🔗🛡 ZkSync’s Gemholic Project Suspected $3.5M Rug Pull

⚠️ The cryptocurrency community is concerned about a suspected $3.5-million rug pull involving the Gemholic project on the zkSync network. Gemholic had promised refunds for over a year before unlocking and withdrawing funds after zkSync’s v24 upgrade.

💬 NSerec, founder of Zkmarkets, claims the contract creator’s address was funded by Binance and is seeking assistance in tracing it. The KYC provider SolidProof, which verified Gemholic, has remained silent, prompting criticism about its verification process.

NSerec suggests holding SolidProof accountable if it doesn’t address the alleged scam, proposing to rename it “UselessProof.” The Gemholic project has deleted its social media presence after withdrawing 921 ETH following the zkSync upgrade that unlocked the trapped funds.

ℹ️ Overall, this incident highlights concerns over due diligence and accountability measures within the cryptocurrency ecosystem when rug pull allegations arise against purportedly KYC-verified projects.

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💸📉 BREAKING: Bitcoin Price Plummeted Below $69,000! What Caused the Decline? Here Is the Liquidation Data

🕯 Bitcoin’s price plummeted below $69,000, losing 3% rapidly to around $68,500. The decline is attributed to GameStop trader RoaringKitty’s livestream, where his $235-million loss on GameStop shares, seen as equivalent to a memecoin crash, was highlighted.

🔽 This triggered around $300 million in crypto liquidations, with $285 million from long positions across Bitcoin, Ether, altcoins, and especially low market cap memecoins.

🔴 While Bitcoin liquidations were $44 million, the incident demonstrates how events in traditional markets can create volatility and spillovers in the crypto space, particularly for speculative assets.

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💸🔽 Is a Bitcoin Crash Below $50K Still Possible? Crypto Analyst Shares the Possibilities

📉 Crypto analyst Alan Santana expects a potential Bitcoin crash below $50,000 after the recent rally to $71,000. Citing the prolonged 479-day bullish wave since November 2022, he predicts a faster bearish wave could unfold, leading to a sharp +30% crash.

ℹ️ Santana’s chart analysis suggests an initial drop to $60,000, followed by a bottom around $47,943—a 33% decline from current levels. He argues that after extended bullish runs, selloffs tend to be swifter as investors exit positions rapidly. If this bearish scenario plays out, it could significantly impact the broader crypto market.

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What Are ZKThreads, and How Do They Work?

❗️ ZKThreads are a zero-knowledge framework designed to improve the scalability and performance of decentralized applications (DApps) on Starknet. The process involves:

➡️ Deploying the application logic into ZKThreads’ app contracts that govern how the app operates.

➡️ Batching multiple transactions together into a single batch instead of processing them individually.

➡️ Creating a cryptographic STARK proof that validates all the batched transactions follow the contract rules correctly.

➡️ Verifying the STARK proof against the canonical state record of the DApp by the ZKThread Verifier contract on Starknet.

➡️ If valid, the Verifier updates the canonical state. If invalid, the changes are rejected to maintain integrity.

👕 ZKThreads keep all data off-chain while using ZK-proofs to validate transactions, enhancing scalability compared to ZK-rollups that post data on-chain periodically. They prioritize interoperability between DApps and use STARK proofs for verification instead of zk-SNARKs used by some ZK-rollups.

👍 The key benefits of ZKThreads include improved user experience via interoperability, lower transaction costs by processing batches off-chain, and robust security through ZK-proofs that preserve privacy while enforcing rules.

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💸 Explaining Bitcoin’s Dull Price Action Amid Record ETF Inflows

🕯 Bitcoin’s seemingly dull price action amid record ETF inflows can be attributed to the inflows being part of a non-directional "cash and carry" arbitrage strategy rather than outright bullish bets. Traders are buying ETFs while shorting CME futures to profit from the premium in futures over spot prices.

🔴 Furthermore, the recent slowdown in stablecoin inflows after the Bitcoin halving in April has reduced upward price pressure. This combination of "cash and carry" trades utilizing ETFs/futures and reduced stablecoin inflows is keeping Bitcoin’s price range-bound despite the record ETF inflows.

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💸 Michael Saylor Reveals Bitcoin ETFs Holding 1 Million BTC

⭐️ Bitcoin ETFs have collectively accumulated over 1 million BTC, which is “a remarkable achievement” as highlighted by Michael Saylor. This milestone signifies increasing institutional and retail investor interest in gaining exposure to Bitcoin through ETFs.

📊 Leading the pack are BlackRock’s $21.4-billion iShares Bitcoin Trust and Fidelity’s $12.3-billion Wise Origin Bitcoin Fund. Despite recent mixed economic data impacting Bitcoin’s price, the consistent ETF inflows underscore sustained demand for these investment vehicles in the crypto market.

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🔄 Cardano Is on Track for Voltaire Upgrade This Month, Co-Founder Hoskinson Says

🔼 Cardano is on track to enter the final phase of its roadmap, known as Voltaire, later this month according to co-founder Charles Hoskinson. This upgrade will transition Cardano into a fully decentralized blockchain ecosystem.

📌 The first step requires stake pool operators to upgrade their validating node software to version 9.0. Once 70% have installed the new node, a hard fork can occur, pushing Cardano into the Voltaire era and leaving behind the current Basho phase.

⌛️ In the Voltaire phase, Cardano will no longer be actively managed by developer IOHK. Instead, it will be governed by the community through an advanced blockchain governance system that allows ADA holders to vote on proposals and project funding from Cardano’s treasury. While ADA dipped 1.6% in the last 24 hours, the upgrade represents a significant milestone for Cardano in achieving full decentralization as envisioned in its long-term roadmap since inception in 2017.

ℹ️ The move cements Cardano’s position in enabling community-driven blockchain evolution and on-chain governance for its ecosystem of decentralized applications and services built on the platform.

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🔗 zkSync’s ZK Airdrop Is Coming ‘Next Week’—Here’s What to Expect

🗓 Matter Labs will airdrop 3.7 billion ZK tokens, or 17.5% of the total supply, to zkSync users and ecosystem contributors next week.

🌐 Dubbed the largest L2 airdrop, it has a potential fully diluted value over $2.5 billion based on pre-market ZK prices. 89% goes to active zkSync users, capped at 100,000 ZK per address.

🟢 While 16.1% is allocated to Matter Labs employees and 17.2% to investors, the substantial distribution to the community reflects Matter Labs’ focus on decentralized governance. However, some countries may be excluded from claiming tokens due to regulatory compliance.

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💸⌛️ Donald Trump Says He Wants All Remaining Bitcoin to Be ‘Made in USA’

🔴 Former President Donald Trump has doubled down on his pro-Bitcoin mining stance, stating he wants all remaining Bitcoin to be mined in the U.S. In a recent Truth Social post, Trump positioned Bitcoin mining as “the last line of defense against a CBDC” and claimed it will help make the U.S. “energy dominant.”

🌐 This follows his meeting with executives from major U.S. Bitcoin mining firms like CleanSpark and Riot Platforms. With 90% of Bitcoin’s 21 million supply already mined, Trump appears keen to have American companies leverage domestic resources to mine the remaining coins and counterbalance the threat of government-issued digital currencies.

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💸🔽 Bitcoin ETFs See $200M Net Outflows in Fed, CPI Jitters

📉 U.S.-listed spot Bitcoin ETFs recorded $200 million in net outflows on Tuesday, the highest single-day figure since May. This likely reflects traders reducing risk exposure ahead of key economic data releases and the Fed’s policy decision.

📊 Grayscale’s GBTC product saw the largest redemptions at $120 million, continuing its trend as the worst performing ETF by outflows.

ℹ️ While some analysts view the pullback as a buying opportunity, the outflows underscore how macro events like inflation reports and rate decisions continue to drive sentiment and volatility in Bitcoin markets, impacting trading around ETF products.

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💸📈 Stick With Bitcoin, 10x Research Says After Fed Predicts Just One Rate Cut For 2024

🔼 Research firm 10x Research maintains a positive outlook on Bitcoin, advocating investors “stick with the winners” even after the Fed projected just one rate cut for 2024. The firm cites Bitcoin’s historical tendency to rally following softer-than-expected CPI releases, like May’s flat print, which drove $100 million of inflows into Bitcoin ETFs.

‼️ While acknowledging short-term volatility, 10x expects the Fed will eventually signal more rate cuts as inflation peaks. They believe this will resume the Bitcoin uptrend, driven by its correlation with shifting monetary policy expectations based on inflation data.

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🇪🇺 Is Europe’s Right-Wing Surge a Catalyst for a Crypto Market Boom?

📣 Right-wing parties gained ground in the EU elections, fueling speculation about crypto regulation changes. Some advocate economic freedom, suggesting potential for more crypto-friendly policies. However, concerns around money laundering and environmental impact could drive stricter rules. France’s snap election adds uncertainty after its previous embrace of crypto innovation.

📊 While instability historically drives investors to crypto safe havens, experts caution a uniform European crypto boom is unlikely amid the political complexities. The road ahead remains unclear as various forces shape the future crypto landscape.

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🔥🔍 Early Buyers of Andrew Tate’s DADDY Memecoin Apparently Sitting on $45M in Unrealized Value

🔗 Wallet data allegedly shows some wallets purchased 30% of Andrew Tate’s DADDY token supply before its promotion, raising insider trading concerns. While Tate hasn’t sold tokens yet, these early buyers purportedly hold $45 million in unrealized gains. However, limited trading liquidity restricts cashing out fully.

📊 The token’s $240-million market cap after just three days exemplifies the recent celebrity memecoin frenzy, though many previous launches have seen massive sell-offs.

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💸 MicroStrategy Increases Convertible Note Offering by 40% to $700M in Bitcoin Splurge

🔼 MicroStrategy, the largest public corporate holder of Bitcoin, increased its latest convertible debt offering by 40% to $700 million. The software firm plans to use the proceeds to acquire more Bitcoin for its treasury reserves as well as for general corporate purposes.

⚠️ With this debt raise, MicroStrategy now has over $2 billion in debt financing for its aggressive Bitcoin accumulation strategy led by pro-crypto CEO Michael Saylor. While the Bitcoin bet is risky, analysts are bullish on MicroStrategy’s stock, with Bernstein setting a $2,890 price target.

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💸💎 Bloomberg Analyst Reveals Approval Date for Critical S-1 for Ether Spot ETFs

🌐 According to Bloomberg’s Eric Balchunas, the critically awaited approval for an Ether spot ETF could come as soon as July 2. Balchunas stated the SEC sent basic comments to issuers on their S-1 filings, requesting a response within a week.

🗓 This timeline suggests the ETFs may get cleared during the upcoming holiday week. While not definitive, Balchunas views July 2 as the most likely approval date based on his analysis. The long-awaited Ether spot ETF would mark a major milestone for crypto’s regulatory journey.

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🌐 Solana’s Road to ETF Approval: Key Factors

⌛️ The prospect of a Solana ETF has sparked debate, but significant hurdles remain. Key challenges include the lack of a regulated U.S. futures market for SOL, the SEC recently labeling it a security, and general skepticism from experts given regulatory ambiguity around altcoins.

🔗 While Solana’s community hopes for approval, analysts like JPMorgan’s Nikolaos Panigirtzoglou doubt the SEC will greenlight a SOL ETF anytime soon after just approving Bitcoin and Ether funds. Overcoming these regulatory roadblocks may take years without legislative reforms. However, Solana’s popularity keeps the ETF possibility alive.

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🌐 Ripple Announces Major CBDC Collaborations With 10 Nations

🔴 In a major move, Ripple CEO Brad Garlinghouse announced collaborations with 10 countries to develop central bank digital currencies (CBDCs) using Ripple’s blockchain technology.

While details remain undisclosed, the goal is to leverage Ripple in order to enhance financial systems' safety and efficiency. Garlinghouse likened the CBDCs' purpose to stablecoins maintaining value pegs.

⌛️ This advancement aligns with the digitization trend in finance driven by needs for better cross-border transactions and transparency. Complementing these efforts, Ripple also unveiled its stablecoin Real USD, available on Ethereum and XRP Ledger, signaling Ripple’s push to expand its blockchain ecosystem’s utility.

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⛔️ No Altseason Until Fed Cuts Rates, Says Analyst Benjamin Cowen

According to popular crypto analyst Benjamin Cowen, investors should not expect an alt season rally until the Federal Reserve reverses its monetary tightening and cuts interest rates.

⚠️ Cowen points out that in the last cycle, altcoins significantly outperformed Bitcoin only after the Fed started cutting rates in July 2019.

📈 He anticipates Bitcoin’s dominance could rise to 60% as altcoins continue “bleeding” against BTC until a potential Fed pivot. However, the total altcoin market cap remains over $1 trillion, leaving room for an alt resurgence if liquidity conditions improve.

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💸 U.S.-Listed Bitcoin Miners Reached Record Total Market Cap of $22.8B in June: JPMorgan

📈 According to JPMorgan, the total market capitalization of the 14 U.S.-listed Bitcoin mining stocks they track reached an all-time high of $22.8 billion on June 15.

Mining stocks outperformed BTC in early June, with Core Scientific surging 117% after announcing an AI deal.

💸 The bank notes U.S. miners increased their collective hashrate share to 23.8% as less efficient rivals scaled back post-halving. While a positive for public miners, the rising sector valuations also highlight investors’ optimism around Bitcoin’s long-term prospects despite recent price volatility.

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💸 Here’s Why Bitcoin’s Not Keeping Pace With Nasdaq

🕯 While the Nasdaq rallied to new highs, Bitcoin declined 6% over the past week. Crypto-specific factors like profit-taking by long-term holders and increased selling by miners appear to be weighing on BTC’s price. Data shows the supply of Bitcoin inactive for 1–2 years has dropped as some holders took profits near record highs.

🔴 Additionally, listed miner Marathon Digital sold $98 million worth of BTC this month. With the hashrate also down, these developments suggest some miner capitulation occurring.

While the equity correlation typically boosts Bitcoin, these crypto-centric selling pressures seem to be overriding that dynamic for now.

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