Monday, 17 June 2024

Market Summary

Market Summary 17 June 2024

Bitcoin Price: US$ 66,614.34 (+0.56%) 
Ethereum Price: US$ 3,624.41 (+1.56%) 

Ripple Labs has found itself under the scrutiny of the SEC, which has criticised the company’s argument for a lower penalty. The SEC contends that Ripple’s proposed penalty of $10 million falls short of the regulator’s proposed $876.3 million civil penalty. This disagreement stems from a legal battle that has been ongoing since 2020 over the sale of unregistered securities. Meanwhile, in the realm of Solana users, an MEV sandwich bot named “arsc” has reportedly amassed around $30 million in the last two months through MEV attacks. Ben Coverston, the founder of MRGN Research, has noted that this bot has skilfully avoided attention while profiting from Solana network users. Amid these developments, billionaire investor and cryptocurrency advocate Mark Cuban has voiced concerns about the potential impact of Gary Gensler’s actions as head of the SEC on President Joe Biden’s bid for re-election. Cuban, a proponent of clear regulatory frameworks, has previously advocated for the United States Commodity Futures Trading Commission (CFTC) to assume responsibility for cryptocurrency regulation duties. 

As Ethereum is preparing for the Pectra upgrade in 2025, a report by Liquid Collective and Obol has identified several risks, emphasising the need for client, operator, and cloud diversity, and raising concerns about the limited adoption of Distributed Validator Technology (DVT). The report warns that a significant bug in a dominant client could lead to substantial penalties and network instability, underlining the importance of operator diversity in maintaining network health. In the midst of these developments, Michael Egorov, CEO of Curve Finance, clarified that the recent UwU Lend hack was not an exploit of Curve Finance, but rather of UwU Lend itself, with the hacker depositing stolen CRVs into lend.curve.fi and disappearing with the funds. Egorov also addressed misinformation about the team burning 10% of CRV tokens, stating that this news originated from a fake account and was not fact-checked before being published. Meanwhile, former US President Donald Trump has pledged to end what he calls President Joe Biden’s “war on crypto” if he is elected, promising to ensure that the future of crypto and Bitcoin will be made in America. This promise is particularly significant in light of data from CoinLedger naming Florida, which Trump has pledged to make a central hub for crypto, as the best state for crypto taxes due to its lack of state income tax and crypto-friendly regulatory policies. 

Bloomberg ETF analyst Eric Balchunas has projected that spot Ether exchange-traded funds (ETFs) could potentially commence trading in the United States by July 2, a prediction backed by the SEC’s recent approval of eight 19b-4 filings to list such ETFs on various U.S. exchanges. However, SEC Chair Gary Gensler has provided a more conservative estimate, suggesting a launch within the next three months by the end of September. Meanwhile, in Australia, the country’s largest stock exchange, the Australian Securities Exchange (ASX), has given the green light to its first spot Bitcoin ETF, set to begin trading on June 20, with investment firm VanEck as the issuer. This development follows the approval and trading of the Monochrome Bitcoin ETF (IBTC) on Australia’s second-largest stock exchange, the Cboe Australia exchange, and the debut of the Global X 21 Shares Bitcoin ETF (EBTC) in April 2022. In other news, Curve founder Michael Egorov has successfully cleared the $10 million in bad debt incurred from soft liquidations triggered by a hacking attempt on June 13. Despite the significant pressures exerted on the Curve platform, LLAMMA’s soft liquidation mechanism functioned as intended, gradually eroding a borrower’s “health” as a debtor and methodically liquidating their funds. 

Source: https://cointelegraph.com 

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