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Home»TRADING NEWS»Crypto Weekly Recap: VanEck’s bullishness on BTC, the bleak fate of the cryptocurrency queen, and more
TRADING NEWS

Crypto Weekly Recap: VanEck’s bullishness on BTC, the bleak fate of the cryptocurrency queen, and more

By Crypto FlexsJune 9, 20244 Mins Read
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Crypto Weekly Recap: VanEck’s bullishness on BTC, the bleak fate of the cryptocurrency queen, and more
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This week, VanEck CEO Jan van Eck predicted that Bitcoin could see a spectacular rise and eventually soar to half the market capitalization of gold. The world also learned of the grim fate of cryptocurrency queen Ruja Ignatova.

Bitcoin

Prominent financial writer and billionaire Robert Kiyosaki predicted that Bitcoin could reach $350,000 by August. Kiyosaki said that the political and financial incompetence of American leaders was behind the ironic prediction.

Bitcoin analyst PlanB has made a bullish prediction for Bitcoin in his updated Stock-to-Flow model. According to PlanB, model data predicts Bitcoin could reach $500,000. He predicted a strong surge for Bitcoin, adding that it could soon reach $100,000.

The FDIC released some shocking findings for the banking industry in its Quarterly Bank Profile for Q1 2024. The report states that several prominent banks have serious concerns or are deemed unviable. In such a scenario, Bitcoin could act as a hedge against a potential bank collapse.

Jan van Eck, CEO of one of the largest US investment banks, predicted that the world’s largest cryptocurrency will reach at least half of gold’s market capitalization within five to 10 years. Van Eck made this prediction in an interview with Scott Melker.

altcoin

Hulkamania (HULK), a Solana-based meme coin reportedly promoted by professional wrestling legend Hulk Hogan, lost $15 million in market capitalization in a matter of minutes. The collapse came after Hogan deleted all of his posts promoting meme coins and clarified that he had not posted anything promoting meme coins.

The European Parliament has approved new regulations for cryptocurrency companies. The new rules will affect all cryptocurrency asset service providers (CASPs) under the new Markets in Cryptocurrency Assets (MiCA) law, which mandates due diligence to prevent money laundering.

GameStop Tribute Token (GME), a token based on Solana, recorded a 38% increase on Friday. As interest in GameStop surges, we see several meme coin traders betting on other tokens in the meme coin ecosystem such as BRETT, TRUMP, and DogWifHat.

Former US President Donald Trump owns more than $32 million in cryptocurrencies and has gone from being a vocal critic to a strong supporter of digital assets. Trump’s pivot to cryptocurrencies can be attributed to Vivek Ramaswamy, who advised the former president on key issues.

The Cardano Foundation announced a public partnership with the Governor of Entre Rios State. This is a move that could help countries that are recently transitioning to cryptocurrencies. Industry observers are also hoping that this partnership could have a positive impact on ADA, which has failed to register any momentum in the wildly popular cryptocurrency market.

technology

Coinbase has introduced Smart Wallets to help simplify the cryptocurrency onboarding process by eliminating complex processes and high fees typically associated with traditional cryptocurrency wallets. Coinbase hopes to onboard more than 1 billion users with the new service.

The IOTA Foundation has launched IOTA EVM, a Layer2 solution that seamlessly integrates smart contract functionality into the ITOA network. This announcement comes just months after the Shimmer EVM was released.

business

Paxos International plans to issue an interest-bearing US dollar-pegged stablecoin called Lift Dollar (USDL). The stablecoin is regulated by the Abu Dhabi Global Market (ADGM) and pays interest earned by Paxos International on the reserves backing its assets.

Ruja Ignotova, also known as the “Crypto Queen,” may have been murdered by a notorious Bulgarian drug lord, according to new evidence that has recently come to light. “Crypto queen” Ignatova scammed investors out of billions of dollars by promising them that she would earn high returns if they invested in the fake cryptocurrency OneCoin.

Deutsche Bank has announced a partnership with Bitpanda to facilitate seamless customer deposits and withdrawals on the Austrian cryptocurrency exchange. The partnership signals changing attitudes towards cryptocurrencies as they increasingly move into mainstream finance.

Bankrupt cryptocurrency exchange FTX has reached a settlement with the Internal Revenue Service (IRS) over its $24 billion tax bill. If approved, FTX would have to pay $200 million to the IRS within 60 days and an additional $685 million later in subordinated claims.

web3

Illuvium, an open world blockchain game, announced the launch of its open beta mainnet on July 25th. The announcement comes after a series of beta testing phases that began on April 30 during the private beta 4 phase.

security

Decentralized exchange Velocore recently released a post-mortem analysis of a hack that resulted in $7 million in losses. The decentralized exchange offered a 10% bug bounty to the hackers, but has yet to receive a response.

regulation

The Commodity Futures Trading Commission (CFTC) has appointed Aptos co-founder and CEO Mo Shaikh to its Digital Assets Subcommittee. The CFTC’s Digital Assets Subcommittee is part of a larger committee that advises the agency on regulation and rulemaking.

Disclaimer: This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.

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