Bitwise released a report predicting that the crypto and AI industries could add a combined $20tr to global GDP by 2030.

The report highlights that Bitcoin miners have all the resources that AI firms need, citing CoreWeave's $1.6bn acquisition of Bitcoin miner Core Scientific at a 55% premium as an example.

Crypto and AI have the potential to intersect in other areas other than mining such as information validation and virtual assistants.

Turkey will introduce transaction taxes on stocks and cryptocurrencies.

Stock transactions will be taxed at 0.01% to 0.03%, while cryptocurrency transactions will incur a 2% service fee.

Previously, Turkey’s Treasury and Finance Minister stated that the government has no plans to tax profits on stocks and cryptocurrency.

The Holograph Operator contract was exploited, allowing the hacker to mint 1bn additional HLG tokens. The team patched the exploit and is locking accounts.

This follows Animoca Brands’ investment to boost Holograph’s cross-chain growth in Web3 gaming.

USD-backed stablecoins dominate the crypto market, accounting for nearly 90% of all crypto transactions relative to the US Dollar.

In 2024, their average weekly volume was $270bn, 70 times higher than Euro-backed stablecoins. Euro-backed stablecoins, though still only 1.1% of transactions, have grown from nearly zero in 2020 to an all-time high.

FlowBank, an online Swiss bank that offered customers exposure to crypto, has been shut down and put into bankruptcy by Switzerland’s financial regulator.

The regulator said the bank no longer has the minimum capital required for its business operations and there are also fears that the bank is over-indebted.

FlowBank, launched in 2020, has strong crypto ties, including a 9% stake purchased by CoinShares for $11.8m in 2021.

US SEC Chairman Gary Gensler reportedly just told Senator Bill Hagerty that he expects the Ethereum spot ETF S-1 to be likely approved by the end of the summer.

The S-1 forms are the second step in a two-step process toward making the spot ETH ETFs go live for trading. The first step was the approval of the 19b-4 forms, which happened in May.

Curve, a DeFi protocol specializing in stablecoin trading, has experienced 23% price drop in the last 24 hours due to panic among CRV investors.

On June 12, 2024, Arkham reported that Curve founder Michael Egorov borrowed $95.7m in stablecoins, primarily crvUSD, using $141m in CRV collateral across five protocols.

Due to market turbulence and consecutive Egorov’s CRV position liquidation, crvUSD’s price surged to $1.07.

Wintermute sold 9.29m crvUSD for USDC at $1.06779, profiting around $630,000. Some crvUSD were bought yesterday at an average price of $0.9984.

QuantMatter reported a $11.6m theft from its OKX account on May 30.

Funds were converted to BTC, ETH, USDC, and USDT and remain unmoved. The cause is under investigation.

President Biden’s re-election team is in talks about accepting crypto donations through Coinbase Commerce.

This comes a few weeks after Donald Trump began accepting crypto donations to his campaign.

The Turkish Lira (TRY) market share of crypto volume hit an all-time high of 19% in June, surpassing the euro as the third largest fiat currency by volume.

The rising share of TRY volume is also related to the increasing regulatory scrutiny and the loss of banking partners that Binance has experienced. This led to the delisting of its GBP and AUD trading pairs on the exchange last year and boosted the share of the TRY in overall fiat trade volumes.

Turkey’s inflation surged in 2022 exceeding 70% while the lira has been one of the worst-performing fiat currencies.

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The Fed kept the interest rates unchanged at 5.5% in line with consensus estimates.

FOMC Key Points:
⚫ It is premature to cut rates at this time
⚫ More confidence is needed that inflation is on a stable downward trajectory
⚫ Inflation levels remain high
⚫ One rate cut of 0.25% is projected for this year, with an additional 1% cut expected in 2025
⚫ Economic activity continues to grow at a steady pace

Donald Trump has pledged to protect Bitcoin and its miners, meeting with top mining companies and emphasizing the importance of mining the remaining Bitcoin in the US for energy system stability.

⚫ Trump met with executives of Riot, Marathon, and CleanSpark, whose combined hashrate of 59.8 EH/s accounts for a quarter of the US's total hash power of 226.94 EH/s.
⚫ Bitcoin's total annual energy consumption is 146.8 TWh, less than the 164 TWh consumed by TVs and refrigerators in the US.
⚫ During his previous term, Trump auctioned over 10m acres of public land for energy exploration.

Why Bitcoin Price Dropped by ~7% to $66k Today

Bitcoin's sharp 5% decline to $67k today can be attributed to several factors:

⚫ The US Employment Report showed an increase of 272,000 jobs in May, indicating an overheating economy and reducing the likelihood of an interest rate cut this week
⚫ The macro data reaction caused over $250m worth of liquidations in traders' positions, pushing BTC price to $69k
⚫ A dormant Bitcoin whale transferred 8,000 BTC ($535.6m) to exchanges after 5.5 years
⚫ Bitcoin miners sold 1,200 BTC yesterday, the largest daily sale since the end of March

Despite the drop, there is an increase in calls to buy Bitcoin on social networks. Historically, when sell calls close the gap with buy calls, market panic and FUD set in, often leading to a cryptocurrency bounce.

TON’s daily active addresses have exceeded 417k, surpassing Ethereum, fueled by Telegram’s 900m users.

The world's largest bank, ICBC, stated that Bitcoin retains the scarcity similar to gold and that Ethereum is “digital oil” providing technical power for the digital future.

US spot Bitcoin ETFs saw $65m in net outflows on Monday, ending a 19-day inflow streak:

⚫️Grayscale’s GBTC led with $40m in outflows
⚫️BlackRock’s IBIT and Bitwise’s BITB saw net inflows of $6m and $8m, respectively

Digital asset investment products saw significant inflows in early June due to anticipated rate cuts:

⚫Inflows totaled $2bn for the week, reaching $4.3bn over five weeks
⚫Bitcoin led with $1.97bn in inflows
⚫Ethereum saw $69m in inflows, its best week since March
⚫The iShares bitcoin ETF now has $21bn in assets, surpassing Grayscale

Lykke, a UK crypto exchange, halted trading on June 6 citing “unauthorised access” to its platform. Onchain data shows a likely $22M security breach involving Bitcoin, Ether, Litecoin, and Bitcoin Cash.

Users cannot withdraw assets, though Lykke assures funds are safe. CEO Richard Olsen apologized and stated an investigation is ongoing.

Criminals reportedly laundered over $2.23bn in online gambling proceeds through 16 Singapore financial institutions.

Banks are now intensifying scrutiny of wealthy clients to prevent illicit money flows.

HSBC China is now offering e-CNY services to corporate clients, becoming the first foreign bank to provide digital yuan services for both retail and corporate customers.