Ethereum

Bitcoin ETF

<p class="is-style-lead">Today’s edition of the weekly recap: MicroStrategy buys 12,000 additional Bitcoin (<a href="https://crypto.news/price/bitcoin/" rel="noopener noreferrer nofollow">BTC</a>); the U.S. Securities and Exchange Commission (SEC) closes its probe on Ethereum (<a href="https://crypto.news/price/ethereum/" rel="noopener noreferrer nofollow">ETH</a>); and stablecoins take center stage.</p>
<h2 class="wp-block-heading" id="bitcoin-slumps">Bitcoin slumps</h2>
<ul>
 <li>Bitcoin initially <a href="https://crypto.news/bitcoin-falls-below-66k-exchange-activity-rises/" rel="noopener noreferrer nofollow">dropped</a> below the $66,000 level on June 18 after several days of consolidation. This downward pressure endured as the week progressed, leading to a further collapse below $65,000.</li>
</ul>
<ul>
 <li>CryptoQuant <a href="https://crypto.news/three-reasons-why-the-crypto-market-fell-on-tuesday/" rel="noopener noreferrer nofollow">reported</a> that the market turbulence was likely triggered by a confluence of three factors: capitulation by miners, the sustained crypto ETF outflows and reduced issuance of stablecoin tokens.</li>
</ul>
<ul>
 <li>Despite the market downturn, investor <a href="https://crypto.news/report-investor-profitability-stays-high-despite-market-turbulence/" rel="noopener noreferrer nofollow">profitability</a> remained high with 87% of Bitcoin’s circulating supply in profit.</li>
</ul>
<ul>
 <li>Altcoins such as Pendle (PENDLE) and Toncoin (<a href="https://crypto.news/price/toncoin/" rel="noopener noreferrer nofollow">TON</a>) bucked the overall market trend. Pendle <a href="https://crypto.news/pendle-soars-over-17-despite-market-wide-bloodbath-arweave-and-toncoin-also-in-the-green/" rel="noopener noreferrer nofollow">spiked</a> 17% in the week leading to June 22. The asset’s market cap soared to $968 million, looking to touch the $1 billion mark.<br></li>
 <li>Meanwhile, MicroStrategy <a href="https://crypto.news/microstrategy-buys-12000-new-btc/" rel="noopener noreferrer nofollow">leveraged</a> the downturn to increase its Bitcoin holdings. The firm purchased nearly 12K more BTC on June 20 for $786 million at an average price of $65,883 per BTC.</li>
</ul>
<h2 class="wp-block-heading" id="zksync-launches-airdrop">Zksync launches airdrop</h2>
<ul>
 <li>Despite controversy and concerns regarding its procedures and Sybil filtering measures, Zksync distributed 3.67 billion tokens. Binance <a href="https://crypto.news/binance-lists-zksync-zk-with-token-giveaway-amid-airdrop-controversy/" rel="noopener noreferrer nofollow">listed</a> the token on June 17.</li>
</ul>
<ul>
 <li>Following the <a href="https://crypto.news/nansen-top-41-zksync-airdrop-recipients-hit-sell/" rel="noopener noreferrer nofollow">airdrop,</a> more than 41% of the top addresses that received it sold off all their allocations shortly after the distribution event.&nbsp;</li>
</ul>
<h2 class="wp-block-heading" id="spot-bitcoin-etfs-record-outflows">Spot Bitcoin ETFs record outflows</h2>
<ul>
 <li>Spot Bitcoin ETF products saw sustained outflows last week. These products saw $145.9 million outflows on June 17 and $152.4 million on June 18. Following the negative flows on June 18, cumulative net inflows <a href="https://crypto.news/bitcoin-etf-outflows-continue-total-amount-falls-below-15b/" rel="noopener noreferrer nofollow">dropped</a> below $15 billion.&nbsp;</li>
</ul>
<ul>
 <li>These outflows <a href="https://crypto.news/bitcoin-etfs-enjoy-6-days-of-continued-9-figure-outflows/" rel="noopener noreferrer nofollow">persisted</a> until the end of last week, resulting in a cumulative negative netflow of over $544 million in the five days leading to June 21.<br></li>
 <li>In Australia, asset manager VanEck <a href="https://crypto.news/vaneck-bags-australias-first-spot-bitcoin-etf/" rel="noopener noreferrer nofollow">received</a> the green light from Australia’s securities exchange AXS to launch the first spot Bitcoin ETF in the country.</li>
</ul>
<ul>
 <li>Asset manager 3iQ <a href="https://crypto.news/asset-manager-3iq-eyes-launching-first-solana-etp-in-canada/" rel="noopener noreferrer nofollow">filed</a> to list the first-ever Solana ETP, dubbed Solana Fund (QSOL), on Canada’s Toronto Stock Exchange.&nbsp;</li>
</ul>
<h2 class="wp-block-heading" id="global-regulatory-developments">Global regulatory developments</h2>
<ul>
 <li>South Korean media <a href="https://crypto.news/south-korea-to-reconsider-hundreds-of-crypto-listings-under-new-law-report/" rel="noopener noreferrer nofollow">revealed</a> that the country’s authorities are reviewing listings of over 600 assets across multiple exchanges in the wake of a new regulation.</li>
</ul>
<ul>
 <li>Also in South Korea, prosecutors <a href="https://crypto.news/korean-court-gets-new-evidence-alleging-terras-kwon-deceived-investors-with-fake-transfers/" rel="noopener noreferrer nofollow">presented</a> fresh evidence supporting their claims that Terra founder Do Kwon used fake transactions to deceive investors.&nbsp;</li>
</ul>
<ul>
 <li>Fidelity Investments <a href="https://crypto.news/fidelity-discloses-4-7-million-seed-investment-for-its-spot-ether-etf/" rel="noopener noreferrer nofollow">amended</a> its S-1 filings for a spot Ethereum ETF with the SEC, confirming a seed investment of $4.7 million for the upcoming product.&nbsp;</li>
</ul>
<h2 class="wp-block-heading" id="binance-s-regulatory-woes">Binance’s regulatory woes</h2>
<ul>
 <li>In the U.S., North Dakota <a href="https://crypto.news/north-dakota-revokes-binance-license/" rel="noopener noreferrer nofollow">rescinded</a> the operational license of crypto exchange Binance following the conviction and sentencing of former CEO Changpeng Zhao.</li>
</ul>
<ul>
 <li>Binance faced another regulatory hurdle in India, with the authorities <a href="https://crypto.news/indias-financial-regulator-hits-crypto-exchange-binance-with-2-25m-fine/" rel="noopener noreferrer nofollow">imposing</a> a $2.2 million fine on the global exchange for violating anti-money laundering provisions.</li>
</ul>
<ul>
 <li>U.S. lawmakers French Hill and Chrissy Houlahan <a href="https://crypto.news/u-s-lawmakers-visit-imprisoned-binance-executive-in-nigeria/" rel="noopener noreferrer nofollow">visited</a> Binance employee and U.S. citizen Tigran Gambaryan in a Nigerian prison, where he faces charges of AML violations. The legislators advocated for Gambaryan’s release after the visit.</li>
</ul>
<h2 class="wp-block-heading" id="us-sec-closes-probe-on-ethereum">US SEC closes probe on Ethereum</h2>
<ul>
 <li>In a win for the Ethereum community, the U.S. SEC <a href="https://crypto.news/ethereum-secures-major-win-as-sec-drops-investigation/" rel="noopener noreferrer nofollow">revealed</a> that it had closed its investigation on whether certain sales of Ethereum constituted unregistered securities offerings.&nbsp;</li>
</ul>
<ul>
 <li>However, Consensys confirmed that it continues its battle with the agency on whether user interface offerings for functionalities such as Swapping and Staking on MetaMask constitute securities or not.</li>
</ul>
<h2 class="wp-block-heading" id="stablecoins-take-center-stage-as-mica-looms">Stablecoins take center stage as MiCA looms</h2>
<ul>
 <li>Stablecoins took the spotlight this week. On June 17, USDT issuer Tether <a href="https://crypto.news/tether-unveils-gold-backed-asset-class-to-redefine-stability-in-digital-economy/" rel="noopener noreferrer nofollow">disclosed</a> plans to launch a new asset class backed by Gold.</li>
</ul>
<ul>
 <li>Meanwhile, Uphold <a href="https://crypto.news/uphold-ceases-support-for-usdt-gusd-tusd-due-to-european-new-law-report/" rel="noopener noreferrer nofollow">discontinued</a> support for USDT alongside other “unauthorized” stablecoins as the market anticipated the implementation of MiCA’s stablecoin regulations by month’s end.<br>&nbsp;</li>
 <li>Tether also <a href="https://crypto.news/corruption-and-money-laundering-in-tether-protest-campaign-launched-in-the-us/" rel="noopener noreferrer nofollow">came</a> under fire from a campaign ad in the U.S. which accused the stablecoin issuer of money laundering and corruption. The National Australia Bank, the largest bank in the country, <a href="https://crypto.news/australias-largest-bank-shuts-down-stablecoin-pilot-report/" rel="noopener noreferrer nofollow">closed</a> its stablecoin project last week.</li>
</ul>
<p>Read more: <a href="https://crypto.news/end-of-stablecoins-why-exchanges-are-abandoning-stablecoins-in-eu/" rel="noopener noreferrer nofollow"> End of stablecoins? Why exchanges are abandoning stablecoins in EU </a></p>

MicroStrategy buys more Bitcoin, Ethereum probe, stablecoin spotlight | Weekly Recap

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