💸 Is it Time to Take Profits?
In today’s edition: 💼 Gemini's $1.1B customer return, 📊 Bitcoin sentiment peak, 🛠️ Coinbase's app glitch, 🔐 Proof-of-reserve for ARKB ETF, and more!
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What’s Poppin’?
by Euny Hong, Sage Young, Frederick Munawa, and Juan Aranovich
Should You Sell Bitcoin Now That It’s Nearing Its All-Time High?
While some investors seemed ready to take profits as the price of bitcoin surged past $60,000 on Wednesday, many others seemed content to hold.
Winklevoss’ Gemini to Return $1.1 Billion to Customers of Failed Earn Product
Crypto exchange Gemini will also pay a $37 million fine for “significant failures that threatened the safety and the soundness of the company,” according to the New York State Department of Financial Services.
Bitcoin Watchers React to BTC Returning to the $60,000 Mark
The Bitcoin ecosystem is experiencing a surge in energy, with bitcoin’s price returning to levels not seen since November 2021, while new spot bitcoin exchange-traded funds (ETFs) shatter volume records, and market sentiment levels reach extreme greed.
Coinbase App Crashes Amid Bitcoin’s Massive Rally
Technical issues on Coinbase led to user account anomalies during bitcoin’s meteoric price appreciation.
21Shares and Chainlink Team Up to Roll Out Proof-of-Reserve for Spot Bitcoin ETF ARKB
Spot bitcoin ETF provider 21Shares announced it will be using Chainlink’s proof-of-reserve service that enables crypto denizens to monitor the underlying bitcoin collateralization of its ARKB ETF.
Daily Bits…✍️✍️✍️
🔍 The SEC challenged Terraform Labs' $166 million payment to lawyers, suggesting it was to avoid paying potential judgments as a result of enforcement actions.
🏛️ Coinbase made a second appearance in the U.S. Supreme Court to argue over arbitration agreements, focusing on customer dispute processes.
✈️ Australia's federal court issued travel restrictions against former Blockchain Global director Liang Guo amid an investigation following ACX Exchange's collapse.
🇰🇷 South Korea's ruling party “indefinitely postponed” its plans to ease crypto restrictions, including lifting the ban on local spot bitcoin ETFs.
🔓 Stablecoin protocol Seneca suffered a $6 million exploit due to a flaw in its smart contract approval mechanisms.
💸 Crypto miners are selling their bitcoin stash, with holdings at the lowest since mid-2021, ahead of the expected reward halving.
Today in Crypto Adoption...
⛏️ Marathon Digital announced Anduro, a platform for developing bitcoin sidechains, as a way for Marathon to add new revenue streams and foster developer innovation.
The $$$ Corner…
💰 Ether.fi raised $23 million in a Series A funding round to enhance its Ethereum liquid restaking token, reflecting growing interest in restaking.
💰 Backpack, a crypto exchange founded by former FTX and Alameda employees, garnered $17 million in a Series A funding round.
What Do You Meme?
Recommended Reads
Galaxy Research: Understanding the Intersection of Crypto and AI
CoinDesk: Sam Bankman-Fried Doesn't Want to Go to Prison for 100 Years
Unchained: What Is EigenLayer? A Guide to the Decentralized ETH Restaking Protocol
📈 Your Market Update 📉
BTC is up 5.7%, trading at $62,716
ETH is up 3.7%, trading at $3,474
BTC dominance: 50.48%
Crypto market cap: $2.44T
*All data as of today, 06:09 am ET. Source: CoinGecko
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