Coin360 Daily Dispatch | Crypto Market Updates & Highlights | June 15, 2024

Crypto Market Update

Table of Contents

Crypto Market Updates

• Bitcoin Drops to $65,000 Amid Market Turmoil
• Ethereum Holders Buy 298,000 ETH, Anticipating ETFs
• MicroStrategy Increases Bitcoin Holdings with $700M Notes
• Australia Approves First Spot Bitcoin ETF

Major Crypto Figures

• Former Binance CEO Controls 64% of BNB Supply

Legal and Regulatory Developments

• Gemini Settles $50M with New York Over Earn Program

Token Performance and Blockchain Activity

• Notcoin Surges 15%, Riding TON Blockchain Success

Central Bank Digital Currencies (CBDCs)

• BIS Survey Shows CBDC Interest Surge in Advanced Economies

Country-Specific Crypto Developments

• Turkey Proposes Crypto Tax to Address Budget Deficit

Crypto Exchange News

• Nigerian Officials Drop Tax Charges Against Binance Exec

Blockchain Governance and Decentralization

• Cardano's Chang Fork to Decentralize $681M Treasury

Bitcoin Drops to $65,000 Amid Market Turmoil

Before reclaiming the $66,000 level, Bitcoin had dropped to $65,000, its lowest in a month, leading to over $226 million outflows from Bitcoin ETFs and $180 million in leveraged derivatives liquidations. Altcoins like Ethereum and Solana also saw significant declines. The Federal Reserve’s recent decision to maintain interest rates and political uncertainty in Europe contributed to the downturn. Despite this, regulatory sentiment in the U.S. is becoming more favorable, and Bitcoin derivatives metrics remain stable, indicating strong support at the $65,000 level. 

Ethereum Holders Buy 298,000 ETH, Anticipating ETFs

Permanent Ethereum holders bought 298,000 ETH, worth over $1 billion, marking the second-highest daily purchase ever, and Coinbase saw its largest Ethereum outflow of the year, with 336,000 ETH withdrawn. Anticipation of spot Ether ETFs is driving this activity, with ETF trading possibly starting by July 2. ETH exchange balances have hit an eight-year low, with 4.1 million ETH pulled from exchanges in 10 days. Despite a 7.5% price drop, analysts remain bullish, highlighting strong support around $3,400 and the potential for a significant rally.

MicroStrategy Increases Bitcoin Holdings with $700M Notes

MicroStrategy has increased its convertible senior notes offering to $700 million, aiming to fund further Bitcoin acquisitions and general corporate needs. The private offering targets qualified institutional buyers and matures in 2032, bearing interest at 2.25% per annum. The move aligns with MicroStrategy's strategy to enhance its Bitcoin holdings, totaling 214,400 BTC valued at approximately $14 billion as of Q1 2024.

Australia Approves First Spot Bitcoin ETF

The Australian Securities Exchange has approved its first spot Bitcoin ETF, the VanEck Bitcoin ETF (VBTC), which will begin trading on June 20. This marks a significant milestone for Australian investors seeking regulated exposure to Bitcoin through a transparent investment vehicle, reflecting growing demand in the region for crypto assets.

Former Binance CEO Controls 64% of BNB Supply

Former Binance CEO Changpeng Zhao (CZ) reportedly owns 64% of Binance Coin's circulating supply, totaling about 94 million tokens, according to a Forbes report. Together with Binance, Zhao controls 71% of the 147 million BNB in circulation. His substantial crypto holdings contribute to his estimated net worth of $61 billion, making him the world's 24th richest individual.

Gemini Settles $50M with New York Over Earn Program

Gemini reached a $50 million settlement with the New York Attorney General over its Earn program. The agreement resolves allegations that Gemini misled investors, leading to a ban on its crypto lending services in New York. Affected users are set to receive full restitution, marking a significant legal outcome in the cryptocurrency sector.

Notcoin Surges 15%, Riding TON Blockchain Success

Notcoin (NOT) saw a notable surge of over 15% recently, surpassing $0.20, despite its previous decline from its peak earlier in June. This rise coincided with the TON blockchain reaching a new all-time high. The popularity of Telegram-based "x to earn" games like Hamster Kombat contributed to increased activity on TON, with daily active wallets surpassing 547,000.

BIS Survey Shows CBDC Interest Surge in Advanced Economies

A recent BIS survey indicates a significant rise in central banks from advanced economies conducting experiments with CBDCs. In 2023, proof of concept projects increased by 35%, and CBDC pilots tripled compared to the previous year. The survey, involving 83 central banks, reflects varied approaches and accelerating interest primarily among advanced economies.

Turkey Proposes Crypto Tax to Address Budget Deficit

Turkey has proposed a 0.03% transaction tax on crypto trades to address its budget deficit post-2023 earthquakes. This fiscal reform aims to generate 3.7 billion liras annually, part of a broader tax overhaul projected to yield $7 billion, constituting 0.7% of GDP, marking Turkey's most significant tax change in 20 years.

Nigerian Officials Drop Tax Charges Against Binance Exec

Nigerian officials have dropped tax charges against Binance executive Tigran Gambaryan, though he still faces money laundering accusations. Scheduled for June 20, the case continues amid claims from Gambaryan's family that the charges are unfounded. Health concerns persist after his reported collapse and subsequent illness in detention.

Cardano's Chang Fork to Decentralize $681M Treasury

Cardano's upcoming Chang Fork will transfer control of its $681 million treasury to the community, marking a major step towards decentralization. This treasury, funded by transaction fees and block rewards, aims to support ecosystem growth and sustainability. The upgrade underscores Cardano's commitment to robust governance and community empowerment in the cryptocurrency space.