The post "Bitcoin Analysis: Will BTC Succeed Above $71K?" first appeared on 36crypto.com News.
Bitcoin grips above $71k amid high ETF demand. Is speculative interest back?
On June 5, sluggish Bitcoin dynamics switched to an abrupt volatility which paved the way to $71,540 at the writing time. The uptick kicked in as the positive two-week exchange-traded funds (ETFs) collective netflow hit the record $886.75 million on June 4, mainly driven by Fidelity’s FBTC’s $379 million inflows. Reacting to the massive inflows, Bloomberg analyst Eric Balchunas cited ones to be a “tidal wave”.
“Fidelity not messing around, big-time flows all around today for The Ten, nearly $1b in total. Second best day ever, since Mid-March. $3.3b in the past 4 weeks, net YTD at $15b (which was the top end of our 12-month est). The 'third wave' is turning into a tidal wave,” – he wrote in a post for X.

BlackRock’s IBIT also racked up substantial inflows on Tuesday, netting $274 million. Specifically, BlackRock possessed 291.5K Bitcoins as of June 3, which was equivalent to over 20 billion dollars as per market prices back in the day. ARK Invest’s ARKB stood out as well, collecting nearly $139 million of BTC. 
Is Bitcoin Reached to ATH?
Decent metrics seemed to have brought speculative interest in Bitcoin back. One has recessed amidst Bitcoin’s robust dynamics, which prevailed over the last two weeks and forced market participants to seek volatility in memecoins and gaming tokens. 
As the on-chain data reveals positive sentiment probability, Willy Woo took it further, claiming that Bitcoin is poised to update its all-time high (ATH). According to the crypto analyst, reaching the level of $72,000 will act as a “fuse”, triggering the breakthrough of the $75,000. Such price action would also spur a wave of liquidations and pave the way to a new historical maximum. 
“Tapping 72k is the fuse that's set to start a liquidation cascade. $1.5b of short positions ready to be liquidated up to $75k and a new all-time high,” Woo wrote in a post for X.

This outlook seems agreeable to HODL15 Capital, an entrepreneur and analyst. In his post for X, he stated that the $74,000 was feasible due to the “lack of sell walls” on order books across major exchanges. Still, the probability of Bitcoin achieving a $74,000 price range comes with an array of conditions. 
According to RektCapital, a renowned market analyst, Bitcoin needs to turn the $72,000 resistance into support for it to enter a parabolic phase of the bull cycle, “Bitcoin just needs to break this final major resistance area (red) to enter the Parabolic Phase of the cycle.”

Before this, RektCapital noted that Bitcoin had broken out of a two-week downtrend on June 3, hinting at the bullish sentiment for the first cryptocurrency. “Bitcoin broke its two-week downtrend today. However, we have seen upside wicks beyond this downtrend before. Which is why a Daily Close later today is needed to confirm this breakout,” the analyst stated in a post on X. 
Meanwhile, macro analyst TedTalksMacro suggested that Bitcoin’s move above $74,000 could be confirmed after the May US employment data, scheduled for June 7,  “...with inflation under control, the market's focus will now turn to employment data - which is the other 50% of the Fed's mandate.”

Chart Reveals Bullish Sentiment
Bitcoin’s chart analysis correlates with optimism, demonstrated by on-chain data. As per the 1-day chart, the price has been tested to the higher boundary of the descending channel and the $69,000 resistance level. If Bitcoin breaks out of the zone further north, the market has all chances to run toward $75,000 and even create a new ATH.

The relative strength index (RSI) stands at 63, which proves the bullish momentum in a long-term perspective and hints at a potential upward rally. In the 4-hour chart, Bitcoin’s price has struggled to keep above the $69,000 resistance level and has been consolidating inside a symmetrical triangle pattern. Still, as the higher trendline of the pattern has been broken with a recent uptick, the chart may signal a further continuation of the bullish sentiment.

Nevertheless, if the price drops back inside the triangle pattern, a decline to $60,000 is possible. While the bullish scenario for Bitcoin seems more likable, traders should watch out for the increased volatility and speculative interest.

The post "Thailand approves their first spot Bitcoin ETF" first appeared on 36crypto.com News.
Thailand will soon launch its first Bitcoin-based ETF, which the Thai Securities and Exchange Commission has approved. This is a significant development towards improving the financial sector in this nation. The Thai Securities and Exchange Commission (SEC) approved the ETF as a vehicle for investments in the country. The idea behind getting the approval is to understand that cryptocurrency is set to be adopted in the essential fiscal system.
The ETF will track its performance to achieve its objective of providing investors with direct exposure to Bitcoin. It provides investors with a secured investment platform since there is always less risk when investing in a bond. Again, Thailand has become one of many countries that embrace the idea of digital assets when it approves this ETF. This development can be observed as a positive step to increasing investor confidence in the Thai crypto market.
Effectiveness on the Thailand Financial Market
Several benefits are expected from the management of this spot #Bitcoin ETF. In turn, it should enhance the ability to invest in Bitcoins in terms of purchasing ease and availability. This will ensure that local and international investors are involved in the production of the ingredients. Also, it is convenient and less risky than buying bitcoins directly at exchanges because of possible hacks.
This shall be in the hands of a reliable stock market dealer in the financial market. It also makes it possible to ensure that the investment is free from any vices that make them insecure and unclear. Therefore, it eliminates some of the problems, namely, that it is vulnerable and unreliable compared to Bitcoin. Furthermore, the ETF will adhere to other regulations laid out by the SEC to regulate its operations. This offers investors an added security due to the extra power of the district court.
Thailand has also boded well in approving the Bitcoin ETF, which is also significant in triggering financial innovations. It pierces the country‘s readiness to enter a new technological era. It could also mean we might be more affiliated with cryptocurrency financial products. Additionally, it places Thailand in the vanguard of the ASEAN countries and the world by demonstrating its preparedness for a technology-intensive economic future.
According to financial analysts, this will happen now that the ETF has been approved. It may prompt other Southeast Asian countries to pursue similar financial derivatives. This could result in a better and stronger regional market for cryptocurrency. This is likely to draw the interest of investors and regulators in how the ETF will fare in the market.
Therefore, Thailand’s decision to approve its first spot in the Bitcoin ETF is quite a landmark. It shows the country is ready and willing to engage in the use of digital assets. This move is expected to improve how people invest in bitcoins and their safety. Reflecting on the current situation, Thailand’s desire for innovation will probably lead to more investors entering this market.

The post "Bitcoin ETFs Maintain 15-Day Inflow Streak, $105 Million Recorded" first appeared on 36crypto.com News.
Investment demand for bitcoin remains upbeat as spot ETFs have posted steady cumulative positive inflows for the fifteenth day, recording $105 million on June 3rd. This continuous momentum indicates increasing optimism among investors in digital asset funds —with ETF products observed to lead the market. Fidelity's FBTC ETF turned out to be a standout, with $77 garnered in terms of Inflow. Using this coin, Grayscale's GBTC gained more traction, with investors totaling 0.482 million, and similarly, Bitwise's BITB ETF also saw an increase. However, a Grayscale Bitcoin Trust particular purpose acquisition company, the GBTC ETF, experienced no change in Inflow or outflow.
The ongoing investment in #Bitcoin spot ETFs shows that more institutional and retail investors are now rigidly investing in cryptos. This indicates that cryptocurrencies are gradually growing into mainstream financial instruments and adopting the framework of typical financial markets. While BTC and other digital assets are intrinsically risky and highly susceptible to fluctuations, the numbers have remained above zero for quite some time, indicating that investors are relatively optimistic about cryptocurrencies and the flagship digital asset, Bitcoin.
Investors prefer this method ETFs are more accessible, highly liquid, and regulated than direct investments in cryptocurrencies, which is why more investors are inclined towards ETFs. Furthermore, the ETF approach bestows diversification on the cryptocurrency investment portfolio, thus reducing individuals' various risks while considering different assets.
Growing Confidence in Bitcoin ETFs
A continual influx in the Bitcoin spot ETFs has also indicated that more and more investors are coming forward to invest in the hope of digital assets as an asset class. This confidence is also fuelled by regulatory changes, such as establishing permission for bitcoin futures ETFs over the years. Institutional adoption is steadily increasing, and Bitcoin ETFs will indeed bridge the gap in enabling the general population to invest in these assets.
In this regard, investment in Bitcoin ETFs is growing exponentially to accept the new change, but there are challenges nowadays. Related risk regulatory risks – investors are concerned about uncertainty in the regulation of the industry, which may lead to amendments, changes in the legislation, or expansion of restrictions. Market risks – investors are worried about fluctuations in the stock market and their impact on the company. Technological risks – investors have concerns regarding possible technological weaknesses. However, all these are seen as challenges that could be used to enhance and evolve the cryptocurrency system.
All in all, constant buyouts into Bitcoin spot ETFs contribute to the consensus on increased mainstream penetration and acceptance of cryptocurrencies. Still, the overall uptrend in ETF investments demonstrates the position of cryptocurrencies as being more relevant in conventional financial markets. While the novelty market is still in progress, ETFs could be an essential component in the development of the market.

The post "Dapper Labs reaches $4 million settlement in NBA Top Shot NFT lawsuit" first appeared on 36crypto.com News.
Blockchain game developer Dapper Labs, which created the past year’s crypto sensation CryptoKitties, has now resolved a class action securities suit for $4m. The case involves the company that participated in an initial coin offering (ICO) in 2017 and was accused of violating United States securities laws by ‘‘selected investors’’ who filed the case.
The settlement is a significant advancement towards resolving legal issues concerning ICOs and other blockchain-based business models. It emphasizes that business-driven initiatives and increased attention and regulatory pressures, compared to industry incumbents, characterize the emerging cryptocurrency industry.
The class action lawsuit claimed that Dapper Labs sold securities to investors without registering them during its ICO, in which the company sold $12 million worth of tokens. Consumers claimed that the company’s sales and distribution of tokens violated U.S. securities laws by failing to register them with the SEC.
As part of the settlement agreement, Dapper Labs does not accept any guilt or acknowledge the truth of allegations made in the lawsuit. On the contrary, the company has been forced to pay $4 million to clear the claims. The payout sum will be disbursed to those investors who invested in the ICO hoping to have their monies returned but have still not been paid out, subject to the court’s discretion.
This comes against the backdrop of intensifying regulation of the global ICOs and other cryptocurrency ventures by those in power. There has also been much focus on token sales, especially if they fall under the definition of security in the prevailing laws.
The settlement could also signify Dapper Labs’ intent to solve legal problems and resume operations immediately. Nonetheless, the firm has been active in litigation and expanded on blockchain gaming even after the Cryptokitties project. Although it has lost its dominance in the market, it is still influential.
Dapper Labs Shutdown Reveals Crypto Legal Risks
The failure and eventual shutdown of the California-based outfit known as Dapper Labs provide a classic example of how affairs concerning the cryptocurrency business are sensitive and surrounded by numerous legal Kutcher. Among the considerations that protagonists present as they apply blockchain technology, legal standards come into play to guide organizations in meeting securities laws.
This case can also set a legal precedent for following ICO and token sales cases. It raises the issue of compliance and disclosure, specifically in providing information to investors in the cryptocurrency area.
In essence, the settlement can be seen as another indication of the blockchain industry’s continued evolution and the legal dimension, which will remain instrumental in building trust and legitimacy in the environment.

The post "Whales Betting on XRP Returns Amidst Coin’s Downward Performance" first appeared on 36crypto.com News.
Whales rack $299 million worth of XRP in 24 hours while the coin keeps marking mixed signals in the chart 
While #Ripple (XRP) has been keeping up with sluggish market performance, staying within a stagnating liquidity range, it has surprisingly experienced a boost in whale activity. Will investors’ fondness of XRP move out the writing on the wall for the coin? The question remains open as we dive into Ripple’s on-chain dynamics. 
Derivatives Market Indicates Controversy
On-chain data for Ripple (XRP) derivatives presents a mixed picture. Regardless of a dubious price movement, XRP has indicated a dramatic surge in the Open Interest rate and a spike in trading volume, marking the increased investment interest.

By contrast, XRP netflows have been recording a strong downsurge for the last 4 months, indicating no correlation with Ripple’s price movements.

Despite the bearish sentiment in the market, data from Whale Alert revealed that whales are stacking on XRP, acquiring nearly $300 million in #XRP in the last 24 hours. 
What is more, XRP demonstrated a sharp uptick in Social Dominance. Still, the community’s waning interest, as reflected in declining social volumes, could be a response to its ongoing performance issues, indicating a cooling off in investor sentiment towards Ripple.

The regressed Social Interest correlates with a recent Brad Garlinghouse statement, which cited that Ripple’s previously rumored Initial Public Offering (IPO) is at low likeability, given the company’s legal disputes with the U.S. Securities and Exchange Commission (SEC). Ripple’s CEO pointed out that Ripple’s S-1 registration statement for an IPO requires SEC approval, yet he doubts a favorable outcome.
“Going public in the United States for Ripple right now doesn’t make any sense,” he went on.
Silver Lining for a Breakout
As the fundamental factors indicate strong controversy, chart readings have a foot in both camps as well. A closer look at the 1-day chart confirms that XRP’s price has been confined within a critical range, bounded by key resistance at $0.55 and crucial support at $0.47, leading to prolonged sideways price actions.

The pattern resembles Ripple’s moves from August to November 2023, before Ripple embarked on an impulsive bullish surge toward the $0.73 resistance, reclaiming the 100-day and 200-day moving averages (MA). Given that XRP is indicating similar dynamics at the writing time, a lasting upward trend might develop if buyers break past the critical zone. 
Still, as per the fundamental factors and the robust bullish pressure, the continuous rejections suit as a more realistic option in the near term. The 4-hour chart proves the sentiment, marking low volatility and muted price action. XRP’s price has reached a narrow range, bounded by the 0.5 ($0.5310) Fibonacci level and the ascending wedge’s lower boundary at $0.51.

A break below the pattern’s lower trendline could lead to a bearish retracement towards the static support at $0.48. Conversely, if buyers breach the 0.5 Fibonacci level, the next target will be the 0.618 ($0.5574) Fibonacci level in the short term. While Ripple (XRP) remains a highly controversial asset per its local market dynamics, whales’ optimism may hint at its potential breakout. Specifically, a break below support levels may confirm a bearish trajectory for XRP, yet a push above the moving averages will signal a bullish sentiment.

The post "Market Weekly Recap: Notcoin Doubles In Price, Bitcoin Struggles, Base Enters Memecoin Race" first appeared on 36crypto.com News.
Notcoin (NOT) achieving milestones and memecoins updating the capitalization mark community-driven tokens as the ruling tendency in the market
As Bitcoin struggles to overcome the $70,000 barrier, community-driven altcoins enter the market spotlight with a continuous surge in trend momentum. How The Open Network’s token rallying through the market, and what is awaiting BTC in the nearest future – below.
Notcoin Adds 289% to Price; TON Poised for a Breakout
Leading through May and following the listing on the WhiteBIT exchange, TON-based Notcoin (NOT) demonstrated an uprising performance on the first day of June, surging 89% at the weekend and securing almost 3x growth in the 7-day timeframe. 
During European trading hours on June 3, NOT extended previous gains by a 22.3% increase, taking it to $0.029349 amid the day. The slight increase followed a 33% dump to $0.019892 support, triggered by a local selloff and ongoing liquidations.

Despite the correction, the market remains optimistic about NOT, as evidenced by the coin’s Open Interest (OI) rates steady uptick.

By contrast, Tryrex, a crypto trader and market analyst, shares controversy on the Notcoin dynamics. In his post on X, he cited the end of NOT’s pump while expecting a bounceback,
“The pump on $NOT is now over. Price made a blow-off top at 0.0294, indicating the end of the uptrend. I am looking for a possible short when the price bounces a bit.”
Conversely, a closer look at the 4-hour chart reveals a bullish perspective for NOT, revealing that the price is trending far above the 50-day simple moving average (SMA). In the meantime, the price has retraced to the 0.382 Fibonacci retracement level which coincides with the $0.021.

A bounce from the level could move NOT to the 0.236 Fibonacci extension around $0.034. On the way, the altcoin may experience some resistance around $0.032, $0.043, and $0.057. By contrast, strong support may be evidenced around the 50-day SMA ($0.014).
While Notcoin keeps on achieving local milestones, its predecessor – Toncoin (TON) – demonstrates a more modest performance, yet indicates a strong bullish outlook. Overnight, the token sprang 8%, boosting the price to $6.7 with an intraday pullback of 0.73% at the writing time.
As per the 1-day chart, the bullish recovery aims to conclude the lower high formation with a trendline breakout. However, the intraday pullback warns of a bear cycle to test the long-coming support trendline.  The bullish engulfing candle bolsters the uptrend continuation yet fails to surpass the overhead trendline. Thus, the sideline traders wait for the price action confirmation in the daily chart.

Still, the fundamental expansion of The Open Network and the staggering interest in Notcoin may become the points in favor of TON’s bullish continuation. As per the trend-based Fibonacci levels, the bullish trend in the TON price could aim for the $10 milestone with the $7.50 breakout.
Bitcoin Faces Struggles While Memecoins Take Advantage
Contrary to the investors’ hopes, Bitcoin’s bullish strength turned out to remain bearish. The first cryptocurrency retraced almost all of its gains after breaking past the $67,000 resistance point on May 20. It extended upwards to $71,900 but fell to test $67k again on May 23. Nevertheless, the 1-day chart reveals a bullish perspective for Bitcoin, revealing a distinct bullish triangle. A close above the triangle will suggest that the uncertainty turned the tables to the bulls' advantage. Bitcoin may eventually attempt a rally to the strong overhead resistance at $73,777.

If the bears take over, BTC may see a possible drop to the critical support at $59,600. Still, data from Santiment reveals that the Bitcoin ETF inflows have been positive lately, hinting at the bullish impact on BTC.

Regardless of the data-supported optimism, market narratives quickly switched to the memecoins. As per Santiment data, memecoins have captured more of the public’s attention since mid-April due to their superior performance as a sector.

Top memecoins registered decent performances over the past week. Pepe (PEPE) saw remarkable gains, reaching another milestone of $0.000017 in 94% 7-day momentum. 

Shiba Inu (SHIB), Dogwifight (WIF), and Floki (FLOKI) indicated 23%, 41%, and 40% growth over the past week respectively. The memecoin mania brought Base into the spotlight. Thus, its meme-inspired token Brett (BRETT) crossed $1 billion market capitalization over the recent week and achieved an all-time high of $0.128.

The heavy engagement with memecoins could be a sign of the market's prevailing greed and speculative momentum, which took over the organic development. Combined with declined Bitcoin’s volatility and its $60,000-$72,000 steady range, which did not meet the investors’ expectations, this created a perfect opportunity for memecoins to thrive. This only proves that investors ought to be patient and watch out for the range formations instead of getting caught out by abrupt breakouts.

The post "Bitcoin Price Breakout Bullish Pattern Targets $74,000" first appeared on 36crypto.com News.
Yesterday, #Bitcoin increased by more than 2%. Call-and-put options are available on the Bitcoin market as its price increases. Based on on-chain data, the manufacturing pushers and technical analysts focusing on the BTCUSD pair expect that the BTCUSD pair will be above $74,000 shortly.
Analyst Predicts Significant Price Rally
There have been speculations of a bull run in the crypto-markets with a positive outlook from renowned crypto market analysts. As Martinez stated in a recent blog regarding X, Bitcoin is currently in a position that could be seen as creating a symmetrical triangle. He also pointed out that when BTC manages to extend to the level above the resistance level of $69,330, the price can go higher to reach the level of $74,400. From this standpoint, the potential rise seems quite considerable if only Bitcoin is to sustain its performance and migrate beyond the bull threshold.
The on-chain analytics service IntoTheBlock released a relatively recent report supporting this hope. Summing up the facts stated in the report by CoinShares, the demand for BTC continues to increase, and Bitcoin's price is at the $69000 mark. Regarding the possibilities of reaching higher tops, the report noted that $6900-$6900 reflects a critical zone of demand for the market’s kingpin. Today, over 2 million addresses have, in one way or another, received roughly about 1. In other words, within the given range of possibilities, the 1 million Bitcoins can be purchased at the current price level. These accumulations indicate an excellent ground for bullish forces and future higher price levels.
Bitcoin Price Soars Amid Positive Market Sentiment
Let’s look at the technical and fundamental (on-chain) analysis supporting the Bullish Bitcoin motion. This would result in an optimistic price surge that could reach $74,000 or even further if the price can establish above the critical resistance level of $69,330. This is a significant oversimplification of higher time frame levels, but investors are paying attention to these levels as they suggest important reversal points for Bitcoin.
The most important factors to be noted in the current market context are positive and consist of certain events and changes. The approval of US Spot Bitcoin ETFs has introduced an innovation to enhance institutional trustees’ access to Bitcoin-based financial instruments, thereby increasing the market’s credibility and liquidity. This shift has dramatically impacted the recent upward BTC price trends and relatively higher trading volume.
At the time of writing, Bitcoin's price has surged by 2%, released on June 30, 2015. Revenues account for 4%, and the company stock is $69,056. It hit its 24-hour high of $69,313 before retreating to the $03 level. 26.
For instance, it was observed that the trading volume increased by 119 % of the flagship cryptocurrency. 15% to $24. dollars in the last 24 hours, reaching 29 billion when this report was published. This can be considered evidence of a shift in traders’ long-only portfolios towards Bitcoin and with the rising attention to the BTC potential for a price appreciation.
According to fundamental and technical indicators and on-chain data, a further rally is possible if #BTC can carry forward the trend beyond these two crucial resistance zones. The market still holds excellent hope, as this trend has seen Bitcoin gain attention and investment from the market segment.

The post "Linea Blockchain Faces Suspected Exploit, Pauses Block Production" first appeared on 36crypto.com News.
Famous Chinese crypto journalist Colin Wu, who often shares information about the Chinese #blockchain industry, tweeted about the alleged hacking of Linea Blockchain. More specifically, in a recent post on X, Wu stated that they deliberately stopped block production at block 5081800 for roughly an hour before resuming at block 5081801 but did not justify the decision.
Linea Blockchain Addresses Recent Security Breach
Wu also raised the alarm about a hack attack on Velocore and a DEX on zkSync and Linea. According to him, the probable intruders siphoned off the DEX's entire liquidity value of $10 million and shifted the funds to the Ethereum mainnet across chains. This particular exploit has elicited concerns within the Crypto community.
Hear Linea Blockchain's response to the issue from its status page, where users receive updates. While it might substantiate Wu's project report, it also clarified that the project knew of the occurrence and looked into the matter. The Linea team did not expand or discuss the details of the hack but later wanted to assure users that they had integrated the solutions for the exploit and were analyzing the outcomes.
Velocore Plans Fixes After $10M Exploit
Velocore acknowledged the exploit and suggested that the outcome would negatively affect its CPMM pools. However, the DEX had a word to say to its users that they would not be affected and could withdraw their funds from the remaining pool. Velocore claimed that they knew the mechanism of the exploit and planned to set up an on-chain bargaining connection.
Some of them boasted they had followed the exploiters' traces that the latter had left behind; others said that they notified users that Velocore on the Telos mainnet was not affected. It is coupled with the foundation while freezing functions. The team works with the foundation while freezing functionalities. The team is operating with the foundation, and at the same time, there is a freezing of functions.
Further, some sources have claimed that Velocore was already talking with external networks to compensate victims during the breach. The DEX also assured us that they would possibly give back up to 80% of the initial deposited amounts of their users. This assurance will ensure that the company's user base can trust and continue to use its services even after the breach.
Therefore, the Linea Blockchain and Velocore DEX situations confirm that blockchain networks remain vulnerable to cyber dangers. Both entities are duly advancing in their efforts to overcome and mitigate the existing risks and strengthen the security of their sites. This has not gone unnoticed by the Crypto community, which remains alert to these events.

The post "Australia's First Spot Bitcoin ETF Set to Begin Trading Tomorrow" first appeared on 36crypto.com News.
Australia is grabbing attention with its first #Bitcoin Exchange Traded Fund (ETF), which has emerged and will begin trading tomorrow. This development is notable and can be considered a significant achievement for the country's financial market and, generally, the recognition of cryptocurrency trading as an investment instrument.
Australia Leads with New Bitcoin ETF
With the arrival of this particular location, Bitcoin ETF is expected to gain much interest in the market amongst both small and large investors. This could open up additional possibilities for Australia regarding other financial assets linked to cryptocurrencies. The new ETF will allow investors to easily invest in Bitcoin while exposing them to a regulated and simple form of investment throughout the digital finances alimentary canal.
Besides, a rather acute interest in Bitcoin and other cryptocurrencies has recently emerged worldwide. The public is now seeking more equality and innovative ways to incorporate cryptocurrency into their investing. Therefore, this ETF indicates that cryptocurrencies are slowly but surely becoming accepted within the context of main conventional markets. Moreover, it could have been a reference point for other countries considering similar monetary products.
Bitcoin ETF Enhances Market Liquidity
On this basis, the new ETF launched for trading is likely to improve the liquidity and openness of Bitcoin products in Australia. Some disadvantages of cryptocurrencies include security and market manipulation control, which the ETF overcomes by providing an already-regulated investment tool. It also makes it easier for investors who may need to learn how to deal with brokers in the cryptocurrency market to start their investments.
One cannot help but describe this venture as a win-win situation for investors and the Australian financial market. If the ETF launch is thriving and its performance in the market is good, then other financial institutions might be motivated to develop similar products. Therefore, there is a possibility that such a change can bring about innovation and competition among the players in the financial sector, which means that consumers will be presented with a variety of options to choose from should they search for better products.
Australia's first spot in the Bitcoin ETF has been launched, a landmark move in the country's financial market. Making cryptocurrencies familiar to the LTCM generation is another breakthrough in making cryptocurrencies part of investment portfolios. Tomorrow marks the commencement of trading; the financial sector will also be waiting to see how it will perform and if it holds promise. It may be the first to create trends for similar exercises worldwide, contributing to the growing cryptocurrency investment.

The post "Vitalik Buterin has donated 30 ETH to Tornado Cash developers" first appeared on 36crypto.com News.
Vitalik Buterin, the co-founder of Ethereum, contributed 30 ETH or $111,000 to a legal fund for the Tornado Cash developers Alexey Pertsev and Roman Storm using the decentralized fundraising platform Juicebox. The above on-chain analysis reveals a transaction from an address connected to Buterin and the name vitalik. eth, made at 1:58 am EST to the “Free Alexey & Roman” legal fund.
The fund has collected 591 ETH ($2. 2 million) to support the developers of the Ethereum-based crypto mixer Tornado Cash, who were arrested for money laundering. This particular contribution shows Buterin’s commitment to the developers during the ongoing legal battle.
Vitalik Buterin Supports Tornado Cash Developers Legally
This month, the Dutch courts convicted Alexey Pertsev to 64 months in prison for his part in the $1. 2 billion through the mixer from July 2019 to August 2022 through the use of the mixer. It held that Pertsev played a role in facilitating money laundering activities. Pertsev has also attempted to contest his conviction, filing an appeal with the ‘s-Hertogenbosch Court of Appeal in the Netherlands.
Roman Storm, another developer associated with the Tornado Cash project, is also in custody in the US after being apprehended in 2023. His trial is set for September. The legal fund is meant to help them gather the funds needed to support their case, and the crypto community stands in solidarity with them.
In 2022, Buterin sent 10 #ETH to AssangeDAO, a legal fund on Juicebox for Julian Assange, the WikiLeaks founder. This pattern of contributions reflects Buterin's focus on helping those who face legal problems in the blockchain and cryptocurrency sphere.
Vitalik Buterin's contribution to the legal defense of Tornado Cash developers shows that he remains a supporter of the cryptographic community even in the face of legal challenges. The large amounts of funds received through a fundraising campaign on the Juicebox platform show a significant effort to support Pertsev and Storm, bringing attention to the existing controversy surrounding the use and regulation of cryptocurrencies. As we look at the cases, it will be essential to have the community's support as we try to maneuver through these legal terrains.

The post "Fidelity Spot Ether ETF is on the DTCC under the ticker FETH" first appeared on 36crypto.com News.
The U.S. spot #Ethereum exchange-traded fund of Fidelity Investment has been added to the Depository Trust and Clearing Corporation list of ETFs. The Fidelity Ethereum FD Beneficial INT fund can be identified under the number FETH. DTCC classified the ETF as a domestic fund, and in the create/redeem column of the FETH, the first letter “N” seemed to imply that the fund is not yet open for creation and redemption.
It has two lists of ETFs: The Active ETFs List that can be traded and The Pre-Trade Approval ETFs List that cannot be traded until after they have gotten the approval of all relevant authorities. This inclusion means that Fidelity’s spot ether ETF is still yet to be launched since it is waiting for clearances before trading.
Fidelity Submits Amended S-1 for ETF
Last week, eight 19b-4 forms for spot ether ETFs from BlackRock, Fidelity, Grayscale, Bitwise, VanEck, Ark Invest, Invesco Galaxy, and Franklin Templeton. This preliminary approval is still a big boost to the created firms. However, they still require their S-1 registration statements to receive approval from the regulator for any funds to be formed.
In the recent week, Fidelity’s amended S-1 form has been submitted, which can be taken as a significant step forward in regulation. Furthermore, the asset manager BlackRock, which saw its bitcoin spot ETF become the largest, disclosed its amendment S-1 on Wednesday. As for the three firms' ETFs, namely Fidelity and others listed on DTCC, the increasing popularity of the crypto goods could be deemed invigorating.
One can claim that the change made by Fidelity regarding its spot ether #ETF inclusion in the list of the DTCС under the symbol FETH is a significant event in the ETF industry. The requirements were initially obtained, the progression of the regulation was established, and the industry’s growth appeared to be in a state of further development. Such inclusion means that the ETFs are broader in acceptance and can expand more into cryptocurrency investments.

The post "BlackRock’s latest S-1 filing adds more details about Ethereum ETF and its business prospects" first appeared on 36crypto.com News.
BlackRock then submitted an amended registration statement for its would-be Ethereum-focused fund, the next step as firms seek to list and trade their products. It submitted its Amendment S-1 document a week following the approval of the U. S. Securities and Exchange Commission to 19b-4 forms of eight Ethereum ETFs, including BlackRock’s proposed iShares #Ethereum Trust. Issuers still require filing their S-1 statements before trading is likely to commence.
Under the new format, BlackRock provided details of seed capital investors to the public. BlackRock, in its revised filing, said, “On May 21, 2024, subject to conditions, the Seed Capital Investor, which is an affiliate of the Sponsor, acquired the Seed Creation Baskets consisting of 400,000 Shares for a per-share consideration of $25. 00”. The asset manager also revealed that the shares will be listed and begin trading under ‘ET Health Sciences & Technology Acquisition Corp’ with the ticker ‘ETHA.’
End of June Launch Possible for BlackRock
The SEC has recently begun discussions with issuers concerning their S-1 filings. The exact time it may take for this process to happen is still unknown, although some people believe that it may take weeks. BlackRock’s amended S-1 elicited a positive response from Bloomberg ETF analyst Eric Balchunas, who said that it is a “good sign” in a blog post on X on Wednesday. ‘Probably see rest roll in soon,’ Then, ‘probably one more round of fine-tune comments from Staff. ’ End of June launch is a legit possibility, although my o/u date is July 4,’ Balchunas said.
This development indicates enduring regulatory proceedings and more clarity from issuers such as BlackRock. These adjustments give more company exposure and strengthen BlackRock's statement to follow regulatory guidelines and rules.

The post "Sam Altman and Argentinian President Javier Milei Discuss Worldcoin Investment" first appeared on 36crypto.com News.
The #Worldcoin team has had a challenging ride wooing world leaders. Still, the team was closer to achieving its goal on Wednesday when Tools for Humanity co-founders Sam Altman and Alex Blania met with Argentinian President Javier Milei to discuss investing in the South American nation.
The leading company behind the Worldcoin project is Tools for Humanity, co-founded by Blania and OpenAI CEO Altman. The statement added that specific points discussed included the progress in AI, what is in store for human society concerning AI, and possible investment in Argentina.
Worldcoin's Global Outreach and AI Preparedness
As in many other similar projects, governments worldwide have turned their attention to Worldcoin as well. However, in an attempt to change the perception related to the protection of personal data, the organization has taken several necessary steps lately. Two weeks ago, both Altman and Blania met with the government of Malaysia. This action showed that the company is reaching out and wants to be as open internationally as possible.
Anticipation of higher cryptocurrency adoption in Argentina rose when the seemingly supportive Bitcoin Argentine President, led by late last year, was declared the newly elected president of the nation, namely Sergio Miguel Fiorillo, also familiarly called 'Milei.' Still, some appeared in April, which cast doubt on Milei's administration's intentions of moving forward with crypto.
Woldcoin distributes its native token, WLD, to everyone who lets the company scan their eyeballs to confirm that they are human. This project belongs to a limited number of initiatives and startups related to developing PoH instruments as AI becomes increasingly invasive in our lives. Many people are convinced that the Internet will soon be built primarily by AI agents.
Nevertheless, Tools for Humanity is not resting on the sidelines but actively pursuing its goals. The meeting with President Milei is a significant achievement that will see Worldcoin reach out more and help Argentina prepare for the Artificial Intelligence revolution.
Therefore, by analyzing the conversation between Sam Altman, Alex Blania, and the President of Argentina, Javier Milei, it is possible to understand the continuous development of top-notch AI technologies and cryptocurrencies in the global economy. However, the Worldcoin project continues to act as an active participant in this emerging context, promising to work on the development of blockchain gaming while simultaneously focusing on preserving fair data protection practices.

The post "Michael Saylor's Bitcoin Message Resonates Amid BTC Price Uncertainty" first appeared on 36crypto.com News.
This cryptocurrency recently dipped to $67,437 after marking a major high of $70,613 on Monday. Michael Saylor, chairman of MicroStrategy and a well-known supporter of Bitcoins, has sent a statement that shares the sentiment of the community. Saylor suggested this in a tweet where he used the hashtag message in the word 'shockwaves of change' accompanied by the symbol of Bitcoin. That is why he says that Bitcoin needs to be viewed as a vehicle for revolution at a time when the market is unsure how to act after a giant transfer of Mt. Gox-era Bitcoins.
Mt. Gox's Impact on the Bitcoin Market
Unveiled by Whale Alert, 143 thousand BTC, approximately equaling $9 billion, was transferred from the Mt. Gox wallets to an unknown address through thirteen transactions. They may do this as part of repaying the creditors through a structured plan of meeting their dues. These large BTC transfers were a trigger that led to the market's discomfort, and Bitcoin fell to $ 67537 after it hit $ 70613. At the moment, Bitcoin has regained a bit of this loss and is currently trading at $68,280, which has plummeted to 0. According to the data from this stock, it has increased by 45% within the last 24 hours.
The now-defunct MT Gox, which was formerly the biggest trade for virtual currency, closed in 2014 due to a loss of around 300,000 bitcoins due to theft. Lenders have since expected a return of their funds within the #Bitcoin market, which is expected to exert even more selling pressure. Over $9. There is $4 billion in Bitcoin owed to some 127 thousand creditors of Mt. Gox, with the deepest repayment set for October 31, 2024. In January 2009, the trustee commenced reaching out to the creditors to determine their identities and to exchange repayment accounts.
All these changes are unfolding within the Bitcoin community, and the dominating idea of these processes is the concept of change, where change means disruption and shift for the better. In this respect, Saylor's message embodies extraordinary perseverance in the face of threats and the yet-unfolded Mt. Gox scandal. This statement emphasizes that while various aspects of the market evolution may be controversial, the fundamental philosophy of Bitcoin as a tool for change and evolution remains a guiding light to some.
Those who have read Michael Saylor's recent message could understand the important appeal of considering Bitcoin as a revolutionary technology during the existing market turmoil. There is much manipulation of the BTC due to concentrated transactions with Mt. Gox, but faith is still alive. By reading this message from Saylor, we can tell that much has not changed, and people continue to believe in the power of Bitcoin.

The post "Hong Kong to Ensure Crypto Platforms Pass Compliance Examination Amidst the Deadline" first appeared on 36crypto.com News.
Growing a new regulatory environment paved the way for establishing Hong Kong’s cryptocurrency hub amid the critical compliance deadline. Recently, the Hong Kong Securities and Futures Commission said on Tuesday that the company would carry out physical checks of all cryptocurrency trading platforms that seek the license to operate. This move will help DF consequently meet the legal requirements and standards.
Currently, by June 1, 2024, all VATPs who are continuing trading services in Hong Kong must be licensed either with SFC or under the status of a “deem to be licensed,” by which SFC has provided specific temporary licenses to allow certain platforms to carry out these trading services in Hong Kong until getting their license. Failure to operate without a license after this period will be an offense that will breach the anti-money laundering and counter-terrorism.
Hong Kong Firms Face Strict SFC Audits
The SFC’s on-site inspection will center on applicants' commitments to regulatory requirements, such as preserving customers’ funds and other assets and effectively implementing ‘know your client’ policies and procedures. Currently, only two concerns are listed, namely OSL Digital Securities Limited and Hash Blockchain Limited, which SFC has approved. The number of applications in the system crossed 18; as of now, 11 have withdrawn or have been omitted, such as the crypto exchange OKX and Huobi Hong Kong”.
The SFC does not expect applicants to engage in their services or recruit new retail clients before they have full licenses. Angela Ang, a senior policy adviser for blockchain intelligence firm TRM Labs, and I opined that the SFC’s elevated standard and demands, including on-site assessments, are expected. This observation arises from the argument that the latest withdrawn applications could be part of the SFC’s strategic plan to standardize the process before implementing the deeming arrangement.
As a result, the number of 18 entities officially in the SFC system as “deemed to be licensed” will be decided on June 1. For Hong Kong, which wants to become a significant hub for cryptocurrencies, this can become a problem if several license applications have not met this critical date. A strict inspection procedure can be observed by the SFC, thus reflecting its determination to eliminate illicit activities and sustain the credibility of the crypto market in Hong Kong.
Hong Kong is preparing for changes regarding the regulation of cryptocurrencies since SFC is introducing compliance measures to strengthen its position as a potent crypto-friendly hub. Thus, the following months will be decisive for VATPs, or those companies will have to meet these strict requirements and get their licenses.

The post "Bitcoin Views to Influence One-Third of US Voters in Upcoming Elections" first appeared on 36crypto.com News.
A study to gauge the strength of #Bitcoin and cryptocurrency in upcoming US elections shows that 33% would likely factor in a candidate’s stance on Bitcoin and cryptocurrency before voting. This change in priorities points to the increasing use of politics to advocate for digital currencies, demonstrating their signs of growing importance in the political process.
Candidates Must Address Bitcoin, Crypto Risks
The poll results also point to an emerging trend: citizens focus on policies concerning crypto assets. Understanding a candidate's political position regarding Bitcoin, cryptocurrencies, and other related digital assets can potentially sway voters. Such a shift demonstrates more evidence of cryptocurrency’s participation in American politics.
The survey details prove that Bitcoin and all crypto are no longer a concern only to the dedicated circle of voters but problems for millions of active voters. Political leaders must address issues such as the nature, adoption, risks, and benefits of digital currencies as they become more popular. In that case, the failure of candidates to develop sound and favorable policies on cryptocurrency may result in the loss of a large population of voters.
Crypto Policies Shape U.S. Election Outcomes
With elections each coming year, candidates must consider matters affecting their cryptocurrency. According to the poll, Bitcoin and other cryptocurrencies policies will likely emerge as the major deciding factors in any election. This development may lead to more discussion and debate about the rules surrounding digital currencies and the world’s embrace of them.
The nature of how cryptocurrency may affect voters raises the question of how technological issues, in general, are leading the charge in reforms of political systems. For this purpose, it has become important for candidates to be aware of issues related to cryptocurrencies to capture the futuristic and educated voters. It also remains to be seen how this change in the general trend among voters may further lead to political parties adapting towards more concrete policies involving cryptocurrencies.
The poll recently revealed that 33% of US voters would consider a candidate’s opinions on Bitcoin and crypto necessary, indicating that crypto has become a political game-changer in America. Since conventional currencies are gaining popularity online, their influence over elections could be expected to rise. To woo the voters, they must shift their ground and integrate cryptocurrency policies into their agenda. This development is symptomatic of the large-scale integration of technology in political governance and the challenges leaders face in today’s society.

The post "Mark Karpeles Confirms: No Bitcoin Sales by Mt.Gox" first appeared on 36crypto.com News.
The current problems concerning the recent making of significant #Bitcoin transfers from the exchange's wallet have all been cleared by the former CEO of Mt. Gox, Mark Karpeles. Karpeles further explained that such movements do not mean the firm plans to sell Bitcoins shortly.
The official statement from Mt. Gox also makes it apparent no direct payment of Bitcoin or Bitcoin Cash has been made to the creditors through authorized exchanges. Also, no crimes and sales of cryptocurrencies have been executed to allow for these repayments. According to a statement picked up by Chinese crypto journalist Colin Wu, it is clear that the Rehabilitation Trustee still holds BTC and Bitcoin Cash safely.
Mt.Gox's Bitcoin Transfers: Preparation for Distribution
Specifically, Karpeles used the X platform to reassure everyone that submitting $5 billion in Bitcoin from Mt. Gox to a new pocket is a movement toward distribution. He also noted no plan to sell Bitcoin in the next few weeks or months. The Rehabilitation Trustee is simply moving the Bitcoin to another address to be distributed sometime in the future. The company anticipates this will happen in the third quarter of the year.
Bitcoin tumbled to a 4% reduction below the 70K mark earlier today following the occurrence of these massive transactions from Mt. Gox. However, BTC has since slightly bounced back, and the digital currency is at $68,467.
In conclusion, while Mark Karpeles may seem ambitious and have a negative attitude towards allowing speculation, Mt. Gox has been very clear, stating that the recent Bitcoin transfers are not from sales. These movements are before the creditors, and those assets need to remain safe and under the total control of the management.
Karpeles' response and conversation with the founder is to alleviate any concerns having to do with market manipulation by the sale of huge quantities of bitcoins. Thus, investors and creditors can look forward to protected rehabilitation where assets undergo careful and systematic administration. The Mt. Gox's rehab continues to be devoted to providing the inconvenience of Bitcoin and, more so, Bitcoin Cash to its creditors without contributing to the market instability.
Therefore, it reassures the community that the recent activities discussed above are in line with the long-term strategic plan of repaying the loans. This reflects the continued focus on open market stability while at the same time working to fulfill the obligations with the creditors of Mt. Gox.

The post "Market Weekly Recap: Bitcoin Gains Momentum as Ethereum Enters ETF-Based Rally" first appeared on 36crypto.com News.
The market has been setting off on the wrong foot for many weeks’ onset, yet ultimately radiates a silver lining. Assessing the chances of a long-term rally behind Bitcoin’s and Ethereum’s upswings
As #Ethereum could be the closest ever to getting listed on Wall Street, a positive sentiment has been hovering in the market. With Bitcoin’s May 20 upsurge, it’s time to evaluate: is it an off-tendency action, or a sigh for long-term highs?
Will Bitcoin’s $70K hold for long?
Since #Bitcoin reached its all-time high of $73,000 on March 14, it has indicated a global downward trend, which is absolutized to reaching a critical $56,792 bottom on May 1. The resistance point bounced back with a vague bullish sentiment, later rebounding and bringing BTC to the $60,796 range on May 9.
Amid fluctuating market conditions, Bitcoin recovered by over 4% on May 10, moving closer to $64,000. Upswung volatility had been in charge until BTC experienced a rapid 10% surge, which brought the cryptocurrency back to the $70,000 range.
This again brought the speculations about long-term BTC potential on the table, the boldest of ones citing the asset to overcome $220,000, as per Max Keiser – a vocal Bitcoin advocate and former financial journalist. 
The forecast is driven by what Keiser identifies as a crucial dynamic in the market: a “demand shock meet supply shock” scenario, indicating a tightening of Bitcoin’s supply at a time of increasing demand.

Bitcoin: Exchange Reverse rate. Source: X/Vivek | CryptoQuant
This supply contraction and growing demand form the basis for Keiser’s prediction of a “God candle” on Bitcoin charts – a dramatic price surge that could potentially elevate BTC to the $220,000 range.
Crucially, a closer look at Bitcoin’s daily chart reveals positive sentiment, evidenced by the relative strength index (RSI) at 57.77 rate and 50-day and 200-day exponential moving averages (EMA), marking the potential uptick.

BTC/USDT 1D chart. Source: WhiteBIT Trading View
Notably, the chart indicates that Bitcoin has finally broken its structure to the downside over recent months, leading to liquidity accumulation at each structural break. By contrast, the possible bearish outlook is reflected in the number of active Bitcoin addresses and a slowdown in new address momentum.

Bitcoin: new address momentum. Source: Glassnode[/caption]
This indicates the market’s skepticism about a short-term bullish turnaround behind the recent correction phase.

Bitcoin: number of active addresses. Source: Glassnode
Regardless, the long-term outlook for Bitcoin remains optimistic, as Santiment noted increased Bitcoin whales’ activity since May 8. This may be a silver lining for the first cryptocurrency and its holders.

1,000-10,000 BTC wallet holders. Source: Santiment
Ethereum ETF At Its Closest – $4,000 Expected
After experiencing a severe price decline on the 7th of May, Ether (ETH) saw more liquidations in long positions. As a result of the shorting activity, the price of ETH went further south, falling below the $3,000 price range in momentum. 
The fluctuation came amidst Grayscale’s abrupt withdrawal of its Ethereum futures ETF filing, which brought pessimistic signals to the market participants envisaging SEC’s potential next move. 
Still, throughout May 20-May 23, Ether managed to break out of the bearish trend and hit the local milestone of $3935.37, marking a 29.22% growth. The bullish dynamic took up amidst the rumor of Ethereum ETF likable approval.  Notably, Ether’s 4-hour chart suggests the long-term bullish perspective, as 50-, 100-, and 200-day exponential moving averages (EMA) register sharp upticks. 

ETH/USDT 4h chart. Source: WhiteBIT Trading View
Daily timeframe price trend marks a notable three-day incline with a moderate level of volatility, depicted by the Bollinger Band. The incline has further entrenched Ether into a bullish trend, with the relative strength index (RSI) standing at 73.70, signaling a strong upward sentiment.

ETH/USDT 1D chart. Source: WhiteBIT Trading View
Altcoins Seek Second Breath
The altcoin market quickly followed the moves of the stronger Bitcoin and Ethereum. Almost every of the top 10 altcoins recorded an average 8%-10% increase in price. Namely, Cardano (ADA) registered a 5.68% growth, while Avalanche (AVAX) increased almost 15%, marking a local $15 milestone at the writing time.

Altcoin market monitor. Source: COIN360
Notably, among the top performers, memecoins took the lead. After a post-GME rally consolidation, #Pepe (PEPE) indicated a staggering 65.60% growth that took it to the all-time high (ATH) of $0.0000147.

PEPE/USDT 4h chart. Source: WhiteBIT Trading View
#Dogecoin (DOGE) also closed upon the elevation, achieving the local highs of $0.16-$0.17.

DOGE/USDT 4h chart. Source: WhiteBIT Trading View
Interestingly, Solana-based memecoins #Dogwifhat (WIF) and Bonk (BONK) have also marked a price surge, by contrast to SOL, which went south due to the Ethereum ETF resonance. As the bulls took over the market, this tendency proved to be long-term – with the investment behavior set for durable optimism.

The post "Garlinghouse Applauds Biden Administration as FIT21 Crypto Bill Passes in Congress" first appeared on 36crypto.com News.
Ripple's CEO, Brad Garlinghouse, celebrated the Biden administration, yet SEC chairman Gary Gensler was noted as a political liability. Garlinghouse's comments come in the wake of the emergence of the much-anticipated FIT21 crypto bill in the U.S. Congress. This move has been widely considered to be a positive step towards enhancing the legal framework of cryptocurrencies.
Brad Garlinghouse Challenges Gensler's Crypto Opinions
Specifically, 71 Democrat legislators supported the FIT21 crypto bill, which means that a significant number of them voted for legislation that representatives of the Republican Party supported. This indicates that people are dissatisfied with Gensler's opinions regarding cryptocurrencies.
Garlinghouse used a specific segment of the bill to argue that when mentioning the sale of digital assets under an investment contract, it becomes clear that the buyer acquires security. This opines that a digital asset cannot be categorized as a security simply by being sold or transferred under a catch-all contract. This segregation is important for the classification of the cryptocurrency industry because it clearly defines the way their assets are classified.
Garlinghouse Criticizes Gensler Amid FIT21 Approval
The FIT21 bill includes clauses derived from the decision made by U.S. Judge Analisa Torres in the SEC vs Ripple case in July 2023. Judge Torres made her decision and stated that XRP is not a security that Ripple has released. This rather became a key win for Ripple in an ongoing legal war with the SEC.
The steps made by this judge did influence the legislation of digital assets, requiring lawmakers to adopt similar distinctions in the FIT21 bill. In the same way, the bill states that an asset is not transformed into a security just because it is bought under an investment contract, which corresponds to the legal decisions made by Judge Torres. This move to align with the legal precedents in the industry will give more legal certainty and backing to the crypto market.
That December, Garlinghouse penned Gensler as a 'political liability,' accusing him of prejudicially damaging consumers and the SEC's credibility while politically entwined with Wall Street. He also pointed out allegations of hypocrisy against Gensler and claimed he was even involved in various massive financial scandals.
The US House of Representatives' approval of the FIT21 crypto bill on May 22, 2024, has to be considered a major step in developing a rigorous approach to regulating cryptocurrencies. Experts describe this development as a positive step forward, pushing the industry towards a clear and stable direction.
The recent passing of the FIT21 crypto bill is a huge boost to the cryptocurrency industry since it aims to reduce loose legal loopholes. In light of Garlinghouse's arguments, Gensler remains a subject of criticism, and tensions within the regulatory environment persist. This is a step toward a more clearly outlined and enacted system of regulation as the cryptocurrency niche progresses.

The post "Serbian Government Meets SEC to Discuss Do Kwon Investigation and Extradition" first appeared on 36crypto.com News.
In this regard, the Serbian government recently opened a meeting with the SEC to address the specifics of the ongoing investigation of Terraform Labs founder Do Kwon and other concerns related to the safeguarding of investors in cryptocurrencies. I can confirm this meeting on behalf of the Justice Ministry of Montenegro, which is planned for Wednesday.
According to the ministry, the #SEC has forwarded the results of the investigation into Kwon to Montenegro’s Justice Minister, Mando Andrej Milović. They also discussed the court case in the U.S. against Kwon. Although the details of the meeting were not mentioned, this may mark the progress of Kwon’s extradition that was begun for several months. One of the major issues of controversies that arose in this case was whether Kwon should be extradited to the U.S. or his home country, South Korea.
Montenegrin Court Defers Do Kwon's Extradition Decision
At the beginning of April, the Montenegrin’s Supreme Court made a decision that, according to Montenegrin legislation, the extradition decision was not a competence of the court but of the justice minister. This decision was reached following Kwon’s extradition to Montenegro in March, which provoked South Korea’s prosecutors. Extradition is also one of the questions that is considered to remain one of the significant topics for negotiation between the states.
It was also alleged that Terraform Labs and Kwon committed civil fraud in February 2023 by a jury constituted in the U.S. Specifically, the case investigated by the SEC concerns the instability of the algorithmic stablecoin Terra USD (UST) in May 2022. This resulted in a great loss and Decisions that affected the investors financially.
Kwon, a major mediator for North Korean weapons dealers, was detained in Montenegro in March 2023 for using counterfeit documents. By March 23, 2024, Kwon was released from prison and was to be moved to the facility for immigrants known as the reception center. Together with the circumstances in which the local authorities took away his passport, the extradition process became very challenging in the end.
International Cooperation Key in Kwon Extradition
The recent conversation between Montenegro’s Justice Ministry and the SEC indicates that international cooperation is a constant process of fighting crypto wrongdoers. This aspect can be seen from the SEC’s detailed articulation of the investigation results and the present court cases in the U.S. for Kwon’s trial.
This decision expects Montenegro’s Justice Minister Andrej Milović to come across this decision, as the consequence of extradition extends to Kwon’s cases in more ways than one can imagine. In the given cooperation with the Montenegrin and U.  S.  authorities, it may thus be promising to embark on further synchronization in the need to govern and enforce laws in the field of cryptocurrencies.
Therefore, the final meeting between the Montenegrin authorities and the US SEC cannot be regarded as a positive development in the ongoing investigation of the possible extradition of Do Kwon. Thus, there may be an impact on future cooperation on or concerning cryptocurrency regulation, oversight, or enforcement depending on the general outcome of the Kwon extradition case, which still needs to be decided. At the same time, all the varied parties will carefully watch as various consequences that accompany this system appear and the impact they have on the general cryptosystem.