Good Morning,

Here's a quick preview of today’s content: JPMorgan might be preparing a stablecoin launch, Pump.fun gets banned from X, Trump made a stupid amount of money from WLFI, today is the official vote for GENIUS act, another country makes crypto legal with regulatory frameworks, crypto sleuth ZachXBT discovers another scam, and so much more.

A big day for crypto in the Senate ❗ Let’s dive in.

Happy Tuesday 🤝

Market Snapshot

  • Bitcoin reclaimed $108,000 on Monday after retesting the $104,000 support level over the weekend

    • The gains came as conflict broke out in the Middle East and investors scaled back expectations for interest rate cuts in the US, signaling stronger confidence in Bitcoin’s upside potential (CT)

  • The Bitcoin futures premium reached 5% on Monday, the baseline for neutral markets

    • These monthly contracts typically trade at a 5%-10% premium to account for the longer settlement period

    • Although below the 8% recorded in late May, there was little reaction during the $101,000 retest on June 5, indicating market resilience

Headline Roundup
The major headlines driving crypto markets

  • The world’s largest bank JPMorgan files a trademark for a blockchain-based asset, 'JPMD' – all the details here

  • Multiple official memecoin launchpad accounts on X banned including Pump.fun and it’s founder Alon (TB) 

  • The Senate is set to make the final vote on the GENIUS stablecoin act today – why it might now pass here

  • Tron will go public via a reverse merger with Nasdaq-listed $SRM Entertainment (CT)

  • A dual Bitcoin and Ether ETF has been filed by Trump Media to be approved by SEC (DT)

  • Japanese company Metaplanet surpasses Coinbase to become the 9th largest corporate holder of bitcoin (CD)

  • Ethereum whales, sharks keep buying up ETH as retail cashes out (CT)

  • Recent Circle $CRCL ( ▲ 13.1% ) all-time highs, a 5x from original IPO price, lead Cathie Woods’ Ark Investments to sell $52M (TB)

  • Michael Saylor met with Pakistan’s Finance Minister and State of Crypto Minister to discuss the future of bitcoin and its potential impact on the nation’s economy (BM)

  • Wall Street has officially become a force in crypto with spot BTC ETFs being a quarter of bitcoin trading volume (TB)

  • H100 looks to 5x it’s original $15M fundraise for bitcoin reserve strategy (CD)

  • Public Canadian firm Universal Digital announces bitcoin treasury strategy and consulting plans with Asian firms to develop treasuries (BM)

  • WhiteBit crypto exchange token soars to all-time highs after landing 3-year sponsorship deal with Juventus Soccer Club (DT)

  • World Liberty Financial token sales helped President Trump earn $57M (TB)

  • UNICEF Luxembourg inks deal with Bitget to advance blockchain literacy in younger generations (CN)

  • Bitcoin mining difficulty drops by 0.45% after historic May & June network computing output (CU)

Venture Capital

  • PrismaX announces $11M round led by A16Z Crypto with participation from Volt Capital, BB Fund, and others (PX)

  • Defx to launch L1 dark pool DEX with recent $2.5M funding from Pantera Capital, Gumi Cryptos, CMT Digital, and others (AI)

  • Non-custodial crypto wallet startup PlutoPe secures $500k pre-seed backing led by Manit Gupta (MD)

  • Castrum Capital doubles down on investment in BNB gaming ecosystem World of Dypians (WD)

Launches

  • Launch of Bybit decentralized exchanged Byreal leads to a 7% jump for SOL (CN)

  • FIFA officially launches their mobile game Rivals built on the Mythos blockchain (FR)

Regulation

  • Vietnam’s passed a landmark law regulating digital assets and formally categorizing them into virtual assets, crypto assets, and other digital assets, each with defined legal status under civil law (DT)

  • Crypto exchanges Coinbase and Gemini in talks to earn EU licenses to operate in all 27 member states (DT)

  • Brazil shifts crypto tax strategy implementing a 17.5% flat tax rate for self-custody and off-shore holdings (CT)

Cybersecurity

  • Crypto sleuth ZachXBT discovers that $30M ZKasino scam may be connected to new project WhiteRock (CS)

  • A criminal investigation has been launched into a $3.4M Barcelona footballers NFT scam tied to Shirtum Europa (BM)

  • French kidnappers release TikTok influencer after finding out “he’s broke” (DT)

  • Polyhedra founder says token buybacks are on the way after targeted attack causes tokens to lose almost all value (TB)

  • A North-Korean linked party was discovered as a contributor to Cosmos according to Interchain Labs (TB)

  • A Kraken survey finds that nearly half of all crypto holders see themselves as the biggest security risk, not fraud or theft (TB)

Extra Reads

Chart of the Day

Bitcoin hash rate dips ~ 0.5% for the first time in 3 weeks since record high of 942M TH/s on May 31st

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