Headline: Ripple CEO: The Next Target of the US Government is Tether
Ripple’s CEO, Brad Garlinghouse, recently stated in an interview that the next target of the US government is Tether, the stablecoin company responsible for the circulation of USDT.
Some experts believe that Garlinghouse’s statement is a significant insider report. If it indeed happens, the USDT stablecoin market will face significant selling pressure, resulting in a substantial drop in its value.
Pudgy Penguins CEO: Over 1 Million Plush Toys Sold through Various Retailers
Luca Netz, the CEO of Pudgy Penguins, revealed that the company has sold over 1 million plush toys through various retailers.
Netz also disclosed upcoming collaborations with other retailers, including reordering from Walmart and ordering from Target, Smiths, Hot Topic, and “professional retailers from Asia and around the world.”
Market Update
As of the time of writing, according to Coingecko data:
– BTC recent trading price is $61,498.51, with a 1.2% increase within the day.
– ETH recent trading price is $2,931.31, with a 0.8% increase within the day.
– BNB recent trading price is $594.08, with a 0.4% increase within the day.
– SOL recent trading price is $143.55, with a 1.2% decrease within the day.
– DOGE recent trading price is $0.1413, with a 1.2% decrease within the day.
– XPR recent trading price is $0.4995, with a 1.3% decrease within the day.
Policy
Turkey Prepares to Introduce New Cryptocurrency Regulation to Align with International Standards
Turkey is preparing to submit a new law to parliament to regulate crypto assets. The law aims to align with international standards, reduce risks associated with cryptocurrency transactions, and enforce strict regulations on cryptocurrency trading platforms by the Capital Markets Board. It will also ensure the safe custody of assets, establish transparent platforms and customer relationships, and specify sanctions for any misconduct. The draft legislation is expected to be submitted to parliament within a week.
This move has garnered strong support from Treasury and Finance Minister Mehmet Şimşek, with the aim of removing Turkey from the “gray list” of financial crime regulatory agencies and improving its position under the standards of the Financial Action Task Force.
Ghana’s Vice President: Ghana to Become Africa’s First Blockchain-Powered Government
According to Africa Business Insider, Ghana’s Vice President, Mahamudu Bawumia, stated that the next phase of the country’s digitalization efforts will involve the comprehensive adoption of blockchain technology in government operations, making it the first blockchain-powered government in Africa. Bawumia believes that Ghana will embrace this technology as it will enhance transparency and enable the government to effectively combat corruption.
Blockchain Application
SLERF: Developers Deployed Pumpfun Token Last Night, Fully Community-Operated
Solana Memecoin project SLERF posted on social media that their developer, grumpy.slerf, deployed a pumpfun token last night. This token has no team or official social media presence and is completely unrelated to SLERF, except for grumpy’s deployment. It is 100% community-operated.
GM Network: NFT Staking Functionality to be Launched Soon
GM Network, a modular L2 network based on DePIN+AI, announced via Twitter that they will be adjusting GN points. The adjustments include optimizing GN point and reward weights, overall GN point adjustments while maintaining user weights, adjusting GN production and ratio weights for AI agents, enhancing CyberV NFT weights, optimizing sustainable referral rewards, balancing the relationship between the number of referrals and GN points, eliminating the first batch of Sybil attack users, and periodically clearing Sybil attack users who do not comply with the rules. Holding multiple CyberV NFTs will provide additional GN rewards, and NFT staking functionality will be launched soon.
Cryptocurrency
Consulting Firm: Binance Official’s Detention in Nigeria May Weaken Investors’ Confidence in the Country’s Investment Environment
Risk consultancy firm SBM Intelligence, focused on Africa, warned that the detention of a Binance official in Nigeria sends a discouraging message to foreign investors and may weaken their confidence in the country’s investment environment.
SBM Intelligence stated that when government officials are perceived as corrupt or willing to engage in unethical behavior, it hampers foreign investments, undermines the rule of law, and impedes efforts to eradicate poverty and inequality. However, governments and their institutions hold negative views on cryptocurrencies as they weaken control over financial transactions and the economy. Regardless of the charges against Binance, it is essential to remember that the story of a foreign company will serve as a warning to other businesses. Convincing investors to invest will become challenging if Nigeria is marked as a country where company officials may be extorted and detained indefinitely.
The South Korean Won Remains the Second Largest Fiat Currency for Bitcoin Trading
The latest data shows that even though the price of Bitcoin has declined, the premium in South Korea has reduced but still remains around $1,800 to $2,000 higher than the global weighted average price of Bitcoin. Further indicators show that the South Korean Won accounts for 2.07% of the total Bitcoin spot trading volume, second only to the US dollar.
Peter Schiff: Bitcoin Spot ETF Outflows Will Bring Significant Downward Pressure to Bitcoin
Gold advocate and economist Peter Schiff predicts an explosive increase in gold and silver prices, encouraging investors to take advantage of what could be the largest precious metals bull market in history.
Schiff also reiterated his pessimistic view on Bitcoin, stating that it is dead money. Sell it before it gets buried. Four months ago, when the Bitcoin spot ETF was launched, there were no sellers, only buyers. But now, many investors hold these ETFs, and there is a significant supply of potential sellers. With a decrease in demand from new buyers, the outflow of funds from the ETFs will soon bring significant downward pressure to Bitcoin.
Hong Kong Bitcoin Spot ETF Listing Does Not Significantly Impact Futures ETFs
Following the listing of a total of six Bitcoin and Ethereum spot ETFs in the Hong Kong market at the end of last month, including the existing three futures ETFs, there are now a total of nine, making it the largest in Asia. Previously, there were concerns that the spot ETFs, as competing products to the futures ETFs with lower management fees, may lead to some funds flowing out of the futures ETFs. However, based on recent daily trading volume and fund flows, the listing of spot ETFs has not significantly impacted futures ETFs. Additionally, the trading activity of Bitcoin-related ETFs has been significantly better than Ethereum-related ETFs.
Important Economic Developments
The Probability of the Fed Maintaining Interest Rates Unchanged in June is 96.5%
According to CME’s “FedWatch,” the probability of the Federal Reserve maintaining interest rates unchanged in June is 96.5%, while the probability of a 25 basis points rate cut is 3.5%. The probability of the Federal Reserve maintaining interest rates unchanged until August is 74.6%, with a cumulative probability of a 25 basis points rate cut at 24.6% and a cumulative probability of a 50 basis points rate cut at 0.8%.
Gold Encyclopedia
What is Ethereum Futures ETF?
An Ethereum Futures ETF is an investment fund that tracks Ethereum futures contracts instead of Ethereum itself. Without physically holding the cryptocurrency, investors can use Ethereum Futures ETF to speculate on the future price of Ethereum. Ethereum Futures ETFs do not hold tangible assets but invest in futures contracts. These contracts involve the commitment to buy or sell Ethereum at a predetermined price on a future date. Investors can purchase these contracts through ETFs without dealing with wallets or cryptocurrency exchanges, allowing them to be exposed to Ethereum price fluctuations while the ETFs pool investors’ funds to purchase the contracts.
