Summary
gm, Michael Saylor's Strategy announced a $1 billion stock offering to fuel additional Bitcoin acquisitions, having already amassed approximately 580,955 BTC valued at $61.4 billion. Coinbase has introduced new wrapped tokens, cbDOGE and cbXRP, on its Ethereum layer-2 network Base, enhancing cross-chain functionality and DeFi accessibility for these popular cryptocurrencies. Meanwhile, Bitcoin core developers released a joint statement on transaction relay policy that has sparked a philosophical divide within the community regarding Bitcoin's intended use and governance. In the DeFi sector, Alex Protocol suffered an $8.3 million hack, with the foundation committing to reimburse affected users, highlighting ongoing security challenges in the ecosystem as Bitcoin remained stable above $105,000 and Ethereum held firm above $2,500.

News Headlines
šŸ’° Tether CEO Rejects IPO Plans, Views $515B Valuation as "Bearish"

  • Tether CEO Paolo Ardoino announced the company has no plans to go public, following Circle's recent IPO on the New York Stock Exchange.
  • Ardoino suggested that a speculative $515 billion valuation might actually be undervalued given Tether's growing treasury of Bitcoin and gold assets.

šŸŽ® SuiPlay0X1: New Crypto Handheld Console Launching This Summer

  • The SuiPlay0X1, priced at $599, is positioning itself as a Steam Deck competitor that uniquely supports both traditional PC and blockchain games.
  • Powered by an AMD Ryzen 7 7840U CPU with 512GB SSD storage, the device impressively ran Elden Ring at 30fps during a preview and features a 7-inch LCD display with excellent color accuracy.

šŸ“± Cudis Launches Smart Ring with Solana Token Rewards for Health Tracking

  • Cudis has launched an AI-powered smart ring that monitors health metrics like sleep quality and activity levels, rewarding users with CUDIS tokens on Solana for tracking their health data.
  • Users can earn CUDIS tokens (total supply: 1 billion) for tracking health metrics, which can be staked or used for premium services with specific allocations for community rewards and team incentives.

āš” Bitcoin Core Developers' Statement Sparks Community Division

  • A joint statement from 31 Bitcoin core developers regarding transaction relay policy and OP_Return usage has ignited heated debate within the Bitcoin community about the network's intended use.
  • The developers advocate for a hands-off approach that allows non-financial use cases, emphasizing decentralization principles, while critics argue this potentially enables spam and threatens Bitcoin's functionality.

šŸ” Coinbase Reduces Unnecessary Account Freezes by 82%

  • Coinbase CEO Brian Armstrong announced an 82% reduction in unnecessary account freezes, addressing a long-standing issue that had frustrated many users and caused some to abandon the platform.
  • The improvements resulted from enhanced machine learning models and infrastructure investments led by Coinbase's product team, though executives admit the user experience still falls short of expectations.

Market Metrics

Fundraising & VC
No fundraising data today.

Regulatory
šŸ›ļø DOJ Pursues $7.7M Crypto Forfeiture From North Korean Hackers

  • U.S. Department of Justice filed a civil forfeiture claim for $7.74 million in cryptocurrency obtained by North Korean IT workers who used false identities to secure jobs at American companies.
  • These operatives received payments in stablecoins and laundered the funds to support the North Korean regime, highlighting the growing sophistication of sanction evasion techniques using crypto.

šŸ‘Øā€āš–ļø Argentina Clears President Milei in LIBRA Memecoin Investigation

  • Argentina's Anti-Corruption Office has determined that President Javier Milei did not violate federal ethics laws when promoting the LIBRA memecoin, ruling he acted in a personal capacity.
  • Despite the clearance, a separate federal court investigation continues into the LIBRA scheme, which exhibited characteristics of a pump-and-dump after Milei's endorsement reportedly helped its market cap surge to $4 billion.

šŸ” Bitcoin Family Implements Cross-Continental Security After Crypto Crimes

  • The "Bitcoin Family" has split and encrypted their Bitcoin seed phrase across four continents following violent attacks targeting cryptocurrency holders worldwide.
  • Their enhanced security strategy includes personal encryption modifications, fireproof metal storage, and maintaining approximately 65% of assets in cold storage with multisignature protocols for hot wallets.

šŸ’” Robinhood Crypto GM: Accredited Investor Rules Need Overhaul

  • Johann Kerbrat argues that current investor accreditation rules prevent 90% of Americans from investing in early-stage companies, suggesting knowledge-based tests as an alternative to income requirements.
  • The proposed regulatory changes could democratize investment opportunities, reduce reliance on financial intermediaries, and help startup founders maintain control while lowering fundraising costs.

šŸ¢ Dubai Real Estate Booms With $18B May Sales Amid Tokenization

  • Dubai's property market recorded $18.2 billion in May sales with 18,700 transactions, representing a 44% year-on-year increase driven by new blockchain and tokenization initiatives.
  • The market surge coincides with regulatory clarity from Dubai's Virtual Asset Regulatory Authority (VARA) for tokenized assets, potentially transforming property ownership through fractional investment opportunities.

Technical Analysis
Bitcoin - Bitcoin has broken through the ceiling of a falling trend channel in the short term. This indicates a slower falling rate initially, or the start of a more horizontal development. The currency has support at points 102400 and resistance at points 111600. RSI diverges negatively against the price, which indicates danger of a reaction downwards. The currency is overall assessed as technically slightly negative for the short term.

Ethereum - Ethereum has broken through the floor of a rising trend channel in the short term. This indicates a slower rising rate at first, or the start of a more horizontal development. A head and shoulders formation is under development. A decisive break of the support at 2484, ideally with an increase in volume, signals a further fall. The currency is testing resistance at points 2500. This could give a negative reaction, but an upward breakthrough of points 2500 means a positive signal. Volume tops and volume bottoms correspond well with tops and bottoms in the price. This weakens the trend break. The currency is overall assessed as technically neutral for the short term.