Market turmoil, BTC spot ETFs record inflows

Today’s edition of the weekly recap covers a series of important events: Crypto market faces sharp declines; Bitcoin and Ethereum ETFs are seeing notable activity; regulatory measures are intensifying globally; major expansion efforts highlight the sector’s growth ambitions; and key ideas from the Money 20/20 conference.

• Last week, markets faced volatility. Binance Coin (BNB) hit a new all-time high above $711 following sustained increases. The significant price movement was driven by increased trading volume and interest.
• Bitcoin has reached the $69,000 mark following a series of significant investments. Continued interest and significant capital inflows from institutional investors investors partly triggered this step.
• VanEck set a price target of $22,000 for Ethereum by 2030, anticipating approval of Ethereum ETF.
• The market capitalization of game tokens has surpassed $30 billion, driven by increased mainstream adoption, innovative developments and strategic partnerships within the gaming industry.
• A game inspired by GameStop piece of money surged 300% after influential trader Roaring Kitty resurfaced on social media platform
• However, meme coins subsequently experienced significant losses, with many falling by more than 10% following the crash. GameStop Stock.
• At the same time, the overall crypto market saw a sharp decline, losing $96 billion in market capitalization after the release of a strong report. US Jobs Report. The report showed robust employment figures, raising concerns about possible interest rate hikes.

• Last week, Ark Invest left the Ether ETF race while 21Shares renamed its fund focus on other strategic investment opportunities.
• Additionally, ProShares is seeking SEC approval for the listing of a Ethereum Spot ETF on the New York Stock Exchange, with the aim of providing investors with direct exposure to Ethereum.
• Despite recent market fluctuations, Bitcoin ETF continued to attract admissions, totaling $131 million as of June 7. These products saw consecutive days of inflows throughout last week, marking 19 consecutive days of positive net flows.

• Following his conviction, former President Donald Trump continues to declare his support for the crypto industry. Last week he presented himself as a crypto presidentseeking to garner votes from the crypto industry.

• New York Attorney General Files Lawsuit Against Crypto Companies NovaTechFX and AWS Mining for allegedly committing a billion-dollar fraud.
• Faced with protests from American lawmakers, Mohammed Idris, the Nigerian Minister of Information, defended trial of detained Binance executive Tigran Gambaryan, saying legal action is justified and necessary.
• However, former U.S. federal agents rallied to call for Gambaryan’s release, emphasizing the need for due process and fair treatment.
• Meanwhile, in Asia, the Hong Kong HKMA has issued a warning to the public regarding the unregulated status of KuCoinadvising caution when dealing with crypto exchange.

• The industry also saw growth prospects last week. Friend.tech collaborated with Conduit to launch Friends Channela new blockchain aimed at improving interactions and transactions on social networks.
• Bitcoin miner Riot Platforms has acquired a 12% stake in Bitfarmsstrengthening its position in the cryptocurrency mining sector.
• Robinhood also announced its intention to acquire Bitstamp for $200 millionmarking a significant milestone in the expansion of its crypto business.
• Crypto exchange Kraken revealed plans for a pre-IPO increase of $100 million to strengthen its financial position in anticipation of a possible IPO.

• Ripple’s stablecoin likely to launch this year, says has Monica Long, President of Ripple
• Long said on Money 20/20 that the SEC is not a friendly gateway for companies trying to establish themselves in the United States, highlighting regulatory challenges.
• Additionally, discussions at Money 20/20 suggested that the tokenization industry needs to tackle interoperability issues to ensure seamless integration and operation across different blockchain platforms.
• Industry executives have argued that traditional financial institutions must merge with blockchain technology to remain relevant and competitive in the financial space.

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