๐๏ธ Trump Unveils Crypto Agenda at Coinbase Summit:
โข Prerecorded by former President Trump, a speech was delivered on Coinbase's State of Crypto Summit, advancing the GENIUS Act for the regulation and support of dollar-backed stablecoins. He noted the need to work together with Congress to create clear guidelines for crypto and Bitcoin leadership.
โ FSB Issues Systemic Risk Warning:
โข The outgoing chair of the Financial Stability Board warned in Madrid that crypto's increasing connections to mainstream finance ("TradFi") are reaching a tipping point, potentially threatening the system if left unaddressed.
๐ฅ $335โฏMillion in Crypto Longs Liquidated:
โข More than $335M in leveraged longs were liquidated in the past hour aloneโ$234M worth of BTC, $42M of ETH, and $9M of SOLโindicating severe short-term volatility.
๐ Market Pullback After Highs:
โข Following recent advances, almost all the top-100 coins are falling. Overall crypto market cap declined ~4% to $3.51T. Bitcoin declined approximately $107,563, Ethereum is at about $2,749. Spot ETH ETFs are performing better than BTC ETFsโ$240M compared to $165M of inflows.
๐ ECB Rate Decision May Spur Crypto:
โข The European Central Bank's July interest rate decision can influence crypto market liquidity quite heavily. A rate reduction can increase assets such as BTC and ETH, whereas a hold or increase can dampen them.
๐ง Analyst Insight: XRP Breakout Imminent:
โข Market analysts are watching for the possibility of an XRP breakout from a multi-month wedge formation that might instigate action in the near future.
๐ Coming Up: BTC Prague Conference:
โข Europe's largest Bitcoin event, BTC Prague 2025, will take place June 19โ21, with 10,000+ attendees and 200+ speakers such as Michael Saylor and Adam Back.
