Bitcoin recently fell below $64,000, breaking its short-term holder realized price and signaling a possible further decline to levels unseen in 49 days, according to cryptocurrency analysis firm CryptoQuant.
“Bitcoin is trading below the critical support level of $65.8K, now below $64K,” CryptoQuant wrote in a June 21 X post.
“Falling under this threshold suggests a potential 8%-12% correction toward $60K,” CryptoQuant added, a level not broken since May 3 when Bitcoin was trading at $59,122, according to CoinMarketCap data.
On June 22, Bitcoin’s recent decline saw it drop 2% to $63,442, falling below the short-term holder realized price (STH-RP) at the time, which was $64,230, according to LookIntoBitcoin data.
Short-term holder realized price is an important indicator for traders as it is the aggregate cost basis of more speculative Bitcoin hodlers — wallets storing Bitcoin for 155 days or less.
This metric can act as a solid support, as it has for much of the bull market since early 2023.
Bitcoin’s price has tested the STH-RP multiple times in recent weeks; however, breaching this level raises concerns among traders that a further decline in Bitcoin’s price is possible.
“Bitcoin’s short-term holder realised price generally acts as support in upward trending markets,” pseudonymous crypto trader Crypto Caesar wrote on June 19.
“Let’s see if it holds,” LookIntoBitcoin founder Phillip Swift added.
A move down to $60,000 would wipe $1.64 billion in long positions, per CoinGlass data.
READ MORE: LayerZero’s New Token Launch Sparks Controversy Over Donation Requirement, Drops 17% in Value
Bitcoin has been hovering around $65,000 for a while now, making traders speculate where it might go next, especially after two significant events in 2024: the launch of spot Bitcoin exchange-traded funds in the United States in January and the Bitcoin halving in April.
On June 13, Cointelegraph reported that Bitcoin has been in its longest period of consolidation for 92 days, and analysts believe the extended steadiness could be setting the asset up for a “massive upside rally.”
Ki Young Ju, founder and CEO of onchain and market analytics firm CryptoQuant, believes “Bitcoin network fundamentals could support a market cap three times its current size compared to the last cyclical top.”
On May 8, Young Ju referred to a chart comparing BTC’s price and the associated hashrate to market capitalization ratio, highlighting the crypto’s ongoing volatility and the resilience of the Bitcoin network.
If this ratio continues to grow, Young Ju declared it could “potentially sustain” Bitcoin’s price to $265,000.
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LayerZero‘s token launch on June 20 caused a significant increase in fees on Arbitrum, resulting in a record daily revenue of $3.43 million for the blockchain, an astonishing 16,680% jump from the previous day.
The ZRO token launch on Thursday faced criticism due to its mandatory “donation” mechanism, requiring claimants to spend a small amount of money per token to secure their allocation.
This mechanism led to a spike in average gas fees on the blockchain, rising to 89 cents from its usual less-than-1-cent fee.
Consequently, Arbitrum’s profits soared to $3.29 million on the day, setting a new record high for the network, according to data from Dune Analytics and DefiLlama.
LayerZero stipulated that ZRO token claimants must donate a small amount per token.
“To claim ZRO, users must donate $0.10 in USDC, USDT, or native ETH per ZRO,” LayerZero stated in a June 20 X post.
They clarified that these donations go to the Protocol Guild, which supports funding for Ethereum developers.
READ MORE: Police Officer Saves Elderly Woman from Losing $40,000 in Bitcoin Scam
LayerZero contended that its token launch is “not an airdrop,” arguing that airdrops are incompatible with their goals of equitable distribution, community building, and protocol health.
They noted that many airdrop recipients show “little to no interest” in the project long-term.
This event marked Arbitrum’s most profitable day since December 14, when it earned $2.13 million in revenue.
That day, the network went offline due to a surge in inscriptions, a type of data formatting that carries larger packages, such as images, which are more expensive due to their size.
The increased cost of handling inscriptions was also passed on to Arbitrum, which only made a profit of $414,000 on December 14, due to the higher fees needed to post and verify the expensive inscription data on Ethereum.
Meanwhile, the value of ZRO has dropped significantly. It fell by 23% in the last day to $3.42, after peaking at $4.79, according to CoinGecko.
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An Australian man has been sentenced to two years in prison for cyber-enabled identity theft, including using fake documents to create online cryptocurrency accounts.
On June 21, the Australian Federal Police (AFP) announced that a 31-year-old man was sentenced at the Melbourne County Court.
The man was charged after an international investigation into a website selling technology for fraud, linked to over 1 million Australian dollars ($670,000) theft from victims, according to reports.
The AFP began Operation Stonefish in August 2022 after UK authorities investigated a website offering spoofing services for as little as 20 British pounds. This site facilitated identity theft and financial fraud.
A complaint to Report Cyber, an Australian Commonwealth Government site for cybercrime reporting, came from a victim in New South Wales about an unauthorized bank account creation.
AFP investigations revealed that the man used fake driver’s licenses with real victims’ details and his own photo to open accounts on two cryptocurrency exchanges.
READ MORE: Bitcoin Miner Reserves Plunge to 14-Year Low Amid Halving Pressures and Strategic Adjustments
In November 2022, AFP officers executed a search warrant at the man’s home in Boronia.
They seized blank and fake driver’s licenses, a lost passport, and various cards in other people’s names.
Authorities also found an encrypted messaging platform on the man’s computer, containing discussions about identity-based crime and manuals on creating false documents. The man refused to provide access codes to his devices during the search.
Detective Superintendent Tim Stainton highlighted the serious impact of identity theft, stating, “The theft of someone’s identity can have serious implications for victims and is a serious criminal offense punishable by significant time in prison.”
He added, “A stolen identity and the use of associated fraudulent documentation can have a devastating impact on people’s lives if sold online or used for criminal purposes.”
The Australian man was convicted of several charges under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 and the Criminal Code, including providing false information, dealing with proceeds of crime, producing and possessing false documents, and failing to comply with a court order.
He was sentenced to two years imprisonment, with a 10-month non-parole period.
Authorities emphasized that this case underscores the serious consequences of cyber-enabled identity theft and the importance of international cooperation in combating such crimes.
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Donald Bumps could turn early investors into multi-millionaires, like Shiba Inu (SHIB) and Dogecoin (DOGE) did.
Donald Bumps (DONBUMPS), a new Solana memecoin that was launched today, is poised to explode over 14,000% in price in the coming days.
This is because DONBUMPS 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, Donald Bumps 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 Donald Bumps could become the next viral memecoin.
Donald Bumps launched with over $3,000 of locked liquidity, giving it a unique advantage over the majority of other new memecoins, and early investors could make huge gains.
To buy Donald Bumps on Raydium or Jupiter ahead of the KuCoin listing, users need to connect their Solflare, MetaMask or Phantom wallet, and swap Solana for Donald Bumps by entering its contract address – 5yn3E94Ny9yLB67KWdLk4qRKWGr3Hd4e94icAFGGtQ39 – 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 DONBUMPS.
Rising operational costs and lower rewards are impacting Bitcoin miners, though it’s not at a catastrophic level, according to cryptocurrency analyst James Check.
“We are in a period of hash ribbon inversion, and blocks are coming in about 14 seconds slower than they should do.
“That tells you that there is less hashrate online, blocks are being found slightly slower,” said Check, also known as “Checkmatey,” in a June 21 X video.
“About 5% of mining hashrate is struggling at the moment,” Check explained, referring to the processing and computing power given to the network through mining.
“Check claims that while 5% isn’t enormous, Bitcoin miners are likely distributing some of their holdings, but it doesn’t appear to be a “complete and total firesale.”
A hash ribbon inversion happens when the 30-day moving average of the hashrate falls below the 60-day moving average, indicating a period of mining difficulty.
This can result from increased operational costs, a decline in Bitcoin’s price, or equipment issues among miners.
After the Bitcoin halving on April 20, the hash rate began to decline as mining firms turned off unprofitable rigs.
The halving event, occurring every four years, cuts miners’ rewards in half. The April 20 halving reduced mining rewards to 3.125 BTC from 6.25 BTC.
As of the article’s publication, the Bitcoin network’s hashrate stands at 586 exahashes per second (EH/s), down 2% over the past 30 days, according to Blockchain.com data.
Check suggested that miners might be just breaking even, mining new Bitcoins to cover operational costs.
READ MORE: 3iQ Seeks Approval for North America’s First Solana ETP on Toronto Stock Exchange
“Miners might be treading water up here, they may not be full-scale bear market level capitulating, probably just treading water, they mine 10 Bitcoin, they sell 10 Bitcoin,” Check said, echoing other analysts’ comments on the profitability challenges for Bitcoin miners.
“Bitcoin miners are selling most of their coins to pay the bills,” Panos wrote in a June 18 X post.
In a separate post on X the same day, Check noted that Bitcoin “transaction fees represent an increasingly large proportion of miner revenues.”
“Miners must adapt and adjust to fees becoming their primary revenue stream, forcing the industry to further innovate, and apply efficient capital management,” he wrote.
“Nearly all Bitcoin miners are selling 100% of their coins, while CLSK is managing to Hodl their BTC & use their relatively USD balance sheet to acquire new capacity,” VanEck head of digital assets research Matthew Sigel wrote.
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LayerZero’s newly launched token, LayerZero (ZRO), has fallen 17% since its debut, amid controversy over its donation criterion for claiming tokens, which some critics liken to a “tax.”
However, others believe this mechanism could address issues seen in recent token airdrops.
Upon its launch on June 20, ZRO spiked 15.15% to $4.71 within 20 minutes before plunging 22% in two hours, a common pattern in token airdrops as recipients quickly sell off their tokens.
ZRO’s launch included a unique twist: users must donate a small amount per ZRO token to claim them.
“To claim ZRO, users must donate $0.10 in USDC, USDT, or native ETH per ZRO.
This small donation goes directly to the Protocol Guild,”
LayerZero stated in a June 20 X post. LayerZero predicted this would result in around $18.5 million for the Protocol Guild, which funds Ethereum developers.
The donation requirement sparked backlash, with critics arguing it transformed the airdrop into something akin to an initial coin offering (ICO).
Responses to LayerZero’s announcement included comments like “Is this a joke?” and “how about you pay for that.”
LayerZero insists the ZRO launch is “not an airdrop.” In a June 20 statement, the company argued that traditional airdrops no longer achieve their goals of equitable distribution, community building, and protocol health.
This is due to recipients often having “little to no interest” in the project’s long-term success, alongside an increase in airdrop farming and Sybil attacks, where entities create numerous wallets to exploit airdrops.
LayerZero co-founder Bryan Pellegrino defended the launch, emphasizing that no one is entitled to the tokens and advising those unwilling to donate not to claim them.
“There is no forced donation; if you don’t want to donate… simply don’t claim.
“This is not something you own, it’s something being offered,” he said.
Pellegrino expressed his exhaustion after a busy day defending the launch, stating, “Such an unreal day, as exhausted as I’ve ever been in my entire life.
“Going to sleep for an unknown amount of time with notifications off.
“Godspeed all.”
Some in the crypto community support the donation mechanism.
Adam Cochran stated, “People whining about the donation on LayerZero airdrop are dumb,” arguing it supports a “greater ecosystem” and adds a base cost, deterring Sybil attacks.
ZkSync noted that despite using an explicit Sybil detection system during its June 17 airdrop, some Sybil wallets still bypassed the system.
Connor King, an Irys developer, praised the claim page’s user interface, comparing it to Spotify Wrapped.
ZRO is currently trading at $3.35, down 17% over the last 24 hours, according to CoinMarketCap.
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A U.S. federal court judge has advanced a civil securities lawsuit against Ripple Labs, rejecting its bid for summary judgment.
This lawsuit claims that Ripple’s CEO violated California securities laws.
On June 20, Judge Phyllis Hamilton of the U.S. District Court for the Northern District of California ruled that a jury will decide if Ripple CEO Brad Garlinghouse made “misleading statements” during a 2017 interview.
The judge dismissed four allegations regarding Ripple’s “failure to register XRP as a security.”
In the 2017 interview on Canada’s BNN Bloomberg, Garlinghouse stated he was “very, very long” on XRP. However, the lawsuit alleges this was misleading, as he “sold millions of XRP” throughout that year.
“We are pleased that the California court dismissed all class action claims. The one individual state law claim that survived will be dealt with at trial,” said Ripple’s chief legal officer, Stu Alderoty, in an emailed statement to Cointelegraph.
Judge Hamilton noted that Ripple argued the “misleading statement” claim should be dismissed, asserting XRP is not a security under the Howey test.
Ripple referenced a significant July 2023 ruling by Judge Analisa Torres in a lawsuit between the U.S. Securities and Exchange Commission (SEC) and Ripple.
However, Hamilton disagreed, finding that XRP could be considered a security when sold to non-institutional investors, who might expect profits from Ripple’s efforts—one of the criteria of the Howey test.
READ MORE: Bitcoin Miner Reserves Plunge to 14-Year Low Amid Halving Pressures and Strategic Adjustments
“The court declines to find as a matter of law that a reasonable investor would have derived any expectation of profit from general cryptocurrency market trends, as opposed to Ripple’s efforts to facilitate XRP’s use in cross-border payments, among other things.
Accordingly, the [court] cannot find as a matter of law that Ripple’s conduct would not have led a reasonable investor to have an expectation of profit due to the efforts of others,” Hamilton wrote.
Ripple’s Alderoty emphasized, “The ruling from Judge Torres in the SEC case still stands and nothing here disturbs that decision.”
Many in the U.S. crypto industry celebrated Torres’ ruling as a major victory in 2023, anticipating that it would set a precedent for other crypto cases.
However, its impact has been less significant than expected.
In the SEC’s case against Terraform Labs, Judge Jed Rakoff, from the same courthouse as Torres, disagreed with the Ripple ruling, rejecting Terraform’s dismissal motion in August.
Terraform subsequently lost the case and had to pay a $4.5 billion settlement to the SEC.
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Gemini co-founders Cameron and Tyler Winklevoss have each pledged $1 million in Bitcoin towards the reelection of former U.S. President Donald Trump.
In June 20 posts on X, the Winklevoss twins announced their intention to vote for Trump, the prospective Republican Party candidate for U.S. President on Nov. 5.
They committed to sending 15.47 BTC each — approximately $1 million at the time — to his campaign. Both brothers emphasized that Trump was “pro-Bitcoin” and “pro-crypto,” while criticizing President Joe Biden for allegedly declaring “war against crypto” during his tenure.
“President Donald J. Trump is the pro-Bitcoin, pro-crypto, and pro-business choice,” Tyler Winklevoss stated. “This is not even remotely open for debate.
Anyone who tells you otherwise is severely misinformed, delusional, or not telling the truth […] It’s time for the crypto army to send a message to Washington. That attacking us is political suicide.”
Tyler highlighted the U.S. Securities and Exchange Commission’s actions against crypto firms under the Biden administration and the “weaponization of the banking system against crypto companies” — a nod to Operation Choke Point 2.0.
The twins, however, did not mention regulatory actions during Trump’s presidency from 2017 to 2021.
The Winklevoss brothers reportedly attended a June fundraiser for Trump, costing up to $300,000 per person.
Additionally, they have donated about $5 million to the Fairshake political action committee and its affiliates, which have been responsible for attack ads against lawmakers and supporting specific Democratic and Republican candidates.
The twins’ announcement did not address Trump’s conviction on 34 felony counts in May, potentially complicating his reelection bid.
Despite leading the polls as the Republican presidential candidate, Trump faces a sentencing hearing in New York on July 11, just before the party nomination.
In recent months, amid his legal challenges, Trump has hosted a dinner for those who purchased an NFT of his mugshot from a Georgia criminal case, announced his campaign’s acceptance of crypto donations, and met with executives from major mining firms, expressing his intention to have all BTC mined in the U.S.
Meanwhile, President Biden is also reportedly considering accepting cryptocurrency for his reelection campaign.
Reactions on X were mixed; some supported the Winklevoss’ endorsement, while others questioned Trump’s commitment to crypto, suggesting he might be influenced by Robert F. Kennedy Jr, a crypto-friendly Independent candidate for 2024.
Trump had previously called Bitcoin a scam in 2021 after leaving office.
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Casino bonuses and loyalty programs form the backbone of customer engagement strategies in online gambling. These incentives are not merely tools for attracting new players; they are also crucial in maintaining the interest and loyalty of existing clientele.
As we explore the mechanisms behind these offerings, it becomes clear how they are continuously refined to align with player expectations and adapted to the landscape of the online casino industry.
Innovative Bonus Structures
As operators vie for attention in a crowded market, the development of distinct and appealing bonus structures is essential. Modern online casinos are dedicated to updating their bonus structures continuously so as to keep the interest at a high level.
Some of the most popular bonuses are as follows:
- Game-specific bonuses: Casinos might offer free spins on popular or newly launched games. For popular games like Gates of Olympus or Sweet Bonanza, special weekly offers can be organised or even tournaments with leaderboards and prizes for winners. Fans of table games might find offers like matched deposits or cashback rewards useful for the games of their preference.
- Refer-a-friend bonuses: Refer-a-friend bonuses expand the player base through word-of-mouth. A good example of this approach is the referral Unibet Casino bonus. Players who refer a friend to the platform receive a £150 bonus. This strategy has proven itself to be useful for Unibet, as the casino has greatly expanded its player base, thanks in big part to this bonus type.
Loyalty Programs
These programs are vital for maintaining the interest and loyalty of the casino’s clientele. Here’s a closer examination of the types of loyalty programs which have become popular lately:
- Point-based Systems: Within these systems, players accumulate points with every wager they make. Over time, accumulated points can lead to significant rewards. The flexibility of the points system usually allows players to choose rewards that best suit their preferences and gaming styles.
- VIP clubs: Reserved for the most committed players, VIP clubs epitomise the pinnacle of player rewards and recognition. Membership in these clubs is typically by invitation or through meeting specific criteria. VIP clubs offer exclusive benefits which may include bespoke promotions tailored to individual gaming preferences, personal account managers, and even invitations to special events or luxury experiences.
Challenges and Considerations
While bonuses and loyalty programs offer substantial benefits to both players and casinos, managing them effectively presents several significant challenges.
Regulatory compliance stands as one of the primary challenges. The rules and regulations can differ greatly from one place to another. Casinos must follow these regulations to ensure that all their promotional activities meet legal requirements for fair play, anti-money laundering (AML) measures, and responsible gaming.
Another critical challenge is the prevention of bonus abuse. This involves players exploiting bonus offerings to gain unintended advantages, which can lead to significant financial losses for casinos and disrupt the integrity of gaming operations. To counteract this, casinos implement measures such as wagering requirements, game weightings, and caps on bonus winnings.
Casinos must also balance the attractiveness of their offers with profitability. Achieving this balance requires an understanding of player behaviours and preferences, coupled with careful financial analysis. Utilising data analytics helps tailor offers that meet player expectations while also driving the casino’s revenue objectives effectively.
A police officer in White Settlement, Texas, thwarted a scam in progress, saving an elderly woman from losing $40,000 to a Chase Bank impersonator.
The scam involved tricking the woman into depositing money into a Bitcoin ATM machine.
On June 19, the White Settlement Police Department (WSPD) received a call from a concerned citizen who witnessed an elderly woman depositing large sums of cash into a Bitcoin ATM.
The citizen became suspicious after overhearing the woman’s phone conversation and believed she was being scammed.
According to the WSPD, the scammer threatened the victim with arrest if she didn’t transfer the funds, a common tactic in “pig butchering” scams.
The scammer’s caller ID displayed “Chase Bank,” leading the woman to believe she was speaking with a bank employee.
The perpetrator arranged for a ride service to take the woman to a local Chase Bank to withdraw the money.
Subsequently, she was directed to a convenience store to deposit the cash into a Bitcoin ATM.
Dashcam footage released by the police shows an officer intervening and taking over the phone conversation.
Despite the Chase Bank impersonator’s continued attempts to complete the scam, the WSPD successfully halted further transactions.
READ MORE: LandBridge Eyes Crypto Miners in Strategic Shift Amid $1.6 Billion IPO Launch
Although the police prevented additional losses, the woman had already deposited $23,900 into the crypto ATM.
Authorities are now collaborating with government officials to recover the funds and return them to the victim.
Sergeant James Stewart, the responding officer, expressed a personal connection to the case, saying, “All I could do is visualize my mom in this case. […] I wish we could find this guy and place him behind bars for a very long time because he is probably doing this to other people.”
Chief of Police Christopher Cook praised the vigilant citizen who reported the incident, stating that the department plans to recognize this individual at a future council meeting.
The quick action of both the concerned citizen and the police officer was crucial in preventing the elderly woman from losing her life savings to the scammer.
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