MicroStrategy BTC ETH stablecoin spotlight| MicroStrategy, BTC, ETH, stablecoin spotlight

This week’s recap is here: MicroStrategy purchases 12,000 more Bitcoins (BTCThe U.S. Securities and Exchange Commission has closed its investigation into Ethereum.ETH); and stablecoins take center stage.

Bitcoin takes a tumble

• Initial Bitcoins dropped After several consolidation days, the 18th of June saw a decline below $66,000. As the week went on, this downward pressure persisted. This led to another collapse below $65,000.

• CryptoQuant reported The market turmoil was probably triggered by three factors, namely: the capitulation of miners; the continued crypto ETF withdrawals; and the reduced issue of stablecoins tokens.

• Investors are still investing despite the current market conditions. profitability Profits on Bitcoin remained at a high level, with 87% in circulation.

• Altcoins like Toncoin and Pendle (PENDLE) are gaining popularity.TONThe overall trend of the market was bucked. Pendle spiked In the week before June 22, shares rose by 17%. Market capitalization of this asset has risen to $968 million and it is aiming for $1 billion.
• Meanwhile, MicroStrategy leveraged It increased its Bitcoins holdings in the face of the economic downturn. On June 20, the firm bought nearly 12K BTC for $786 Million at an average BTC price of $65,883.

Zksync launches an airdrop

• Zksync has distributed 3,67 billion tokens despite controversy over its Sybil filters and procedures. Binance listed The token will be released on 17th June.

• Follow the airdrop, Almost 41% of top-ranked addresses who received the product sold out their entire allocation within a few days after distribution. 

Bitcoin ETFs see outflows

• The Spot Bitcoin ETF products experienced a steady outflow last week. On June 17, these products experienced $145.9 millions in outflows and on June 18, $152.4 millions. After the negative flow on June 18, net cumulative inflows dropped Under $15 billion 

• The outflows persisted The cumulative netflow was negative of $544 millions in the 5 days preceding June 21.
• VanEck is an asset manager in Australia. received The Australian Securities Exchange AXS has given the go-ahead to the launch of the first Bitcoin ETF spot in Australia.

• Asset manager 3iQ filed The first Solana ETP ever, called Solana Fund QSOL, will be listed on the Toronto Stock Exchange. 

Global regulatory developments

• South Korean media revealed The authorities of the country are currently reviewing over 600 listings across various exchanges as a result of the new regulations.

• Prosecutors are also in South Korea presented Terra has provided new evidence to support their claim that Terra founder Do Kwon defrauded investors by using fake transactions. 

• Fidelity Investments amended Its S-1 filings with the SEC for an Ethereum spot ETF confirms a $4.7 million seed investment for the new product. 

Binance’s regulator woes

• North Dakota, U.S. rescinded Binance has lost its operational license following the conviction of the former CEO Changpeng Zhao.

• Binance has faced another hurdle with Indian authorities. imposing A $2.2 million fine was imposed on Global Exchange for failing to comply with anti-money laundering laws.

• French Hill, Chrissy Holahan and other U.S. legislators visited Tigran Gamaryan, Binance’s employee and U.S. Citizen, in Nigerian jail where he is facing charges for AML violation. Gambaryan was released by the legislators after his visit.

US SEC concludes investigation of Ethereum

• SEC has ruled in favor of the Ethereum community. revealed The SEC announced that its investigation had been closed on the question of whether some sales of Ethereum were unregistered offerings. 

• Consensys has confirmed it will continue its fight with the agency over whether or not user interfaces for MetaMask functionalities like Swapping and Staking are securities.

Stablecoins to take centre stage as MiCA looms

• This week, stablecoins were the focus. Tether, the USDT-issuer Tether, released a new USDT on June 17. disclosed Plans to launch a gold-backed asset class.

• Uphold discontinued USDT and other currencies “unauthorized” The market is anticipating the adoption of the stablecoin regulation by the end of the month.
   
• The Tether came A campaign advertisement in the U.S. accused stablecoin’s issuer of corruption and money laundering. The National Australia Bank is the biggest bank in Australia. closed Last week, the project launched a stablecoin.