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• Jun 6, 11:53 AM Crypto Briefing

  Robinhood announces $200 million acquisition of Bitstamp to boost global presence

  Robinhood Markets has confirmed its acquisition of Bitstamp, a prominent UK-based crypto exchange, for approximately $200 million, marking its largest purchase yet. This strategic move is aimed at transforming Robinhood into a comprehensive financial services entity, enhancing its competitive edge against major rivals like Coinbase and Binance. The acquisition, set to finalize in the first half of 2025, intends to expand Robinhood's footprint in the EU and globally, despite facing regulatory hurdles in the US.

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• Jun 6, 11:13 AM Crypto Briefing

  Hong Kong SFC chief comments on Bitcoin’s resilience and new crypto licensing laws

  Julia Leung, the chief executive of the Hong Kong Securities and Futures Commission (SFC), has recognized Bitcoin's resilience as an alternative asset with significant staying power, despite the skepticism about its intrinsic value. In the backdrop of Hong Kong launching a licensing framework for crypto trading platforms, Leung also highlighted the strict regulations that some argue deter global exchange participation and impact investor confidence negatively. Additionally, the SFC's efforts extend to regulating stablecoins and advancing the Web3 ecosystem while maintaining investor safeguards.

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• Jun 6, 3:00 AM Bitcoinist

  Binance seeks to dismiss major parts of a $13 billion UK lawsuit

  Binance has requested the UK's Competition Appeal Tribunal to dismiss significant segments of a $12.8 billion lawsuit alleging that the crypto exchange and others engaged in anti-competitive practices by delisting Bitcoin Satoshi Vision (BSV). This legal action was prompted by claims that these actions significantly undermined BSV's market value and potential, with Binance challenging the claims related to BSV's prospective status as a leading cryptocurrency.

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• Jun 5, 9:25 PM Crypto Briefing

  VanEck predicts Ethereum to hit $154,000 by 2030 amid growing AI and financial uses

  Asset manager VanEck forecasts that Ethereum will reach $154,000 by 2030, a significant surge attributed to its potential in generating $66 billion in free cashflows, and its pivotal role in the stablecoin market where it has already settled transactions worth $4 trillion. The report highlights Ethereum's substantial economic footprint, comparing its revenue generation favorably against major Web2 platforms like Etsy and Twitch, and emphasizes its growing importance in the artificial intelligence sector, which will further enhance its value.

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• Jun 5, 8:24 PM Crypto Briefing

  Nansen analyst links US employment data to potential crypto tailwind

  The latest US ADP National Employment Report showed a weaker-than-expected job growth, projecting a slower economic expansion and possible rate cuts, per Nansen's Aurelie Barthere. This scenario could potentially fuel a positive momentum for crypto markets, particularly as other economic indicators like retail sales and Q1 GDP also depict a moderating growth pace. Additionally, developments such as the approval of a spot Ethereum ETF and the forthcoming European Parliament elections may further influence the crypto landscape, creating a favorable environment for altcoins and possibly inciting a "meme coin summer."

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• Jun 5, 7:46 PM Bankless

  Coinbase introduces smart wallets to enhance user experience

  Coinbase has launched a new smart wallet designed to simplify the user experience by enabling gasless transactions across multiple networks such as Ethereum and BNB. The wallet features user-friendly account creation via methods like Face ID and allows balance integration from both self-custodial wallets and Coinbase accounts to prevent insufficient funds issues.

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• Jun 5, 5:37 PM Crypto Briefing

  SEC chairman Gensler discusses concerns over crypto ETFs on CNBC

  SEC Chairman Gary Gensler expressed reservations about approving new crypto exchange-traded funds (ETFs) on CNBC's Squawk on the Street, citing inadequate disclosures and regulatory non-compliance by crypto exchanges. He emphasized the need for proper investor disclosures and regulatory oversight to prevent fraud and market manipulation, referencing challenges including the legal troubles of industry figures like Do Kwon. His comments highlight ongoing concerns about crypto market practices in the US.

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• Jun 5, 5:22 PM CoinDesk

  JPMorgan highlights Bitcoin miners with good power deals as top M&A targets

  JPMorgan identifies Bitcoin mining companies with favorable power contracts as likely acquisition targets, particularly as hyperscalers and AI firms increase their stakes in the sector. The involvement of these firms is set to raise valuations and consolidate the industry, following key deals like CoreWeave's acquisition of Core Scientific and Riot Platforms' offer for Bitfarms. The report emphasizes that such mergers could enhance efficiency and profitability in Bitcoin mining operations by reallocating power resources.

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• Jun 4, 2:46 PM Crypto Briefing

  Polygon Labs acquires Toposware to boost zero-knowledge tech

  Polygon Labs has acquired blockchain firm Toposware to enhance its zero-knowledge (ZK) capabilities within the Web3 space. This marks the third major ZK-related acquisition by Polygon Labs, following Hermez and Mir in 2021. The integration of Toposware's expertise will support the development of Polygon’s zkEVM prover and the AggLayer, aiming to unify and secure multiple layer-1 blockchains. Despite this strategic expansion, Polygon's token MATIC continues to underperform in the market compared to its competitors.

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• Jun 3, 6:30 PM Decrypt

  Coinbase contributes $25 million to political action committee Fairshake

  Coinbase, a leading US crypto exchange, has donated $25 million to Fairshake, a political action committee, boosting its contributions this election cycle to $160 million. This funding aims to support pro-crypto candidates and influence the 2024 US elections amidst heightened political focus on crypto regulations. This move follows significant political developments, including new regulatory frameworks and tensions within the Democratic party over crypto policy. Coinbase CEO, Brian Armstrong, emphasized the need for bipartisan support for crypto in politics.

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• Jun 3, 1:25 PM Crypto Briefing

  Crypto funds see record $15 billion in 2024 with strong Bitcoin and Ethereum inflows

  In 2024, crypto funds achieved a new milestone with total inflows hitting $15 billion, bolstered by significant contributions in May and a robust week that saw $185 million enter the market. Bitcoin led the charge with $148 million in inflows, showcasing continued confidence among investors, while Ethereum reversed a previous downtrend with substantial inflows, partly due to SEC approval for a spot-based ETF. Despite these positive movements in crypto, trading volumes decreased, and blockchain equities experienced notable outflows.

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• Jun 3, 11:31 AM Crypto Briefing

  Linea scrutinized for halting block production after Velocore hack

  Ethereum layer-2 blockchain Linea halted its block production to prevent further losses following a hack on Velocore, a decentralized exchange on its network, which compromised 700 ETH ($2.6 million). This decision, meant to inhibit the hacker's ability to transfer stolen funds, has faced criticism for undermining the principles of decentralization and censorship resistance. Despite the backlash, Linea defended its actions and reaffirmed its future commitment to creating a decentralized and censorship-resistant environment to enhance security without central oversight.

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• Jun 3, 3:59 AM Crypto Briefing

  Roaring Kitty triggers 300% surge in Solana-based memecoin $GME

  Following the return of Keith Gill, known as "Roaring Kitty," the Solana-based memecoin $GME experienced a 300% increase in market cap, surpassing $100 million. Gill's social media activity, including a post on Reddit revealing significant GameStop stock and options purchases, coincided with heightened trading volumes and value spikes in related meme tokens.

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• May 31, 8:37 PM Crypto Briefing

  House Financial Services Committee urges President Biden to reconsider veto on SAB 121 affecting crypto custody

  The House Financial Services Committee, led by Chairman Patrick McHenry and Senator Cynthia Lummis, has requested President Joe Biden to reconsider his potential veto of the Congressional Review Act resolution, which seeks to overturn SEC's Staff Accounting Bulletin 121 (SAB 121). The bulletin restricts highly regulated financial institutions from holding Bitcoin and other tokens. This bipartisan initiative passed both Senate and House votes and is seen as a critical measure to safeguard essential crypto custody services and consumers.

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• May 31, 9:49 AM The Block

  Ether options indicate bullish sentiment for June with $5,000 calls

  Open interest in Ether options is heavily concentrated on $5,000 calls for the end-of-June expiry, reflecting a bullish stance among traders. This optimism is evident in the active use of call spreads between the $4,000 and $5,000 price points, aiming to capitalize on potential price increases. The options market's put-call ratio further supports this bullish outlook, although some traders are adapting to possible downsides due to delays in the ether ETFs launch.

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