divided on the interpretation of staking as an investment. While the SEC maintains that staking meets the requirements to be considered a security, opposing arguments view it as a technical service. Regulation and the future of Ethereum ETFs are under intense scrutiny, with the results of the US elections adding uncertainty to the landscape.

Uniswap postpones vote on staking rewards

The Uniswap Foundation has decided to postpone a crucial vote proposing rewards for UNI token holders who participate in staking and delegation of their tokens. This decision came after a stakeholder raised issues requiring deeper analysis by the team. The immutable and sensitive nature of the proposal demands extreme caution before any implementation. As a result of the uncertainty generated by the postponement, the price of the UNI token (COIN:UNIUSD) fell 5.11% in the last 24 hours, trading at $10.20.

EOS announces new tokenomics and supply reduction

The EOS Network Foundation (COIN:EOSUSD) approved a new tokenomics structure, reducing the maximum supply from 10 billion to 2.1 billion EOS tokens. This change aims to contain inflation and includes staking rewards with lockup. Despite community skepticism, this measure marks a new phase for the EOS ecosystem, which seeks to stabilize its economy and foster growth.

Shibarium drives 150% increase in SHIB token burns

The recent Shibarium update resulted in a 150% surge in burns of Shiba Inu tokens (COIN:SHIBUSD), according to Shibburn data. The update reduced the bridge time from seven days to 45 minutes, leading to the removal of over 8 million tokens from circulation in just 24 hours.

Tether invests in Bitcoin mining expansion with Bitdeer stake acquisition

Stablecoin issuer Tether (COIN:USDTUSD) announced an investment of up to $150 million in Bitdeer (NASDAQ:BTDR), a renowned Bitcoin mining company. With the purchase of 18,587,360 shares for $100 million and the option to acquire an additional 5 million, Tether is betting on sustainable mining growth. Bitdeer’s shares rose over 6% after the announcement on Friday.

LFG transfers $95 million in crypto to new wallet for increased security

The Luna Foundation Guard (LFG) relocated around $95 million in cryptocurrencies, including AVAX and BNB tokens, to a new wallet as part of an initiative to enhance fund security. The transactions, confirmed by Arkham Intelligence, follow the foundation’s strategy to migrate assets to safer custody solutions, amidst ongoing regulatory scrutiny following the Terra UST coin crisis in 2022.

Trump’s conviction affects meme coin market

New York Judge Juan Merchan convicted former US President Donald Trump on 34 counts of falsifying business records. The conviction concludes weeks of trial, opening a new phase in the historic case. Trump, who could face up to 20 years in prison, plans to appeal, potentially delaying his final sentence set for July 11. The decision also influenced the cryptocurrency market, with meme coins related to the former president experiencing an immediate response. These coins, such as MAGA (TRUMP) and others like Maga Hat (MAGA) and Super Trump (STRUMP), experienced notable drops immediately after news of the conviction. Additionally, in response to the tumultuous political environment, new meme coins emerged such as Free Trump (FREE) and NEVER SURRENDER (TRUMP).

Bybit restructures executives after Notcoin launch issues

Following a problematic launch of Notcoin, Bybit reorganized its executive team, transferring several to new internal roles. The failure resulted in $23 million in compensations for 320,000 users. The exchange stated that these changes are part of an effort to align the organizational structure with its strategic goals and improve customer experience.

Unchained and UATX launch Bitcoin donation fund

Unchained, a Bitcoin financial services company in Austin, Texas, in partnership with the University of Austin (UATX), announced the launch of a long-term donation fund held in Bitcoin (COIN:BTCUSD), aiming to raise $5 million. This fund, the first of its kind in higher education, aims to explore alternative financial models, starting with a personal donation of 2 BTC by Unchained CEO Joseph Kelly.

Hong Kong requires exchange licenses under threat of closure

The Hong Kong Securities and Futures Commission (SFC) issued an ultimatum to cryptocurrency exchanges: either acquire a license by February 29 or cease operations within three months. As a result, over 22 exchanges have applied for licenses, but some, including major players like OKX and Huobi HK, have exited the market. Gate.HK suspended operations for review, hoping to resume after meeting regulatory requirements.