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FRIDAY 5: THE TRENDING NEWS IN THE CRYPTO REALM | JUNE 21

FRIDAY 5: THE TRENDING NEWS IN THE CRYPTO REALM | JUNE 21

1. German Government’s Major Bitcoin Liquidation Causes Market Fluctuations

The German government has embarked on a significant sale of Bitcoin, stirring up the cryptocurrency market. Over the past 24 hours, $195 million worth of Bitcoin has been sold, with $65 million likely moved to exchanges like Coinbase, Kraken, and Bitstamp. This follows a previous transfer of $130 million. These sales stem from a stash seized from the operators of Movie2k.to, a film piracy site, in January. Despite these sales, the government still holds around $3.05 billion in Bitcoin. The impact on the market has been notable, with Bitcoin’s price dropping by 0.67% in the last 24 hours to approximately $64,723, contributing to a nearly 3% decline over the past week.

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2. Konami and Avalanche Introduce Resella NFT Platform

Konami Digital Entertainment has partnered with Avalanche blockchain to launch Resella, a new NFT platform designed to streamline operations and broaden the reach of blockchain technology. Launched on Thursday, Resella initially targets the Japanese market, facilitating transactions in Japanese yen, with plans to expand globally. The platform utilizes Avalanche’s Subnet technology and Ava Labs’ AvaCloud service to ensure efficient and cost-free operations. Konami, known for gaming titles like Metal Gear and Silent Hill, aims to integrate traditional gaming with Web3 technologies, offering game-based NFTs for event access or special content. This move aligns with the gaming industry’s increasing adoption of blockchain, despite some companies, like GameStop, retreating from NFT projects.

3. Consensys Pursues SEC for Regulatory Clarity in Crypto

Ethereum software company Consensys is continuing its lawsuit against the U.S. Securities and Exchange Commission (SEC) for more regulatory clarity in the cryptocurrency sector, even after the SEC ended its investigation into Ethereum 2.0. Joseph Lubin, Consensys’s founder, welcomed the conclusion of the probe but emphasized the need for clearer legal guidelines. The SEC’s scrutiny of Ethereum’s transition to a proof-of-stake model has raised questions about Ether’s classification as a security. Consensys’s lawsuit seeks to address these ambiguities, arguing that the SEC lacks the authority to regulate Ether. This legal battle highlights the ongoing regulatory challenges facing the crypto industry.

4. Surge in Crypto ‘Secondaries’ Prices Fueled by IPO Anticipation

The prices of shares in private digital-asset companies, also known as secondaries, have surged amid growing expectations of upcoming IPOs. Investors are eagerly buying shares from current and former employees or early investors. The implied prices for equity in crypto exchange Kraken have increased by 77% year-to-date, while Ripple’s have risen by 13%, and blockchain forensics provider Chainalysis’s by 17%, according to data from Forge’s platform. This trend reflects a heightened interest in the potential public offerings of these companies, signaling a positive outlook for the crypto sector.

5. Dogecoin Short Bets Increase as Meme Coin Hype Fades

Dogecoin, the crypto market’s leading meme token, is experiencing a wave of short bets amid a general decline in the meme coin sector. Coinalyze data shows that Dogecoin funding rates have turned negative since Tuesday, reaching -0.0027% as of Thursday, levels last seen in October 2023. Funding rates, which are periodic payments made by traders based on the difference between futures and spot market prices, indicate a growing bearish sentiment towards Dogecoin. This shift suggests a cooling off of the meme coin frenzy that has characterized much of the crypto market’s recent history.

Roland D.

 roland@tmt.com  

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