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.
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