Today's Headlines:
Bloomberg: Kraken is in pre-IPO financing negotiations, planning to raise over $100 million
Binance allows users to purchase cryptocurrencies with Mastercard again
Robinhood to acquire cryptocurrency exchange Bitstamp for $200 million
Regulatory News
According to Decrypt, Letitia James, the Attorney General of the state of New York, has filed a lawsuit against two cryptocurrency companies in the state for alleged fraud, accusing them of deceiving tens of thousands of investors involving over $1 billion. The companies being sued include the cryptocurrency exchange NovaTech and the mining company AWS Mining, which are accused of "engaging in illegal pyramid schemes" and stealing over $1 billion in cryptocurrency from investors, including 11,000 New Yorkers. Letitia James stated that she will prohibit these two companies from conducting business in New York and vowed to crack down on cryptocurrency scammers. AWS Mining and its promoters (including Panamanian residents Cynthia and Eddy Petion) had promised to provide high returns to investors through cryptocurrency mining operations, but the company was unable to sustain the promised returns in the long term and eventually collapsed in 2019. Subsequently, the Petion couple launched NovaTech, continuing to recruit clients using similar strategies, but the profits for investors were actually generated from new investors' funds. Prosecutors revealed that the platform only processed $26 million in cryptocurrency transactions from 2019 to 2023.
European Central Bank initiates interest rate cut cycle, cuts rates as scheduled by 25 basis points
The European Central Bank has cut interest rates by 25 basis points as scheduled, reducing the three major interest rates to 4.25%, 3.75%, and 4.50%, marking the first interest rate cut since 2019 and making it the second central bank among G7 member countries to cut interest rates. According to data from FXStreet, traders maintained expectations for the European Central Bank to cut interest rates and anticipate a further 40 basis points cut later this year.
Project Updates
According to CoinDesk, the publicly traded healthcare company Semler Scientifi (SMLR) continues to increase its reserves of Bitcoin by investing another $17 million to purchase Bitcoin and announced plans to raise $150 million to buy more Bitcoin. The company currently holds 828 Bitcoins (purchased for a total of $57 million), now valued at $59 million. However, SMLR's stock price fell by 2.5% during the U.S. trading session on the same day.
Arthur Hayes, co-founder of BitMEX, discussed the current status and prospects of the USD/JPY exchange rate as an important macroeconomic indicator, as well as the impact of the monetary policies of major central banks (especially the Federal Reserve, Bank of Japan, European Central Bank, Bank of Canada, and Bank of England) on exchange rates in his latest blog post. The author previously proposed a solution, which involved the Federal Reserve and the Bank of Japan engaging in unlimited new dollar-yen swaps to strengthen the yen. However, the latest article stated that he observed G7 central banks seem to have chosen a different strategy, namely lowering the policy rates of central banks with "high" interest rates to narrow the interest rate differential between the yen and other major currencies, indirectly strengthening the yen.
The article also analyzed the current inflation situation and central bank inflation targets, pointing out that despite inflation rates generally being higher than the targets, the Bank of Canada and the European Central Bank still chose to cut interest rates, which may be related to the weak yen. Hayes predicted that G7 central banks may announce some form of coordinated currency or bond market manipulation to strengthen the yen, or at least agree that, except for the Bank of Japan, the other central banks should start cutting interest rates. Hayes wrote, "The G7 will hold a meeting in a week, and the communique issued after the meeting will greatly attract market attention. Will they announce some form of coordinated currency or bond market manipulation to strengthen the yen? Or will they remain silent but agree that, except for the Bank of Japan, the rest of the countries should start cutting interest rates? Please continue to pay attention." In addition, the article also discussed whether the Federal Reserve will start cutting interest rates so close to the U.S. presidential election, and believed that it would be political suicide, so it is expected that the Federal Reserve will maintain the status quo. Meanwhile, the Bank of England may decide to lower interest rates due to the prospects of the Conservative Party in the next election. Hayes also pointed out, "The interest rate decisions of the Bank of Canada and the European Central Bank this week triggered a 'big move' in central bank policy in June (or a 'spectacular performance,' using 'fireworks' as a metaphor), which is expected to shake off the dullness of the cryptocurrency market in the northern hemisphere summer. This is not what I originally expected. I thought such a 'big move' would start at the Jackson Hole Symposium hosted by the Federal Reserve in August."
Impact on the Cryptocurrency Market
Hayes stated, "The trend has become very clear, with some peripheral central banks beginning to implement loose policies, signaling a new round of monetary cycles. Since Satoshi Nakamoto provided us with Bitcoin as a tool to resist the traditional financial system in 2009, we have been participating in this game, with the strategy of holding Bitcoin and various altcoins for the long term. Now, the macro environment has changed, and my investment strategy will also be adjusted accordingly. For those asking about whether the 'Maelstrom' investment portfolio project should launch tokens now or in the future, I suggest they take immediate action. At the same time, the excess cryptocurrency in my hands is earning a high annualized yield through USDe, but now is the time to redeploy these funds into altcoins. The cryptocurrency market's bull market is recovering, which may put pressure or distress on central bank governors who have been overly loose in monetary policy."
According to CoinDesk, based on screenshots posted on Reddit, prominent investor Keith Gill (known as "Roaring Kitty") disclosed that his GEM stock and options positions are now worth approximately $586 million and announced that he will be live streaming on YouTube on Friday. GameStop's stock price closed up 47% on Thursday. This move also affected the digital asset market. CoinGecko data shows that the Solana-based Meme coin GME is currently trading at $0.0227, with a 24-hour increase of 120.6%.
FTX Creditors Oppose Bankruptcy Reorganization Plan, Citing Additional Taxation from Cash Payments
According to CryptoSlate, a group of FTX creditors led by Sunil Kavuri is opposing the reorganization plan proposed by FTX's bankruptcy administrators. According to documents submitted to the court on June 5, creditors pointed out that the plan did not pass the best interest test, contained terms that were not in the interest of the creditors, and ignored property rights issues. Creditors stated that cash payments would result in customers needing to pay taxes on the received cash. They suggested using physical payments to avoid tax issues. Creditors further stated that FTX must update its disclosure statement with the Internal Revenue Service (IRS). Under the settlement plan, the IRS will receive a $200 million priority claim within 60 days of approval. An additional $685 million in subordinated priority claims will be paid after customers receive full payment. On May 7, FTX's bankruptcy administrators announced a reorganization plan, where creditors will receive full cash repayment. Under this plan, creditors with claims of less than $50,000 will be eligible to receive 118% compensation within 60 days of court approval. Other non-government creditors will also receive full compensation and up to 9% interest compensation.
ProShares Submits Ethereum Spot ETF Application to the SEC
ProShares has submitted Form 19b-4 to the U.S. Securities and Exchange Commission (SEC), planning to list and trade an Ethereum spot ETF on the New York Stock Exchange (NYSE).
LayerZero CEO: Witch Review Not Yet Completed, Airdrop to Take Place This Month
LayerZero CEO Bryan Pellegrino tweeted that the witch review work has not yet been completed, and the airdrop will take place this month.
Bloomberg: Kraken in Pre-IPO Financing Negotiations, Planning to Raise Over $1 Billion
According to Bloomberg, citing sources familiar with the matter, the cryptocurrency exchange Kraken is in pre-IPO financing negotiations. Kraken is seeking to raise over $1 billion in funds and is expected to complete this before the end of the year. It has been reported that Kraken has been in negotiations for an IPO since at least 2021. Sources stated that Kraken is looking for a "prominent" company to join its board and help it successfully go public as early as next year. So far, the negotiations have only involved verbal agreements on terms and valuation, with no formal documents. Sources mentioned that with the rise in cryptocurrency prices, Kraken's revenue is expected to reach $1 billion to $2 billion this year.
Telegram CEO Du Rove announced on his personal channel that Telegram has introduced the "Telegram Stars" feature, allowing users to buy and sell digital goods on the platform. Users can use Stars to pay for digital services through mini-programs on Android and iOS devices, without the need to install other mini-programs such as Notcoin. Developers can extract Stars on the Fragment platform using TON and promote applications on Telegram with favorable conditions. Users will be charged a 30% fee when purchasing Stars on Apple and Google platforms, but Telegram will subsidize these Stars for advertising costs, reducing the cost of advertising.
According to The Block, the Web3 infrastructure company Alchemy has launched a new Rollup tool designed to help developers create their own blockchain. This tool enables developers to easily build and deploy custom Layer 2 chains, improving development efficiency and simplifying the application of blockchain technology. Alchemy stated that the release of this tool will drive the widespread application of blockchain technology, especially in decentralized finance (DeFi) and other Web3 areas.
According to the official Wormhole Twitter account, the Stake for Governance feature has been launched. W token holders need to cross-chain their tokens to the EVM chain and stake them to participate in governance decisions. The daily transfer limit for W tokens from Solana to the EVM chain is 100 million. Through the Tally governance portal, users can stake W tokens and delegate voting rights to participate in the multi-chain governance of the Wormhole DAO. The newly launched MultiGov system supports proposals and voting on Solana, Ethereum, and EVM chains, marking a significant step for Wormhole towards decentralization.
According to The Information, global asset management company Franklin Templeton is exploring the launch of a new cryptocurrency fund, investing in a range of tokens beyond Bitcoin and Ethereum. Sources stated that the new fund will be structured as a private fund targeting institutional investors.
Binance Resumes Mastercard Payments for Cryptocurrency Purchases
According to CoinDesk, the world's largest cryptocurrency exchange, Binance, has resumed its partnership with Mastercard, allowing users to once again purchase cryptocurrencies using Mastercard. Mastercard withdrawal services have not yet been restored but are expected to be reinstated later. In addition to Mastercard payments, the Binance-branded Visa card, which was also closed last year, has been re-enabled on the exchange.
Cyber: CYBER Token to Adopt LayerZero OFT Standard on June 10, 2024, Without Impacting Supply
Decentralized social L2 Cyber (formerly CyberConnect) announced that the CYBER token will adopt the LayerZero OFT (Omnichain Fungible Token) standard on June 10, 2024, ahead of the mainnet staking starting on June 14, 2024. The OFT standard is a universal token standard used to send and receive tokens across multiple blockchains. It is a set of smart contracts that enable tokens to be created, used, and tracked on all blockchains where they are deployed. Currently, the CYBER token is available on the OP mainnet, BNB chain, and Ethereum. The maximum total supply of CYBER tokens was set at 100 million during the TGE. However, each network currently has its own total supply, which collectively constitutes the maximum total supply of CYBER tokens. On June 10, Ethereum will mint 12.3 million CYBER tokens (the total supply of OP + BSC). The CYBER supply remains unchanged, only the tracking method is different. The new tokens will be locked in the OFT adapter contract and used only for bridging purposes.
10x Research: Head and Shoulders Pattern Indicates Bitcoin Will Soon Rally to $83,000
According to the latest report from 10x Research, a new all-time high for Bitcoin is only a matter of time. The report indicates that the current head and shoulders pattern suggests that Bitcoin will soon rally to $83,000, and the resistance line may be broken in the next few days. The ideal breakout window is today (Friday, June 7) or next Wednesday, June 12. Furthermore, the report emphasizes that Bitcoin is on the verge of breaking the trend line and the head and shoulders pattern, showing strong upward momentum. The report further points out that the global loose monetary policy cycle has begun, with rate cuts in Canada, Denmark, and Europe this week confirming this trend. With the sluggish growth, employment, and consumer spending in the United States, the slowdown in inflation is only a matter of time, providing a favorable environment for risk assets such as Bitcoin. Although the Federal Reserve has only cut interest rates once in the period from May to November before a U.S. presidential election in the past 30 years, the report believes that the performance of risk assets mainly depends on the market's assessment of the probability of rate cuts, rather than actual rate cuts. Therefore, 10x Research is overall optimistic about risk assets and expects Bitcoin to reach a new all-time high. However, the report also warns investors that if Bitcoin fails to sustain new highs, the reason may be the sharp decline in Ethereum prices. Currently, the market is closely watching the support level of $3,725 for Ethereum.
Dora Factory Airdrops DORA Tokens to Over 1 Million Cosmos Stakers
According to Cryptoslate, blockchain infrastructure provider Dora Factory announced yesterday that it has airdropped its native DORA tokens to over 1 million Cosmos Hub stakers to promote ecosystem governance and participation in decentralized financing activities. After the airdrop, the project stated that the Cosmos community can participate in the ATOM Economic Zone (AEZ) secondary financing plan, which is led by DoraHacks and Atom Accelerator DAO. This initiative aims to mobilize the decentralized community to support public goods projects through fundraising. The team emphasized that this activity is not just about allocating the reward pool to early projects and important public goods in the AEZ. They stated that it is also a democratic governance experiment aimed at leveraging community power to support public goods and promising developers. Additionally, Dora Factory has launched an innovative on-chain voting system with enhanced privacy features called Minimal Anti-Collusion Infrastructure (MACI). This system allows community members to anonymously vote and review projects while protecting their addresses. The team stated that 1 million addresses have been whitelisted to participate in testing MACI's privacy voting and will distribute 20,000 USDC to selected teams. Dora Factory will bear all costs for this round of voting through the native Gas Station feature of Dora Vota. Earlier on May 23, Dora Factory announced the completion of a $10 million strategic financing.
Retired American wrestler Hulk Hogan (real name Terry Gene Bollea) denied any association with multiple deleted posts on the X platform that had promoted the Solana-based meme coin HULKAMANIA (HULK). HULK experienced a rapid rise and fall in a short period of time. Hogan clarified on Instagram on June 5: "Please do not pay attention to any posts released today, they are not from me and will be deleted soon." Although Hogan's posts on the X platform have been deleted, Google search cache shows that his account was associated with the promotion of the token. A video of Hogan shared by a Mashable reporter was mistakenly linked to the token release, but it was actually an old video promoting Karaoke Night from last year. According to DEX Screener data, HULK reached a peak market cap of $18.8 million within an hour and a half of its release on June 7, then quickly dropped to $2 million and has remained at that level (latest data is $4,100). Cryptocurrency analysis company Bubblemaps stated that five wallets bought 15% of the HULK supply before Hogan's sharing and then sold tokens worth $200,000 afterward. It is currently unclear whether Hogan's account was hacked, and his team has not responded to requests for comment. This incident occurred amidst a series of celebrities launching cryptocurrency tokens.
Shima Capital Founder Accused of Embezzlement, Several Company Executives Have Resigned
According to Fortune magazine, an investigation has found that Shima Capital founder Yida Gao created a secret offshore entity and transferred assets belonging to his venture capital firm to a company registered in his own name, without the knowledge of other investors in the company. Lawyer Eric Hess stated that this behavior completely violates the Investment Advisers Act. Yida Gao has not been charged with any crimes, and a representative of Shima Capital stated that the company will not comment on "such regulatory matters." However, an anonymous source revealed that Yida Gao's poor performance and behavior clearly violated the Securities and Exchange Commission's (SEC) investor protection rules, putting the company in a difficult position to raise further funds. Despite the booming crypto market, a representative of Shima Capital revealed that the company is currently not raising funds. Shima Capital has also experienced a wave of senior staff resignations in recent months, including Chief Technology Officer Carl Hua, Research Director Alexander Lin, and Chief Operating Officer and Platform Manager Hazel Chen, who left earlier this year to start their own venture capital firms. The departing executives did not respond to requests for comment. Meanwhile, despite the current bull market in the cryptocurrency market, Shima Capital seems to be struggling. Its latest SEC filing shows that its managed assets are approximately $158 million, which is lower than the $200 million raised in 2022.
UniSat: Distributing Pizza Inscriptions in Order of Application
UniSat announced on X that pizza inscriptions have begun to be distributed in order of application. Users can check the status of the pizza distribution by entering their wallet address on the website. If you have not received it yet, please be patient as the distribution is ongoing.
Hamster Kombat: Airdrop Based on Hourly Profits and Other Activity Parameters, Not Token Balance
The TON ecosystem game Hamster Kombat stated on the X platform that the distribution of airdrops will depend on hourly profits and certain other activity parameters to be released by the team, rather than the quantity of token balances. Additionally, due to the large number of users, the team is working to fix the servers to provide a better experience. Earlier yesterday, the TON ecosystem game Hamster Kombat announced that its user base has surpassed 100 million.
Investment and Financing
Robinhood to Acquire Cryptocurrency Exchange Bitstamp for $200 Million
According to The Wall Street Journal, Robinhood is set to acquire the global cryptocurrency exchange Bitstamp for $200 million. The transaction is expected to be completed in the first half of 2025, subject to customary closing conditions and regulatory approvals. This acquisition will allow Robinhood to enter more international markets, particularly in Europe and Asia, enhancing its competitiveness in the global cryptocurrency market. The final transaction price for Robinhood is expected to be approximately $200 million in cash, subject to adjustments as customary.
According to VentureBeat, the virtual world platform The Sandbox has raised $200 million in convertible debt financing, valuing the company at $1 billion. This financing round was led by Kingsway Capital and Animoca Brands, with participation from LG Tech Ventures and True Global Ventures. This financing took the form of convertible debt, allowing noteholders to convert their debt into equity of Bacasable Global Limited (The Sandbox's parent company) under certain conditions. The Sandbox is developing a decentralized metaverse version for mobile devices, expected to launch in 2025.
According to The Block, the issuer of the revenue-generating stablecoin USDM, Mountain Protocol, has raised $8 million in Series A financing. Multicoin Capital led this round of financing, with participation from Castle Island Ventures, Coinbase Ventures, and other investors. The stablecoin aims to generate returns for holders through low-risk financial instruments. Mountain plans to increase the issuance of USDM by expanding support for new blockchains such as Solana, Aptos, Sei, and Monad, and integrating them into more DeFi protocols. It also plans to collaborate with fintech companies, cryptocurrency exchanges, and market makers to increase the supply of the stablecoin. USDM currently offers approximately a 5% yield. It is worth noting that the CEO of Coinbase has mentioned Mountain Protocol in the top 10 innovative tracks he is optimistic about.
Mining News
According to Decrypt, Tether Holdings Limited recently disclosed through an SEC filing that it has become the second-largest shareholder of the Bitcoin mining firm Bitdeer, controlling 25% of the company. This change occurred after Bitdeer successfully raised $100 million through a private placement. This financing is primarily intended for data center expansion, development of ASIC-based mining equipment, and other company development goals. Additionally, Tether has obtained warrants to purchase up to 5 million shares at a price of $10 per share within the next year. Since May of this year, the Nasdaq-listed Bitdeer (stock code BTDR) has risen by 26%.
According to CoinDesk, the Bitcoin mining giant Bitdeer has announced its plan to acquire ASIC chip design company Desiweminer for $140 million in an all-stock transaction. Through this acquisition, Bitdeer will directly control the chip design and manufacturing process, enhancing its hardware development capabilities.
Core Scientific Rejects $1 Billion Acquisition Offer from CoreWeave
According to CoinDesk, Core Scientific, one of the largest Bitcoin mining companies in the United States, has rejected a $1 billion acquisition offer from the cloud computing company CoreWeave. The board of Core Scientific rejected CoreWeave's proposal to acquire the mining company at $5.75 per share.
华夏比特币ETF Yesterday's Trading Volume Surpasses 50 Million Hong Kong Dollars, Reaching a Historic High
According to the official disclosure from Huaxia Fund (Hong Kong), the trading volume of Huaxia Bitcoin ETF (3042.HK/9042.HK/83042.HK) surpassed 50 million Hong Kong dollars yesterday (including Hong Kong dollars, US dollars, and RMB on three counters), setting a historic high after listing. It accounted for 87.38% of the total trading volume of similar spot ETFs and 61.18% of the total trading volume of similar spot and futures ETFs. In addition, another core indicator of the ETF product, the bid-ask spread, also leads similar spot and futures Bitcoin ETFs.
Data from bitcointreasuries.net shows that listed companies hold a total of 308,689 BTC on their balance sheets, valued at approximately $21.8789 billion. Among them, Microstrategy holds the first position with 214,400 BTC, followed by Marathon Digital Holdings (17,631 BTC), Tesla (9,720 BTC), Coinbase Global, Inc. (9,480 BTC), Hut 8 Mining Corp (9,110 BTC), Riot Platforms, Inc. (9,084 BTC), Block, Inc. (8,038 BTC), CleanSpark, Inc. (6,154 BTC), Galaxy Digital Holdings Ltd (4,000 BTC), and Bitcoin Group SE (3,589 BTC).
US Bitcoin Spot ETF Records Net Inflow of $218 Million Yesterday, Continuing 18 Days of Net Inflow
According to SoSoValue data, the total net inflow of the US Bitcoin spot ETF was $218 million yesterday (June 6th, US Eastern Time). Grayscale's ETF GBTC recorded a net outflow of $37.574 million yesterday, bringing its historical net outflow to $17.897 billion. The Bitcoin spot ETF with the highest net inflow yesterday was BlackRock's ETF IBIT, with a net inflow of $350 million, bringing its historical total net inflow to $17.431 billion. This was followed by Fidelity's ETF FBTC, which recorded a net inflow of $3.0902 million yesterday, bringing its historical total net inflow to $9.57 billion. As of the time of writing, the total net asset value of the Bitcoin spot ETF is $62.335 billion, with an ETF net asset ratio (market value as a percentage of total Bitcoin market value) of 4.47%, and a historical cumulative net inflow of $15.555 billion.
According to the Hong Kong stock market data, as of the close of trading today, the trading volume of 6 Hong Kong virtual asset ETFs was approximately 42.5765 million Hong Kong dollars. Among them, the trading volume of Huaxia Bitcoin ETF (3042.HK/9042.HK/83042.HK) was 19.241 million Hong Kong dollars, and the trading volume of Huaxia Ethereum ETF (03046.HK/09046.HK/83046.HK) was 4.0258 million Hong Kong dollars. The trading volume of CSOP Bitcoin ETF (03439.HK/09439.HK) was 10.1477 million Hong Kong dollars, and the trading volume of CSOP Ethereum ETF (03179.HK/09179.HK) was 6.6828 million Hong Kong dollars. The trading volume of Bosera Bitcoin ETF (03008.HK/09008.HK) was 1.2841 million Hong Kong dollars, and the trading volume of Bosera Ethereum ETF (03009.HK/09009.HK) was 1.196 million Hong Kong dollars. Note: The above 6 ETFs are available in both Hong Kong dollar and US dollar counters, with only Huaxia's two ETFs also available in RMB counters.
Justin Sun Spent 11,000 ETH Last Night to Continue Buying PT Tokens from 3 LRTs Expiring on 6/27
According to on-chain analyst Yu Jin's monitoring, Justin Sun spent another 11,000 ETH (approximately $41.94 million) last night (9 hours ago) to continue buying PT tokens from 3 LRTs expiring on 6/27:
- 5,000 ETH to buy 5,039.7 PT-weETH;
- 5,000 ETH to buy 5,025 PT-pufETH;
- 1,000 ETH to buy 1,005.3 PT-rsETH.
Currently, Justin Sun has spent a total of 44,000 ETH in the past four days to buy PT tokens from 3 LRTs expiring on 6/27, which will yield approximately 419 ETH (1.6 million USD) in coin-based returns upon expiration.
According to data from Fintel cited by Cryptoslate, the net short position of MicroStrategy (NASDAQ stock code: MSTR) has reached $6.9 billion, accounting for 23.14% of its market value. The media stated, "This high ratio indicates strong bearish sentiment or a large amount of hedging."
L2BEAT data shows that the total value locked (TVL) of the Layer2 network Base is currently $7.81 billion, setting a new historical high with a 7-day increase of 9.91%. Base TVL has surpassed Optimism and become the second-largest Layer2 network, second only to Arbitrum.
PANews APP Feature Update, Download Now to Experience!
【Comments】Express your opinions and exchange viewpoints
【Floating Window】Return anytime during interruptions
【In-text Search】Quickly locate and go to the core
免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。
