This week, **Bitcoin's** price briefly surpassed $70,000 before dropping after the movement of Mt. Gox bitcoins. Despite this, the Bitcoin premium in South Korea has significantly increased. Previously below 1%, the premium on South Korean exchanges has now climbed to 2.23%.

## Bitcoin Premium in South Korea Grows

Bitcoin (BTC) saw its price drop from a peak of $70,601 on Monday to a low of $67,433\. This sharp decline followed reports of $9.6 billion worth of Mt. Gox bitcoins being moved.

Although the price briefly rebounded above $68,000, it now hovers just below that mark. Interestingly, the premium for BTC in South Korea is rising again. When BTC traded at $68,249 globally, it was priced at $69,775 on Upbit, reflecting a 2.23% premium. Currently, data indicates that the Korean won accounts for 2.12% of BTC settlements, making it the second most popular fiat currency for BTC transactions after the U.S. dollar. Despite the recent increase, the 2.23% premium is still far lower than the 9.54% premium observed when BTC hit $73,794.

**As of 12:45 p.m. EDT on Tuesday**, BTC’s price was approximately $67,800 globally. Meanwhile, on the South Korean exchange Upbit, BTC was trading at $69,500.

**What do you think about the return of South Korea’s infamous Bitcoin premium? Share your thoughts in the comments section below.**

---

**👉🏻 Follow us to Stay up-to-date with the latest crypto news and updates daily!**

bafybeicintr3bdhzb2zowvphdjwtrza3yvd2s4ewxpf6hkx2qk25rptqua

South Korean Bitcoin Premium Rises to 2.23% Amid Market Volatility

**Ethereum** has seen a significant increase since the U.S. Securities and Exchange Commission (SEC) approved several spot ether exchange-traded funds (ETFs). This week, ether reached $3,980 per coin, about 18.4% below its all-time high. Amid fluctuating prices, ethereum futures markets have hit a record high in open interest.

## **Ether Futures Markets Reach Record Levels**

**With dynamic activity in ethereum spot markets**, ether derivatives have also experienced substantial demand. Ether futures open interest has reached unprecedented levels. As of May 28, 2024, the total open interest in ethereum futures is approximately $17.05 billion. Additionally, aggregated open interest (OI) in ethereum (ETH) options is nearing all-time highs, currently standing at $10.99 billion.

![](https://ipfs.subsocial.network/ipfs/bafybeibiyvgfkwdrc7ntl2ezqqju6gw2huh6stmiduxsj2zoejcykxfhlu)

**High open interest in ethereum** futures and options indicates increased trading activity and interest from both institutional and retail investors. This heightened interest can lead to greater price volatility as traders actively manage their positions, potentially signaling an upcoming significant price movement.

**In the futures market**, Binance leads with $6.14 billion of the $17.05 billion in OI, followed by Bybit with $3.48 billion, and OKX with $2.18 billion. In the options market, Deribit dominates with $9.77 billion of the $10.99 billion aggregate, followed by OKX, Binance, and Delta Exchange.

**In spot markets**, ETH has risen 33.3% over the past two weeks, and 30-day statistics show a 16.9% gain. Despite recent gains, ETH is now 20.9% below its peak of $4,878 per unit set on November 10, 2021\. The increase in ethereum’s value following the approval of spot ether ETFs has significantly boosted both spot and derivatives markets.

**What do you think about ethereum’s derivatives market action? Share your thoughts in the comments section below.**

---

**👉🏻 Follow us to Stay up-to-date with the latest crypto news and updates daily!**

bafybeievjhukese6jigfix43klg4tfauqszj32rvqzvur73vizekghuj6y

Ethereum Futures Open Interest Hits All-Time High Following ETF Approvals

**Riot Platforms** has proposed to **acquire Bitfarms**, aiming to create the **world’s largest** publicly listed **bitcoin miner**. The offer, which includes cash and Riot stock, represents a 24% premium. Despite Bitfarms’ Board initially rejecting the proposal, Riot will present it directly to shareholders. Riot believes the acquisition will establish a vertically integrated, geographically diversified operation with strong financial backing for growth.

Riot Platforms Inc. (Nasdaq: RIOT) **announced** on Tuesday that it has made a proposal to acquire Bitfarms Ltd. (Nasdaq/TSX: BITF) to become the largest publicly listed bitcoin miner. Riot plans to acquire all outstanding Bitfarms shares at $2.30 per share, a 24% premium over Bitfarms’ one-month average share price. Riot has also acquired a 9.25% stake in Bitfarms, making it the largest shareholder. The total offer is valued at approximately $950 million in equity, including cash and Riot stock, potentially giving Bitfarms shareholders 17% of the combined company.

Benjamin Yi, Executive Chairman of Riot, stated that combining Bitfarms and Riot would create the premier and largest publicly listed Bitcoin miner globally, with geographically diversified operations positioned for long-term growth.

Riot explained that the combination would benefit shareholders of both companies by forming a vertically integrated bitcoin mining company with up to 1.5 GW of power capacity and 52 EH/s self-mining capacity by year-end. The combined entity would operate 15 facilities across the U.S., Canada, Paraguay, and Argentina, offering geographic diversification and favorable energy arrangements. Riot is confident that the combined company will bring further strategic and financial benefits to both sets of shareholders.

The proposal was initially submitted privately to the Bitfarms Board on April 22 but was rejected without meaningful engagement. Recent allegations from a lawsuit by Bitfarms’ terminated CEO have raised concerns about the directors’ commitment to shareholders’ best interests. Riot is therefore presenting its proposal directly to Bitfarms shareholders. After Bitfarms’ Annual General and Special Meeting on May 31, Riot plans to call a Special Meeting to introduce new independent directors to the Bitfarms Board.

**Jason Les, CEO of Riot**, expressed concerns that Bitfarms’ founders on the Board, Nicolas Bonta, and Emiliano Grodzki, may not be acting in the best interests of all Bitfarms shareholders. He noted that the abrupt termination of Bitfarms’ CEO without a transition plan and the allegations in the lawsuit raise serious governance questions.

**What are your thoughts on Riot Platforms proposing to acquire Bitfarms to create the world’s largest publicly listed Bitcoin miner? Share your opinion in the comments section below.**

---

**👉🏻 Follow us to Stay up-to-date with the latest crypto news and updates daily!**

bafybeih3vshtg5lhexqeojxx4z2x7q2cqri74t7yq6ter2tbu2i7mbrqei

Riot Proposes Acquisition of Bitfarms to Form 'World’s Largest Publicly Listed Bitcoin Miner

**According to recent statistics**, U.S. spot **Bitcoin exchange-traded funds** (ETFs) have experienced ten consecutive days of positive inflows. During this period, Grayscale’s Bitcoin Trust (GBTC) faced outflows or neutral activity for several days, while BlackRock’s IBIT saw inflows most of the days.

## BlackRock’s IBIT and Grayscale’s GBTC Neck and Neck in Bitcoin ETF Race

**In the past ten trading days**, spot Bitcoin ETFs accumulated over a billion U.S. dollars in net inflows, showing positive influxes each day. On the last trading day, net inflows reached $251.9 million, with five of the 11 ETFs experiencing inflows. GBTC, BTCO, BRRR, EZBC, and BTCW did not change their holdings. On May 22 and 23, GBTC saw net outflows, while the other ETFs either had inflows or remained neutral.

BlackRock’s IBIT has seen consistent inflows during these ten days, while previously experiencing a few days of no activity. The race between GBTC and IBIT is getting closer in terms of Bitcoin (BTC) reserves. Over time, as GBTC reduces its BTC holdings, IBIT picks up more BTC from its inflows. Much of the BTC shed by GBTC may have been acquired by IBIT.

![](https://ipfs.subsocial.network/ipfs/bafybeies7pav66xgjdmn6sjhxws5v4m224pscuvuwqwyflxuz4j7tuis7a)

As of May 24, BlackRock’s spot Bitcoin fund holds approximately 287,167.74 BTC. Grayscale’s Bitcoin Trust once held 617,079.99 BTC on January 12, 2024\. Over the past 137 days, GBTC has mostly experienced outflows, divesting 328,039.47 BTC worth $22.38 billion during that period.

![](https://ipfs.subsocial.network/ipfs/bafybeiglf2znwbyexb5e4ai235bvipk5rbtsoa6dippsfnohoiu2gyarqa)

Currently, GBTC holds approximately 289,040.52 BTC, valued at $19.72 billion based on May 28 exchange rates. IBIT’s holdings are valued at $19.59 billion. IBIT needs to acquire just 1,872.78 BTC to match GBTC’s reserves, and if GBTC continues to lose BTC, IBIT will catch up even faster.

## The Future of Bitcoin ETFs

**As the competition in the Bitcoin ETF space heats up**, BlackRock’s IBIT is rapidly closing the gap with Grayscale’s GBTC, thanks to its consistent inflows and GBTC’s ongoing outflows. This shift in market dynamics could redefine the landscape of Bitcoin investment vehicles, potentially positioning BlackRock at the top.

BlackRock is already a leader in the ETF market, with its iShares ETFs among the largest and most frequently traded globally. The iShares Gold Trust (IAU) is one of the largest gold-backed ETFs, and the iShares Core S&P 500 ETF (IVV) is a leading ETF tracking the S&P 500 index. Shortly, the iShares Bitcoin Trust (IBIT) could become the largest spot Bitcoin ETF worldwide.

### Share Your Thoughts

**What do you think about IBIT getting closer to GBTC’s Bitcoin reserves? Share your thoughts and opinions in the comments section below.**

---

**👉🏻 Follow us to Stay up-to-date with the latest crypto news and updates daily!**

bafybeia6o2wtltgh6mrxg7dkhtrz64l3bzlubmaugu3wzjbnfcgrlipxl4

BlackRock’s IBIT Nears Grayscale’s GBTC in Bitcoin Reserves

**BlackRock’s IBIT** is now the **largest spot Bitcoin** fund by net asset value, surpassing **Grayscale’s GBTC**. On **Wednesday**, **IBIT** received $102.5 million in net inflows, bringing its total net asset value to $19.68 billion. GBTC, on the other hand, experienced net outflows of over $105 million and now has a net asset value of $19.65 billion.

**Fidelity’s FBTC** saw the second-largest inflows on Wednesday, with $34.35 million. Other funds from Ark Invest, 21Shares, Bitwise, Invesco and Galaxy Digital, Valkyrie, and WisdomTree recorded smaller gains.

**Overall**, the 11 spot Bitcoin ETFs have collectively received over $2 billion in net inflows over the past 11 days, bringing the total net inflows since January to $13.73 billion.

---

**👉🏻 Follow us to Stay up-to-date with the latest crypto news and updates daily!**

bafybeiaywt5atf2no54ff7mtvtuiv54k7ntplg52jmcwsmbhqrnifljnom

U.S. spot Bitcoin ETFs have seen net inflows for 11 consecutive days, with $45 million

**On Friday**, U.S. spot bitcoin exchange-traded funds (ETFs) experienced their 14th consecutive day of inflows, totaling around $50 million. Leading the inflows once again was Blackrock’s IBIT, while Grayscale’s GBTC saw outflows.

## $1.7B in Trade Volume and $50M in Inflows During Friday’s Bitcoin ETF Trading Sessions

Approximately $50 million in inflows were reported during Friday’s spot bitcoin ETF trading sessions, with a total trade volume of about $1.73 billion. Both Grayscale’s GBTC and Vaneck’s HODL registered outflows, with HODL’s outflows being significantly smaller than GBTC’s. Among the 11 funds, only IBIT and FBTC experienced gains, with Blackrock’s Bitcoin Trust (IBIT) capturing the majority of the inflows.

![](https://ipfs.subsocial.network/ipfs/bafybeicqbyuxh35trbpu3mreiu2wgkwgjzoawcwngaoawn22gqhov4bohm)

## Key Holdings Updates

* **GBTC**: Now holds 286,957.14 BTC after divesting a total of 485.89 BTC since Wednesday.
* **IBIT**: Increased holdings to 289,058.01 BTC after inflows on Thursday and Friday.
* **FBTC**: Increased holdings to 164,030.47 BTC as of today.
* **ARKB**: Divested, currently holding 47,175 BTC.
* **BITB**: Increased holdings to 36,770.61 BTC as of June 1, 2024.

## Total Holdings

Combined, these five major BTC funds hold 823,991.23 BTC, valued at $55.82 billion.

## Neutral Activity and Minor Divestments

The remaining funds experienced neutral activity, with neither inflows nor outflows, except for Vaneck’s HODL, which saw a slight divestment during Friday’s trading session.

**What do you think about the latest spot bitcoin ETF inflows? Share your thoughts and opinions about this subject in the comments section below.**

---

**👉🏻 Follow us to Stay up-to-date with the latest crypto news and updates daily!**

bafybeicpi6ncteihe6yph44fwbwdr6umtf2tuqk6n4ovwni2vhvdqz3n4m

Grayscale's GBTC and Vaneck’s HODL Report Outflows as U.S. Bitcoin ETFs Gain $50M

The enthusiasm for presidential meme coins continues, with the **token maga (TRUMP)** reaching an **all-time high of $15.45** on Wednesday. This surge increased the value of **Donald Trump’s TRUMP coins to $8.06 million** on May 29\. Additionally, various Trump-related cryptocurrencies are emerging, including one using Bitcoin’s Runes protocol for minting.

## **Trump-themed meme Tokens Rise Dramatically**

Donald Trump-related cryptocurrencies are in **high demand** as the presidential meme coin trend grows significantly this week. On Wednesday, May 29, 2024, the maga (TRUMP) coin peaked at $15.45\. At press time, TRUMP is priced at $13.77 per coin, about 9% lower than its all-time high. This recent increase has boosted the value of Trump's holdings to $8.06 million as of Wednesday.

But maga (TRUMP) isn’t the only meme coin benefiting from Trump’s name and brand. Another token, Super Trump (STRUMP), saw a 20% increase over the past day and is now priced at $0.014 per coin. The ERC20-based STRUMP also reached an all-time high of $0.02298 on Wednesday but has since declined by more than 37%. Additionally, the ERC20 token Maga hat (MAGA) hit an all-time high three days ago.

Currently, MAGA is trading at $0.0005518 per unit, up 30% on Wednesday, though down over 24% from its all-time high of $0.0007379 per unit. Furthermore, another token using the Runes protocol called MAGA•THE•DONALD•TRUMP (MTDT) has seen significant demand. On Wednesday, the Ordinals and Runes explorer platform [Ord.io](http://Ord.io) announced that MTDT is now 88.4% minted out and is the 7th most minted Rune ever. As of 4:30 p.m. EDT, each MTDT is trading at 5,150 satoshis ($3.46 per unit).

This valuation gives MTDT a market capitalization of $1.59 million. It's uncertain how these tokens will perform leading up to and following the 2024 election. Other meme tokens named after Joe Biden and Robert F. Kennedy Jr. have also gained popularity, but none have matched the performance of TRUMP, which is up 123,373% from its all-time low of $0.01136 per coin.

**What do you think is driving the recent surge in Trump-themed cryptocurrencies? Share your thoughts in the comments section below.**

---

**👉🏻 Follow us to Stay up-to-date with the latest crypto news and updates daily!**

bafybeihurqzxa4ns2tvmd2l2muyljtkzdnkbmpyj7z4cjojhbcfplzzi7e

Trump Coin Reaches All-Time High as Trump-Themed Cryptos Surge

Over the past week, NFT sales have declined by 7.03% compared to the previous week, totaling $122.3 million. Ethereum-based NFTs led the market.

## 7-Day NFT Sales Drop 7.03%

This week saw another decline in NFT sales, with Ethereum maintaining the lead and Bitcoin in second place. Sales dropped 7.03% from the previous week, totaling $122.3 million between May 25 and June 1, 2024\. The highest-priced NFT was Azuki #3,374 from Ethereum, sold for $393,112 five days ago. The second-highest was an Ordinal inscription on Bitcoin, sold for $305,258 two days ago. The third was Solana Boogle #061, sold for $206,936 five days ago. Ethereum led overall sales with $37.06 million, despite an 11.66% decline from the previous week.

Bitcoin NFT sales reached $28.54 million, down 10.83%. Solana-based NFTs totaled just over $19 million, a 1.72% decrease. Polygon outperformed the top five chains with a 29.04% increase, totaling around $15.54 million. Immutable X came in fifth, with sales up 14.69% to $8.54 million.

Among the top five NFT collections, Uncategorized Ordinals led with $8,619,161 in sales, a 16.25% decrease. Guild of Guardians from Immutable X was second with $5.73 million, up 23.27%. They were followed by Nodemonkes, Bored Ape Yacht Club (BAYC), and Dmarket.

NFT sales have been declining week after week, showing little signs of recovery. While other crypto sectors are growing, NFT sales have been lackluster, with blue-chip NFT prices dropping 80-90% from their peaks. Whether the NFT trend will rebound remains to be seen, but for now, the consistent weekly sales decline indicates significant slowdown compared to previous years.

**What are your thoughts on the NFT sales trend? Share your opinions in the comments below.**

---

**👉🏻 Follow us to Stay up-to-date with the latest crypto news and updates daily!**

bafybeihwvkiwlz2hdcjuxdlczbxngqvifrvlezsqcejm2bvuk6ce5d2hei

NFT Sales Decline Again: Ethereum Leads Market with 7.03% Drop

**Transak Partners With Cometh to Simplify Fiat-to-L3 Crypto Transactions**

Transak, a Web3 payments provider, has teamed up with blockchain development platform Cometh to introduce a streamlined fiat-to-Layer 3 (L3) onboarding solution. This new system simplifies the purchase of crypto assets directly on Cometh’s L3 blockchain, Arbitrum Orbit.

According to the companies, this partnership marks a significant advancement in making crypto asset transactions easier on L3 blockchains. Users can now buy Ethereum (ETH) on Muster, Cometh’s Arbitrum Orbit platform, without dealing with the complexities of crypto and gas tokens.

By automating interactions at the protocol level through Transak One and Cometh’s smart contracts, this solution eliminates intermediate steps like token bridging, significantly reducing transaction times.

Steven Goldfeder, co-founder and CEO of Arbitrum’s development firm Offchain Labs, said the collaboration "simplifies the user experience, unlocks mainstream adoption potential, and showcases the power of building innovative solutions on Arbitrum’s scalable infrastructure." He added that it marks a significant milestone in the growth of their Layer 3 ecosystem.

Previously, users had to navigate a multi-step process involving purchases on a Layer 2 solution and subsequent bridging to Muster, which was cumbersome and time-consuming. Now, Transak allows users to directly purchase cryptocurrencies using credit cards on Muster, making entry into non-fungible token (NFT) marketplaces and other blockchain interactions much faster.

**What do you think about Transak’s and Cometh’s partnership? Share your thoughts in the comments section below.**

---

**👉🏻 Follow us to Stay up-to-date with the latest crypto news and updates daily!**

bafybeielmhnc3m77i5x62cqci2i6umei34henf2tx6ud6ris3aaxvu2cie

Transak and Cometh Introduce Simplified Fiat-to-Layer 3 Crypto Onboarding

The **SEC’s Office of Investor Education** and **Advocacy** has issued an alert warning investors about five common crypto scams to avoid losing money. The SEC warns that fraudsters exploit cryptocurrency popularity with sophisticated techniques, making fund recovery difficult. For example, “Fraudsters may conduct pump-and-dump schemes with crypto assets, including so-called ‘memecoins’ that refer to popular culture or internet memes,” the regulator said.

## SEC’s Crypto Scam Warning

On Wednesday, the U.S. Securities and Exchange Commission (SEC)’s Office of Investor Education and Advocacy issued an Investor Alert, cautioning investors about the growing threat of scams involving crypto assets. Fraudsters are increasingly exploiting the popularity of cryptocurrencies to deceive retail investors, using sophisticated techniques that make it challenging to recover stolen funds. The SEC emphasized:

> "Fraudsters use a variety of techniques to convince investors to hand over their hard-earned money."

The alert details five common tactics used by fraudsters:

1\. **Building Trust through Social Media or Text Messages**: Fraudsters pretend to be acquaintances and quickly move conversations off the initial platform, establishing relationships and proposing lucrative crypto investment opportunities. They create legitimate-looking but fake websites, show fake profits, and allow small withdrawals to build trust before soliciting larger sums, which then become inaccessible.

2\. **Exploiting Hype Around Emerging Technologies**: Fraudsters use buzzwords related to technologies like artificial intelligence (AI) to attract investments. They create realistic websites, marketing materials, and deepfake content to imitate celebrities or trusted individuals and gain confidence.

3\. **Impersonating Trusted Sources**: Fraudsters impersonate government agencies, including the SEC, using AI and hacked social media accounts to send messages that appear to be from friends or family, promoting fraudulent investment opportunities. Even if a pitch seems to come from a known person, it could be a scam.

4\. **Pump-and-Dump Schemes**: Fraudsters create and promote memecoins on social media, encouraging people to buy and increase the coin's price. Once the price is high, they sell their holdings for profit, causing the price to crash and resulting in significant losses for other investors.

5\. **Advance Fee Fraud**: Fraudsters demand additional payments for withdrawals, claiming accounts are frozen or under investigation, or request repayments for supposed mistaken deposits. They also target previous victims, promising to help recover lost assets for additional payments or access to private keys, leading to further losses.

In conclusion, the SEC advises investors to avoid making decisions based on unsolicited contacts or social media recommendations, stressing the importance of independently verifying claims and being cautious with investments that require payment via crypto assets.

**Have you encountered any of these five crypto scams highlighted by the SEC? Let us know in the comments section below.**

---

**👉🏻 Follow us to Stay up-to-date with the latest crypto news and updates daily!**

bafybeihwbwnfrjzrmiy2tao345mwn2uukw423wttzwnequrzdprb63q6f4

SEC Warns Investors of 5 Common Crypto Scams to Avoid

**Onchain Highlights**

**Bitcoin futures perpetual funding rate V2** is the average funding rate (in %) set by exchanges for perpetual futures contracts. When the rate is positive, long positions periodically pay short positions. Conversely, when the rate is negative, short positions periodically pay long positions.

Bitcoin futures perpetual funding rates **offer** valuable insights into the market’s current dynamics. Throughout 2024, these rates have fluctuated, reflecting trader sentiment and market volatility.

![](https://ipfs.subsocial.network/ipfs/bafybeicr7yaxjnpkzy6cwumocrcsjuulndn64k7kso6zxtnjdri6cykbuq)

**At the beginning of the year**, positive funding rates indicated bullish sentiment as Bitcoin’s price rallied. However, early Q2 market turbulence led to several instances of negative funding rates, signifying a shift towards bearish sentiment. These negative rates often coincided with significant price drops, suggesting that traders anticipated further declines.

**Despite these fluctuations**, the funding rates have shown resilience, often rebounding quickly. This pattern indicates a persistent underlying optimism among traders. The recent trend towards positive funding rates, even during market corrections, suggests that many traders view these downturns as temporary rather than indicative of a longer-term bearish trend.

![](https://ipfs.subsocial.network/ipfs/bafybeih7oa4rydxrcdtzbtirp4y44qzwndttyujbzj63dzcifinfgma2me)

The **behavior** of the perpetual futures market suggests a nuanced trader perspective, balancing caution and optimism. Understanding this dynamic is crucial for predicting future market movements, as shifts in funding rates can provide early signals of changing market sentiment.

---

**👉🏻 Follow us to Stay up-to-date with the latest crypto news and updates daily!**

bafybeify765fytrk7amxxcaec2srd6leoizuonz3quwtyzw3ijjfb42qtu

Bitcoin perpetual funding rates fluctuate with market sentiment in 2024

J**apanese crypto exchange DMM Bitcoin** has outlined its plan to cover over $300 million in losses from a hack on **May 31**.

DMM Bitcoin said it has already secured 5 billion yen ($32 million) through borrowing, with an additional 50 billion yen ($320.4 million) in funding expected in the coming days.

**At the time of the attack**, 4,502.9 BTC (worth $306 million) was stolen in an “unauthorized outflow of funds.” The exchange reassured users it would guarantee the full amount of their deposits by procuring an equivalent amount of bitcoin.

In a statement translated from Japanese, DMM Bitcoin detailed its funding schedule, supported by its parent company, DMM Group. By June 3, 5 billion yen ($32 million) had been secured through borrowing. Further funding includes a capital increase of 48 billion yen ($307.6 million) on June 7 and subordinated borrowing of 2 billion yen ($12.8 million) on June 10, totaling $352.4 million.

DMM Bitcoin will procure the equivalent amount of Bitcoin while minimizing market impact. The exchange apologized for the inconvenience and assured an ongoing investigation into the hack.

According to crypto forensics firm Elliptic, this exploit is the eighth-largest crypto theft ever, and the largest since FTX's $477 million hack in November 2022.

---

**👉🏻 Follow us to Stay up-to-date with the latest crypto news and updates daily!**

bafybeick67d6utzmp645v3ibjrurjn6ozvdh652kadxbdnq46wpzwpqdza

DMM Bitcoin Unveils $352 Million Plan to Recover from Major Hack

**On June 5**, Reuters reported that Binance had requested the dismissal of most claims in a UK case regarding its decision to delist Bitcoin SV (BSV).

The case also involves Kraken, Shapeshift, and Bittylicious as defendants. BitMEX Research noted that six companies associated with these four exchanges appeared with their legal teams before the tribunal today.

During a hearing at the UK Competition Appeal Tribunal, Binance asked for the dismissal of claims suggesting BSV had the potential to become a major cryptocurrency. Binance’s lawyer, Brian Kennelly, argued that investors holding BSV during the delisting did so voluntarily and could have exchanged it for another asset.

Binance and the other companies do not oppose the case being certified under the UK’s collective proceedings regime, which would bring the case to trial.

## **Billions at Stake**

The dismissal **request** by Binance targets most of the value sought by plaintiff BSV Claims Ltd — 9 billion of the 10 billion GBP ($11.5 billion of $12.8 billion) in question.

The plaintiff alleges that the exchanges colluded to damage BSV’s prospects and delist the asset, including communicating publicly on Twitter (now X). This allegedly caused BSV’s value to drop, giving investors no meaningful opportunity to withdraw, and forced conversions that caused further losses.

The actions of the exchanges are claimed to violate the UK’s Competition Act of 1998\. The case represents 240,000 UK investors.

## **Reasons for Delisting**

The companies delisted BSV in April 2019 after BSV leader Craig Wright, who claims to be Bitcoin creator Satoshi Nakamoto, began filing lawsuits over his claimed identity. Binance provided general reasons for delisting BSV, but a day before the announcement, Binance’s former CEO Changpeng Zhao publicly challenged Wright’s claims.

**Shapeshift** and **Bittylicious** followed Binance’s lead, citing its influence in tweets. Kraken stated that threats and legal actions from the BSV team motivated its decision, supported by a user poll, which is mentioned as evidence of collusion in the current case.

---

**👉🏻 Follow us to Stay up-to-date with the latest crypto news and updates daily!**

bafybeiborzowu3ufwk6eg6s5crhcwmuetgngn2u3h2lq6gst2emwda5jxu

Binance Seeks to Dismiss Most of UK Bitcoin SV Case

Despite a **decline** in **non-fungible token (NFT)** sales last month, the NFT sector continues to thrive, according to Kelly DiGregorio, Vice President of Business Development at OpenSea.

NFT data tracker CryptoSlam reported a global sales volume of $624 million in May, a 54% drop from April's $1 billion.

## Major Retailers Show Interest in NFTs

DiGregorio told Cryptonews during Consensus 2024 that retail interest in NFTs is increasing. "What you’re seeing in the space is actually more retail deals," she said. "Look at Pudgy Penguins and what they are doing with Walmart and Target."

The Ethereum-based NFT project Pudgy Penguins recently launched its "Pudgy Toys" line at retailers like Target, Walmart, and Amazon, selling over one million units. Each toy includes a QR code that unlocks traits and collectibles in the Web3 game "Pudgy World," powered by the Ethereum scaling solution zkSync.

“There is this interesting fluidity between physical to digital for phygital NFTs, as opposed to necessarily digital to physical, where you are doing physical redemptions for tickets, merchandise and things of that nature,” DiGregorio added.

## Retailers Offering NFTs Creates Multiple Opportunities

The rise of physical to digital NFTs presents numerous opportunities. Pudgy Penguins recently partnered with Mythical Games to create a blockchain-enabled AAA mobile game launching in 2025.

“Sometimes people are collecting NFTs and they don’t even know that they are NFTs,” DiGregorio said. “They’re having an experience, playing a game, collecting points, winning prizes and engaging with a community. NFTs continue to have an expansive impact on consumer engagement.”

Luxury brands like Louis Vuitton are also entering the NFT space. Vogue Business reported that a leather varsity jacket from Louis Vuitton’s Autumn/Winter 2024 collection became available to 200 holders of the brand's Via NFTs, tapping into a high-net-worth audience.

## NFTs Help Retailers Understand Consumers

DiGregorio believes that NFTs can help retailers understand their consumers better. "When users collect NFTs with certain traits, retailers can get to know that consumer and how to engage with them in the future," she explained.

## OpenSea 2.0 Coming Soon

DiGregorio mentioned that OpenSea 2.0 is expected to launch in the next few months. "We’ve been focused on building OpenSea 2.0," she said. "We aim to make it easier to integrate new chains and deploy new features."

OpenSea now supports NFTs on the Sei network and assets on the BLAST blockchain. "We want to accelerate how quickly and easily we can deploy new features for users, creators, and even for Web2 companies," DiGregorio added. "OpenSea 2.0 is coming soon, and we are very excited about it."

---

**👉🏻 Follow us to Stay up-to-date with the latest crypto news and updates daily!**

bafybeib24cg2ppweztw5ybvgnyqgffl4ogv4xdvmhqe4wyyj3q57frwqqy

OpenSea Executive : Retail Interest in NFTs is Growing

## **Analysts Bullish on Bitcoin: QCP Capital Predicts New All-Time Highs in June**

Singapore-based QCP Capital predicts that Bitcoin could surpass its previous all-time high of $73,794 this month, potentially reaching $74,000\. Their analysis is based on Bitcoin call options expiring in June.

## **Positive Momentum Expected for Bitcoin**

Several analysts and researchers are optimistic about Bitcoin's price in June. QCP Capital noted a strong bullish trend on their trading desk, with significant call option buying for June expiries. This suggests Bitcoin could break the $74,000 mark. Although Ethereum is currently lagging, QCP expects it to catch up and potentially outperform Bitcoin once Ethereum spot exchange-traded funds (ETFs) start trading.

Cory Mitchell, an analyst with [Trading.biz](http://Trading.biz), stated that if Bitcoin can break out of its current pattern, it could target $110,000\. "After reaching an all-time high of $73,794 in March, Bitcoin's price dropped by 23% to a swing low on May 1\. Since then, it has been forming a rounded bottom, which can lead to explosive upward movement in an overall uptrend or after a prolonged downtrend," Mitchell explained.

## **Stocklytics Analyst: ‘Unpredictable Ride Ahead’**

Neil Roarty, an analyst at Stocklytics, also discussed Bitcoin nearing a new all-time high. "Bitcoin is close to its previous high of $73,000 from March," Roarty said. "The bullish sentiment seems driven by the launch of Bitcoin ETFs in the U.S. in January, attracting institutional investors. Recently, these ETFs saw $880 million in Bitcoin inflows, the highest since March, indicating rising demand."

Roarty added that the key question is whether these institutional investors will maintain a positive outlook. "Interest rates will play a crucial role. If rates are cut soon, Bitcoin's strong returns could become even more attractive compared to traditional investments. As always with Bitcoin, expect an unpredictable ride."

**What are your thoughts on QCP Capital’s and the analysts' forecasts for Bitcoin's price? Share your opinions in the comments section below.**

---

**👉🏻 Follow us to Stay up-to-date with the latest crypto news and updates daily!**

bafybeicne4hynwff6idzmb2et5fez6azajrlhsmnafuvzxjvoh2gk2qzje

Analysts Predict Bitcoin's New Highs This June

**From the Last 24 hours, here are the current trends about Polkadot on Twitter:**

1. The Polkadot community is actively discussing the latest developments and updates in the ecosystem.
2. The #PolkadotArmy hashtag is being used to share news and updates about Polkadot and its community.
3. The price of Polkadot's native token, DOT, is being closely monitored, with users noting its movement around key technical indicators like the 50-day Simple Moving Average (SMA) and the 20-day Exponential Moving Average (EMA).
4. The Polkadot Royale event, which ranks projects by daily active accounts, is generating excitement and anticipation among the community.
5. The Polkadot treasury has recently undergone significant spending, with new OpenGov proposals being added.
6. The Polkadot and Kusama ecosystems are experiencing impressive growth, with new developments and events being highlighted by the community.

These trends suggest that the Polkadot community is highly engaged and actively discussing various aspects of the ecosystem, including price movements, community events, and treasury spending.

**Tweets -**   
[https://x.com/PolkadotInsider/status/1798584959558619379](https://twitter.com/PolkadotInsider/status/1798584959558619379)  
<https://x.com/og%5Ftracker/status/1798322746616635724>  
<https://x.com/thewhiterabbitM/status/1798604749299659102>  
<https://x.com/polkadotwhales/status/1798384289815613456>  
<https://x.com/PolkadotInsider/status/1798701458864668995>  
<https://x.com/EGrind26/status/1798528365508600181>  
<https://x.com/thewhiterabbitM/status/1798265780896964775>

---

**👉🏻 Follow us to Stay up-to-date with the latest crypto news and updates daily!**

bafybeicxhiidvjgmtaf4c7gkgnff62z5igeletxws6qumkbysmd633z7zq

Polkadot Trends on Twitter: Highlights from the Last 24 Hours

The governance DAO of Ethereum Layer 2 network Arbitrum has **approved** a proposal by the Arbitrum Foundation to allocate 225 million ARB tokens, worth about $215 million, to support gaming projects over three years.

The Arbitrum Foundation will **distribute** the funds through a newly created Gaming Catalyst Program (GCP), aimed at boosting awareness and adoption of Arbitrum technologies among builders and players in the gaming community.

First unveiled in March, the proposal was officially approved on Friday with over 75% of votes in favor. Supporters included L2Beat, Wintermute, and gaming-focused Treasure DAO, while Blockworks Research and Camelot DAO voted against it.

> "Arbitrum is the home of gaming – this includes all of the games, the gaming chains, and all of the builders within its orbit. Let's make some magic happen,"   
> Treasure DAO wrote on X following the proposal's approval.

Funds will be allocated to publishers and developers, with grants of up to 500,000 ARB (about $483,000) for new and early-stage developers. Established developers can apply for investments involving tokens, equity, or similar arrangements. Remaining funds will cover infrastructure-related bounties and operational expenses.

The GCP will be managed by a dedicated team and overseen by a council of five individuals with expertise in gaming, venture capital, analytics, and DAO governance. The team's budget for operational expenses is capped at $25 million, with any additional spending requiring DAO approval.

Following the voting period, the price of Arbitrum's token dropped about 12% from its peak of $1.10 to around $0.97.

---

**👉🏻 Follow us to Stay up-to-date with the latest crypto news and updates daily!**

bafybeifg7mybwda5jb7ubo3me7zszehm44yfnxpxbmjvhnx3e5lwv2qapi

Arbitrum DAO Approves $215 Million Fund for Gaming Projects

**Binance**, the **world's largest cryptocurrency exchange** by daily volume, announced on June 8 that it has reached 200 million global users. No other exchange boasts such a large user base, though these figures are self-reported.

![](https://ipfs.subsocial.network/ipfs/bafybeifeoi7ho5lquvez3diw7rzpn4gaekkntinnnxzo2mczqqcnfi5osy)

To celebrate, Binance marked the occasion on its social media platforms, framing the 200 million user milestone as a step toward its goal of onboarding a billion users—about one in every eight people on Earth. A post from Binance on [X.com](http://X.com) stated:

“Today, we celebrate 200 million – and it's all because of YOU! Your support is the heartbeat of our journey to 1 billion users. Here's to the stars of our story – you!”

In 2022, Binance had approximately 130 million users. By 2023, it added 40 million users, bringing the total to 170 million. In the first six months of 2024, it has added at least 30 million more, putting it on pace to reach 300 million users by 2026, if current trends continue.

According to research from Triple-A, the global cryptocurrency user base reached 562 million people in 2024, up from 420 million in 2023\. This means Binance users account for about 36% of the global cryptocurrency user base.

Binance’s 200 million user milestone follows another significant achievement: reaching $100 billion in user assets under custody, averaging about $500 per user, as reported by Cointelegraph in March.

Despite facing legal issues, including founder and former CEO Changpeng “CZ” Zhao serving a four-month sentence on fraud charges, Binance appears to have emerged relatively unscathed. CZ is reportedly apologetic and is serving his time in a minimum-security facility in California.

---

**👉🏻 Follow us to Stay up-to-date with the latest crypto news and updates daily!**

bafybeibwmlgiqt526ielfdob36udsl7qspcozyicqm6cp7d7cuxqbjenii

Binance Reaches 200M Users, $100B in Assets

**From the Last 24 hours, here are the current trends about Polkadot on Twitter:**

1. Polkadot's price experienced a sharp fall, dropping by almost 7% on Friday, with the price falling below $7, a crucial level for the asset.
2. There is a positive sentiment around Polkadot, with many users expressing optimism about the project and its potential.
3. The Polkadot website's bounce rate is over 42.87%, indicating a high level of interest in the project.
4. The Polkadot ecosystem continues to grow, with new projects and initiatives being launched and gaining traction.
5. The Polkadot community remains active and engaged, with many users sharing their thoughts, opinions, and insights about the project.

Overall, the trends suggest that while there may be some short-term volatility in the price of Polkadot, there is still a strong level of interest and optimism about the project's long-term potential.

**Tweets -**

1. <https://x.com/PolkadotInsider/status/1799476415110471828>
2. <https://x.com/nawormste/status/1799375301056557533>
3. <https://x.com/ImpactScope/status/1799357808481390999>
4. <https://x.com/ChatDKG/status/1799387188670415085>
5. <https://x.com/polkadotwhales/status/1799471454930771995>
6. <https://x.com/cryptodailyuk/status/1799538877117722864>
7. <https://x.com/anthenor/status/1799508194345275869>

---

**👉🏻 Follow us to Stay up-to-date with the latest crypto news and updates daily!**

bafybeieerihjjiqx3k7h7i6i2m7vnxu5j5cd436lywrjb4q4omkpmcrehu

Hello Everyone! We are thrilled to announce that EpicApp has just launched a **brand-new Telegram app** where you can earn points effortlessly, and many users are already raking in the rewards. Don’t miss out – join the fun now by clicking this link: 🔗[**LINK to JOIN**](https://t.me/EpicAppBot?start=0x138e5dD94dc329a8573cA095aEef55F3e216753d).

## EPIC - The Meme2Earn Platform! 🕹️

EPIC is the ultimate destination for meme lovers! Meme2Earn platform allows you to earn points by doing what you love – creating, liking, and tapping memes. Here’s how you can start earning with EPIC:

### 💰 Why Earn Points?

* **Convert Points to Crypto:** Exchange your points for shiny crypto tokens later.
* **Immediate Returns:** Points are distributed daily.
* **Free and Fun:** Enjoy a gamified experience while earning rewards.

### 💎 How to Earn Points?

1. **Tap2Earn (To be announced):**  
   * **Tap Emoji:** 1 Tap = -1 Energy = +1 Point.  
   * **Quick Refill:** Energy is restored every 2 seconds, with a full refill in 2 hours.
2. **Like2Earn:**  
   * **Liking Memes:** 1 liked meme = +2,000 Points.  
   * **Daily Likes:** You have 10 likes per day to maximize your points.
3. **Create2Earn:**  
   * **Making Memes:** 1 received like = +3,000 Points.  
   * **Unlimited Memes:** Post as many memes as you want, but posting costs 2500 points.  
   * **Daily Distribution:** Points are distributed at the end of each day, ready to use the next day.

### **🏃 Daily Rewards Multiplier**

Earn every day for a chance to multiply your rewards by 5 times! Active users benefit the most, so stay engaged to maximize your points.

### 🏆 Weekly Leaderboard

Top the leaderboard for extra rewards! This feature is coming soon, so start preparing now.

## 🚀 Start Meme2Earn Now!

What are you waiting for? Dive into the world of memes, have fun, and start earning points today. Join EPIC on Telegram now: [**LINK to JOIN**](https://t.me/EpicAppBot?start=0x138e5dD94dc329a8573cA095aEef55F3e216753d) 🔗.

Stay EPIC and happy earning! 💥

bafybeig4uxnr5t2kdye77zqrvjjkbur5zwawnjjsxm4hor3rmzj7zr3dne

Exciting News from EpicApp! 🚀 - Make Memes Earn Rewards

bafybeiffa6jvlkxtlirbsaans53djmqxod7psizaygmk3akqatbxdaa2pi

CryptoVerse

According to recent statistics, U.S. spot Bitcoin exchange-traded funds (ETFs) have experienced ten consecutive days of positive inflows. During this period, Grayscale’s Bitcoin Trust (GBTC) faced outflows or neutral activity for several days, while BlackRock’s IBIT saw inflows most of the days.
...

BlackRock’s IBIT is now the largest spot Bitcoin fund by net asset value, surpassing Grayscale’s GBTC. On Wednesday, IBIT received $102.5 million in net inflows, bringing its total net asset value to $19.68 billion. GBTC, on the other hand, experienced net outflows of over $105 million and now...

Despite a decline in non-fungible token (NFT) sales last month, the NFT sector continues to thrive, according to Kelly DiGregorio, Vice President of Business Development at OpenSea.

NFT data tracker CryptoSlam reported a global sales volume of $624 million in May, a 54% drop from April's $1...

On June 5, Reuters reported that Binance had requested the dismissal of most claims in a UK case regarding its decision to delist Bitcoin SV (BSV).

The case also involves Kraken, Shapeshift, and Bittylicious as defendants. BitMEX Research noted that six companies associated with these four...

Binance, the world's largest cryptocurrency exchange by daily volume, announced on June 8 that it has reached 200 million global users. No other exchange boasts such a large user base, though these figures are self-reported.



To celebrate, Binance marked the occasion on its social media...

This week, Bitcoin's price briefly surpassed $70,000 before dropping after the movement of Mt. Gox bitcoins. Despite this, the Bitcoin premium in South Korea has significantly increased. Previously below 1%, the premium on South Korean exchanges has now climbed to 2.23%.

Bitcoin Premium in South...

Japanese crypto exchange DMM Bitcoin has outlined its plan to cover over $300 million in losses from a hack on May 31.

DMM Bitcoin said it has already secured 5 billion yen ($32 million) through borrowing, with an additional 50 billion yen ($320.4 million) in funding expected in the coming days....

Analysts Bullish on Bitcoin: QCP Capital Predicts New All-Time Highs in June

Singapore-based QCP Capital predicts that Bitcoin could surpass its previous all-time high of $73,794 this month, potentially reaching $74,000. Their analysis is based on Bitcoin call options expiring in June.

Positive...

On Friday, U.S. spot bitcoin exchange-traded funds (ETFs) experienced their 14th consecutive day of inflows, totaling around $50 million. Leading the inflows once again was Blackrock’s IBIT, while Grayscale’s GBTC saw outflows.

$1.7B in Trade Volume and $50M in Inflows During Friday’s Bitcoin...

From the Last 24 hours, here are the current trends about Polkadot on Twitter:

The Polkadot community is actively discussing the latest developments and updates in the ecosystem.

The #PolkadotArmy hashtag is being used to share news and updates about Polkadot and its community.

The price of...

From the Last 24 hours, here are the current trends about Polkadot on Twitter:

Polkadot's price experienced a sharp fall, dropping by almost 7% on Friday, with the price falling below $7, a crucial level for the asset.

There is a positive sentiment around Polkadot, with many users expressing...

Transak Partners With Cometh to Simplify Fiat-to-L3 Crypto Transactions

Transak, a Web3 payments provider, has teamed up with blockchain development platform Cometh to introduce a streamlined fiat-to-Layer 3 (L3) onboarding solution. This new system simplifies the purchase of crypto assets...

Ethereum has seen a significant increase since the U.S. Securities and Exchange Commission (SEC) approved several spot ether exchange-traded funds (ETFs). This week, ether reached $3,980 per coin, about 18.4% below its all-time high. Amid fluctuating prices, ethereum futures markets have hit a...

Stay updated with the latest crypto news and updates daily! Your go-to source for all things cryptocurrency with 'Crypto Verse'. Join me on this exciting journey into the world of digital assets.

\#CryptoNews #CryptoVerse #StayInformed #CryptoUpdates

The governance DAO of Ethereum Layer 2 network Arbitrum has approved a proposal by the Arbitrum Foundation to allocate 225 million ARB tokens, worth about $215 million, to support gaming projects over three years.

The Arbitrum Foundation will distribute the funds through a newly created Gaming...

Onchain Highlights

Bitcoin futures perpetual funding rate V2 is the average funding rate (in %) set by exchanges for perpetual futures contracts. When the rate is positive, long positions periodically pay short positions. Conversely, when the rate is negative, short positions periodically pay...

Hello Everyone! We are thrilled to announce that EpicApp has just launched a brand-new Telegram app where you can earn points effortlessly, and many users are already raking in the rewards. Don’t miss out – join the fun now by clicking this link: 🔗LINK to JOIN.

EPIC - The Meme2Earn Platform! 🕹️...

Riot Platforms has proposed to acquire Bitfarms, aiming to create the world’s largest publicly listed bitcoin miner. The offer, which includes cash and Riot stock, represents a 24% premium. Despite Bitfarms’ Board initially rejecting the proposal, Riot will present it directly to shareholders...

The enthusiasm for presidential meme coins continues, with the token maga (TRUMP) reaching an all-time high of $15.45 on Wednesday. This surge increased the value of Donald Trump’s TRUMP coins to $8.06 million on May 29. Additionally, various Trump-related cryptocurrencies are emerging, including...

The SEC’s Office of Investor Education and Advocacy has issued an alert warning investors about five common crypto scams to avoid losing money. The SEC warns that fraudsters exploit cryptocurrency popularity with sophisticated techniques, making fund recovery difficult. For example, “Fraudsters...

Over the past week, NFT sales have declined by 7.03% compared to the previous week, totaling $122.3 million. Ethereum-based NFTs led the market.

7-Day NFT Sales Drop 7.03%

This week saw another decline in NFT sales, with Ethereum maintaining the lead and Bitcoin in second place. Sales dropped 7...

bafybeigm4yk4vd3raibadms7zdnnyrrsylky6edeoqoqpxilb2w6dywo6u