Weekly Top Crypto News (June 19 – June 25)

Powered by Wall Street’s top financial institutions, Bitcoin last week achieved a new 2023 high, putting the BTC Dominance rate over 50% for the first time in two years, indicating that the crypto market is highly thrilled at present.
Weekly Top Crypto News (June 19 - June 25)

Binance Was Ordered To Stop Service Immediately In Belgium

Belgium’s FSMA has ordered Binance to immediately stop servicing local consumers in Belgium. The exchange is facing legal issues, including a complaint by the US Securities and Exchange Commission alleging 13 violations. It also has withdrawn from several European Economic Area countries due to regulatory concerns.


Deutsche Bank Expands Investment Into Digital Asset With New Filing For License

Deutsche Bank has applied to Bafin for a regulatory license to provide custody services for digital assets such as cryptocurrencies. The move is part of Deutsche Bank’s strategy to increase fee income from corporate banking. It also reflects the efforts of DWS Group, the bank’s investment arm, to expand revenue from digital asset-related products.


EDX Markets, Backed By Citadel Securities, Fidelity, And Schwab, Is Now Available: WSJ

EDX Markets, a new cryptocurrency exchange supported by Citadel Securities, Fidelity Investments, and Charles Schwab, is looking for brokers and investors interested in digital assets. The exchange will use regular financial rules but will be “non-custodial.” Just four cryptocurrencies are supported by EDX for spot trading.


Big Asset Management Wisdomtree Enters Spot Bitcoin ETF Race

Another big player in the wealth management space, Wisdomtree, has joined the registration of a spot Bitcoin ETF. In the application, the company outlined its investment objective as exposure to the bitcoin price while considering the costs and liabilities associated with the operation of the ETF. In less than a week, seven companies filed for a bitcoin ETF showing a new wave of institutional investors entering the bitcoin market.


$1.5 Trillion Asset Manager Invesco Reactivates Bitcoin Spot ETF Filing

Invesco is taking another step in the cryptocurrency ETF space with the new filing. The company submitted an application for approval to launch Bitcoin spot-based ETF of Galaxy Digital. This is the move that follows the giants BlackRock, Fidelity, and WisdomTree, making the market strengthen psychologically.


Valkyrie Quickly Apply To Open A Spot Bitcoin ETF

Valkyrie Investments is the latest company to join an application for a Spot Bitcoin ETF with the SEC. So far, this investment fund’s attempt has always been rejected by the SEC. Currently, Valkyrie is operating two Bitcoin funds, Bitcoin Strategy ETF (Futures Fund) and Bitcoin Miners ETF (Investment Fund in Miners).


SEC Fines JPMorgan $4M For “Accidentally” Deleting 47M Customer Records

The Securities and Exchange Commission fined JPMorgan Chase for accidentally deleting 47 million emails. The emails contain most of the bank’s business records authorized under SEC rules to keep for at least three years. JPMorgan also did not deny or admit wrongdoing, noting that the incident happened accidentally.


GBTC Reaching Highest Trading Volume In Months

Bitcoin and GBTC have both experienced significant gains, with GBTC surging by 11.44% and reaching a trading volume of $10.24 million, the highest since November 22 last year. Grayscale Bitcoin premium has rallied more than 25% since BlackRock filed for a Bitcoin ETF like GBTC application.


Prime Trust Key Partner Stably Has To Stop Some Services

Payments platform Stably had to suspend some services due to the impact of its regulatory custodian Prime Trust. Prime Trust had to suspend deposits and withdrawals due to a request from Nevada regulators.


Do Kwon Sentenced To 4 Months In Montenegrin Jail For Passport Crime

Do Kwon, former CEO of Terra, has been convicted of using forged passports in Montenegro and sentenced to four months in prison. Kwon had been on the run for six months before being arrested in the VIP lounge of Podgorica Airport in March.


Tether To Launch USDT On Kava Network, KAVA Soars 12%

Tether announced that it would issue native USDT on the Kava blockchain. Native USDT is now live on multiple blockchain networks, including Ethereum, Solana, Algorand, EOS, Liquid Network, Omni, and Tron. The price of KAVA jumped more than 12 % in the day following the above news.


Layer 2 Polygon Wants To Upgrade Polygon PoS Chain Compatible With zkEVM

Polygon Labs suggested an update to zkEVM validium, a Layer 2 network protected by Ethereum, for its flagship Polygon PoS sidechain. The update attempts to bring the present Polygon PoS chain in line with the Polygon 2.0 goal. If accepted by the Polygon community, the huge update would boost security and make the blockchain foundation more “future-proof.”


MakerDAO Backed DAI By Purchasing $700 Million In US Treasury Bonds

MakerDAO has just completed the purchase of an additional $700 million in US Treasury bonds. After buying $500 million of bonds in October 2022, the total current holding of the project is up to $1.2 billion. The DAO investing in bonds is a way to gain exposure to many low-risk financial instruments.


Azuki Will Launch Elemental Airdrop On June 27

Azuki will launch the SBT series NFT Elementals on June 27, with both Azuki and BEANZ holders receiving an airdrop to commemorate an event in Las Vegas. Additionally, each user is airdropped with undisclosed and locked Elementals. The rest will be sold during the Elementals pre-sale. These undisclosed tokens are unlockable, transferable, and publicly available immediately after the sale closes.


Judge’s FTX Client Confidentiality Order Receives Strong Media Outcry

4 major newspapers protested that the bankruptcy judge of FTX allowed to keep customer information confidential. Legal representatives of the media have argued that FTX is not entitled to an exception for using cryptocurrency. The judge found this consistent with an exception in U.S. bankruptcy law that addresses potential harm from disclosure.


Ripple Grants Important License To Expand In Singapore

Ripple has received in-principle permission from the Monetary Authority of Singapore for its application for a Major Payments Institution License. The license will allow Ripple’s Singapore office to provide regulated digital payment token goods and services, as well as expand its clients’ usage of its crypto-enabled On-Demand Liquidity (ODL) platform. This development puts Ripple on track to expand customer usage of crypto-enabled payments in Singapore and across the APAC region, while Singapore is also considering imposing formal regulations on the crypto industry.


Wintermute Trading Accused Of Helping Celsius CEO Scam Investors

Wintermute Trading Ltd. is accused of aiding in a fraudulent scheme with Celsius Network Ltd. CEO Alex Mashinsky. According to the lawsuit, the firm engaged in “wash trading” and other improper activities. The investors claim that Wintermute played a critical role in Mashinsky’s failed attempt to prop up CEL in May 2022.


Fed Chair Says Stablecoins Are A Form Of Money

According to US Fed Chair Jerome Powell, payment stablecoins are a “form of money” that should be supervised by central banks. At a June 21 hearing, Powell asked if stablecoin issuers should be registered and controlled by the Fed. He expressed reservations about governmental clearance and preemption for stablecoin issuers.


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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