Cardano Upgrade Underway
Coinbase Partners With Payments Firm Stripe
Weekly Stats
Bitcoin: $63,327.26 (+1.59%)
Bitcoin Market Dominance: 54.1%
Global Crypto Market Cap: $2.31T
Ethereum: $3,482.27 (-5.16%)
Ethereum Market Dominance: 17.8%
Total Value Locked: $96.143B
NFT Sales Volume: $107,667,650 (+9.88%)
Crypto Fear and Greed Index: 53
Coins of the Week
Top Gainer — Mog Coin
Mog Coin is the top gainer of the week, with a rally of more than 106% in the last seven days. The new memecoin started to get more popularity a week ago, gaining momentum on Twitter and other social media platforms.
Top Loser — Pendle
The top loser of the week is Pendle, with a loss of more than 7% in the last seven days. The token has encountered resistance and downward trends, nearing the next $5 support as bearish trends persist.
Top 3 News
Cardano Node Upgrade Underway — Link
A failed spam attack on the Cardano blockchain led developers to work on a node upgrade that could deter future distributed denial-of-service (DDoS) attacks of a similar nature.
Coinbase Partners With Payments Firm Stripe — Link
Stripe will incorporate Coinbase’s Layer 2 network Base into its crypto payout products, and Coinbase will add Stripe as a way for its customers to buy crypto with credit cards or Apple Pay inside the Coinbase Wallet.
Bybit Card Becomes Available on Apple Pay — Link
Bybit Card, a Mastercard-issued debit card, can now be added to Apple Pay. The support for Bybit Card comes several months after Crypto.com’s card became available on the EU version of Apple’s mobile wallet application.
Top Bitcoin News
Mt. Gox to Distribute $9B of Bitcoin — Link
Defunct bitcoin exchange Mt. Gox is set to begin distributing around $9 billion worth of bitcoin and bitcoin cash repayments in July, according to a notice sent by Rehabilitation Trustee Nobuaki Kobayashi on Monday.
German Gov’t Offloads Bitcoin — Link
A “German Government (BKA)” labeled cryptocurrency wallet has sold over $54 million worth of Bitcoin. The German government’s wallet sold 900 Bitcoin in three individual transactions on June 25.
Bitcoin Activity Drops to Lowest Level Since 2010 — Link
The ratio of active Bitcoin addresses has plummeted to its lowest level since November 2010. In June, the weekly active wallet ratio dropped to a low of 1.22% while peaking at 1.32%. The month’s highest ratio was last seen in November 2010.
Top Layer 1 News
Bitcoin and Ethereum Transaction Fees Plummet — Link
On June 23, the average Bitcoin transaction fee reached $1.93 per transaction, its lowest level since October 2023. The low fees on the Bitcoin network are a sign of lower network activity and less competition.
Dfinity Announces New ICP-Powered Platform — Link
The Dfinity Foundation has introduced a new ICP-powered platform designed to replace traditional cybersecurity measures. The platform, dubbed Utopia, is a private serverless cloud infrastructure designed for government entities and enterprise organizations.
Chainlink Data Streams Go Live on Avalanche Network — Link
Oracle network Chainlink has launched its Data Streams product on the Avalanche network. GMX, a decentralized perpetual futures trading platform, has taken the lead by using the real-world market data provided by Data Streams to power its perpetual futures protocol.
Top Layer 2 News
Blast Announces Foundation for Protocol Governance — Link
Blast, an Ethereum Layer 2 network created by the founder of the disruptive NFT marketplace Blur, said Monday that it is creating a foundation to help govern the protocol.
Top DeFi News
Zeta Markets Debuts Native Token ZEX — Link
Solana-based DEX Zeta Markets, which specializes in derivatives trading, has launched its native token and opened airdrop claims comprising 100 million ZEX.
PancakeSwap Launches AI-powered Prediction Market — Link
PancakeSwap, a multichain decentralized exchange (DEX), has partnered with Allora Network to launch an artificial intelligence (AI)-powered prediction market on Arbitrum. The new prediction market will feature AI-driven price feed data sourced through Allora.
Puffer Finance Moves to Based Rollups — Link
Puffer Finance, a liquid staking derivatives (LSD) project built on Ethereum restaking protocol EigenLayer, will partner with the Ethereum Foundation to jointly develop based rollups after previously securing an $18 million Series A funding round to launch its mainnet.
Top Exchanges News
Sony Gets Ready to Launch Crypto Exchange in Japan — Link
Japan’s multi-industry conglomerate Sony is getting ready to launch a cryptocurrency exchange subsidiary by revamping local trading platform WhaleFin which it acquired last year.
Kraken Adds Support for Copper’s ClearLoop — Link
Crypto exchange Kraken added support for Copper’s ClearLoop, enabling institutional clients to settle their trades on Copper’s infrastructure instead of the exchange itself.
Binance to Remove Prime Brokerage Loophole — Link
Binance is closing a loophole in its Link Program that allowed some prime brokerages to take advantage of the multi-tiered fee structure provided by Binance. Top-tier brokerage partners of the system, which had nine tiers in total, enjoyed discounts on trading fees that could be arbitraged or passed on to clients
Top Crypto Adoption News
Jesse Powell Donates $1M to Donald Trump — Link
Jesse Powell, founder of Kraken cryptocurrency exchange, has donated $1 million to former U.S. President Donald Trump’s campaign. Trump, an open supporter of the crypto sector, has received support from the Winklevoss twins and Cathie Wood.
Strike Launches in the UK — Link
Strike launched its popular Bitcoin and Lightning Network payments app in the United Kingdom on Tuesday, enabling eligible individuals and businesses to buy, sell, send, withdraw and make global payments.
Top NFT, Gaming, and Web3 News
Farcaster is Getting In-app USDC Payments — Link
Dan Romero, co-founder of the popular decentralized social media protocol Farcaster, unveiled Friday a new in-app payments feature. The new tool, built for the Farcaster client Warpcast, uses the stablecoin for 1-tap payments from a user’s profile or the app’s messaging platform.
Pudgy Penguins Parent Firm Igloo Inc Acquires Frame — Link
Igloo Inc., the parent firm behind the popular NFT project Pudgy Penguins, acquired the on-chain creator economy platform Frame. The terms of the deal were not revealed.
Swarm Markets to Offer Tokenized Gold Via NFTs — Link
With a little more than one week before the EU’s Markets in Crypto-Assets Regulation’s stablecoin rules take effect, one real-world asset platform sees a way to offer an asset-backed token issuing a gold-backed NFT.
Top Partnerships News
Worldcoin Partners With Alchemy — Link
Human-verification project Worldcoin announced it has partnered with the web3 infrastructure platform Alchemy ahead of launching the World Chain blockchain in the coming weeks or months.
Zodia Custody Partners With 21Shares — Link
Zodia Custody has partnered with 21Shares to provide custody services for physically backed crypto exchange-traded products in Switzerland and the wider European market.
Top Hacks and Scams
Metallica’s Official X Account Was Hacked — Link
The official X account of Metallica — one of the most famous metal bands of all time — was presumably hacked by an unknown entity to promote a Solana token with the ticker METAL in what many presume to have been a hack.
Top Legal and Regulation News
Logan Paul Sues Coffeezilla — Link
Internet personality Logan Paul filed a defamation lawsuit against YouTuber Stephen Findeisen — better known as Coffeezilla — over a series of videos on Paul’s failed NFT game, CryptoZoo.
SEC Sues Consensys Over MetaMask — Link
The SEC sued Consensys, claiming the firm failed to register as a broker through its MetaMask swaps service and violated the law through its MetaMask staking service. The SEC filed a complaint on Friday in the U.S. District Court in the Eastern District of New York.
Hong Kong Sets Up Crypto Legislative Subcommittee — Link
Johnny Ng, a Hong Kong lawmaker, said his team is collecting policy feedback from the global Web3 industry following the establishment of a crypto subcommittee under the Legislative Council.
Vanuatu Expects to Pass Long-Awaited Crypto Bill — Link
Vanuatu Financial Services Commission (VFSC) Commissioner Branan Karae mentioned in his opening remarks at a digital assets symposium, organized by the country’s financial regulator on June 27, that the bill is expected to be enacted during the first week of Parliament.
UAE Regulations May Lead to Crypto Payment Ban — Link
Crypto and blockchain lawyer Irina Heaver believes newly-released regulations in the United Arab Emirates may prohibit crypto payments in the country. On June 5, the board of directors of the Central Bank of the United Arab Emirates discussed projects under the country’s financial infrastructure program, an initiative to boost digital transformation.
Top Stablecoin News
USDT Supply On TON Crosses 500M — Link
The net circulation of the Tether stablecoin on the Open Network surpassed 500 million. This comes two months after Tether launched the U.S. dollar-backed stablecoin on TON, along with the company’s gold-backed stablecoin, XAUT.
Tether Discontinuing Support for EOS and Algorand — Link
Tether will discontinue support for and Algorand implementations by stopping the minting of on both blockchains today. USDT redemptions on EOS and Algorand will continue for the next 12 months, when Tether may evaluate and announce further changes.
Top FUD News
Yield App Suspends Activity and Enters Liquidation — Link
Yield App announced the immediate suspension of all platform activities as it enters liquidation proceedings. Community channels will also be suspended, while a support channel will remain open via the yield.app.
Top Fundings
Rebar Raises $2.9M — Link
Rebar raised $2.9M in seed funding to build what is being described as the first dedicated Bitcoin-based MEV product. The round was led by 6th Man Ventures, with participation from ParaFi Capital, Arca, Moonrock Capital, and UTXO Management.
Crossover Markets Raises $12M — Link
Crossover Markets, a digital asset trading technology firm focused on institutional liquidity requirements, has announced securing $12 million in a Series A funding round led by Illuminate Financial and DRW Venture Capital.
Covalent Raises $5M — Link
The blockchain data infrastructure firm Covalent raised $5 million in strategic funding led by RockTree Capital. Additional investors include CMCC Global, Moonrock Capital and Double Peak Group, according to an official release.
Condit Raises $37M — Link
Conduit, a crypto infrastructure firm, has raised $37 million in its latest funding round, with the aim of supporting the development of novel blockchain-based products and services.
Colosseum Raises $60M — Link
Colosseum, a Solana-focused crypto accelerator, has raised $60 million for its first fund to back early-stage startups in the Solana ecosystem.
Allora Raises $3M — Link
Allora Labs, formerly known as Upshot and focused on NFT appraisals, has raised $3 million in a strategic funding round ahead of the mainnet launch of its decentralized artificial intelligence network.
Next Week’s Events
United States Unemployment Rate — Link
The unemployment rate in the United States rose to 4% in May 2024, the highest since January 2022, up from 3.9% in the previous month and surprising market expectations, which had forecasted the rate to remain unchanged.
United States Non Farm Payrolls — Link
The US economy added 272K jobs in May 2024, the most in 5 months, compared to a downwardly revised 165K in April, and well above forecasts of 185K.
Australia Balance of Trade — Link
Australia’s trade surplus on goods widened to AUD 6.55 billion in April 2024 from a downwardly revised AUD 4.84 billion in the previous month, surpassing market forecasts of AUD 5.40 billion, as exports fell less than imports.
Euro Area Inflation Rate — Link
Annual inflation rate in the Euro Area increased to 2.6% in May 2024 from 2.4% in each of the previous two months, in line with the preliminary figures.
