In the past two days, Bitcoin whales have significantly reduced their transaction activity just before Bitcoin’s price dipped below $63,000.
According to data from Santiment, on June 23, the total number of Bitcoin whale transactions (those exceeding $100,000) dropped to 9,923, marking a 42% decrease from the 17,091 transactions recorded during the two preceding days.
This shift in whale behavior coincided with Bitcoin’s price decline from $64,685 to $63,422, and it has since fallen further to $62,531 at the time of publication, as reported by CoinMarketCap.
At the same time, whale traders who speculate on Bitcoin’s future price have also pulled back, as noted by CryptoQuant CEO Ki Young Ju.
“Whale traders on derivatives exchanges are in risk-off mode,” Ki stated in a June 23 X post, referring to a bearish shift in market sentiment.
Ki attributed the decline to the inter-exchange flow pulse (IFP) turning “red.” The IFP, which tracks Bitcoin movements between spot and derivative exchanges, reflects market sentiment.
A red IFP indicates that more traders are withdrawing their Bitcoin from derivatives exchanges, which are used for entering financial contracts based on Bitcoin’s future price.
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Additionally, the Crypto Fear and Greed Index, which gauges crypto market sentiment, fell to a “Neutral” score of 51.
This is the lowest score in 51 days, following Bitcoin’s drop below the critical $60,000 level to $59,122.
Spot Bitcoin exchange-traded funds (ETF) have also experienced a series of outflows over the past six trading days, according to Farside data. T
he largest single-day outflow during this period was $226.2 million on June 13.
Despite these bearish indicators, some analysts see signs of optimism for Bitcoin’s price.
Glassnode lead analyst James Check, known as “Checkmatey,” highlighted the Bitcoin Sell-side Risk Ratio as a positive indicator in a June 23 X post.
“The Bitcoin Sell-side Risk Ratio has reached levels signaling it is time for the market to move,” Check wrote.
“All the profits that were going to be taken, have been. Same for losses,” he added, suggesting that Bitcoin will need to “find a new price range to stoke the fire of fear, greed, panic, or euphoria.”
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Mt. Gox, the cryptocurrency exchange that lost 850,000 Bitcoin in investor funds in 2014, will begin repaying its defunct users.
Starting July 2024, the rehabilitation trustee will process repayments in Bitcoin (BTC) and Bitcoin Cash (BCH), according to a note from the exchange issued on June 24.
“The Rehabilitation Trustee will commence the repayments in Bitcoin and Bitcoin Cash in due course to the cryptocurrency exchanges with which the Rehabilitation Trustee has completed the exchange and confirmation of the required information for implementing the repayments.”
The trustee has asked users for patience, emphasizing that the order of payments will depend on the respective cryptocurrency exchange: “We will commence the repayments in the order of the cryptocurrency exchanges with which the Rehabilitation Trustee will complete the exchange and confirmation of the required information. Please wait for a while until the repayments are made.”
Approximately $9.4 billion worth of Bitcoin is owed to about 127,000 creditors of Mt. Gox.
These creditors have waited over 10 years to recover their funds following the exchange’s collapse in 2014 due to multiple unnoticed hacks.
The repayment process includes the $9.6 billion Bitcoin transfer in May, which was already part of this process.
On May 28, Mt. Gox moved 141,686 BTC, valued at $9.62 billion, into a new wallet, “1Jbez,” from several other cold wallets associated with Mt. Gox.
READ MORE: Binance Aids BtcTurk in Cyber Attack Investigation, Freezes $5 Million in Stolen Funds
This marked the first on-chain movement of funds from the collapsed exchange in over five years.
Shortly after these reports, Mt. Gox rehabilitation trustee Nobuaki Kobayashi confirmed that the consolidation was part of the repayment plans but did not specify when repayments would start.
Kobayashi stated on May 28: “The Rehabilitation trustee is preparing to make repayment for the portion of cryptocurrency rehabilitation claims to which cryptocurrency is allocated… As the Rehabilitation trustee is proceeding with the preparation for the above repayments, please wait for a while until the repayments are made.”
Mt. Gox was one of the earliest cryptocurrency exchanges, once handling more than 70% of all trades within the blockchain ecosystem.
The exchange went offline in 2014 after a security breach led to the loss of over 850,000 BTC in user funds, worth over $51.9 billion at today’s Bitcoin price of $61,100.
Despite the announcement, the repayment deadline could face further delays, as it was initially set for October 31, 2023.
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Ether could drop to as low as $2,400 following the launch of spot Ether exchange-traded funds (ETFs), according to Andrew Kang, founder and partner at crypto-focused venture capital firm Mechanism Capital.
As per CoinGecko, Ether is currently trading at $3,410. A fall to $2,400 would represent a nearly 30% decrease from its current price.
In a June 23 X post, Kang noted that, unlike Bitcoin, Ether attracts less institutional interest, there are few incentives to convert spot Ether into ETF form, and the network cash flows have been underwhelming.
“How much upside would an ETH ETF Provide? I would argue not much,” Kang said.
The projected price drop would be significant for the asset, especially since Ether had previously surpassed $4,000 in March when Bitcoin reached a new all-time high.
It nearly hit the same level again just before the United States Securities and Exchange Commission (SEC) approved Ether ETFs.
Kang predicts that spot Ether ETFs will attract only 15% of the flows that spot Bitcoin ETFs have seen.
Bloomberg ETF analysts Eric Balchunas and James Seyffart estimate these flows to be in the 10-20% range.
Kang pointed out that only $5 billion in new funds, excluding converted funds, flowed into spot Bitcoin ETFs in the first six months.
Applying this data to Ethereum suggests that spot Ether ETFs could see $840 million in “true” inflows over the same period.
“I believe that the expectations of crypto natives are overinflated and disconnected from the true preferences of tradfi allocators,” Kang said. “This implies that the ETF is more than priced in.”
READ MORE: Binance Aids BtcTurk in Cyber Attack Investigation, Freezes $5 Million in Stolen Funds
However, not everyone agrees with Kang’s prediction. Industry analyst Patrick Scott (widely known as Dynamo DeFi) told Cointelegraph Magazine that he “expects a similar directional movement” to how the spot Bitcoin ETFs have performed, though he doesn’t foresee Ether’s price doubling.
VanEck, an asset management firm, believes spot Ether ETFs could help drive Ether to $22,000 by 2030.
Kang argued that Ethereum’s appeal as a decentralized financial settlement layer or Web3 app store is less convincing when considering the data.
He noted that Ethereum’s promising future as a cash flow “machine” has waned since fees were driven up by decentralized finance and the last non-fungible token cycle.
“At $1.5B 30d annualized revenue, a 300x PS ratio, negative earnings/PE ratio after inflation, how will analysts justify this price to their daddy’s family office or their macro fund boss?” Kang questioned.
The surprise approval of Ether ETFs means issuers have less time to market to institutional investors. Bitwise and VanEck are among the few approved applicants that have already released Ethereum-themed ads.
Kang also mentioned that the removal of staking from proposed spot Ether ETFs might deter investors from converting their spot Ether into ETF form.
While institutions like BlackRock are venturing into the real-world asset tokenization space on Ethereum, Kang is unsure of its impact on Ether’s price.
He predicts the ETH/BTC price ratio could drop from 0.054 to as low as 0.035 in the next 12 months.
However, he believes a Bitcoin rally to $100,000 in the next six to nine months could “drag” Ether to a new all-time high.
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Cryptocurrency portfolio manager CoinStats has suspended user activity temporarily following a security breach that impacted 1,590 crypto wallets.
“The attack has been mitigated, and we have temporarily shut down the application to isolate the security incident,” CoinStats wrote in a June 22 X post.
“Thanks to the immediate incident response from the CoinStats team, only 1.3% of all CoinStats Wallets were affected, totaling 1,590 wallets,” it added, emphasizing that “none of the connected wallets and CEXes were impacted.”
The full extent of the security breach’s impact remains undisclosed, but CoinStats has promised to provide “updates as soon as they become available.”
On its website, CoinStats claims that since it “asks for read-only access” to connected crypto wallets, users’ holdings remain “perfectly safe under any conditions.”
CoinStats enables users to connect all their crypto wallets, serving as a comprehensive crypto portfolio tracker that allows viewing all wallets in one place.
The platform has published a Google document listing the currently affected crypto wallets, noting that the list “might change” as the investigation continues, though significant changes are not expected.
“If your wallet address is in this affected list, please move your funds immediately using your exported private key,” CoinStats advised.
Meanwhile, members of the crypto community have warned victims to be wary of scammers pretending to offer assistance.
READ MORE: Bitcoin Faces Rare ‘FUD’ Surge Amid Sideways Trading, Analysts Predict Potential Price Surge
“Scammers are smart. If your addy is in this list or if you’ve used coinstats and posted about it scammers may be trying to reach out to you to “help” you.
“Do not trust anyone,” pseudonymous crypto commentator PPman wrote.
This incident follows a series of security breaches affecting other crypto platforms.
Recently, crypto data aggregator CoinGecko confirmed a data breach suffered by its third-party email management platform GetResponse, exposing the contact information of over 1.9 million CoinGecko users.
Additionally, on June 12, Crystal Intelligence reported that the crypto industry has faced 785 hacks and exploits over the past 13 years, resulting in nearly $19 billion worth of digital assets being stolen since the first known crypto hack in 2011.
Cointelegraph reached out to CoinStats for comment but did not receive a response in time for publication.
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Bear Sniper could turn early investors into multi-millionaires, like Shiba Inu (SHIB) and Dogecoin (DOGE) did.
Bear Sniper (BEARSNIP), a new Solana memecoin that was launched recently, is poised to explode over 14,000% in price in the coming days.
This is because BEARSNIP has announced its first centralized exchange listing, which will be on KuCoin.
This will give the Solana memecoin exposure to millions of additional investors, who will pour funds into the coin and drive its price up.
Currently, Bear Sniper can only be purchased via Solana decentralized exchanges, like Jupiter and Raydium, and early investors stand to make huge returns in the coming days.
Early investors in SHIB and DOGE made astronomical returns, and Bear Sniper could become the next viral memecoin.
Bear Sniper launched with over $6,000 of locked liquidity, giving it a unique advantage over the majority of other new memecoins, and early investors could make huge gains.
To buy Bear Sniper on Raydium or Jupiter ahead of the KuCoin listing, users need to connect their Solflare, MetaMask or Phantom wallet, and swap Solana for Bear Sniper by entering its contract address – BEGxhgU5JQ1BYQzKbNCdBrBVTVaBxbRAhhnzrDjNzeD6 – in the receiving field.
In fact, early investors could make returns similar to those who invested in Shiba Inu (SHIB) and Dogecoin (DOGE) before these memecoins went viral and exploded in price.
If this happens, a new wave of memecoin millionaires could be created in a matter of weeks – or potentially even sooner.
The Solana memecoin craze continues amid larger memecoins, like Shiba Inu (SHIB), Dogecoin (DOGE) and DogWifHat (WIF) trading sideways in recent weeks and losing momentum.
This is why many SHIB, DOGE, and WIF investors are instead investing in new Solana memecoins, like BEARSNIP.
Binance is reportedly aiding in the investigation of a malicious attack on Turkish cryptocurrency exchange BtcTurk, resulting in the freezing of over $5 million in stolen funds, according to Binance CEO Richard Teng.
“Binance is assisting BtcTurk with investigations and have frozen over $5.3M in stolen funds so far,” Teng shared in a June 22 X post.
BtcTurk disclosed on its website that the attack primarily targeted holdings in hot wallets, which are internet-connected software-based crypto wallets.
While hot wallets facilitate frequent transactions, they are more susceptible to cyberattacks compared to offline cold storage.
“Only a portion of the balances of 10 cryptocurrencies in our hot wallets were affected by this cyber attack, while the majority of assets held in our cold wallets remain secure,” stated BtcTurk in a June 22 announcement, translated from Turkish.
The exchange boasts over five million users.
Teng also informed his 299,800 followers on X that Binance would provide updates as more information becomes available.
READ MORE: Top Asset Managers File Revised Proposals for Ethereum ETFs with SEC, Eye July Launch
“Our investigations & security teams work around the clock as part of our proactive efforts to protect the ecosystem from bad actors.
“We will provide further updates as relevant,” Teng stated.
Blockchain investigator ZackXBT commended Binance for its community support during security breaches.
“Binance gets crucified by the media when in reality their security team generally does more for victims + goes out of their way to assist in incident response,” ZackXBT posted on June 22.
BtcTurk’s CEO Özgür Güneri has not publicly commented on X regarding the incident.
This event follows closely on the heels of another incident where Swiss-based crypto exchange Lykke halted withdrawals after an exploit on June 4.
Blockchain security researcher SomaXBT accused Lykke of attempting to conceal the breach, stating, “@lykke CTX got exploited and lost $19.5 million worth crypto assets but the team is still trying to hide this fact.”
Cointelegraph has reached out to BtcTurk for comment but did not receive a response at the time of publication.
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MemeVerse, an innovative platform designed to unite meme communities in an immersive and competitive environment, is excited to announce the launch of its highly anticipated presale for the $MVO token, beginning on July 1st, 2024. This initiative represents a pivotal moment for MemeVerse, presenting users with a chance to immerse themselves in an interactive metaverse while earning rewards.
MemeVerse is more than just a virtual world; it is a hub where various meme communities come together to compete, interact, and earn. Users can climb leaderboards, showcase their prowess in several exciting games, and enjoy the unique experiences offered by the platform’s meme-themed casino. MemeVerse is the home that crypto memes have been searching for, providing a vibrant community space where enthusiasts can engage and thrive.
Central to MemeVerse’s value proposition is the $MVO token. By staking $MVO, users unlock extensive rewards, including a diverse array of popular meme tokens. This staking program is designed to maximize returns, offering participants the chance to earn significant rewards simply by holding and staking their tokens.
A key feature of MemeVerse is its revenue-sharing model. MemeVerse Bet, the platform’s interactive casino, shares 50% of its revenue with $MVO stakers. This model ensures that as the casino grows, so do the earnings of those who stake $MVO. Additionally, 50% of all meme tokens used to upgrade characters and purchase in-game items are distributed to stakers, further enhancing the value of their investment. To maintain the token’s value, any $MVO used in the game is burned, creating a deflationary effect that benefits long-term holders.
The upcoming presale offers an incredible opportunity for investors to get in on the ground floor of this revolutionary platform. By participating in the presale, users can acquire $MVO tokens and qualify for exclusive rewards. MemeVerse is poised to become the epicenter of the crypto meme world, and this presale is a chance for early adopters to be part of its future.
MemeVerse’s mission is to create a cohesive and engaging metaverse for meme communities. With unique staking rewards, a robust revenue-sharing model, and an exciting, competitive environment, MemeVerse stands out as a leader in the crypto space. The platform is dedicated to bringing meme enthusiasts together, providing them with unparalleled opportunities to engage, earn, and enjoy the vibrant digital world.
For more information and to join the presale, visit MemeVerse.Online. Stay connected with us on Telegram, Discord, and X for the latest updates and community engagement.
Contact Information:
- Email: info@memeverse.online
- Social Media:
- Telegram: https://t.me/MemeVerseOnline
- Discord: https://discord.gg/uzCG85ZhzW
Join the MemeVerse community today and discover the future of meme tokens and interactive metaverse experiences.
The Winklevoss twins, billionaires and founders of the cryptocurrency company Gemini, received refunds after their Bitcoin donations to Donald Trump’s presidential campaign exceeded federal legal limits.
Bloomberg reported that the excess contributions were returned to the donors. A campaign official, speaking anonymously, provided this information.
The twins each announced $2 million in Bitcoin donations on the social media site X, supporting the presumptive Republican nominee.
However, this amount surpasses the $844,600 legal limit per person that the Trump committee can accept.
READ MORE: Top Asset Managers File Revised Proposals for Ethereum ETFs with SEC, Eye July Launch
It remains unclear if the Trump 47 Committee, which accepted the Bitcoin donations and typically focuses on larger contributors, returned the excess amount in Bitcoin or its equivalent value in cash.
The report indicates that the donated funds are divided among Trump’s campaign, a leadership political action committee covering his legal bills, the Republican National Committee, and 42 GOP state party committees.
Trump’s acceptance of Bitcoin donations highlights his campaign’s growing relationship with the crypto industry, a significant player in the 2024 election.
Investors and supporters are rallying behind candidates advocating for lighter regulations.
The Winklevoss twins attended a June fundraiser for Trump, costing up to $300,000 per person.
They have also contributed approximately $5 million to the Fairshake political action committee and its affiliates, which are involved in attack ads against lawmakers and supporting certain Democratic and Republican candidates.
Users of Gemini, the twins’ crypto exchange, spent months attempting to recover funds invested in Gemini Earn, a program offering yields on crypto assets in partnership with the now-bankrupt Genesis. Recently, users can now retrieve their Earn assets in kind.
Last week, New York Attorney General Letitia James announced the recovery of about $50 million from Gemini for users who “were defrauded.”
In February, Gemini agreed to return at least $1.1 billion to customers through the Genesis bankruptcy as part of a settlement with the New York Department of Financial Services.
The Securities and Exchange Commission sued Gemini and Genesis over Gemini Earn early last year, with Genesis settling the charges.
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Renowned rapper Curtis James Jackson III, also known as “50 Cent,” has claimed that his X account and website were hacked, leading to the promotion of a cryptocurrency pump-and-dump scam.
In a scheme known as a “Rug pull,” fraudulent developers created a new cryptocurrency token called “GUNIT.”
They exploited Jackson’s vast X following of about 12.9 million to attract investors and inflate the token’s price before depleting its value.
Consequently, the token’s price plummeted to $0.00016.
On June 21, Jackson informed his 32.8 million Instagram followers that his X account and website had been compromised, resulting in significant financial losses for the victims.
“Twitter worked quickly to lock my account back down.
“Whoever did this made $300,000,000 in 30 minutes,” Jackson stated, emphasizing that he has “no association with this crypto.”
He shared three images depicting posts from the crypto community about the GUNIT memecoin, showcasing a classic rug-pull pattern with a sharp price increase followed by a steep decline.
Cointelegraph reviewed trading data of the GUNIT memecoin on Dex Screener, revealing that multiple wallet addresses sold substantial amounts of the token.
Four accounts sold over $100,000 of the memecoin following its promotion on Jackson’s X account.
50 Cent asserted that over $300 million was defrauded from users, a figure that significantly exaggerates the actual value made by anonymous traders from selling GUNIT tokens.
At the time of publication, the token’s total trading volume was $19.4 million.
This incident follows a series of celebrities being linked to cryptocurrency launches recently.
Caitlyn Jenner is one of the latest celebrities to delve into the crypto memecoin market, causing industry confusion with mixed messages surrounding her token launch.
Initial speculations about her X account being hacked were dismissed but later resurfaced. Simultaneously, she defended the JENNER token.
On May 27, Cointelegraph reported that Jenner’s X account posted a statement asking followers to “send me some of your favourite memecoins.”
Although she later removed the post, she continued to promote JENNER.
“That ad for a third party token was taken down! As I have said from the beginning the only focus I have is $Jenner and the ad I posted confused too many people, and was not worth it.
“Like I had said time and time again I’m fully focused on my token $Jenner,” she posted on X.
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On June 19, 2024, the United States Securities and Exchange Commission (SEC) closed its investigation into whether Ether should be classified as a security.
Consensys lawyer Laura Brookover noted that crypto markets will see “no more protestations from the SEC that ETH is a security.”
However, Carol Goforth, a professor at the University of Arkansas School of Law, clarified to Cointelegraph that “all the decision means is that at this time, the SEC will not be continuing its investigation.
“This is not a final determination.”
Consensys believes the SEC’s withdrawal from its investigation of Ethereum has lifted a significant burden from the network.
The SEC retreat has alleviated negative regulatory concerns regarding ETH as a security, raising questions about how ETH’s price will react and which altcoins might benefit.
Observers anticipate Ether’s price could surge.
Since the SEC stopped its investigation, Ether’s price has remained relatively stable, following a horizontal pattern since the news of spot Ether ETF approval on May 23.
At the time of publishing, Ether is down 2%, prompting traders to wonder if ETH will surge and if the altcoin market will follow.
Conor O’Neill, community lead and partner of investment analytics company Blockcircle, stated that “the major regulatory barrier” for Ethereum has been removed, setting a significant precedent for regulators worldwide.
O’Neill believes the removal of this barrier will likely cause Ether’s price to increase significantly, barring a catastrophic world event.
The expected launch of spot Ether exchange-traded funds (ETFs) on July 2 will impact ETH’s price.
Traditional markets are expected to inject capital into the ETFs, boosting ETH demand and price.
O’Neill explained that the ETH ETF “is highly likely to have a long-term positive impact on the price of Ethereum.”
However, he cautioned about a potential short-term pullback similar to the one seen when Bitcoin ETFs were approved.
ETF issuers cannot offer an Ether ETF with staking, as the SEC alleges that staking involves an investment contract, which could negatively impact ETH’s long-term performance.
Some have questioned whether Grayscale outflows could affect Ether’s price after ETFs launch.
However, O’Neill highlighted that Grayscale’s reduced fees for its Ether trust compared to other Ether ETF providers could mitigate this effect.
O’Neill predicted that ETH will “follow a similar trajectory to Bitcoin’s price, with a dip followed by an exponential rise.”
He noted that many market commentators did not expect Ethereum’s approval, suggesting a potentially bullish scenario for ETH.
When Bitcoin’s price surges, it often lifts the entire crypto market, including altcoins.
The SEC’s decision may benefit other altcoins previously accused of being securities.
O’Neill believes projects like Aave, Chainlink, or layer-2 chains such as Arbitrum, Optimism, or Base could benefit.
However, he noted that many of these projects offer staking capabilities and are not entirely free from SEC scrutiny.
The SEC’s approach could change with the U.S. presidential election approaching, potentially impacting its stance on digital assets and staking.
The approval of spot Ether ETFs and the withdrawal of the SEC’s investigation signal a potential shift in the SEC’s approach, marking a pivotal moment for Ethereum and the broader cryptocurrency market.
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