Monday June 24, 2024
Bitcoin is continuing last week’s slide following news that Mt. Gox will begin distributions next month.
◾ The Mt. Gox Trustee said creditor repayments will begin in July. (Mtgox)
◾ McKinsey issued a report on tokenization finding that total tokenized market capitalization could reach around $2 trillion by 2030. (McKinsey)
◾ The Winklevi had their recent $2 million donation to the Trump presidential campaign refunded because it exceeds the maximum amount allowed under federal law. (Bloomberg)
Government & NGO Actions
◾ Switzerland’s central bank is extending its pilot program for issuing CBDC-backed bonds for another two years. (Bloomberg)
◾ Italy issued a draft decree that outlines plans to increase fines for crypto-related crimes. (Reuters)
◾ Hong Kong’s Legislative Council is seeking global insights on Web3 and virtual asset development, (X)
◾ Nigeria denied claims that imprisoned Binance executive, Tigran Gambaryan is being held “in unsavory prison conditions.” (X)
◾ The US Treasury’s Financial Crimes Enforcement Network (FinCEN) issued an advisory, warning financial institutions to watch for crypto activity linked to the illegal fentanyl supply chain. (Fincen.gov)
◾ The CFTC is investigating Jump Trading’s crypto trading and investment activities. (Fortune)
Financial Notices & Public Company Releases
◾ Hut 8 $HUT is getting a $150 Million strategic investment from Coatue Management to build a next generation AI infrastructure platform. (Hut8)
◾ VanEck set the management fee for its spot Ether ETF at 0.2%. (Reuters)
◾ Marathon Digital $MARA launched a 2 MW pilot project to recycle heat generated from bitcoin mining to warm a 11,000 person community in Finland. (Bitcoinmagazine)
◾ Japanese budget hotel operator turned Web3 developer MetaPlanet plans to spend ¥1 billion ($6.2 million) on bitcoin purchases for its treasury reserves. (Metaplanet)
◾ Digital asset manager 3iQ filed to launch a solana (SOL) ETP in Canada. (X)
◾ VanEck issued the first bitcoin ETF on Australia’s main stock exchange. (Reuters)
Restructuring, Losses & Legal News
◾ Ripple CEO Brad Garlinghouse may face a civil securities lawsuit, alleging he made misleading statements in 2017 by claiming he was "very, very long on XRP" while simultaneously selling his personal holdings. (Decrypt)
AI Announcements
◾ Apple $AAPL is speaking with Meta $META about integrating its generative AI model into Apple Intelligence. (WSJ)
◾ OpenAI is delaying the release of GPT-5 until late 2025. (Mashable)
◾ ByteDance working with Broadcom $AVGO to develop an advanced AI chip. (Reuters)
Protocols, Applications & Business News
◾ Standard Chartered is setting up a bitcoin and ether FX trading desk. (Bloomberg)
◾ Independent presidential candidate Robert F. Kennedy tweeted that he would pardon Ross Ulbricht, the imprisoned founder of Silk Road, if elected. (X)
◾ Coinbase $COIN launched a $2 million ad campaign promoting crypto alternatives to remittance sending Latino consumers. (Reuters)
Market Data
◾ Last Thursday, bitcoin’s difficulty slipped 0.05% falling for third time in the last 4 adjustment periods. (Btc.com)
◾ Nomura’s survey of digital asset trends by Japanese institutional investors says 62% of respondents view crypto as a diversification opportunity with 54% planning to invest in crypto assets over the next three years. (LaserDigital)