Bitcoin Rises, Still Under: On Tuesday, before the Federal Reserve’s meeting and May inflation report, the price of bitcoin dropped below $67,000. After making a slight recovery on Wednesday, Bitcoin fell again on Friday. Coincident with lower-than-anticipated inflation data, assets like stocks recovered, but Bitcoin could not recoup its losses.
Bitcoin may have had a rough week, but cryptocurrency is still making waves in the U.S. presidential rU.S.S.e. Donald Trump, the likely Republican nominee, met with bitcoin miners last week, and an email showing that Joe Biden’s administration officials will meet with crypto community members was leaked.
In other news, Binance founder and ex-CEO Changpeng “C.Z.” Zhao is oneC.Z.C.Z.the world’s 25 wealthiest individuals, and Terraform Labs settled with the US SecuritiesU.S.ndU.S.xchange Commission (SEC) for a whopping $4.5 billion over the TerraUSD stablecoin fiasco in 2022.
U.S. Crypto Surges US Action Issue![U.S. Crypto SurgesUS action issue](https://www.btcuntold.com/wp-content/uploads/2024/06/com-5.jpg)
Former President Donald Trump has shifted his stance on cryptocurrencies during the current election cycle, now actively courting the crypto community to gain an edge over rivals Joe Biden and Robert F. Kennedy Jr. After meeting with bitcoin miners at his Mar-a-Lago estate, Trump urged cryptocurrency enthusiasts on his Truth Social platform to “vote for Trump,” positioning himself as a defender against what he calls “Biden’s hatred of Bitcoin.”1
This new approach follows Trump’s previous strong criticism of cryptocurrencies during his presidency when he labeled them highly volatile and unregulated assets that facilitate illegal activities. 2. Trump’s campaign has announced plans to accept cryptocurrency donations, aiming to mobilize a “crypto army” to secure his election victory.
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On the other side of the aisle, the Biden Administration’s approach to Bitcoin and crypto has come under fire, especially with a recent veto on legislation supporting crypto custody by financial institutions and proposed taxes on Bitcoin mining. According to a report in The Block, Biden is also expected to start accepting campaign contributions via crypto.3
Terraform Labs Accepts $4.5B SEC Settlement.
Terraform Labs settled a dispute with the SEC for over $4.5 billion, as revealed in a court filing last Wednesday. The document sought court approval for the settlement, ending the company’s legal struggle over TerraUSD’s May 2022 collapse, which cost investors $40 billion.
The settlement includes $3.5 billion in disgorgement, $460 million in prejudgement interest, and $420 million in civil penalties. Bitcoin Rises Still Under Former CEO Do Kwon will personally donate over $200 million to the Terraform bankruptcy estate and cannot serve as a public firm officer or board.
This agreement, announced before a May 29 hearing, seeks to impose significant financial remedies and speed investor restitution.SEC sanctions aim to dissuade bitcoin market fraud. Before being found guilty of deceiving investors by the SEC, Terraform Labs sought bankruptcy early this year.
Changpeng Zhao, Binance Founder, 24th Richest
After his imprisonment, Binance founder Changpeng “C.Z.” Zhao’s C.Z.althC.Z.ncreased.Forbes now ranks Zhao as the 24th richest person in the world with a $61 billion fortune.5 His $33 billion 90 per cent Binance stake explains this growth. The CEO, Zhao, resigned in November 2023 after a plea deal with the U.S. DepaU.S.nt oU.S.stice. Zhao received only a $50 million fine despite the company’s legal issues and a $4.3 billion fine. After Zhao left, Binance’s market share rose to 42% from 38%.
Investing in Binance Coin (BNB) significantly increases Zhao’s fortune. Forbes estimates he holds about 94 million BNB coins or 64% of the total. Despite legal issues, Binance’s market cap rose 100% to $110 billion in 2024. A forensic study shows Zhao and Binance kept many of Binance’s 2017 undersubscribed coin offerings for themselves. Despite Zhao’s prison sentence, BNB trades heavily on Binance and has added billions to his net worth.
What to Expect in the Markets This Week
Bitcoin Rises Still Under: This week, the bitcoin price is in focus as CoinShares reported more than $600 million in outflows from digital asset investment products, including U.S. bitcU.S.ETFsU.S.espite the price dip, MicroStrategy (MSTR) announced a $500 million convertible note offering to buy more bitcoin, eventually increasing it to $700 million.7
According to JPMorgan, bitcoin mining stocks have outperformed bitcoin this month despite its narrow range.8Core Scientific’s (CORZ) A.I. contraA.I. with A.I.reWeave may explain this Spot ether ETF clearance by the SEC appears to be a “when” rather than an “if.” Last Monday, SEC Chair Gary Gensler told a Senate panel that summer Bloomberg analyst Eric Balchunas would resolve the issue predicts a 50-50 chance of approval by July 2.9A spot ether ETF trading by July 4 is 75% likely, according to Polymarket.
Also Read: Btcuntold.com