From Bitcoin’s outlook to seeing a significant correction before it moves higher to Robinhood Markets looking to launch CME-based Bitcoin (BTC) and Ethereum (ETH) futures in the US and Europe, here are some of the top stories in the crypto space.
Bitcoin News
A widely followed strategist believes that Bitcoin (BTC)’s long-term upside potential is unlimited despite recent price doldrums.
Anonymous analyst Pentoshi told his 801,000 followers on the X platform that, while he is bullish on Bitcoin in the long term, the top asset could see a significant correction before moving higher.
“For BTC, in the worst case scenario, the price could return to $48,000 – $51,000, which is 20-25% lower than where it is now. And in this scenario, people will be more optimistic the lower BTC goes because the uptrend will become stronger. But the upper limit will be the maximum decline.”
Source: Pentoshi
According to Pentoshi, the current macro landscape suggests that it is only a matter of time before the US Federal Reserve (Fed) begins easing monetary policy, a condition that has fueled massive Bitcoin bull markets in the past.
He also said that with the launch of Bitcoin ETFs on the spot market earlier this year, more and more people are competing for exposure to BTC. He went on to predict that other countries will follow El Salvador’s lead and start accumulating top assets.
The top trader concluded his outlook for Bitcoin by saying that the market has seen parabolic rallies in the past, even before the existence of ETFs or the accumulation of countries like El Salvador.
Ethereum News
According to Lookonchain, Ethereum ranked first with fee income of $2.728 billion over the past year, affirming its dominant position in the blockchain industry.
Bitcoin came in second with $1.302 billion and Tron Network came in third with $459.39 million. Other networks included Solana ($241.29 million), BSC ($176.56 million), Avalanche ($68.83 million), zkSync Era ($59.77 million), Optimism ($40.4 million), and Polygon ($23.91 million).
Ethereum not only leads in fee income but also shows its ability to serve a large and vibrant user community, which proves its potential and strong appeal in the blockchain field.
Source: Lookonchain
Ethereum Foundation Email Accounts Compromised
The Ethereum Foundation email account was compromised on June 23 to disseminate a phishing scam promoting a non-existent partnership with LidoDAO and announcing staking with a 6.8% yield.
The incident resulted in nearly 35,794 phishing emails being sent out, putting subscribers’ crypto assets at risk. Fortunately, there were almost no reported losses from affected users, although 81 email addresses were exposed to the scammers.
The organization has since regained control of the account and secured it from further malicious activity.
Tether News
Tether EDU and BTguru have sign Memorandum of Understanding (MoU) to evaluate digital assets and educational initiatives in Türkiye.
Tether EDU is an initiative to increase access to education globally, especially in emerging markets. By supporting educational projects, Tether seeks to prepare individuals for the digital age through innovative learning opportunities. The organization was founded earlier this year as part of a strategy to expand beyond stablecoins.
The MoU with BTguru focuses on developing programs to educate private and public sector stakeholders on the benefits of blockchain technology.
Leveraging BTguru’s connections, the initiative will facilitate discussions with financial institutions in Turkey, explore real-world asset tokenization use cases for banks, and explore payment network scenarios.
Tether is also in discussions with a regulated digital asset infrastructure platform in the Middle East and North Africa (MENA) region to increase digital asset education.
Avalanche News
Job launch Avalanche Interchain Token Transfer (ICTT) simplifies the traditionally complex and costly process of creating and auditing smart contracts to connect tokens between L1s.
ICTT makes it easy to send assets like USDC, AVAX, and BTC between L1s on Avalanche.
Anyone can deploy these contracts – they are completely permissionless and open in design.
Save developers time and money by eliminating costly development and testing processes.
ICTT relies on thoroughly audited contracts to ensure the safe movement of user tokens.
Chainlink News
According to report From Lookonchain, whales/institutions appear to be accumulating LINK via Binance, reaching a total value of $30.28 million.
Specifically, over the past 7 days, through 54 new wallets, these whales/organizations have withdrawn a total of 2.08 million LINK from Binance, worth 30.28 million USD.
In the list of 54 wallets, the smallest wallet has accumulated about $123,483 worth of LINK, while the largest wallet has bought more than $2 million worth of LINK.
LINK price peaked at $22 in March before falling to $11 in April due to Bitcoin’s weakness.
Robinhood News
Robinhood aims to expand futures trading to Bitcoin and Ethereum, based on Bitstamp’s licenses in the US and Europe.
According to Bloomberg, Robinhood Markets wants to deployment Bitcoin (BTC) and Ethereum (ETH) futures are based on CME in the United States. At the same time, they will use Bitstamp’s license to offer this type of trading for Bitcoin and other tokens in Europe.
Robinhood is in the process of acquiring Bitstamp for $200 million, expected to be completed in the first half of 2025. Bitstamp is a long-standing UK crypto exchange, with over 50 licenses and registrations globally.
Earlier in March, Robinhood successfully acquired Marex FCM to meet the conditions to provide futures trading in the United States.
Bitget News
Bitget exchange is working with Indian regulators to obtain the necessary licenses to serve the market under domestic laws.
Bitget has been actively discussing with the Financial Intelligence Unit (FIU) of India to obtain a Virtual Asset Service Provider (VASP) registration license.
Bitget’s head of global communications, Simran Alphonso, said the registration would open up a clear path to tax compliance and maintain transparency in operations.
CoinDCX News
Indian cryptocurrency exchange CoinDCX has acquired trading platform BitOasis for an undisclosed amount, marking its first expansion into the Middle East and North Africa (MENA) region.
According to an emailed announcement on Wednesday, the acquisition will bolster BitOasis’ plans to expand its presence across the region.
This follows BitOasis securing a license to operate as a broker in Bahrain. The Dubai-based company is also licensed in the United Arab Emirates.
Aave News
Aave has begun deploying its stablecoin GHO on Arbitrum, leveraging Aave v3 on this leading Layer-2 network to allow users to mint and burn GHO tokens.
This integration aims to reduce transaction fees, speed up operations, and increase liquidity, thereby expanding GHO’s utility in digital payments and other DeFi applications.
The Arbitrum DAO supports this development by incentivizing GHO adoption with a large allocation of ARB tokens. This move marks a key stage in GHO’s cross-chain scaling strategy, which spans multiple networks and is powered by Chainlink’s cross-chain interoperability protocol.
OpenLedger News
OpenLedger has mobilize raised $8 million in seed funding led by Polychain Capital and Borderless Capital.
Other investors in this round include HashKey Capital, Finality Capital, Hash3, STIX, MH Ventures, Mask, Wagmi Ventures, TRGC, EigenLayer’s Sreeram Kannan, Polygon’s Sandeep Nailwal, Manta’s Kenny Li, and others.
OpenLedger builds a data-centric, permissionless infrastructure for developing artificial intelligence.
RedStone News
RedStone has raised $15 million in a Series A funding round led by Arrington Capital.
Other investors in this round include Kraken Ventures, White Star Capital, Spartan Group, Amber Group, SevenX Ventures and IOSG Ventures. RedStone’s Series A funding round comes ahead of its token launch later this year.
RedStone is currently launching part 2 of its points program called RedStone Gems (RSG). When asked if RSG points will be converted to RED tokens, Kazmierczak (RedStone CEO) said he could not confirm this.
RedStone is an oracle platform that provides a diverse, reliable, and frequently updated data feed for dApps and smart contracts across multiple L1 and L2 networks. In 2022, the project raised $7 million in a seed round backed by Lemniscap, Coinbase Ventures, Blockchain Capital, and others.
Mantra News
Mantra Chain will tokenize $500 million worth of assets of Dubai-based real estate developer MAG Group.
Mantra, which focuses on the Middle East, will tokenize assets in multiple tranches. The first tranche will include a residential project, Keturah Sanctuary, which is being built by MAG in Meydan, Dubai.
The batch will also include a $75 million mega-villa at ‘The Ritz-Carlton Residences, Dubai, Creekside’, part of the Keturah Resort.
Investors will earn returns through Mantra’s stablecoin and OM tokens, expected to receive an 8% yield from the stablecoin and be granted an additional amount of OM tokens.
Pi Squared News
Pi Squared has raised $12.5 million in a seed round led by Polychain Capital.
Other investors in this round include ABCDE, Bloccelerate, Generative Ventures, Robot Ventures, Samsung Next, and angels like Ethereum Foundation’s Justin Drake and EigenLayer founder Sreeram Kanaan.
Pi Squared is a company that aims to create verifiable computations through the use of zero-knowledge technology.
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Viet Cuong
Bitcoin Magazine
