Ethereum

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<p class="is-style-lead">Today’s edition of the weekly recap covers a range of significant events: the crypto market faces sharp declines; Bitcoin and Ethereum ETFs experience notable activity; regulatory actions intensify globally; major expansion efforts highlight the sector’s growth ambitions; and key insights from the Money 20/20 conference.</p> 
<h1 class="wp-block-heading" id="market-uncertainties">Market uncertainties&nbsp;</h1> 
<ul> 
 <li>Last week, the markets faced volatility. Binance Coin (<a href="https://crypto.news/price/bnb/" rel="">BNB</a>) <a href="https://crypto.news/bnb-reaches-new-ath-amid-highly-volatile-trading/" rel="">hit</a> a new all-time high above $711 following sustained upswings. The significant price movement was driven by increased trading volume and interest.</li> 
 <li>Bitcoin reached the $69,000 mark following a series of large investments. The continued interest and significant capital inflows from institutional <a href="https://crypto.news/bitcoin-reaches-the-69k-mark-after-a-series-of-large-investments/" rel="">investors partly triggered this milestone</a>.</li> 
 <li>VanEck set a price target of $22,000 for Ethereum by 2030, anticipating the approval of<a href="https://crypto.news/vaneck-sets-22k-price-target-for-ethereum-by-2030-amid-anticipated-etf-approval/" rel=""> Ethereum ETFs</a>.&nbsp;</li> 
 <li>The market capitalization of <a href="https://crypto.news/gaming-tokens-market-cap-soars-above-30-billion-whats-driving-this-frenzy/" rel="">gaming tokens</a> surged past $30 billion, driven by increased mainstream adoption, innovative developments, and strategic partnerships within the gaming industry.</li> 
 <li>A GameStop-inspired <a href="https://crypto.news/gamestop-inspired-meme-coin-surges-300-as-roaring-kitty-resurfaces-on-x/" rel="">meme coin</a> surged by 300% after the influential trader Roaring Kitty resurfaced on social media platform X.</li> 
 <li>However, meme coins later saw significant losses, with many dropping over 10% following the crash of<a href="https://crypto.news/meme-coins-drop-over-10-following-gamestop-stock-crash/" rel=""> GameStop’s stock</a>.&nbsp;</li> 
 <li>At the same time, the overall crypto market experienced a sharp decline, losing $96 billion in market capitalization after the release of a strong&nbsp; <a href="https://crypto.news/crypto-market-plunges-96b-following-strong-jobs-report/" rel="">U.S. jobs report</a>. The report indicated robust employment numbers, leading to concerns about potential interest rate hikes.</li> 
</ul> 
<h1 class="wp-block-heading" id="strategic-etf-moves">Strategic ETF moves</h1> 
<ul> 
 <li>Last week, Ark Invest exited the Ether ETF race while 21Shares<a href="https://crypto.news/ark-invest-exits-ether-etf-race-21shares-rebrands-fund/" rel=""> rebranded its fund</a> to focus on other strategic investment opportunities.</li> 
 <li>Also, ProShares is seeking approval from the SEC for the listing of a<a href="https://crypto.news/proshares-seeks-sec-nod-for-spot-ethereum-etf-listing-on-nyse/" rel=""> spot Ethereum ETF</a> on the New York Stock Exchange, aiming to provide investors with direct exposure to Ethereum.</li> 
 <li>Despite recent market fluctuations,<a href="https://crypto.news/bitcoin-etfs-see-inflows-despite-market-fluctuations/" rel=""> Bitcoin ETFs</a> continued to attract inflows, totaling $131 million on June 7. These products saw consecutive days of capital inflows throughout last week, marking 19 straight days of positive net flows.</li> 
</ul> 
<h1 class="wp-block-heading" id="trump-sustains-support">Trump sustains support</h1> 
<ul> 
 <li>Following his conviction, former President Donald Trump continues to declare support for the crypto industry. Last week, he portrayed himself as a<a href="https://crypto.news/trump-fancies-himself-crypto-president-is-it-enough-to-sway-voters-post-conviction/" rel=""> crypto president</a>, looking to garner votes from the crypto industry.</li> 
</ul> 
<h1 class="wp-block-heading" id="legal-actions-disputes-and-regulatory-concerns">Legal actions, disputes and regulatory concerns</h1> 
<ul> 
 <li>The New York Attorney General filed a lawsuit against crypto firms<a href="https://crypto.news/nyag-sues-crypto-firms-novatechfx-and-aws-mining-for-alleged-1b-fraud/" rel=""> NovaTechFX and AWS Mining</a> for allegedly perpetrating a $1 billion fraud.</li> 
 <li>Amid U.S. lawmakers’ outcry, Mohammed Idris, the Nigerian Minister of Information, defended the <a href="https://crypto.news/nigerian-minister-defends-trial-of-detained-binance-exec-amid-us-lawmakers-outcry/" rel="">trial</a> of the detained Binance executive Tigran Gambaryan, asserting that the legal proceedings are justified and necessary.</li> 
 <li>However, former U.S. federal agents <a href="https://crypto.news/former-u-s-federal-agents-rally-to-free-binance-exec-detained-in-nigeria/" rel="">rallied</a> to petition for Gambaryan’s release, emphasizing the need for due process and fair treatment.</li> 
 <li>Meanwhile, in Asia, Hong Kong’s HKMA issued a warning to the public regarding the<a href="https://crypto.news/hong-kongs-hkma-warns-public-of-unregulated-kucoin-crypto-exchange/" rel=""> unregulated status of KuCoin</a>, advising caution when dealing with the crypto exchange.</li> 
</ul> 
<h1 class="wp-block-heading" id="industry-collaborations-acquisitions-and-expansion">Industry collaborations, acquisitions and expansion</h1> 
<ul> 
 <li>The industry also witnessed growth prospects last week. Friend.tech collaborated with Conduit to launch <a href="https://crypto.news/friend-tech-collaborates-conduit-launches-friendchain/" rel="">Friendchain</a>, a new blockchain aimed at enhancing social media interactions and transactions.</li> 
 <li>Bitcoin miner Riot Platforms acquired a<a href="https://crypto.news/bitcoin-miner-riot-platforms-acquires-12-stake-in-bitfarms/" rel=""> 12% stake in Bitfarms</a>, strengthening its position in the cryptocurrency mining sector.</li> 
 <li>Robinhood also announced its intention to acquire <a href="https://crypto.news/robinhood-to-acquire-bitstamp-for-200m-major-step-in-growing-our-crypto-business/" rel="">Bitstamp for $200 million</a>, marking a significant step in expanding its crypto business.</li> 
 <li>Crypto exchange Kraken revealed plans for a <a href="https://crypto.news/crypto-exchange-kraken-eyes-100m-pre-ipo-raise/" rel="">pre-IPO raise</a> of $100 million to bolster its financial position ahead of a potential initial public offering.</li> 
</ul> 
<h1 class="wp-block-heading" id="money-20-20-unveils-projections-insights-hurdles">Money 20/20 unveils projections, insights &amp; hurdles</h1> 
<ul> 
 <li>Ripple’s stablecoin will likely launch this year, according <a href="https://crypto.news/ripple-president-stablecoin-likely-this-year/" rel="">to</a> Ripple President Monica Long </li> 
 <li>Long said at Money 20/20 that the SEC is not a friendly entryway for companies trying to establish themselves in the U.S., highlighting regulatory challenges.</li> 
 <li>Further, discussions at Money 20/20 suggested that the tokenization industry needs to address<a href="https://crypto.news/money20-20-the-tokenization-industry-needs-to-address-interoperability-issues/" rel=""> interoperability issues</a> to ensure seamless integration and operation across different blockchain platforms.</li> 
 <li>Industry leaders argued that<a href="https://crypto.news/money20-20-traditional-financial-institutions-need-to-merge-with-blockchain-technology/" rel=""> traditional financial institutions</a> must merge with blockchain technology to stay relevant and competitive in finance.</li> 
</ul> 
<p> Read more: <a href="https://crypto.news/open-letter-warns-about-ai-and-it-should-apply-to-crypto-too/" rel=""> Open letter warns about AI — and it should apply to crypto too </a> </p>

Market turmoil, spot BTC ETFs see consecutive inflows, political maneuvers, Money 20/20 | Weekly Recap

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