Sam Bankman-Fried – the founder of the now-defunct crypto exchange FTX, once celebrated as the “poster boy” of crypto, is embroiled in a multi-billion dollar scandal involving the misuse of company assets for political donations.
Emails uncovered by The Wall Street Journal (WSJ) point to extensive involvement of the convicted exec’s family that could potentially lead to legal troubles.
More Legal Troubles For SBF and Family
Recently revealed emails by WSJ show that SBF’s family managed over $100 million in political contributions. The money, allegedly taken from FTX customer funds to influence the 2022 election, has sparked concerns of potential legal proceedings.
The emails detail Joe Bankman, SBF’s father, advising on financial strategies related to political donations,

On July 5th, Bitcoin fell below $54,000, experiencing a decline of over 6% in the past 24 hours due to increasing bearish pressure. The market downturn intensified after Mt. Gox, an early cryptocurrency exchange that went bankrupt over a decade ago, started to repay its customers following a lengthy bankruptcy process.
The latest downturn has rendered several Bitcoin mining machines unprofitable.
According to the latest data from f2pool, only six mining machines remain profitable when Bitcoin’s price drops below $56,000. These machines include the Antminer models S21 Hyd, S21, A1466I, S19 XP Hyd, S19 XP, and the Whatsminer M56S++.
The data indicates that at an electricity rate of $0.08 per kilowatt-hour (kWh), ASICs with an efficiency of less than 23 watts per terahash

The US spot Bitcoin ETFs experienced a net outflow of $20.45 million on Wednesday. Interestingly, only two of them showed activity amid market uncertainty.
Grayscale’s GBTC saw a $26.99 million exit, while Fidelity’s FBTC gained $6.55 million. The remaining nine funds, including BlackRock’s IBIT, Bitwise’s BITB, and VanEck’s HODL, reported no flows.
US Bitcoin ETFs’ Market Momentum Wanes
According to data compiled by SoSoValue, trading volume for these 11 funds reached around $800 million on July 3rd, down from $995 million the previous day. This represents a significant decrease from March, when daily volume ranged from $8-$10 billion. Despite recent fluctuations, the ETFs have attracted a total of $14.62 billion in net inflows since their launch in January.
US spot

Seychelles-based derivatives exchange, BitMEX has announced the launch of the MEMEMEXTUSDT Basket Index Perpetual Swap Contract.
The latest offering is designed to provide traders with an opportunity to gain exposure to the top meme coins in the market through a single contract.
BitMEX’s MEMEMEXTUSDT
Dubbed the “S&P500 for crypto meme coins,” this new offering will allow traders to speculate on the overall performance of popular OG meme coins such as Dogecoin (DOGE) and Shiba Inu (SHIB), as well as recent entrants like Pepe (PEPE), dogwifhat (WIF), Floki Inu (FLOKI), Brett (BRETT), Bonk (BONK), Book of Meme (BOME), Memecoin (MEME), and Mog Coin (MOG).
According to the official blog post, the contract is margined in USDT and will offer up to 25x leverage. Each contract

Justin Sun is back with another ambitious proposition. The Tron Founder has now set his sights on the German government’s BTC stash, boldly offering to buy it all off-market to “minimize the impact on the market.”
It all started with the German government-labeled wallet’s suspicious transfer of 6,500 BTC on June 19, worth more than $425 million, which sparked concerns among traders about potential market turbulence.
The wallet in question is believed to be linked to funds seized from the pirate movie website Movie2k by BKA back in 2013. The steady release of BTC to exchanges has further exacerbated the already turbulent market conditions.
Tron Founder to Save the Day?
Tagged by Arkham Intelligence as “German Government (BKA),” this wallet became a focal point for traders

The Bitcoin network is showing some signs of miner capitulation. This stage is marked by miners ceasing operations or selling part of Bitcoin reserves.
Interestingly, this process has been historically linked to a bottoming of Bitcoin prices, following which the asset is expected to resume a much-needed uptrend.

Signs of Bitcoin Miner Capitulation
Since the recent halving, the network hash rate has dropped by 7.7% from its peak on April 27. According to the latest report CryptoQuant, this decline suggests that less efficient miners have likely shut down their equipment due to negative profitability.
CryptoQuant’s miner profit/loss sustainability indicator reveals that miners have been significantly underpaid since April 20, the day after the 2024 Bitcoin halving,

Daily

Investors are eagerly awaiting the launch of spot Ethereum ETFs this month. But reports of delays appear to have vexed investors.
But once spot Ethereum ETFs hit the floor, these new products are estimated to attract net inflows of $3-$5 billion within the first six months of trading, according to a recent report published by crypto exchange Gemini.
Ethereum ETFs Poised For Massive Influx
Gemini’s analysis suggests that the introduction of spot Ethereum ETFs in the US could significantly boost total assets under management (AUM). When combining the projected new inflows with the existing assets in the Grayscale Ethereum Trust (ETHE), the total AUM for US-based spot Ethereum ETFs could reach between $13 billion and $15 billion within the first half-year of trading.
The

Crypto mining firm Genesis Digital Assets – backed by Sam Bankman-Fried’s fallen hedge fund, is reportedly mulling over an initial public offering (IPO) in the US as the crypto sector gains steam.
According to Bloomberg sources, Genesis Digital Assets is currently consulting advisers on a possible listing. The mining company intends to initiate a pre-IPO funding round, which is expected to begin in the coming weeks, as per an anonymous source.
Genesis Digital Assets Considers IPO in US
The company’s IPO plans follow significant expansion activities this year. In May, Genesis Digital Assets opened a new mining center in Argentina, and prior to that, it announced a 36MW facility in Texas.
While Genesis Digital Assets has yet to comment on the matter officially, the report

Crypto-friendly financial institution Evolve Bank and Trust was embroiled in a massive data breach. The bank admitted it had been aware of the incident, which involved the theft of 33 terabytes of user data.
While Evolve Bank maintained that customer funds appear to remain untouched, they admitted that the hackers likely managed to download sensitive customer information stored in the bank’s databases.
Evolve Bank’s Breach Exposes Bitfinex and Other Firms’ Data
The cyberattack has been linked to the notorious Russian ransomware group Lockbit. Reports suggest that the personal information of Bitfinex users was among the stolen data.
The stolen data from Evolve Bank reportedly contains sensitive personally identifiable information (PII), including names, addresses, social

Binance.US said that it is prepared to defend itself against the US Securities and Exchange Commission after a court ruled that the regulatory agency’s case against the crypto exchange could continue.
In its official statement on X, the US arm of crypto giant Binance affirmed that the “fight continues.”
Binance.US Slams SEC’s Enforcement Tactics
The crypto exchange said that it has used the “limited guidance” that the SEC has offered to the crypto industry to operate its business in a compliant way. Binance.US also slammed the SEC’s regulation-by-enforcement strategy and accused the regulatory body of politically motivated overreach under its current leadership.
The company also said that it maintains 1:1 reserves for all customer assets and has strong compliance and risk

The German government has moved another stash of its seized Bitcoin to some of the world’s top crypto exchanges, stirring new fears of a possible liquidation of its Bitcoin reserves.
Despite the latest transfers, it currently possesses Bitcoins worth around $2.82 billion.
Germany’s Bitcoin Transfers Continues
According to an update by Lookonchain, the German government has made a significant Bitcoin transaction, moving 1,500 BTC on July 1st. The latest stash is worth a whopping $94.7 million.
Out of this total, 400 BTC, which is valued at over $25 million was transferred to major cryptocurrency exchanges including Bitstamp, Coinbase, and Kraken. Currently, they hold 44,962 BTC, which is equivalent to roughly $2.82 billion.
The entity has been conducting a series of

Losses from hacks and rug pulls in 2024 year-to-date amount to over $473 million across 108 incidents, according to Immunefi’s latest data. This marks a 20% decrease compared to the same period in 2023, which saw losses of more than $595 million.
In May 2024, victims of hacks and fraud lost $52.4 million across 21 incidents, a 12% decrease from May 2023’s losses of almost $60 million and a 28% decrease month over month.
The crypto bug bounty platform’s report observed that a majority of the losses in May were from two projects: Gala Games, a crypto gaming project that lost $21 million, and SonneFinance, a decentralized lending protocol that lost $20 million.
During the same period, decentralized finance (DeFi) was the primary target for exploits, while its centralized

Amidst increased network activity and the price rally of its native token, TON, The Open Network ecosystem is seeing a surge in phishing attacks.
Unassuming users’ TON wallets are being lured through airdrops and other deceptive methods by attackers.
Telegram Users With Anonymous Numbers At Risk
Yu Xian – the founder of blockchain security firm SlowMist – issued a warning about these malicious activities primarily propagating through group chats, where attackers are reportedly employing deceptive tactics such as fake airdrops to compromise users’ TON wallets, and steal assets, including NFTs.
Anonymous Telegram numbers, which are similar to phone numbers, are being increasingly used by many to create Telegram accounts. The platform expanded its login options in late 2022

T-Rex Group – a financial services company – has filed for a 2x leveraged MicroStrategy (MSTR) exchange-traded fund (ETF) in the United States.
This financial vehicle is being deemed as potentially the most volatile ETF in the country.
The filing with the Securities and Exchange Commission’s EDGAR platform reveals that the main aim of the objective of the fund, dubbed ‘T-Rex 2X Long MSTR Daily Target ETF,’ is to magnify the daily performance of the publicly traded common stock of MicroStrategy by 200%.
Bloomberg’s Senior ETF analyst, Eric Balchunas, highlighted that if approved, this fund could demonstrate fluctuating levels up to 20 times greater than the S&P 500, potentially making it the most volatile ETF in the US market. This has prompted this potential product to

The highlight anticipated presidential debate between Donald Trump and Joe Biden did not feature any discussion about Bitcoin or crypto. This was notable given how much attention the industry has garnered this year.
Despite this, experts believe that if Trump were re-elected, it could signal a shift toward more favorable regulatory conditions for the crypto industry in the US.
Trump a Preferred Candidate?
In a statement to CryptoPotato, Bitfinex analysts highlighted Trump’s support for Bitcoin and other cryptocurrencies. They added that a Trump administration might focus on setting up a “clear and supportive” regulatory framework, that would involve promoting “innovation and investment” in the crypto sector.
This could result in increased adoption of digital assets and a

Bitcoin miners have been one of the key players causing market declines as they engaged in intense selling after the latest halving event which slashed the mining rewards from 6.25 to 3.125 BTC earlier this year.
However, the latest data suggest that the selling pressure from these entities has significantly decreased. Such a trend could potentially bolster the asset’s price and trigger a market-wide surge.
Weakening Miner Sell Pressure
The recent bearish market conditions have dampened the earlier optimism and enthusiasm surrounding bitcoin’s price, which could indicate a potential market bottom. Especially after halving on April 20th, miners began offloading their BTC as the reduced mining rewards rendered older mining equipment unprofitable, leading to decreased

The US Securities and Exchange Commission (SEC) might approve the latest tweaks about the spot Ethereum ETFs by July 4, as discussions between asset managers and regulators reach their final stages.
While speaking to several industry insiders, Reuters observed that eight asset managers, including BlackRock, Franklin Templeton, and Grayscale Investments, are closing in on the final stages. Many of these firms launched spot Bitcoin ETFs in January after a decade-long struggle with regulators, and Grayscale is again aiming to convert an existing trust into an ETF.
Ethereum ETFs Poised For July
Executives from two of the firms involved reportedly told Reuters that the process of tweaking the documents has progressed significantly, and only “minor” issues remain to be resolved,

Stablecoins have witnessed significant growth this year. Among them, USDT remains a leader, but other ones, such as Circle-backed USDC, are also seeing considerable activity.
As such, USDC’s recent deposits to centralized crypto exchanges could signal investors buying the dip amidst several market corrections in recent weeks.
USDC Deposits Surge
According to IntoTheBlock’s Head of Research, Lucan Outumuro’s latest findings, USDC’s net inflow into centralized crypto exchanges reached a one-year high of $228 million on June 24. This surge suggests investors are depositing stablecoins to capitalize on lower cryptocurrency prices.
Further validating this trend is a recent observation from CryptoQuant co-founder Ki Young Ju, who noted that while the stablecoin market is

Bitcoin whales are quietly scooping up BTC, according to the latest analysis by IntoTheBlock.
There has been a shift in Bitcoin accumulation patterns with a surge in net inflows to the largest wallets despite the prevailing market sentiment of FUD.
Bitcoin Whales Increase Holdings By 7,130 BTC
The data revealed that holders with control of at least 0.1% of the total Bitcoin supply increased their holdings by 7,130 BTC in a single day, with the stash worth around $436 million.
ITB’s data shows that the Bitcoin Large Holders Netflow fluctuated around the zero mark over recent weeks, which was indicative of periods of both net deposits and withdrawals from these wallets. Notably, there was a significant surge in net inflows on June 24th as bitcoin’s price briefly tumbled

During previous bull markets, the Ethereum Foundation has demonstrated a keen ability to time the market with its ETH holdings.
However, the foundation appears to have departed from this established pattern.
Ethereum Foundation’s Unexpected Selling Restraint
The Ethereum Foundation was found to have executed large sales of ETH near peak valuations in the past. This strategy has allowed the organization to capitalize on high prices and potentially secure funding for ongoing development and operations.
According to IntoTheBlock’s latest data, the foundation has yet to engage in any significant selling activity in this current market cycle.
Such a deviation raises important questions about the organization’s current strategy as per the on-chain intelligence platform as well

Digital asset investment products experienced a second consecutive week of outflows shedding $1.2 billion which amounted to $584 million.
According to CoinShares, this could potentially be a result of the pessimism amongst investors regarding potential Fed interest rate cuts this year.
Altcoins See Inflows Amid Market Weakness
Bitcoin bore the brunt and remained the primary focus with $630 million in outflows, although short positions did not increase significantly, as per the latest edition of CoinShares’ Digital Asset Fund Flows Weekly Report.
“Further outflows of US$584m highlight a true correction is underway.”
Ethereum – which has seen increased investor interest this quarter – did not escape the negative sentiment and recorded $58 million in outflows over the past

A popular New York-based crypto exchange, Uphold, announced the delisting of six stablecoins in response to the upcoming MiCA regulation in the European Union, including Tether (USDT) – the largest of the cohort.
This decision aligns with the Markets in Crypto Assets (MiCA) regulation, which fully takes effect on June 30th, 2024. Passed into law in May 2023 and partially enacted a month later, MiCA requires all digital assets to comply with its extensive regulations.
However, it does raise concerns about the future of USDT in the region.
Implications of MiCA Regime on Tether (USDT)
According to Tim Wang, COO of Elixir, short-term effects may lead to market dislocation for liquidity and trading markets due to USDC and USDT dominance on centralized exchanges.
In an exclusive

British multinational bank Standard Chartered is all set to roll out a trading desk for Bitcoin and Ether. The latest development makes it one of the first global banks to engage in spot cryptocurrency trading.
Standard Chartered has been engaging with players in the digital asset space for quite some time and has also partnered with several entities amidst increased demand for crypto exposure.
Standard Chartered Ventures Into Spot Trading
According to two anonymous sources cited by the latest Bloomberg report, the new crypto desk is nearly operational and will be integrated into the bank’s FX trading unit. One source also revealed that it will based in London.
The bank is yet to confirm its latest initiative but did highlight the growing demand for Bitcoin and Ethereum by

Historically, Bitcoin has played a crucial role in driving market trends. Due to this substantial influence over other cryptocurrencies, BTC has, time and again, served as a primary indicator.
While long-term holders of Bitcoin started liquidating their positions in January, their Ethereum counterparts have been steadily accumulating.
Divergence Among Ethereum Holders
The behavior of long-term holders is crucial for gauging market cycles. As price increases, these investors start offloading their accumulated assets, which, in turn, begins the early stages of a bull market and continues its peak. Instead of following Bitcoin’s lead, a divergence has been witnessed and long-term holders of Ethereum have kept up their accumulation.
According to the latest analysis by

The market may have lacked luster, but investors are comfortably sitting on substantial piles of profit.
Data suggest that profits are heavily focused on large-cap tokens and meme coins, while altcoins have taken a backseat.
The latest findings by IntoTheBlock revealed that Bitcoin (BTC) leads the pack with 89.11% of its holders currently sitting in profit, thereby demonstrating its continued dominance in the market despite the launch of a flurry of different types of tokens in recent years.
Next in line is Ethereum (ETH), which has 83.19% of its holders in profit, reflecting its strong performance, which could be further boosted by the potential introduction of spot Ethereum ETF after the US Securities and Exchange Commission (SEC) greenlighted the applications of several

The cryptocurrency market has been lackluster, with top assets trading sideways, showing minimal volatility and limited price movement.
Despite this period of stagnation, data suggests that most of these digital assets are undervalued and have more upside potential.
SHIB, DOGE, ADA Immensely Undervalued
According to Santiment’s latest findings, the 30-day Market Value to Realized Value (MVRV) ratio found several assets to be undervalued. A lower MVRV ratio indicates that traders are holding assets at a loss, which historically suggests an increased likelihood of a price rebound as oversold conditions may attract buying interest.
Santiment’s compiled data revealed that Bitcoin (BTC) has an MVRV of -4%, Ethereum (ETH) -4.3%, and XRP -3.5%, all suggesting mild bullish

After making a comeback above $0.50 yesterday, XRP noted a mild decline from the level in the past 12 hours or so.
The brief uptrend, however, wiped its weekly losses, making XRP the only top cryptocurrency in the green during the same period, with a slight rise.
Investors Flock to XRP
In line with the price action, XRP saw a surge in open interest (OI) as traders continued to closely monitor the ongoing legal battle between Ripple and the US Securities and Exchange Commission (SEC).
This surge in OI suggests that investors are increasingly opening positions anticipating a rise in XRP’s price, according to CryptoQuant’s latest analysis.
The on-chain analytic platform further observed the heightened trading activity around XRP, which is currently the seventh-largest

There has been a significant shift in the distribution of Dogecoin holdings over the past year.
In fact, a cohort of DOGE whales have slowly reduced their holdings, which, in turn, may have been captured by retail and mid-sized holders of the meme coins.
DOGE Whales’ Distribution
According to the latest analysis by IntoTheBlock, the largest Dogecoin whales – holders owning more than 0.1% of the total supply – have been steadily reducing their positions.
Interestingly, their collective share has decreased from 45.3% to 41.3%. This reduction indicates a redistribution of the OG meme coin, with retail and mid-sized investors now holding a significantly higher portion of the supply.
This aligns with an increase in the supply held by entities with balances between 100 million

Coinbase Ethereum layer-2 network Base has clinched a new record in terms of the number of daily active users on decentralized exchanges (DEX), reaching 270,000 on June 17th.
Compared to the previous day, the figure jumped by approximately 9%.
Uniswap Dominates Base With 85% User Share
According to data compiled by Dune Analytics, with the latest all-time high of active users, Base-powered decentralized exchanges have now surpassed BNB Chain. The Layer 2 network is now behind Solana in terms of user base.
The increased trading activity of meme coins on the Base chain drives this rapid adoption. It is important to note that while meme coins have sparked massive activity on Solana, Base isn’t far behind.
In fact, Base is quickly catching up with the former in emerging as a

Bitcoin has become significantly less volatile in recent times. This is evidenced by the absence of any extreme spikes in price movements in either direction since the completion of the fourth halving.
Such a trend of dwindling volatility signals maturity, according to experts.
Bitcoin Sees Signs of Maturity
Over the past week, bitcoin saw a modest decline of a little over 3%, with selling activity outweighing buying across almost all exchanges. According to Kaiko’s latest findings, the cumulative net trading volume for major BTC trading pairs reached $518 million between June 10th and 14th, with Binance and Bybit witnessing the highest level of selling pressure.
Kaiko stated that although bitcoin experienced price swings as a result of macroeconomic news last week, it