Strengthens
- Of the cryptocurrencies tracked by CoinMarketCap, the best performer for the week was OKB, up 13.70%.
- Switzerland’s Syz Group is teaming up with Hong Kong-based venture capital firm CMCC Global to launch a fund of at least $50 million to invest in crypto-focused hedge funds. SyzCrest Digital will begin operations on July 1, and eventually aims to raise as much as $300 million, writes Bloomberg.
- One of the hottest NFT coins in Solana’s recent history is being pushed into Friday after a wave of interest in the Madlads collection broke the internet infrastructure behind it.
Weaknesses
- Of the cryptocurrencies tracked by CoinMarketCap, the worst performer for the week was Stacks, down 16.52%.
- Bitcoin fell back below the closely watched $30,000 level. Bitcoin fell as much as 4.5% before some of the slide was traded to around $29,175 on Wednesday.
- A former minority owner of the NFL’s Minnesota Vikings should spend seven years behind bars and forfeit more than $740 million after admitting he helped cryptocurrency exchanges avoid money laundering rules. He pleaded guilty in April 2022 to five counts and was scheduled to be sentenced on Thursday.
Possibilities
- President Donald Trump launched his second installment of the Trump Digital Trading Card series of $99 nonfungible token (NFT) cards after offering an initial series last year with depictions such as the head atop cartoon superhero characters, Bloomberg writes.
- Bitcoin trading signal suggests an upcoming leap back above $30,000. A pattern buried in the coin’s recent swings suggests it could jump above that level again on its way to a 7% short-term gain. The pattern is a minimum daily jump of 3%, followed by a reversal the next day of at least that magnitude. Bitcoin rose around 7% on average over three, five and 10 days, writes Bloomberg.
- The number of mergers and acquisitions among firms with digital assets set a quarterly record in the first three months of the year, according to Architect Partners. There were 54 transactions in the period, writes Bloomberg.
Threats
- Crypto exchange Coinbase Global may consider moving its headquarters outside the US unless the country changes its approach to regulation, its CEO said. Brian Armstrong has been vocal about his opposition to current US crypto regulation, raising the possibility of a move and marking an escalation of the rhetoric, writes Bloomberg.
- Faruk Faith Ozer, the former CEO of the collapsed cryptocurrency exchange Thodex, has been extradited from Albania to Turkey to face fraud and money laundering charges. When he arrived at Istanbul Airport, the 29-year-old was immediately arrested by the police. Thodex ceased operations about two years ago, leaving tens of thousands of customers at a loss.
- Prosecutors in Montenegro indicted Terraform Labs co-founder Do Kwon and his CFO, accusing the men of falsifying personal documents.
