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COINNEWS

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COINNEWS

@COINNEWS

breaking news & the latest updates in the world of cryptocurrencies

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🦘 Aussie fintech Block Earner dodged a hefty fine despite offering a crypto yield-bearing product sans license. The Federal Court ruled that the firm "acted honestly", even though it didn't have a financial services license. The company's CEO, Charlie Karaboga, said they had sought legal advice before launching, which showed their good faith. The court agreed, shooting down a proposed $234,000 fine. But it's not all shrimp on the barbie for Block Earner. The firm still suffered "reputational damage" and lost a lot on legal fees. Meanwhile, the Australian Securities and Investments Commission is reviewing the decision. So, the saga continues, mate!

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🏀 Dapper Labs, the firm behind NBA Top Shot NFTs, has slam dunked a $4M settlement to end a class-action lawsuit. The suit claimed the firm sold unregistered securities, but the court's decision reaffirms that NFTs are not securities, just like trading cards. The settlement, still awaiting approval, will also see Dapper Labs make a few business changes to ensure the Flow blockchain remains decentralized. CEO Roham Gharegozlou said, "Dapper Labs will continue to engage at all levels to help ensure sensible approaches to this new technology."

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🎉Surprise, surprise! The SEC's approval of spot Ether (ETH) ETFs wasn't a political move, according to Bernstein analysts. They believe the SEC knew it was cornered as ETH ETFs share the same regulatory setup as Bitcoin ETFs. So, they took a pragmatic approach to avoid a legal tussle. The approval left many Ether ETF applicants in shock. But hey, it's a win for the industry! Bernstein expects Ether ETF flows to be lower than Bitcoin's but anticipates a positive price action for Ether pre-launch. Now, the approved issuers are just waiting for the SEC to sign off their S-1 registration statements. 🚀

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E*Trade, the online brokerage platform, is reportedly mulling over the banishment of Keith Gill, aka "Roaring Kitty," the notorious GameStop (GME) meme stock trader. Why? Well, they're a little worried about potential stock manipulation. 🙀 Gill, who's been making waves in the meme stock and coin world, recently returned to the platform X, causing a surge in GME shares. However, E*Trade and its owner, Morgan Stanley, are concerned that Gill's influence could be used for his own gain. But, it's not all doom and gloom! They're also wary that booting Gill could lead to a mass exodus of E*Trade accounts. So, they might just do...nothing. Stay tuned for more on this feline fiasco!

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📈 Bitcoin ETFs are all the rage! BlackRock and Fidelity's Bitcoin ETFs have been a hit, accounting for 26% and 56% of their total ETF inflows this year. BlackRock's iShares Bitcoin Trust (IBIT) has seen a whopping $16.6 billion inflow, while Fidelity's Wise Origin Bitcoin Fund (FBTC) isn't far behind with $8.9 billion. Meanwhile, Vanguard, sans Bitcoin ETF, is still leading the pack with $102.8 billion in total ETF inflows. But the Bitcoin ETF party isn't just for the big boys; Invesco's Bitcoin ETF has also raked in a cool $317.3 million. So, who's up for some Bitcoin ETF fun? 🎉

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📉 Bitfarms' crypto mining revenue took a 42% nosedive in May, the first full month after Bitcoin's halving event. From 263 BTC in April to a mere 156 in May, Bitfarms blames the "post-halving economics" and the coldest temperatures in 44 years at their Argentina facility. But hey, every cloud has a silver lining! Despite the chilly setback, Bitfarms managed to secure an additional 100 megawatts at its Paraguay site, potentially adding 6 EH/s by 2025. Plus, they've got 16,200 Bitcoin miners en route to boost their hash rate. So, keep your mittens on, Bitfarms, it's not all frostbite and falling figures!

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📉 When the NYSE glitched, dropping securities prices by 99.9%, Chainlink's CEO Sergey Nazarov didn't miss a beat! He reminded us that centralized financial systems can be as reliable as a chocolate teapot. His solution? Decentralized oracle networks, like Chainlink, that provide tamper-proof data for smart contracts. These networks ensure data integrity and prevent erroneous trades. Nazarov believes blockchain technology could enhance the reliability and transparency of financial markets. So, next time the NYSE has a hiccup, remember: there's a blockchain for that! 😎

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Binance is gearing up for the new Markets in Crypto-Assets Regulation (MiCA) rules, set to roll out end of the month. The crypto exchange is alerting its European users about the changes, splitting stablecoins into "regulated" and "unauthorized" categories based on MiCA compliance. Binance plans a smooth transition, moving users from unauthorized to regulated stablecoins over time. No official list of compliant stablecoins yet, but Binance is ready with a "sell-only" strategy for non-compliant ones. MiCA's impact on the European crypto market is still debated, but some experts see it as a positive step. 🌍💱

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📈 Bitcoin (BTC) is flirting with $69,400, a 2.5% gain, while its futures premium hits a 7-week high. Analysts hint at GameStop's 36% rally and the Fed's reluctance to cut interest rates as potential influencers. Meanwhile, Floki, Dogwifhat, and Bonk memecoins are enjoying a boost, and global geopolitical tensions add a dash of spice to the mix. The Bitcoin futures premium, a measure of bullish sentiment, is at a 15% high, suggesting traders are ready to pay more for future contracts. The 25% delta skew remains stable, indicating a balanced market. So, will Bitcoin break the $70,000 barrier? Stay tuned! 😎

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🌿OKX Ventures is going green and geeky! They're investing in sustainable blockchain solutions and zero-knowledge tech. They recently co-led a $12M investment in ZK hardware acceleration project, Cysic. Meanwhile, WeatherXM secured $7.7M for a decentralized weather network, and Switchboard raised $7.5M for its customizable oracle network. GaiaNet, an AI infrastructure project, bagged $10M to decentralize AI agent software. API3, an oracles solution provider, closed a $4M funding round, and SCRYPT, a financial services startup, secured $5M in strategic funding. Let's keep the blockchain ball rolling! 💰🚀

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🎩 Hats off to President Biden for vetoing a resolution to overrule SEC's crypto accounting guidelines, despite the House and Senate's vote to repeal. Meanwhile, Israel is speeding up the digital shekel, with a little help from service providers. Paraguay, on the other hand, is cracking down on crypto mining, seizing over 2,700 units in a recent raid. And in Hong Kong, it's "license or leave" for crypto exchanges. Some have applied, others have backed out, citing a need for a "major overhaul". Stay tuned, folks! 🚀

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🐪 Qatar Central Bank (QCB) is stepping into the digital currency desert, launching the first phase of its central bank digital currency (CBDC) experiment. The project, shrouded in as much mystery as a desert mirage, will focus on distributed ledger tech, AI, and enhancing liquidity. It's a bit of a neighborhood trend, with the UAE already dabbling in CBDCs. Meanwhile, Qatar's fintech sandbox is open for play, offering rapid testing cycles for eligible participants. But don't get too excited, crypto cowboys. The QCB may be embracing digital, but it's still giving the cold shoulder to virtual asset services. 🏜️💰

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📣 Hong Kong's crypto exchange licenses are now a bargain, costing only several million dollars, a far cry from last year's $25 million tag! Livio Wang of HashKey Group spilled the beans to the Financial Times, explaining the costs vary depending on the licensing stage. Since June 1, Hong Kong has shown unlicensed exchanges the door, with 11 firms now "deemed to be licensed". HashKey and OSL are the only fully licensed players in town. HashKey, now managing $500 million in user assets, has seen a 267% surge in activated customers week-on-week. But remember, cheap licenses don't mean easy money - just ask the investors who lost $166 million to unlicensed exchange JPEX last year!

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🍪 Binance co-founder, Yi He, has a message for crypto traders: "Keep your cookies to yourself!" After a user claimed a $1M loss due to a security breach, she clarified that the user's computer was hacked, not Binance. The hacker, unable to withdraw funds, sold the victim's coins causing trading losses. The user, Nakamao, alleges that the hacker manipulated his account using his web cookies. Binance responded, stating the hacker impersonated Nakamao via a plug-in, but they froze the account within 79 seconds of being notified. However, the hacker had already made several leveraged trades. Binance warns users about the risks of active cookie plugins.

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📢 Bitcoin fans, buckle up! The European Central Bank (ECB) is expected to trim interest rates by 0.25% to 4.25% on June 6, and this could be a boon for BTC. Why? Lower rates usually weaken the euro and increase liquidity, which can give a leg up to risk assets like Bitcoin. So, if you've been eyeing that BTC, now might be the time to pounce! 🚀 But remember, Bitcoin's relationship status with traditional equities is complicated. Sometimes they move together, sometimes not. But in a stimulus-driven environment with lower rates, Bitcoin may just decide to join the equities party. Stay tuned!

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MicroStrategy's Bitcoin-loving founder, Michael Saylor, has agreed to a whopping $40 million settlement to resolve a tax evasion lawsuit. The District of Columbia's attorney general called it the "biggest-ever income tax fraud recovery" in the district. 🏛️ The suit claimed Saylor paid no income taxes for a decade while living in the district, with his firm allegedly helping him dodge over $25 million in taxes. This saga led to Saylor stepping down as CEO, but he's still serving as executive chairman and board director. Stay tuned for more updates on this blockbuster settlement!

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🚀 "Roaring Kitty" is purring all the way to the bank! The trader behind the GameStop (GME) saga is currently up over $300 million and could become a billionaire this week if the GME rally continues. Meanwhile, short sellers are feeling the pinch with a month-to-month loss of approximately $1.4 billion. The GME stock price has surged over 74% in pre-market trading on Monday. It seems the "Game" is far from "Stopped"! 😸💰

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WeatherXM is bringing a sunny forecast to the world of blockchain! ☀️ This innovative platform is using Web3 and IoT technologies to decentralize weather data collection, providing hyperlocal weather insights. Users can contribute data from their own weather stations, earning the platform's native ERC-20 governance token, WXM, as a reward. With the aim of democratizing access to vital weather data, WeatherXM is also working on initiatives to provide weather station hardware to disadvantaged communities. The future looks bright, with WeatherXM having deployed 5,000 weather stations and raising $7.7 million in a Series A funding round.

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Dubai's financial watchdog, the DFSA, has loosened its crypto leash! 🐕‍🦺 Previously seen as too strict, the regulator has revised its crypto token regime, allowing more freedom for funds to invest in crypto tokens. The changes also permit domestic funds to dabble in unrecognized tokens, as long as they don't exceed 10% of the fund's total asset value. The application fee for token recognition has been slashed from $10,000 to $5,000, and new recognition criteria for stablecoins have been introduced. But don't get too excited, the DFSA insists it's not going soft, just adapting to market developments.

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EU elections this week could be a game-changer for crypto regulations and Ether ETFs 🚀. With right-wing parties expected to gain ground, the crypto industry might see more protective measures or even become newfound allies for innovation-friendly regulations. The election results could also influence the implementation of the Markets in Crypto-Assets (MiCA) bill, the EU's first comprehensive regulatory framework for cryptocurrencies. Meanwhile, Ether ETFs are gaining traction in Europe, thanks to the SEC's recent approval of eight spot Ether ETF issuers. So, buckle up crypto enthusiasts, it's going to be a wild ride! 🎢