Cryptocurrency market fall on Tuesday
The cryptocurrency market is suffering on Tuesday, reflecting
concerns about the global economy and lower liquidity in the
summer. Bitcoin (COIN:BTCUSD) fell below $65,000 for the first time
since mid-May, hitting a low of $64,237, and was trading at $64,500
at the time of writing. Ether (COIN:ETHUSD) is down 3% at $3,405,
while other top 10 coins like Ripple (COIN:XRPUSD), Solana
(COIN:SOLUSD), and Toncoin (COIN:TONCOINUSD) faced even greater
declines of -4.8%, 6.9%, and 8.7%, respectively.
Meme coins, including Dogecoin (COIN:DOGEUSD), Shiba Inu
(COIN:SHIBAUSD), and Pepe (COIN:PEPEUSD), also underperformed on
June 18, falling by 7.3%, 5.3%, and 9.1%, respectively. The market
capitalization of these meme coins decreased by about 11%, while
trading volume surged, indicating intense selling pressure. The
previous increase in hashrate and speculation on these coins are
stabilizing, influenced by broader market conditions and
adjustments after recent highs.
Outflow in Bitcoin ETFs continues with price drop
On June 17, U.S. Bitcoin ETFs faced withdrawals totaling $145.9
million, continuing a three-day trend of outflows. Fidelity’s ETF
(AMEX:FBTC) recorded the largest loss, with $92 million withdrawn,
while Ark’s ETF (AMEX:ARKB) saw outflows of $50 million. In
contrast, Grayscale’s ETF (AMEX:GBTC) had a smaller outflow of $3
million. This withdrawal trend coincides with a drop in Bitcoin
prices, hitting the lowest value since mid-May.
CleanSpark acquires Bitcoin mining facilities in Georgia
CleanSpark (NASDAQ:CLSK), a U.S. company specializing in
renewable energy Bitcoin mining, confirmed the purchase of five
mining facilities in Georgia. The $25.8 million deal is expected to
close immediately. These facilities have a total processing
capacity of over 3.7 exahashes per second and operate with a power
range between 8 and 15 megawatts, totaling 60 megawatts. The
company anticipates a significant increase in its total mining
capacity, reaching over 20 exahashes per second by the end of the
month. Additionally, the facilities include special contracts to
help balance the local grid’s energy demand.
Summer in the US may slow Bitcoin hashrate growth
High summer temperatures in North America may finally slow the
continuous increase in Bitcoin hashrate, providing some relief to
miners facing reduced profit margins. The sector was already under
pressure after the halving, which halved mining rewards, even as
the hashrate hit record highs. Heatwaves force miners to reduce
operations or increase cooling expenses, impacting performance.
This operational cooling is expected to lower the hashrate, as seen
in previous summers, possibly easing mining due to reduced
competition.
HashKey Group to launch HSK token with community airdrop
The HashKey Group, an Asia-based cryptocurrency financial
services company, announced that its platform token, HSK, will be
officially listed in the third quarter of this year. Before the
listing, the company plans to distribute an airdrop to the
community at the end of this month. The HSK token, which follows
the ERC-20 standard with one billion units available, will be
integrated into the company’s products and applications. About 65%
of the total will be allocated to ecosystem growth.
DJT token on Solana surges 180% after rumors of Trump’s involvement
The recently launched DJT token on the Solana blockchain saw an
impressive increase in value following unconfirmed reports that
former U.S. President Donald Trump is associated with the project.
If true, it would be the first time a presidential candidate from a
major political party launched a cryptocurrency. However, the
authenticity of these reports is still under question, with
skeptical comments dominating the crypto community and bets on
Polymarket giving only a 7% chance of it being true.
Ethereum whale unloads $35.4 million in ETH amid price drop
An Ethereum whale known by the wallet address 0xf07 sold $35.4
million worth of Ethereum (COIN:ETHUSD) in the past two days, as
the price of ETH fell below $3,500. This massive sale occurs as
other long-term holders also begin to reduce their ETH holdings.
The whale, who acquired ETH in the 2015 Initial Coin Offering at
just $0.31 per token, still holds a large amount of Ethereum
despite the recent sales, indicating possible caution amid an
unstable market.
Meme coin whale profits $3.7 million from selling TRUMP tokens
A meme coin whale made a substantial profit of $3.7 million by
selling TRUMP tokens during the current market downturn. The whale,
identified by the wallet address “0x52C0,” traded over 171,000
TRUMP tokens for 414 Ether, equivalent to $1.44 million, over the
past two days. Despite the sale, 28% of their wallet still consists
of TRUMP tokens.
Drake loses big Bitcoin bet on NBA finals and awaits NHL outcome
Famous rapper Drake faced a significant loss after betting
$500,000 in Bitcoin (COIN:BTCUSD) on the Dallas Mavericks in the
NBA finals. The bet, which would have yielded $1.375 million if
successful, did not materialize following the Boston Celtics’
victory. Additionally, Drake has a similar pending bet on the NHL
Stanley Cup finals, where he backed the Edmonton Oilers with the
same amount, with a potential return of $1.025 million.
ConsenSys updates privacy policy to enhance transparency and user
control
New privacy features have been added to MetaMask, allowing users
to customize security and privacy settings. ConsenSys, the company
behind MetaMask, announced the update to its privacy policy, aiming
to improve user consent, transparency, and control over personal
data. The changes include better management and processing of IP
addresses and greater clarity in user data operations.
Fox Corporation integrates TIME into its blockchain verification
protocol
Fox Corporation (NASDAQ:FOX), responsible for channels like Fox
News and Fox Sports, added TIME as its first editorial partner in
the Verify Protocol, a blockchain-based platform on Polygon. This
system, developed in collaboration with Polygon Labs, allows
cryptographic verification of media content, ensuring users can
confirm its origin from a trusted publisher. The protocol also aims
to facilitate licensing agreements and create new commercial
opportunities through smart contracts.
Tokenization of life insurance policies through blockchain
technology
Infineo, an innovative blockchain-based insurance company,
announced the creation of the first tokenized life insurance
policy. Using the Provenance network, the company transformed $9.4
million in policies into tokens, enabling decentralized management
and increasing transparency in the process. The fusion of
blockchain technology with the trillion-dollar life insurance
market promises greater efficiency and accessibility.
Ronin blockchain launches new zkEVM to expand gaming on the network
Ronin Blockchain (COIN:RONNNUST), specializing in gaming,
announced the launch of Ronin zkEVM, an advanced Layer 2 chain
supporting Ethereum Virtual Machine (EVM) with zero-knowledge (ZK)
technology. Developed with a customized version of the Polygon
Chain Development Kit, the Ronin zkEVM aims to expand the network’s
capacity to support more users and facilitate the growth of partner
game studios, increasing scalability and security in transactions
within the Ronin gaming ecosystem.
Sonic on Solana raises $12 million in funding round for gaming
expansion
Sonic, a Layer 2 network on Solana focused on gaming, raised $12
million in a Series A funding round led by Bitkraft Ventures with
participation from other investors, bringing its valuation to $100
million. The platform, developed by Mirror World Labs, uses the
HyperGrid Framework technology to optimize horizontal scaling on
Solana. With the promise of a robust infrastructure for gaming,
Sonic plans to launch its mainnet and its own token in the third
quarter, aiming for global expansion and the integration of more
game studios.
US Department of Justice opposes sentence reduction for former
Ethereum developer
The U.S. Department of Justice opposed Virgil Griffith’s request
to reduce his 63-month prison sentence, imposed for violating
sanctions against North Korea. In the Southern District of New York
court, prosecutor Damian Williams argued against reducing the
sentence to 51 months, emphasizing that Griffith knowingly helped a
hostile nation evade sanctions using cryptocurrencies.
Chinese bank uncovers embezzlement and money laundering scheme
involving cryptocurrencies
A bank in China uncovered a complex embezzlement and money
laundering scheme involving former executives and a former
shareholder. Using cryptocurrencies, they allegedly laundered
around $248 million. According to investigations, in 2020, former
leaders of the Bank of Huludao and accomplices diverted 2.6 billion
yuan, part of which was converted into foreign currency and
transferred to companies in Hong Kong. Chen, one of those involved,
was sentenced to more than two years in prison for money
laundering.
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