Weekly Top Crypto News (June 12 – June 18)
The crypto market has seen the development of a slew of significant news impacting the Bitcoin price during the last week. First, the US CPI continued to decrease, prompting the Fed to pause interest rate hikes for the first time in ten years. Nevertheless, the biggest cryptocurrency rebounded when BlackRock decided to submit an application with the SEC to create a Bitcoin ETF. Here, let’s review this week’s top crypto news with Coincu!
Fed Doesn’t Raise Interest Rates
During today’s FOMC meeting, the Fed decided not to increase its federal funds’ rate, halting a continuous string of aggressive rises stretching back to March 2022. The central bank needs time to examine the effect of its prior monetary tightening actions on the economy.
BlackRock To Expand More Bitcoin ETF With New Filing Application
BlackRock, the world’s largest asset manager, is on the verge of launching a Bitcoin ETF. With the ETF, the massive asset management will use Coinbase Custody and the crypto exchange’s spot market data. It was unclear if the ETF would be spot or future.
USDT Is Under Selling Pressure As It Loses 0.3% Of The Value
Tether’s USDT is currently struggling with market volatility. The Curve 3Pool’s balance should be 33.33% for each of its three stablecoins, however, Tether’s balance has risen to well almost 70%. This suggests that traders are selling a lot of USDT for DAI or USDC, causing the stablecoin to de-peg to $0.9975.
CoinDesk Obtains Tether’s FOIL Documents Revealing After USDT Lost Its Peg
Tether’s FOIL documents reveal important information about its banking relationships, asset-backing strategy, and reliance on commercial paper. CoinDesk stands by the integrity of its reporting on Tether, including the release of FOIL documents obtained after a court dispute, which coincided with USDT losing its peg.
Binance Is Leaving The Netherlands From July 17 After Legal Difficulties
Binance is departing the Netherlands after failing to get a VASP license from the Dutch regulator. Dutch citizens will only be permitted to withdraw monies from the exchange as of July 17. The company said that it has engaged in a complete registration application procedure with the authorities as a virtual asset service provider.
Binance Under Investigation In France For Serious Money Laundering
French authorities are investigating Binance for an “illegal” supply of digital asset services and aggravated money laundering. Binance is accused of soliciting French clients via its local branch in violation of French law until 2022. The exchange recently announced its departure from the Netherlands after failing to get an AML license.
Binance.US Is Separated From Binance Holdings After Court Approved SEC Deal
Binance.US, Binance and the SEC have come to a mutual agreement. Binance.US will ensure that no authorities from the global exchange, Binance Holdings, have access to private keys for wallets or hardware wallets. The deal was approved by Judge Amy Berman Jackson.
Ripple Lawsuit’s Hinman Docs Are Disclosed
Hinman materials and speeches, including Ripple’s Rule 56.1 declaration, are now accessible to the public. The paper indicated that the SEC sought advice from Vitalik Buterin throughout the process that led to the contentious speech. On June 4, however, then-SEC director Hinman shared a draft of the speech with the commission’s division chiefs.
Uniswap Labs Revealing New Version Of Uniswap
Uniswap Labs has revealed its plans for the next version of its cryptocurrency trading platform, Uniswap v4. The Uniswap community will administer the exchange. The developer intends to improve the DEX’s coin-swapping capabilities with the v4 update by integrating “hooks” and unique liquidity pools.
Atomic Wallet Hack Is Getting More Complicated
In a recent robbery impacting Atomic Wallet customers, North Korean hackers stole more than $100 million in cryptocurrency. The hackers targeted over 5,500 digital wallets, according to the business, and were members of the North Korean cybercrime ring known as the Lazarus Group. The Atomic Wallet team is also working with the police in Estonia, where the firm is registered.
EigenLayer Restaking Has Been Deployed On Ethereum Mainnet
DeFi platform EigenLayer announced it had implemented its reset protocol on the Ethereum mainnet. This protocol allows users to staking ETH by depositing liquidity staking tokens such as Lido stETH (stETH), Rocket Pool ETH (rETH), and Coinbase Wrapped staking ETH (cbETH). To date, the project has received $64.5 million in funding, with a valuation of $500 million.
Voyager Allows Users To Withdraw Within 35% Cryptocurrency Limit This Month
After almost a year of freezing, Voyager allows users to withdraw part of their cryptocurrency for the first time. From June 20 to July 5, creditors can withdraw about 35% of crypto. Initial cryptocurrency distributions will be made to creditors within three to seven calendar days of submitting a withdrawal request.
Celsius Suggests New Plan Sell Altcoins For BTC And ETH From July 1
Celsius intends to convert all altcoins except Bitcoin and Ethereum into this currency with court approval. This will not affect tokens held in withholding or escrow accounts, and the sale will begin on July 1. The filing states that the conversion will not affect any creditor’s claims.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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