Table of Contents
ToggleThis week's main news
Bitcoin ETF issuer VanEck files for Solana ETF in the US
VanEyck filed an exchange-traded fund (ETF) for Solana ( SOL ) with the US Securities and Exchange Commission, the first such filing on Wall Street. The VanEck Solana Trust aims to mirror the performance of the SOL token without increasing operational costs. If approved, the ETF will be listed on the Cboe BZX exchange. Matthew Siegel, head of digital assets research at VanEck, cited Solana's decentralized nature in a social media post, comparing SOL to other digital assets like Bitcoin and Ether.
Ethereum supply has been increasing for 73 days straight.
Ether's supply has been increasing for 73 days in a row, with more than 112,000 ETH added since mid-April. This is the year It is the longest inflationary streak since the merger in 2022. The recent Denkun update, aimed at reducing transaction costs on Ethereum layer-2 networks, has significantly reduced the amount of ETH burned on the mainnet. Despite this inflationary period, the total supply of Ether decreased by 345,000 ETH.
The Satoshi era Bitcoin wallet rises after 14 years, sends 50 BTC to Binance
A dormant Satoshi-era Bitcoin wallet from 2010 transferred 50 BTC to Binance. When BTC was $0.05, the wallet connected to the miner who got the bitcoin as a reward is now worth millions. The movement of crypto to central exchanges is often a sign of depression, because often, the use of central exchanges is associated with the sale of assets.
Laws of the United Arab Emirates may lead to a ban on crypto payments, a lawyer has warned
The UAE's central bank is considering new regulations that would require payment tokens to be backed by the UAE dirham and ban the use of cryptocurrencies for payments for goods and services. These laws could effectively ban crypto payments in the country, blockchain lawyer Irina Hever warned, adding that such laws could signal a less favorable stance on crypto.
Bitcoin's decline in social sentiment may signal a market downturn.
The recent bearish market turmoil has dampened the previously high bullish sentiments and euphoria surrounding the price of Bitcoin, which could signal a market bearish. Data from crypto analytics company Sentiment shows that Bitcoin comments on social media platforms such as X, Reddit, Telegram, 4chan and BitcoinTalk have dropped significantly over the past few weeks.
Winners and losers
At the end of the week, Bitcoin (BTC) at $60,994, Ether (ETH) at $3,419 and XRP at $0.47. According to CoinMarketCap, the total market cap is $2.27 trillion.
Among the largest 100 cryptocurrencies, the top three altcoin gainers for the week were Akash Network (AKT) at 23.04%, Kaspa (KAS) at 22.14% and Brett (BASED) (BRETT) at 14.60%.
The top three altcoin losers of the week were Etena (ENA) with -13.03%, Gnosis (GNO) -11.65% and Pendle (PENDLE) -11.45%.
Be sure to read Cointelegraph's market analysis for more information on crypto prices.
The most memorable quotes
“What we're seeing now may be the first presidential debate where crypto is raised as an issue.”
Diego Monica, Founder and President of Anchorage Digital
“When we talk about the open web, our biggest concern right now is that if we don't have an honest, irrevocable open environment for AI development, the open web may never come.”
Chris Donovan, Chief Operating Officer of the Near Foundation
“Financial regulators have used many tools to cripple the digital asset industry. […] This is no way to control.
Paul Grewal, Chief Legal Officer at Coinbase
“I think ETH ETPs will be a huge success. At least that's what the data tells me.”
Matt Hougan, Chief Investment Officer at Bitwise
“We have very clear rules. There is nothing inconsistent about crypto-securities and securities laws.
US Securities and Exchange Commission Chairman Gary Gensler
“We're moving into this automated world where AI is creating massive amounts of wealth, and Bitcoin is going to protect that wealth.”
Anthony Pompliano, founder of Pomp Investments
Forecast of the week
Bitcoin Prep Exit With ‘$90K+' BTC Price Target — New Analysis
Bitcoin is preparing the perfect conditions for a new BTC price breakout, two classic indicators suggest. In a recent analysis on X, the popular anonymous trader Roman showed a significant continuation issue in the course of BTC/USD.
Referring to the Relative Strength Index (RSI) and Bollinger Bands on the weekly chart, he foresees an upward squeeze as the next logical level for BTC's price action.
“We are now forming a 3rd bullish divergence between price and RSI,” he wrote on June 21. “Bollinger Bands are also getting tighter – creating volatility to send that out.”
In a subsequent post, Roman suggested that the target for such a reversal move could be in new all-time high territory. “You should all pay close attention to this 1W,” he told X subscribers. “We are developing further signs of brutality against HTF. Once flexibility is built, we can eventually ship to 90k+ in full.
FUD of the week
The US State Department has offered a $5M reward to OneCoin's ‘Cryptoqueen'
The US State Department has increased the reward for information leading to the arrest and conviction of OneCoin founder Ruja Ignatova to $5 million. Ignatova, known as the “Cryptoqueen”, was last seen in Athens in 2018. It's 2017 and he's wanted for fraud and money laundering. Although she was added to the FBI's most wanted list and small rewards had previously been offered for information about her, she was never arrested.
Mark Cuban claims his Gmail was hacked after receiving a hoax call.
Billionaire Mark Cuban's Gmail was hacked after receiving a scam call from someone claiming to be from Google. The caller tricked Cuban into revealing his personal information, causing the email to be intercepted. Cuban alerted his followers on social media about the hack. The billionaire previously lost $870,000 from his crypto wallet in a hack.
Heavy metal band Metallica's official X account was hacked, and the exploiters used the breach to promote the Solana token to Symbol Metal. The scam, promising free crypto tokens, targeted Metallica fans by sharing malicious links. The hack happened while the band is currently on a world tour promoting their 2023 album 72 Seasons.
Read more
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The best magazine sections of the week
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El Salvador's national bitcoin boss was Argentina Orange.
The head of El Salvador's new crypto commission started his Bitcoin journey in 2013 and continues to this day.
Crypto Game Award Not ‘Critical', FarmVille Creator Makes Case For Beta Releases: Web3 Gamer
Farmville creator Amit Mahajan is a big fan of building games in the open. Meanwhile, gaming marketing guru Sam Saliba argues that crypto rewards are not necessary for blockchain gaming.
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Cointelegraph magazine writers and reporters contributed to this article.
