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• Joana Cotar criticizes German government's Bitcoin strategy, advocates for reserve holding

  German Bundestag member Joana Cotar has criticized the government's approach to handling its Bitcoin assets, arguing against its large-scale selling strategy. She advocates for retaining Bitcoin as a strategic reserve to hedge against inflation and support economic sovereignty, urging for a comprehensive Bitcoin strategy that includes legal frameworks and potential issuance of Bitcoin bonds.

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• German MP criticizes government's Bitcoin sales, warns of market impact

  Joana Cotar, a Bundestag member, has criticized the German government for selling a substantial portion of its Bitcoin holdings, recently transferring over $195 million worth of Bitcoin to exchanges like Coinbase, Kraken, and Bitstamp. She warned that these large-scale liquidations could destabilize the crypto market and negatively impact Bitcoin's value. Cotar's comments come amidst debates on Bitcoin's role as a strategic reserve currency in the US and precede a lecture on national Bitcoin strategies, aiming to discuss its potential in strengthening economies through innovative financial instruments like Bitcoin-backed bonds.

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• Bitcoin's EMA 200 dip triggers mixed analyst views on potential rebound

  Bitcoin briefly fell below its important 200-day exponential moving average (EMA 200), stirring varied reactions among crypto analysts. Altcoin Sherpa minimized the dip's impact, suggesting it might be a buying opportunity despite expecting volatility and uncertainty about finding the bottom price. Conversely, Michaël van de Poppe and Rekt Capital observed potential further declines, with Bitcoin possibly reaching as low as $50,000. The recent 21% pullback in Bitcoin's price over 45 days aligns closely with historical retracement levels.

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• SEC targets crypto venture capital firms in securities crackdown

  The Securities and Exchange Commission (SEC) has intensified its regulatory efforts by investigating cryptocurrency venture capital firms for potentially operating as unregistered securities dealers. This move is part of a broader SEC crackdown under Gary Gensler's leadership, targeting major crypto exchanges and now expanding to include venture capitalists and DeFi applications. The firms are scrutinized for their promotional activities and discounted token deals, which may conflict with securities laws, marking a significant shift in the enforcement landscape for the crypto industry.

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• Bitcoin falls below $60K with market-wide liquidations topping $295M

  Bitcoin has dropped below $60,000, driven by significant selling pressure and triggering over $77 million in Bitcoin long liquidations. This event is part of broader market-wide liquidations totaling $295 million. Ether, SOL, and DOGE also experienced substantial losses. The anticipation of asset distribution from the defunct Mt. Gox exchange and potential miner sales has increased market uncertainty, contributing to the downturn. Despite this, derivatives traders maintain a positive outlook for future price increases, particularly in ether.

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• Justin Sun proposes over-the-counter Bitcoin purchase from German government

  Justin Sun, founder of Tron, has offered to buy Germany’s Bitcoin holdings through over-the-counter deals to prevent market disruption. This proposal comes as Germany transferred 1,300 Bitcoin ($75.5 million) to exchanges, potentially signaling a liquidation or reallocation strategy. Germany’s total Bitcoin assets are valued at about $2.3 billion, raising concerns about market impact from large-scale transactions.

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• El Salvador maintains daily Bitcoin buys despite market challenges

  Despite the recent plummet in Bitcoin prices influenced by Mt. Gox repayments and a downbeat economic forecast, El Salvador continues its strategy of purchasing one Bitcoin daily. The country has been accumulating Bitcoin in a government-controlled cold wallet since mid-March, as part of President Nayib Bukele’s initiative which aligns with the nation's broader commitment to Bitcoin integration, including its status as legal tender since September 2021.

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• Bitwise amends S-1 for Ether ETF, hints at July trading start on NYSE Arca

  Bitwise has updated its S-1 registration with the SEC, paving the way for a spot Ether ETF to be traded on NYSE Arca. The amendment includes a fee waiver and aims for a swift post-registration launch. While no specific date was provided, expert commentary suggests trading could commence in July, following the recent SEC filings and prior approvals for similar crypto ETFs.

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• Donald Trump supports Bitcoin as a potential strategic reserve for the US

  Former President Donald Trump has endorsed Bitcoin, suggesting its potential role as a strategic reserve asset to enhance US geopolitical power and economic stability. He warned that restrictive policies would favor China and Russia, aligning with views from influential figures who propose that Bitcoin could safeguard the US dollar's value and diversify Federal Reserve holdings. This has spotlighted Bitcoin’s relevance in international trade and statecraft.

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• Solana meme coins outpace Ethereum in 2024 gains

  In 2024, Solana-based meme coins have substantially outperformed their Ethereum counterparts, recording average returns of 8,469% versus 962% for Ethereum. This discrepancy underscores a major influx of speculative investment into the Sol relief. Notable crypto tokens like WIF and BONK on Solana have fueled further capital migration and investment due to their substantial rallies. Additionally, the emergence of political meme coins, specifically the MAGA (TRUMP) token, has gained significant attention with a 5,100% increase, spurred by political endorsements and campaign support, reflecting a broader integration of crypto in the upcoming November US elections.

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• Polymarket odds on Biden's dropout surge following New York Times report

  Following a New York Times article suggesting President Joe Biden might reconsider his 2024 campaign plans, the crypto betting platform Polymarket saw odds that Biden will drop out of the presidential race jump to nearly 80%. This significant increase from 55% earlier reflects a volatile week where $10 million was staked on this outcome after recent debates raised concerns about Biden's electability against Donald Trump.

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• CoinShares study minimizes Mt. Gox Bitcoin sell-off concerns

  A CoinShares study revealed that fears over a major sell-off from the Mt. Gox Bitcoin cache are overblown, predicting minimal impact on Bitcoin prices despite potential market movements. The analysis showed that, even in the worst-case scenario where 75,000 BTC could be sold, the market has the capacity to absorb these volumes confidently, citing resilience shown during other large-scale liquidations like those from the Grayscale ETF. CoinShares also noted that selling pressure on Bitcoin Cash could be more significant due to its lower market cap and liquidity.

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• BODEN meme coin collapses as PoliFi sector struggles amid US election

  The PoliFi sector is undergoing a significant downturn linked to the current US presidential race, impacting tokens such as the BODEN, which has seen a drastic 95% drop following a percieved poor debate performance by President Joe Biden. Other political tokens like TRUMP and TREMP also experienced losses, while platforms like Polymarket witnessed increased trading volumes, indicating a pivot toward traditional political betting avenues. Despite the downturn, NOOSUM token noted a slight increase, showing some resilience within the sector.

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• DAXA reveals new guidelines to prevent mass delisting in South Korea

  The Digital Asset Exchange Alliance (DAXA) in South Korea has issued new guidelines to prevent mass delistings and enhance market stability. This move comes in anticipation of the country's new "Virtual Asset User Protection Act," which aims to curb market manipulation. The guidelines promote transparency, prohibit trading support fees, and set standardized criteria for listing and delisting tokens across major exchanges. These measures are set to improve compliance and user protection amid regulatory changes effective from July 19.

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• Spot Ethereum ETFs set to launch in mid-July

  Spot Ethereum exchange-traded funds (ETFs) are expected to start trading the week of July 15, as confirmed by ETF experts and analysts. The US Securities and Exchange Commission (SEC) has prompted issuers to finalize their S-1 forms by July 8, with potential further amendments. Galaxy Digital, in partnership with Invesco, has had their application approved, signaling a likely SEC endorsement for the spot Ethereum ETFs soon, reflecting similar structures to existing spot Bitcoin ETFs.

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