Roger Ver, renowned crypto investor also known as “Bitcoin Jesus” has been reportedly released on bail in Spain. He is facing extradition to the United States on charges of tax fraud.

Is Bitcoin Jesus in big trouble?

As per reports, Ver was released from jail on May 17 after he posted a bail of €150,000 (approx $163,000). It mentioned that the Spanish judge’s decision suggests that Ver must remain in Spain. He needs to surrender his passport and report to court every two days. This came in when an appeal by the prosecutor against his release was dismissed.

It is important to note that the US authorities are seeking Bitcoin Jesus’s extradition to face allegations of tax fraud. 

The US Department of Justice reveals that Ver failed to report his capital gains and did not pay taxes on his Bitcoin holdings. In 2017, Ver allegedly sold Bitcoin worth approx €240 million but did not inform his accountant of the sale, resulting in an alleged tax evasion of at least $48 million.

However, he renounced his US citizenship in 2014 and became a citizen of St. Kitts and Nevis. Under US law, he was still obligated to file tax returns for gains from certain assets, including his Bitcoin holdings.

What’s more?

Despite the charges, Ver’s lawyer asserts that he is not a fugitive. He has revealed that he has been in communication with US authorities through his legal team. Campaner criticized the arrest, suggesting it was unnecessary given Ver’s ongoing cooperation with the investigation.

As reported earlier, the Justice Department unveiled the criminal tax fraud charges detailing that Ver had evaded at least $48 million in taxes. The indictment, filed in a California federal court, claims that Bitcoin Jesus failed to report a portion of the 131,000 Bitcoins he owned in 2014 when he renounced his US citizenship.

At the time, each Bitcoin was valued at roughly $871, making Ver’s holdings worth more than $7.5 billion at current prices.

Becoming a US expat requires paying a special tax to the Internal Revenue Service (IRS). The DOJ alleges that Ver misrepresented his Bitcoin holdings in these tax filings, thus evading taxes. Additionally, the indictment claims that Ver continued to underreport his Bitcoin ownership even after expatriation, violating his obligation to pay US taxes on these assets.

In a recent interview on CNBC, Gary Gensler, the chairman of the Security and Exchange Commission (SEC) shocked everyone. The recent approval of the Spot Ethereum ETF has stirred anticipation within the digital asset market, yet SEC Chairman Gensler has warned that its launch may be delayed. Speaking to CNBC, Gensler highlighted the ongoing work on disclosure measures, signaling a potential wait for investors eager to access Ethereum through this investment vehicle.

Ethereum ETF launch delayed 

The approval of the Ethereum ETF came as a surprise, considering the SEC’s historical resistance to crypto-based exchange-traded products. While a Spot Bitcoin ETF gained approval in January, Ethereum’s ETF faced a longer regulatory journey. Gensler’s remarks highlight the agency’s detailed approach to ensuring fair disclosure, a critical aspect in a rapidly evolving crypto landscape.

Despite the burgeoning interest in crypto-based ETFs, Gensler highlighted the necessity for patience, suggesting that the debut of a Spot Ethereum ETF could “take some time.” The SEC’s focus on disclosure aligns with broader efforts to enhance transparency in the crypto space, where regulatory standards are still evolving.

NEW: @SECGov Chairman @GaryGensler says the next step in the $ETH ETF approvals “will take some time,” possibly indicating a potential slow-walk of the S-1 approval process. https://t.co/iwfN9vvmt8

— Eleanor Terrett (@EleanorTerrett) June 5, 2024

Gary Gensler’s words on CNBC

During his CNBC appearance, Gensler highlighted the challenge of obtaining comprehensive disclosure in the crypto market, contrasting it with traditional financial systems. He pointed out deficiencies in transparency among crypto exchanges, implying a regulatory gap that needs addressing.

While Gensler did not directly address the SEC’s shifting stance on Spot Ethereum ETFs, his comments hint at a more cautious approach toward crypto regulation. The presence of Ether Futures exchange-traded products on Cboe for the past three years indicates a gradual acceptance of Ethereum derivatives within regulated markets.

However, some observers interpret the SEC’s evolving stance on crypto ETFs as politically motivated. The regulatory landscape for digital assets remains dynamic, influenced by various factors including market dynamics, investor demand, and regulatory scrutiny.

Today, the overall cryptocurrency market is experiencing a massive price surge, with the world’s fourth-biggest cryptocurrency, Binance Coin (BNB), stealing attention from cryptocurrencies like Bitcoin and Ethereum. As of June 5, 2024, BNB has seen a massive price surge of over 9%, and its open interest has also increased by 23% in the last 24 hours.

Investors’ strong confidence in BNB 

This price surge and open interest highlight investors’ strong confidence and interest in the BNB token. However, the major reason behind this investor attention is caused by the breakout of the bullish ascending triangle pattern.

Following this massive surge in open interest, recently, an on-chain analytics firm, Kaiko, made a post on X (previously Twitter) where they highlighted that since May 30, 2024, BNB’s open interest massively surged from $614 million to $1.1 billion. Additionally, they have also added that this massive surge in open interest comes as the BNB coin moves toward its all-time high.

Since May 30 $BNB perps OI soared from $614mn to over $1.1bn as the token headed toward record highs pic.twitter.com/8jN4ySWC0P

— Kaiko (@KaikoData) June 5, 2024

As of now, BNB is moving near the $700 level; however, this level is also an all-time high for BNB. If we look at the performance of BNB over a longer period, in the last 7 days, it experienced a price surge of over 17%. Whereas, in the last 30 days, BNB experienced a massive jump of over 20%. Besides this impressive price surge, the 24-hour trading volume has also increased by 43%, and currently, it stands at $3.9 billion.

BNB technical analysis and key levels

According to expert technical analysis, BNB is looking bullish, but there is a high chance that the price may fall in the coming days. The reason is, that after the bullish breakout of the ascending triangle price action pattern, it surged more than 10%, and now, in order to surge more, BNB may retest its breakout level.

Besides this massive price surge in BNB, top cryptocurrencies including Bitcoin, Ethereum, Solana, Toncoin, and Shiba Inu also experienced an impressive price surge in the last 24 hours. According to CoinMarketCap, BTC, ETH, SOL, TON, and SHIB experienced a price surge of over 1.5%, 1%, 4%, 5%, and 7% of upside momentum.

The fresh surge in the digital assets market suggests that the United States is reasserting its dominance in the crypto market. This is backed by record breaking spot Bitcoin ETFs trading, some supportive regulatory shifts, and a political climate that is now turning favorable for the industry.

Donald Trump to push crypto up and above?

Reports depict that there are signs of revival with the resurgence of the dollar to the rising influence of crypto advocate Donald Trump in the presidential race.

The US Securities and Exchange Commission (SEC) has aggressively targeted major players like Binance and Coinbase Global in its legal pursuit. However, 2023 saw the commission shifting gears. In late May 2024, the SEC began approving spot Ether exchange-traded funds (ETFs) and surprised the markets by signaling a more friendly stance.

If we take a look at the political arena, Donald Trump currently holds a narrow lead over President Joe Biden in the polls. He has been a good crypto advocate. Meanwhile, legislative efforts are also gaining momentum. 

According to Bloomberg Intelligence analysts, the Financial Innovation and Technology for the 21st Century Act (FIT21) has increasing chances of becoming law by 2025. This would establish a new regulatory framework for cryptos.

What does experts say?

On the same side, Mike Novogratz, CEO of Galaxy Digital, had predicted that the favorable US political environment could push Bitcoin’s price above $100,000 by 2024 end. Bitcoin price is up by almost 70% on the year to date (YTD) basis. BTC is trading at an average price of $71,104, at the press time. Its 24 hour trading volume is up by 36% to stand at $38.16 billion. The digital asset market cap stands at $2.63 trillion with a trading volume of $93.7 billion.

The shift began in earnest on January 11 with the introduction of spot-Bitcoin ETFs from BlackRock Inc. and Fidelity Investments, which have amassed $61 billion in assets. 

This marks one of the most successful launches for a fund category ever. Their influence is reshaping trading patterns, with Bitcoin trading volume increasingly concentrating around US market hours. The share of cumulative Bitcoin trading volume in the hour before US markets close has risen to 7.2% this year from 4.9% during the 2021 crypto bull run, driven by the ETFs’ valuation practices.

In contrast, Hong Kong’s recent launch of spot-crypto ETFs tracking Bitcoin and Ether has not matched the US vehicles’ inflows.

In the ongoing bullish market sentiment, where top cryptocurrencies are experiencing massive upside momentum, Vitalik Buterin, the co-founder of Ethereum, has commented on celebrity crypto projects. These comments follow Australian rapper and model Iggy Azalea’s promotion of the Mother Iggy (MOTHER) token.

Vitalik Buterin speaks about celebrity crypto projects 

On June 5, 2024, Buterin made several posts regarding the MOTHER token on X (previously Twitter). He expressed his dissatisfaction with this cycle’s celebrity experimentation, stating, “Financialization as a means toward an end, I can respect if the end is worthy (healthcare, open source software, art, etc). Financialization as the final product, however, I do not support.”

I'm feeling quite unhappy about with "this cycle’s celebrity experimentation" so far."Financialization as a means toward an end", I can respect if the end is worthy (healthcare, open source software, art, etc). Financialization *as the final product*, Ashton and Mila's…

— vitalik.eth (@VitalikButerin) June 5, 2024

Despite Buterin’s criticism, the MOTHER token has experienced a price surge of 14% and has crossed a $100 million market valuation. Over the last seven days, the MOTHER token has seen nearly 600% upside momentum.

The 2024 celebrity meme coin era has seen numerous high-profile figures launching cryptocurrencies with little intrinsic value, prioritizing financial gain over meaningful innovation. Unlike ventures such as Ashton Kutcher and Mila Kunis’s “Stoner Cats,” which used blockchain to fund a legitimate animated series, current celebrity meme coins often lack real-world applications and contribute to market volatility.

Ethereum co-founder highlights the importance of meaningful innovation

Celebrities are creating coins for quick profits rather than sustainable development, and most meme coins do not support broader crypto goals or innovative solutions. To address this trend, Buterin and other experts suggest several measures:

Promote education about blockchain’s potential beyond speculation.

Encourage transparency and tangible goals in celebrity-endorsed projects.

Support initiatives that use crypto for impactful innovations.

Engage celebrities in community-driven initiatives with collective benefits.

Buterin also outlined key criteria for celebrity crypto projects to gain respect in the crypto community. 

Firstly, such projects should serve a public good goal beyond merely enriching the celebrity and early adopters, such as supporting an art project or the celebrity’s favorite charity. Secondly, these projects should incorporate engaging mechanics beyond simple token trading, such as a decentralized autonomous organization (DAO) that allows for some level of community involvement and influence, although not complete control over the agenda.

As the crypto market continues to evolve, community and industry leaders like Buterin highlight the importance of meaningful and sustainable innovation over short-term financial gains.

In this bullish market sentiment, it seems that crypto investors and traders are gaining more confidence in the crypto-meme industry, as overall meme sectors have massively gained in the last 24 hours. On June 5, 2024, an on-chain analytics firm Lookonchain made a post on X (previously Twitter) stating that a SHIB whale recently bought a massive 715.9 billion Shiba Inu (SHIB) tokens during Asian trading hours.

Is this a Bullish signal for SHIB?

According to the Lookonchain post, this whale spent 4,849 Ethereum (ETH) worth $18.44 million to purchase this massive 715.9 billion SHIB tokens. Following this significant SHIB purchase, other whales also became active. Following the massive interest on June 5, 2024, the SHIB token price soared more than 10%. This massive whale interest is observed from CoinMarketCap, as the 24-hour trading volume has surged by 33%, currently standing at $851 million.

Besides this recent purchase, Lookonchain data highlights that this whale is heavily trading SHIB tokens. During the earlier stage, this whale spent only $400K and bought 5.5 trillion SHIB tokens, then sold it for $121 million when the SHIB price reached its peak. Looking at the data, it is clear that this Whale has made more than $120 million on SHIB. Additionally, the recent purchase highlights the bullish sentiment for SHIB tokens.

As of now, SHIB is trading near $0.0000261 and has gained a massive 10% upside move in the last 24 hours. However, this massive upside move is what SHIB has experienced after several weeks. If we look at the performance of the SHIB token over a longer period, in the last 7 days, it experienced a 5% downside momentum, whereas in the last 30 days, the SHIB token price remained stable and saw a 5% upside move.

SHIB technical analysis and key levels

According to expert technical analysis, SHIB is looking bullish and is now heading towards a major resistance zone near $0.0000283. With this bullish sentiment, SHIB may surge more than 10% in the coming days. On the daily time frame, SHIB has already given a breakout of the bullish flag and pole price action patterns. As per the price action, if SHIB breaches the upcoming resistance near $0.0000283, it has the potential to surge by 60%.

Besides SHIB, other meme coins are also experiencing massive upside moves. Top meme tokens like DOGE, WIF, FLOKI, and BONK have also seen significant price increases in the last 24 hours. According to CoinMarketCap, DOGE, WIF, FLOKI, and BONK experienced price surges of 4%, 10%, 25%, and 8%, respectively, in the last 24 hours.

The meme crypto sector printed green indexes all around with Bitcoin (BTC) regaining the crucial $71K price level. FLOKI turned out to be the biggest gainer over the last 24 hours among the top meme cryptos. However, Shiba Inu (SHIB) has also bagged a surge of 10% during the period.

Will FLOKI flip WIF?

FLOKI price jumped by more than 30% in the last 24 hours leading the crypto to attain its new all time high (ATH) of $0.000346. However, this surge has eventually helped the meme tokens to grab on the momentum.

FLOKI is on a rampage as it has gained over 138% in the past 90 days. The recent pump of 72% in 30 days has been the main support of this gain. The crypto is trading at an average price of $0.000329, at the press time. Its 24 hour trading volume is up by 107% to stand at $1.43 billion. However, FLOKI is now closing the gap with dogwifhat (WIF) to take over its spot with a market cap of $3.14 billion.

dogwifhat has gained more than 10% over the past day to keep up its lead over the meme crypto. WIF is now 2218% up on the year to date (YTD) price. WIF is trading at an average price of $3.54, at the press time. It recently registered its ATH of $4.85 with a solid pump. It is holding a market cap of $3.53 billion.

The cumulative meme crypto sector jumped by more than 6% over the last day. Its 24 hour trading volume jumped by 20% to stand at $8.23 billion.

SHIB is back

Shiba Inu, the second biggest meme token, is also one of the biggest gainers of the day. SHIB price recorded a surge of 10% in the last 24 hours to establish its territory. Meanwhile, it is still down by a huge margin from the new trending coins.

SHIB is trading at an average price of $0.00002608, at the press time. It is still down by 70% from its ATH of $0.00008845, recorded on October 28, 2021. Its 24 hour trading volume is up by 34% to stand at $863 million with a market cap of $15.35 billion.

Dogecoin (DOGE) also printed greens as its price rose by 4% in the same session. The biggest meme token is now trading at an average price of $0.162.

In the ongoing bullish market sentiment where cryptocurrency is experiencing upside momentum, scammers have taken control of the official Microsoft India X (previously Twitter) account, which boasts over 211,000 followers. The hackers posed as the well-known meme stock trader Keith Gill, using the handle “Roaring Kitty,” to direct users to malicious websites.

Scammer hijacks Microsoft India X account

The scammers tried to take advantage of Gill’s popularity to attract potential victims and infect them with crypto wallet drainer malware. According to the post, these fraudulent sites falsely advertised a pre-sale of a non-existent GameStop (GME) cryptocurrency, exploiting the popularity of both the trader and the stock to deceive and potentially defraud investors.

Source: X (Previously Twitter)

The main purpose of this phishing site is to steal the assets of users who either connect their digital wallets or perform any transactions. It has also been observed that several bot accounts retweeted the hijacked post to amplify its reach. As of now, the post has been deleted.

Following this incident, the GameStop (GME) tokens experienced a massive price fall of over 25% in the last 24 hours. However, in the longer period, over the last 7 days, the GME token is still up by 103%. In the last 30 days, GME has gained a price surge of 1,370%.

The incident highlights the ongoing threat of cybercrime in the DeFi landscape, emphasizing the need for heightened vigilance and robust security measures to protect social media accounts from such breaches. Currently, no one has been reported as a victim of this incident.

BTC, BNB, SOL and TON performance

Besides this hijack, yesterday Morgan Stanley’s ETrade expressed concerns about potential stock manipulation by Keith Gill, known as Roaring Kitty. In the report, ETrade highlighted that Gill had made a massive investment in GameStop (GME) call options before he made a post on Reddit, influencing the stock price surge.

At the current time, the overall cryptocurrency market is up by 3%, and the 24-hour trading volume has surged by 12%, currently standing near $90 billion. This massive increase in 24-hour volume highlights the interest of investors and traders. This surge is driven by top cryptocurrencies like Bitcoin, Binance Coin, Solana (SOL), and Toncoin (TON), which experienced significant price increases of over 3.5%, 12.5%, 6%, and 11% respectively in the last 24 hours.

Bitcoin’s (BTC) fresh move brought back the enthusiasm in the crypto market. The biggest digital asset regained the crucial $71,000 mark with a continuous five-day streak of gains. This gain reflects an increased confidence in global markets regarding potential Federal Reserve interest rate cuts this year.

Bitcoin jumps 12% in 30 days

Data shows that Bitcoin price has surged by over 12% in the last 30 days, keeping the momentum high while other top cryptos saw a decline. BTC price jumped by 3% over the last 24 hours. Bitcoin is trading at an average price of $71,135, at the press time. Its 24 hour trading volume is up by 26% to stand at $37.13 billion.

Reports suggest that traders are increasingly pricing in the likelihood of a Fed rate cut as early as November. This comes following data that showed moderating US inflation and a softer jobs market. It added that some Treasury yields recorded their largest two-day declines of the year. 

The global digital assets market cap jumped by 3% over the last day to stand at $2.63 trillion. However, its 24 hour trading volume is up by 12% to stand at $90.24 billion. Top cryptos like BNB and Solana prices surged by 12% and 5%, respectively.

BNB closely associated with the Binance ecosystem traded at a $706 price surpassing its previous all-time high of nearly $691 in 2021. BNB’s more than 100% rally this year reflects improved perceptions about Binance’s outlook since November. That was the time when the exchange pleaded guilty to violations of US anti-money-laundering and sanctions laws. It resulted in a $4.3 billion penalty.

Bitcoin’s recent attempts to sustain climbs above $70,000 have met with resistance, but optimism remains fueled by consistent inflows into dedicated US exchange-traded funds and progress in Washington toward a clearer crypto regulatory framework.

What’s behind this surge?

In Japan, crypto exchange DMM Bitcoin announced plans to raise 50 billion yen ($321 million) to buy Bitcoin and reimburse customers affected by a major hack. The platform assured that it will take measures to avoid impacting the Bitcoin market with these purchases.

A short-term, 30-day correlation between Bitcoin and the Nasdaq 100 Index of US technology stocks is currently around its highest level since early 2023. This suggests that further gains in the equity gauge could coincide with moves higher in Bitcoin.

The meme coin market recorded a marginal drop over the last 24 hours. Amid this decline, there stands a winner, who is gaining all over around. DOG•GO•TO•THE•MOON (DOG), a meme coin issued on Bitcoin’s Runes protocol is now nearing a $1 billion market cap.

Will DOG go to the moon?

Data shows that the DOG coin price has surged by more than 212% in the last 30 days. It is trading at an average price of $0.0093, at the press time. Its 24 hour trading volume jumped by 62% to stand at $83.12 million. The trending meme coin is heading towards the $1 billion market cap now.

As per reports, DOG’s origins are as unique as its name. Launched on April 20, 2024, during the Bitcoin halving event, it became the “Rune Number 3” on the Runes protocol. This launch not only established DOG as the biggest meme coin on Bitcoin but also the seventh largest across the entire meme coin market.

DOG can be the direct competition to the biggest dog-themed meme coins like Dogecoin (DOGE), Shiba Inu (SHIB) and more. DOG’s rise coincides with a surge in meme coin activity this year. Fellow meme coins like SHIB, PEPE, and FLOKI have all seen higher market cap growth.

It is important to note that DOGE price has dropped by 2% in the last 30 days, while it is down by 9% over the last 60 days. However, PEPE had surged by 70% in the same period.

Why it is trending?

Notably, DOG stands out by operating on the Bitcoin blockchain, a stark contrast to the super-fast blockchains favored by most meme coins (like Solana and Base). This success story strengthens the case for Runes as a viable alternative for faster and cheaper transactions compared to the traditional Bitcoin Ordinals Protocol.

Traders are taking notice, with DOG recording nearly $100 million in trading volume over the past day. The question on everyone’s mind: can a Bitcoin-based meme coin truly compete with established rivals on other blockchains?

It’s crucial to remember the inherent volatility of meme coins. Their value hinges heavily on social media trends and hype, rather than established use cases. Following its launch, DOG plummeted over 60% in just three weeks before experiencing its current rally. This volatility underscores the speculative nature of these assets.

In the ongoing struggle in the cryptocurrency market, the U.S. Department of Justice (DoJ) has recently indicted Bill Guan, the Chief Financial Officer of Epoch Times, a news media agency, for money laundering. According to a report, Guan is involved in a $67 million money laundering operation using cryptocurrency. The charges were announced today, June 4, 2024, focusing on Guan’s role in managing Epoch’s “Make Money Online” team from around 2020 to May 2024.

DOJ charges CFO for money laundering case 

According to the DoJ, Guan and his team used cryptocurrency to purchase proceeds from various crimes, including fraudulently obtaining unemployment insurance benefits. These proceeds were loaded onto tens of thousands of prepaid debit cards. Subsequently, the laundered money was converted into cryptocurrency through a certain platform at a rate of 70 to 80 cents on the dollar.

Following this incident, Guan has been charged with conspiracy to commit money laundering and bank fraud. If convicted, he could face a maximum sentence of 20 years for money laundering and up to 30 years for bank fraud.

How DOJ find this money laundering thing?

The investigation began when officials noticed a suspicious 410% spike in Epoch Times’ annual revenue, which soared from $15 million to $62 million. At the time, Guan attributed the surge to “donations,” raising red flags among investigators. Additionally, these charges do not implicate Epoch Times’ news and reporting activities. Instead, they focus solely on the financial operations managed by Guan and his team.

This case highlights ongoing concerns about the use of cryptocurrency in money laundering and fraud and underscores the need for caution in tracking financial irregularities. The DoJ’s accusation serves as a reminder of the risks associated with digital currencies and the importance of regulatory oversight in combating financial crime.

Moreover, it has been observed that the U.S. DoJ is highly active in recognizing any irregularities, money laundering, or fraud within the states, demonstrating their commitment to maintaining financial integrity.

Despite these incidents, the overall cryptocurrency market is currently struggling to gain momentum. Top cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) experienced a notable price fall today. Specifically, BTC, ETH, and SOL experienced a price drop of over 1% in the last 24 hours.

Fidelity Investments is moving ahead to step up its efforts to charge ETF firms for listing and maintaining their products on its extensive platform. However, this move has received a major industry backlash. The investment giant has already secured agreements with nine boutique firms. This happened after warning them in March that charges could be imposed directly on their ETF investors if negotiations failed.

Fidelity wants to add more charges

According to reports, this push to generate more revenue from ETFs threatens to introduce extra costs in an already cost sensitive market category. Experts hint that the market has reached a new phase of this evolution.

It added that the negotiations generally involve Fidelity taking 15% of the total fund revenue. The investment giant reportedly informed at least one money manager that it would not display their funds in its online search bar if no agreement was reached. 

The report mentioned that Fidelity has suggested a potential charge of up to $100 on investors who purchase funds from firms that decline to agree to its terms.

It is crucial to note that Fidelity’s initiative comes in when retail traders and registered investment advisers are moving money from mutual funds to cheaper and more tax-efficient ETFs. However, back in 2019, the firm had eliminated trading commissions for ETFs but now it seeks new revenue streams.

These negotiations force ETF issuers to share a portion of their already-thin revenue. The average expense ratio for US ETFs is 0.55% or imposes a new trading charge on their end investors.

What do experts feel about it?

Experts have argued that Fidelity’s plan will hamper innovation in the ETF space. It could make it harder for emerging firms to compete.

The proposed revenue-sharing agreements have ignited broad industry opposition. Although the initial list of funds subject to the potential $100 servicing charge represented less than 0.5% of mutual funds and ETFs available on the Fidelity platform, the move has still provoked significant discontent.

If we put an eye on the US ETF market, BlackRock’s iShares Bitcoin Trust (IBIT) and Fidelity’s Wise Origin Bitcoin Fund (FBTC) have attracted huge investments since their launch.

Farside Investor data shows that the IBIT has recorded $16.6 billion in inflows, with FBTC registering $8.9 billion. Despite these figures, Vanguard, which does not offer any spot Bitcoin ETFs, remains the leader in total ETF inflows for 2024, amassing $102.8 billion.

As June begins, both traditional and crypto financial markets are gearing up for the typical summer trading lull. Data shows that the third quarter has seen the lowest trading volumes. The cumulative Bitcoin (BTC) trade volume has been over 40% below the highest-volume quarter. 

Bitcoin trading vol to sink?

Data depicts that the trend has been particularly for BTC-USD volumes which hit a multi-year low of $44 billion in Q3 2023.

There are several factors that contribute to this decline in trading activity. This includes tightening regulations and deteriorating liquidity infrastructure. Despite these challenges, the launch of 11 spot ETFs in the US has already bolstered BTC price discovery and liquidity.

It has offered hope that this summer’s trading volumes may not drop as in previous years. However, the increasing interconnectedness between crypto and traditional financial markets could amplify the trend of low volume trading.

Last Tuesday, wallets linked with the defunct crypto exchange Mt. Gox transferred 140,000 BTC (approx worth $9.2 billion) as the bankruptcy estate prepares to repay creditors. This unexpected movement from long-dormant accounts triggered a wave of selling pressure in the market. 

Bitcoin price surge took a hit over the past 2 months after gaining ETF approval from the SEC. BTC price is up by 7% in the last 30 days. It is trading at an average price of $68,875, at the press time.

Mt Gox to hamper the momentum?

Hourly analysis of trading volume revealed a substantial increase in activity on May 28, following the initial transfers from the Mt. Gox wallets. Between Tuesday and Wednesday of last week, hourly selling activity heavily outweighed buying, resulting in a significant negative CVD for BTC.

Mt. Gox will repay creditors in BTC, Bitcoin Cash (BCH), and fiat currency. The decision by creditors to sell their holdings will likely depend on the market’s capacity to absorb large orders. Fortunately, the market depth for BTC and BCH has improved by roughly 30%, reaching levels last seen before the FTX collapse, which may help mitigate potential price fluctuations if a sell-off occurs soon.

However, the liquidity disparity between Bitcoin and Bitcoin Cash is notable. Bitcoin Cash has significantly lower liquidity than Bitcoin, with a daily average depth of only $9 million, or 3.5% of Bitcoin’s depth.

Recently, on June 4, 2024, Bangkok’s local media published a report that garnered massive attention from the crypto community and is considered a significant victory for the world’s biggest cryptocurrency, Bitcoin. According to the Bangkok Post, today, the Thai Securities and Exchange Commission (SEC) has given the green light to One Asset Management (ONEAM), allowing it to launch Thailand’s first Bitcoin Exchange-Traded Fund (ETF).

Thailand set to launch first Bitcoin ETF 

This major approval comes after Australia announced its first Bitcoin ETF yesterday, as reported by Todayq News. The newly approved spot Bitcoin ETF will be named the One Bitcoin ETF Fund. This innovative fund, designed for wealthy and institutional investors, will invest in 11 top global funds that have already met strict regulatory standards in the United States and Hong Kong. Consequently, retail investors will not be able to participate in this ETF.

The approval marks a significant milestone in Thailand’s financial landscape, providing sophisticated investors with a new way to gain exposure to Bitcoin through a regulated investment vehicle. This launch follows regulatory changes by the SEC in April 2024, which paved the way for Bitcoin ETFs aimed at institutional investors.

With this ETF approval, Thailand now joins other forward-thinking jurisdictions like the United States, Hong Kong, Australia, and the United Kingdom in offering Bitcoin ETFs. ONEAM’s Bitcoin ETF will invest in 11 prominent global Bitcoin funds, ensuring both liquidity and security for investors. By providing a regulated framework for Bitcoin exposure, the ETF mitigates risks such as theft associated with direct Bitcoin holdings. This makes it a secure and convenient option for institutional investors looking to venture into the cryptocurrency market.

Bitcoin price-performance analysis

The approval of a Bitcoin ETF in Thailand signifies a growing demand among local institutions to incorporate Bitcoin into their investment portfolios. It also sets the stage for broader adoption of cryptocurrencies, encouraging more investors to explore this emerging asset class.

However, following this approval, there hasn’t been any major change at the $69,000 level, and Bitcoin experienced a 1% price drop. Looking at the price performance of Bitcoin over a longer period, in the last 7 days, Bitcoin remained stable near $69K. Whereas, in the last 30 days, Bitcoin experienced 8% upside momentum. Besides Bitcoin, other top cryptocurrencies are also experiencing downside momentum, including Ethereum (ETH), Solana (SOL), and Binance Coin (BNB).

Ripple’s native crypto, XRP, is still dealing with heavy selling pressure and printing red indexes all around. Data shows that XRP whales are dealing with this situation smartly by accumulating more and more tokens while it is struggling to keep up.

Ripple’s token is not able to keep up

As per the data provided by Whale Alert, the world’s largest crypto exchange, Binance, recorded a major XRP outflow in the last 24 hours. A total of 25.23 million XRP (approx worth $13.16 million) was transferred to an undisclosed address.

This sudden movement has sparked an abuzz within the community. However, exchange withdrawals are viewed favorably for crypto as it suggests that investors might be moving their holdings to secure personal wallets. It is important to note that the recipient address, “rfQ9” holds a history of receiving withdrawals from Binance over the years.

Whales accumulation move comes in when XRP is trying to keep up but not managing to print greens. XRP price dropped by 16% on the year to date (YTD) basis. While it has declined by 15% in the last 90 days.

The downward trajectory continues for the crypto as it has dropped by 2% over the last 30 days, while Bitcoin (BTC) and Ethereum (ETH) prices have surged by 9% and 21%, respectively.

XRP is trading at an average price of $0.52, at the press time. It is down by more than 86% from its all time high (ATH) of $3.84, recorded on Jan 4, 2018. Its 24 hour trading volume is up by 3% to stand at $1.04 billion. It is still holding a market cap of $29 billion deposit facing legal challenges from the US Securities and Exchange Commission (SEC).

More decline ahead?

The timing of this hefty withdrawal coincides with a critical juncture for XRP’s price. After a dip since May 21st, XRP has found support around $0.51. This level has historically acted as a springboard for price increases. Conversely, breaching this support has resulted in steeper declines.

For XRP enthusiasts, the question remains: does this withdrawal signal accumulating investors anticipating a price surge, or could it precede another downward trend?

Further muddying the waters, Ripple, the company behind XRP, recently executed a series of large XRP transactions. The prominent on-chain tracker Whale Alert flagged eight separate transfers totaling 3 billion XRP (roughly 5.4% of the circulating supply) and valued at $1.5 billion.

The recent price surge that GameStop Corp (NYSE: GME) experienced in the past few days might be a stock manipulation according to Morgan Stanley’s ETrade. On June 4, 2024, Morgan Stanley’s ETrade showed his concern about the potential stock manipulation by a prominent Keith Gill who is known for Roaring Kitty. 

GME stock manipulation

According to the ETrade report, Gill had made a massive GameStop (GME) call options before he made a post on Reddit and influenced stock price surge. The Gill in his post disclosed that he owns $115.7 million worth of GameStop shares and holds a massive $65.7 million of GameStop call options with a strike price of $20 that expires on June 21, 2024. 

The post that Gill published on Reddit not only influenced the stock price but also the GME coin that was built on the Solana blockchain. Following this post, GME coin surged more than 220% as reported by Todayq News. 

However, the recent market manipulation claimed by Morgan Stanley’s ETrade affected the GME coins. As of writing GME coin experienced a price drop of over 5.5% and currently it is moving near the $0.11 level. If we look at the performance of the GME coin over a longer period, in the last 7 days it experienced a massive 185% upside move. Whereas, in the last 30 days GME coin surged more than 2,300%.

Besides the price fall in the last 24 hours, it looks like investors and traders are showing their interest and more confidence in the GME coin. According to data from coinmarketcap, the 24-hour trading volume has surged by 30% and it currently stands near $328 million.

BTC, ETH, and SOL look struggling 

Following all these claims, currently, overall cryptocurrency is struggling to gain momentum. Where top cryptocurrencies like Bitcoin, Ethereum, Binance coin, and Solana are in red. If we look at the percentage-wise price fall then BTC, ETH, BNB, and SOL experienced a price drop of 1%, 1.5%, 0.5%, and 0.5% respectively.

On the other hand, top meme coins including Dogecoin (DOGE), Shiba Inu (SHIB), Pepe (PEPE), dogwifhat (WIF), and the recently popular Floki Inu (FLOKI) experienced a price fall in the last 24 hours. According to Coinmarketcap data, DOGE, SHIB, PEPE, WIF, and FLOKI experienced price falls of over 3%, 6%, 7%, 6%, and 5% respectively. With this, the overall crypto-meme industry is also down by nearly 2% but the trading volume shows investors interest because it surged more than 16% in the last 24 hours. 

The crypto linked Exchange-Traded Fund (ETF) buzz is still making rounds in the market as investors are looking for an easy way to enter the digital assets industry. Amid bagging new approvals, US based ETF provider Global X has temporarily cut fees for its two exchange-traded products (ETP) to zero.

Zero ETF fees

According to reports, Global X has taken the bold step of cutting fees to zero for their Bitcoin (BTC) and Ethereum (ETH) ETPs listed on European exchanges. This aggressive move comes in order to attract investors seeking a low cost entry point into the market. 

The fee waiver will last until January 2025 after which a standard fee of 0.29% will apply, it added.

This fee cut comes in amidst a jump in activity in the European ETP market. Providers like WisdomTree and 21Shares have launched their crypto products on the London Stock Exchange. These investment products are currently restricted to institutional investors due to regulations from the UK’s Financial Conduct Authority (FCA).

WisdomTree is boasting a competitive management expense ratio of 0.35%. It aims to undercut competitors with “one of the lowest fee levels” for institutional types of ETPs.

It is important to note that despite the excitement surrounding these launches, European Bitcoin ETPs have seen regular outflows in 2024. This is exactly opposite to what can be seen in the US, where ETFs enjoyed high inflows since the SEC approved the first spot Bitcoin ETFs in January.

What’s next?

Data shows that Europe based Bitcoin ETPs have bled more than $500 million this year. However, other crypto ETPs have seen minimal inflows. This trend occurs despite Bitcoin registering at 40% price surge during the same period.

Bitcoin price is up by 63% on year to date (YTD) basis. BTC is trading at an average price of $69,052, at the press time.

The current state of the crypto ETP market reflects a dynamic landscape. While Europe struggles with outflows, the fee war suggests a fight for market share. The success of US-based crypto products, particularly the spot Bitcoin ETFs, highlights the potential for growth. However, regulations in Europe continue to restrict retail investor access, hindering broader adoption.

The global digital assets market recorded a marginal drop over the last 24 hours. The cumulative crypto market cap stands at $2.56 trillion. billion. Meanwhile, its 24 hour trading volume is up by 8% to stand at $77 billion.

Today, June 4, 2024, the overall cryptocurrency market is struggling in terms of price gain in the last 24 hours. In this struggling phase, a recent report from an on-chain analytic firm, Spotonchain, gathered massive attention from crypto investors as well as traders. During Asian trading hours, Spotonchain made a post on X (previously Twitter) that a PEPE whale had deposited a massive 366 billion PEPE tokens worth a massive $5.31 million to the Binance cryptocurrency exchange. 

Whale sold 366 billion PEPE token

The effect of this massive PEPE deposit is observed on the price of PEPE as it has dropped by 5.5%. However, the major fall PEPE experienced is just following this whale deposit. However, Spotonchain mentioned in his post that after selling this massive PEPE holding this whale made a profit of approximately $4.84 million which is nearly to 985% gain on the whale’s initial investment.

Following this deposit, PEPE is currently moving near $0.0000143, and in the last 24 hours, it experienced a 5.5% price fall, which might be influenced by the recent dump. If we look at the performance of PEPE over a longer period, in the last 7 days, PEPE tokens seem to struggle and lose more than 10%. Whereas, in the last 30 days, PEPE experienced a price drop of 64%.

Looking at the recent price drop in a shorter time frame highlights profit booking, which the PEPE token gained in the last 30 days. Whereas, in the last 24 hours traders and investors show lesser interest in PEPE as its 24-hour trading volume has dropped by 10%.

PEPE technical analysis and key levels

According to expert technical analysis, PEPE on the daily time frame is looking bearish for a shorter period. If the PEPE daily candle gives a closing below $0.0000139 then we may see a massive 20% of price drop. However, if the market surge and sentiment change then in the coming days we may see an upside momentum of 15%.

Besides PEPE, other top meme coins including DOGE, SHIB, WIF, BONK, and a few others seem struggling and they also experienced a price drop of 2%, 5%, 0.5%, and 1% respectively. Whereas, top cryptocurrencies like Bitcoin, Ethereum, Solana, and Binance Coin are also struggling to gain momentum.

Recently, a crypto trader named Nakamao claimed that his Binance account was hacked, resulting in the loss of nearly $1 million. Following this claim, Yi He, co-founder of Binance, made a statement denying that a security breach on Binance caused the loss. Yi He asserted that the hack Nakamao experienced was due to his own computer being compromised. She explained that the hacker not only withdrew the massive funds but also sold all of Nakamao’s coins, leading to trading losses.

Binance single user lost $1 million, Here’s how

On the same day, Nakamao posted on X (previously Twitter), stating that he lost all of his $1 million without receiving any warning from Binance and without his Binance password and 2FA being compromised. He further added:

“During my subsequent investigation with a security company, I found something even more shocking. In the end, I realized that I was a victim of an undercover agent in the cryptocurrency circle. The whole thing was too bizarre. I mustered up the courage to write down this story today so that others would not repeat my mistakes. I never thought that my assets would be cleared out in this way. I want to warn crypto investors not to become the next me!”

Additionally, the hacker made multiple trades using Nakamao’s account, causing the prices of QTUM/BTC, DASH/BTC, PYR/BTC, ENA/USDC, and NEO/USDC to soar dramatically due to purchases made from his account. QTUM/BTC rose by 21%, DASH/BTC by 27%, PYR/BTC by 31%, ENA/USDC by 22%, and NEO/USDC by 20%.

Here’s what Binance advice its users

However, the security company later revealed that the hacker had exploited Nakamao’s web cookies. Despite the suspicious activity, Nakamao received no security alerts from Binance. Instead, he received an email congratulating him on his trading volume. Nakamao also added that Binance neither warned nor froze his account, leaving him confused.

Amid the confusion about whether it was a platform hack or a hack of the victim’s computer, Binance’s official X account made a public announcement clarifying that there had been no security breach on the Binance platform. They also advised, “Avoid installing browser plugins as malicious plugins can steal your data and compromise your account security.”

In this rapidly evolving cryptocurrency landscape, the fever for spot Bitcoin ETF (Exchange-traded Fund) is now spreading across different continents. After the United States, Hong Kong, and now Australia, all are set to debut the Bitcoin ETF product for their people. Recently, Monochrome Asset Management, a leading firm based in Australia, has been gearing up for the debut of its Monochrome Bitcoin Exchange-Traded Fund (ETF) on the Cboe Australia exchange.

Australia set to launch its first spot-Bitcoin ETF 

However, the launch is scheduled to for June 4, 2024, and this ETF marks a notable milestone as the first of its kind in Australia to directly hold Bitcoin. According to company statements, the Monochrome Bitcoin ETF (IBTC) offers Australian investors a unique opportunity. 

Before IBTC, investors in Australia could only access Bitcoin indirectly through ETFs or offshore products, which lacked the investor protection afforded by directly held crypto assets under the Australian Financial Services Licensing (AFSL) regime.

While Australia already boasts two exchange-traded products providing exposure to spot crypto assets on Cboe Australia, none hold bitcoin directly. Monochrome’s IBTC fills this gap, providing investors with a direct avenue to Bitcoin investment.

Monochrome’s journey towards introducing this groundbreaking ETF began with its application for a spot Bitcoin ETF in April 2024. Following the U.S. approval of spot bitcoin ETFs in January 2024, regions like Hong Kong and Australia have demonstrated openness to such products. Notably, Hong Kong recently approved its first batch of crypto-related spot ETFs, positioning itself as a leading digital assets hub.

In Australia, the regulatory process involves approval from the Australian Securities & Investments Commission (ASIC), followed by endorsement from the exchange listing the product, in this case, Cboe Australia. Monochrome had already secured ASIC’s approval for IBTC, paving the way for its upcoming launch on the exchange.

Here’s what the CEO of Monochrome says

Jeff Yew, CEO of Monochrome Asset Management, highlighted the company’s commitment to investor protection. He stated, “This aligns with Monochrome’s investor protection-driven mission to offer secure, compliant, and straightforward pathways to participate in this transformative space.”

Following this massive development, today Bitcoin, the crypto leader, experienced over 2% of upside momentum in the last 24 hours. If we look at the performance of Bitcoin over a longer period, in the last 7 days, its price remained stable. Whereas, in the last 30 days, it experienced an 11% upside momentum.