Crypto Bubble

Meta's Prototype 'Full Holographic' Glasses Could Revolutionize Web3 🔈 Meta's Mark Zuckerberg predicts that smart glasses with holographic displays will eventually replace mobile phones. In an interview with YouTuber Kane "Kalloway" Sutter, he described these glasses, featuring cameras, microphones, speakers, and a full field-of-view holographic display, as Meta's most exciting future product.

Jesse Powell, the founder of Kraken, has donated $1 million to Donald Trump ⚡️ Kraken founder Jesse Powell announced a $1 million donation to Donald Trump's campaign, citing Trump's pro-crypto stance. Powell criticized the Biden administration's regulatory approach, which he believes weakens U.S. competitiveness in crypto. Powell, who stepped down as CEO in 2022, still serves as Kraken's chairman.

Galaxy Digital Predicts Up to $7.5 Billion Inflow into ETH ETFs Within First Five Months ✨ Galaxy Digital predicts that Ethereum (ETH) exchange-traded funds (ETFs) could soon become a multi-billion dollar market after SEC approval. Analysts expect the first approvals next week. Charles Yu, Galaxy's VP of Research, forecasts inflows of $3 billion to $7.5 billion in the first five months, following the success of Bitcoin ETFs. Yu believes ETH ETFs will boost market adoption and legitimacy among institutional investors and regulators.

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German Government Transfers $15 Million in Bitcoin to Bitstamp and Kraken, According to Arkham ⚡️ According to Arkham the German government transferred approximately 250 BTC (worth $15.4 million) to cryptocurrency exchanges Bitstamp and Kraken. This follows a series of transactions totaling around $150 million sent to known crypto exchange addresses over the past week. The reasons for these transfers by the German government have not been officially clarified.

FTX Customers to Cast Votes on Multi-Billion Dollar Repayment Proposal ▶️ FTX customers will vote on a Chapter 11 plan to compensate victims and resolve penalties from the exchange's collapse, following approval from Judge John Dorsey.

Japanese Firm Metaplanet Inc. Plans to Purchase $6.3 Million in Bitcoin via Bond Issuance 📌 Japanese investment firm Metaplanet Inc.'s stock rose over 12% on Monday after announcing plans to buy 1 billion yen ($6.26 million) worth of bitcoin using funds from an upcoming bond issuance. The bonds, with a 0.5% annual interest rate, will mature on June 25, 2025.

Nigeria gives VASPs 30-day ultimatum to comply with new rules The Nigerian Securities and Exchange Commission (SEC) has announced plans to update crucial digital assets regulations in an official notice to the public. The amendments aim to strengthen the regulatory framework, ensuring it is more comprehensive and adaptable to the complexities of digital asset markets. As part of this regulatory update, the SEC has introduced the Accelerated Regulatory Incubation Programme (ARIP). This is a specialized compliance initiative tailored for virtual asset service providers (VASPs). The program offers VASPs a structured pathway to align with the country’s new regulatory standards. According to information published on the SEC’s website, a dedicated onboarding window has been established to facilitate VASPs’ participation in the ARIP. Additionally, the SEC stated that it will initiate enforcement actions against any operating VASP that does not comply with the directives outlined in its Circular. This regulatory update is a component of Nigeria’s broader initiatives to enhance oversight of its rapidly expanding cryptocurrency market. Following the appointment of Emomotimi Agama as the new SEC Director-General, One notable proposal is to raise the registration fee for crypto exchanges from 30 million naira ($18,620) to 150 million naira ($93,000). In tandem with these SEC changes, the Central Bank of Nigeria (CBN) has issued guidelines governing banking relationships and account operations for Virtual Asset Service Providers (VASPs) in the country. This coordinated effort highlights Nigeria’s commitment to regulate the virtual asset ecosystem responsibly rather than imposing blanket bans.

Fidelity Reveals $4.7 Million Seed Investment in Ethereum ETF: SEC Filing 🔥 Fidelity has made a $4.7 million seed investment in its spot Ethereum ETF, according to a recent filing. FMR Capital, an affiliate of Fidelity, purchased shares in late May and June. The funds were used to buy 1,250 ether. The filing did not mention fees, aligning with other issuers except Franklin. Bloomberg's Eric Balchunas noted that firms might be waiting for BlackRock to disclose fees before setting their own.

Arbitrum Sees 16,500% Increase in Daily Revenue After LayerZero's ZRO Launch ✨ LayerZero's ZRO token launch on June 20 caused Arbitrum's daily revenue to spike to $3.43 million, a 16,680% increase. The launch's "donation" mechanism drove average gas fees up to 89 cents, boosting profits to a record high, per Dune Analytics and DefiLlama.

US SEC Concludes Ethereum 2.0 Investigation: Consensys 📈 Consensys announced that the SEC has closed its investigation into Ethereum 2.0, marking a significant win for the blockchain industry. This means the SEC will not classify Ethereum sales as securities transactions. The decision follows Consensys' request after the approval of spot ether ETFs and their lawsuit challenging the SEC's classification of ether as a security.

Nvidia Surpasses Microsoft in Market Cap, Becoming Most Valuable Public Company 🔖 Nvidia is now the world's most valuable public company, surpassing Microsoft with a market cap of $3.33 trillion. The company's shares have surged over 170% this year due to its dominance in AI chips used by major tech companies. Nvidia's rise has significantly boosted co-founder Jensen Huang's net worth to $117 billion.

Crypto Startup Funding Surpasses $100 Billion 🔈 Over $100 billion has been raised for cryptocurrency startups since May 2014. As of June 16, 2024, total funding is $101.35 billion, per DefiLlama. May 2014 saw $17.14 million raised, while May 2024 saw $280.25 million, down from April's $777.11 million.

Turkey’s Garanti BBVA commercial bank launches crypto wallet service 🔈 Garanti BBVA Digital Assets, a subsidiary of Garanti BBVA Financial Technologies Inc., now provides a crypto wallet service on its mobile platform, Garanti BBVA Crypto. This development marks a first in Turkey, with a bank subsidiary independently creating and launching a cryptocurrency wallet. The team says its customers can now transfer and store Bitcoin (BTC), Ethereum (ETH), and USD Coin (USDC) on the platform. Garanti BBVA’s launch of this crypto wallet is part of its strategy to remain at the forefront of the rapidly changing fintech industry. The bank says it has been engaged with blockchain technology and cryptocurrency services for several years, acknowledging their potential to revolutionize the financial sector. The wallet, available on the App Store for iOS users, provides enhanced security features and digital payment capabilities. Garanti BBVA Executive Vice President and Chairman of the Board of Directors of BBVA Digital Assets, Çağrı Süzer, announced that the team successfully conducted pilot studies for the new service. Süzer noted that the Garanti BBVA Crypto app, initially available in beta for a limited number of customers, is now accessible to all users. He added that while the app currently supports BTC, ETH, and USDC cryptocurrencies, the bank plans to expand its range of assets and enhance its service infrastructure in the future. Garanti BBVA’s introduction of a crypto wallet meets Turkey’s rising demand for cryptocurrency services.

Competing Claims Filed for Bankman-Fried's Forfeited Assets in FTX Bankruptcy 👀 Three groups have filed claims over assets seized from Sam Bankman-Fried following his criminal conviction. The FTX debtors' estate argues that the assets, including funds in bank accounts and political contributions, were not his to forfeit, as they were held in the name of FTX entities or funded by FTX assets. They believe granting their claim will benefit all creditors and stakeholders, including victims of Bankman-Fried's crimes.

Australia’s ASX set to launch country’s first spot Bitcoin ETF According to reports, the first Bitcoin ETF to debut on Australia’s primary stock market is the VanEck Bitcoin ETF. This spot ETF allows investors to gain exposure to Bitcoin through a regulated, transparent, and well-established investment vehicle. Ever since the Gary Gensler-led Securities and Exchange Commission (SEC) greenlighted the U.S.’s first spot Bitcoin ETF in January, other regions have been scampering to join the bandwagon. The launch of the VanEck Bitcoin ETF in Australia is anticipated to attract substantial capital inflows from the country’s sizable pension fund market as investors seek to diversify portfolios with exposure to digital assets. Globally, the listing of Bitcoin ETFs is gaining momentum as jurisdictions like Hong Kong and Australia have shown interest in adopting similar products. Sydney-based BetaShares Holdings Pty and DigitalX Ltd. are preparing to list on the main Australian board, following initial listings on CBOE Australia. While these early ventures had varied success, expectations are growing that the trend will gain traction due to the exchange’s higher visibility and the recent surge in Bitcoin’s value.

Curve Finance Founder Faces Liquidation as CRV Token Price Plummets 👀 Michael Egorov, founder of Curve Finance, faces increased liquidation risk on his on-chain loans after some positions were liquidated earlier. The price of Curve DAO (CRV) has dropped over 25% in the past 24 hours to $0.262. Egorov has 111.87 million CRV ($33.87 million) in collateral and $20.6 million in debt across four platforms.

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Space and Time debuts sub-second ZK prover California-based crypto startup Space and Time has released a new high-performance ZK prover to improve on-chain transactions and defi growth. Space and Time (SxT), a custom-built compute layer, granted public access to its sub-second zero-knowledge (ZK) prover stack, dubbed Proof of SQL. The ZK-proof system was previously made available to a few SxT clients in alpha last August. ZK provers were necessitated by privacy needs, a cornerstone of cryptographic technology. The fundamental thesis of ZK models allows users to demonstrate that data or transactions are valid or true without revealing additional information. Several web3 developers, including Ethereum’s Vitalik Buterin, have stressed the role of ZK stacks in building reliable decentralized finance (defi) ecosystems. The technology is viewed as crucial for ensuring safe on-chain interactions for smart contract protocols and end-users. However, ZK proofs have been known to sometimes slow down execution.

Uniswap Labs Announces Acquisition of 'Crypto: The Game' Ahead of Third Season 🔥 Uniswap Labs has acquired "Crypto: The Game," an on-chain Survivor-esque contest, in preparation for the game's next "season." The deal, which includes cash, tokens, and equity, will see CTG founders Dylan Abruscato, Tyler Cagle, and Bryan Lee continue developing the game as Uniswap Labs employees. Uniswap Labs’ COO Mary-Catherine Lader highlighted the company's focus on enhancing on-chain experiences. The purchase price was not disclosed.