Crypto’s Big Week: Positive News Amid Debate Oversight
While the US presidential debate failed to mention cryptocurrency, the past week has seen numerous victories and positive news for the crypto community. We bring you an overview of these latest happenings in the crypto world.
Coinbase Sues SEC and FDIC for Information on Crypto Regulation
Coinbase has filed a lawsuit against the SEC and FDIC, seeking information on what it describes as a “deliberate and concerted effort by the SEC, FDIC, and other financial regulators” to pressure banks into denying crypto firms access to the federal banking system. This legal action aims to shed light on the regulatory landscape and the challenges faced by crypto companies in securing banking relationships.
Crypto Absent from First 2024 U.S. Presidential Debate
Despite industry participants’ hopes, cryptocurrency was not discussed during the first general debate of the 2024 U.S. presidential election. The debate, held Thursday in Atlanta, Georgia, featured current President Joe Biden and former President Donald Trump, each their parties’ presumptive nominee. Hosted by CNN anchors Jake Tapper and Dana Bash, the 90-minute debate began with the economy and covered issues such as abortion, immigration, and foreign policy.
Bybit Surpasses Coinbase to Become the Second-Largest Crypto Exchange by Volume
Bybit has overtaken Coinbase to become the world’s second-largest cryptocurrency exchange by volume, according to a June report from crypto research firm Kaiko.
Bybit’s market share surged from 8% to 16%, surpassing Coinbase in March. While Coinbase has seen improvements in revenue and profits, its global market share increased by only 1% during the same period.
Mt. Gox Trustee to start Bitcoin, Bitcoin Cash repayments in July
Mt. Gox, the cryptocurrency exchange that misplaced 850,000 Bitcoin of investor funds in 2024, is set to start reimbursing its affected users. Mt. Gox will start repaying in Bitcoin and Bitcoin Cash in July 2024, as stated in a June 24 note from the exchange.
Bitcoin Fear & Greed Index Hits Lowest Level in Over 18 Months
Amid ongoing market turmoil, the Bitcoin Fear & Greed Index has plunged to its lowest level in more than 18 months. Currently at a fear score of 30, this marks the most significant decline since January 2023. As crypto investors grow increasingly fearful, many are choosing to hold their investments, further contributing to market uncertainty.
WikiLeaks’ Julian Assange Freed from London Prison After Plea Deal
Julian Assange was freed from a London prison after over five years, avoiding U.S. extradition by pleading guilty to conspiracy to obtain and disclose U.S. national defense information. Assange is likely to be sentenced to five years, with three years time served. His sentencing is set for June 25. He has left the U.K. for Australia.
Hamster Kombat Crypto Game Gains Popularity in Iran Amid Government Concerns
Telegram-based crypto game Hamster Kombat is experiencing a surge in interest among Iranian users ahead of its upcoming token launch, according to the Associated Press. Iran’s deputy military chief, Rear Adm. Habibollah Sayyari, expressed concerns over the game’s influence, describing it as part of a “soft war” by Western forces to distract citizens from the presidential election.
Jason Derulo Launches Meme Coin, Claims Scam by Promoter Sahil Arora
R&B singer Jason Derulo has launched a meme coin on Solana, joining a long list of celebrities involved in similar ventures. However, Derulo claims he was scammed by notorious celebrity coin promoter Sahil Arora. On Sunday, Derulo shared the address for JASON, a meme coin launched via Pump.fun. Less than seven hours later, he took to Twitter to denounce Arora, stating that the incident would motivate him to “send this shit to the moon.” Arora, however, claims the drama was all part of the plan.
Cardano Blockchain Impressively Mitigates DDoS Attack
The Cardano blockchain experienced a distributed denial of service (DDoS) attack late Tuesday aimed at stealing tokens staked on the network. Fortunately, the attack was unsuccessful and mitigated before any damage was caused, allowing the network to continue operating as usual. DDoS attacks flood a server or blockchain with spam traffic to disrupt access to online services.
