Bitcoin recovered some lost ground by the end of the week as markets shook

 

#1. US lawmakers file ‘SEC Stabilization Act’ to fireplace Gary Genesee

United States Representative Warren Davidson has introduced the “SEC Stabilization Act” into the House of Representatives. One of the bill’s main provisions is to fire Securities and Exchange Commission (SEC) Chair Gary Genesee. The bill would remove Gentler from office and redistribute power between the SEC chair and commissioners. It would also add a sixth commissioner to the agency, disallow any party from holding a majority on the commission and create an executive director position. The SEC declined to comment on the matter.

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#2. BlackRock applies for spot Bitcoin Etta — a US first if approved

BlackRock, the world’s largest investment company, has filed an application for a Bitcoin spot exchange traded fund (Ethan). It would be the first crypto spot Ethan in the United States, if it receives approval. According to the filing, Coincide Custody Trust Company would be the custodian of the fund and Bank of New York Mellon would custody its fiat. The SEC has not approved a spot Bitcoin Etta so far despite numerous applicants. The world’s first spot traded Bitcoin ETF was Canada’s Purpose Bitcoin Etta, set up in early 2021.

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#3. Balance CEO Changing Zhao denies rumors of selling Bitcoin to bolster BNB

Balance CEO Changing “CZ” Zhao has refuted accusations that Binance has been secretly selling Bitcoin (BTC) to artificially stabilized the price of its BNB token. The rumors have come from several market commentators in the past days, accusing the exchange of intentionally manipulating the market to artificially inflate the value of BnB. CZ said that Balance had not sold any of its BTC or BNB, adding that the crypto exchange still held “a bag” of Fix Token — the native token of the now-defunct crypto exchange Fix.

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#4. Prediction of the week. Bitcoin price eases downside as traders demand $24.5K support holds

Bitcoin recovered some lost ground by the end of the week as markets shook off mixed United States macro signals.  Data from Crystallography Markets Pro and Tradition showed BTC/USD circling $26,000 on June 16 after bouncing over $1,000 from the previous day’s lows when it fell below $25,000 for the first time in three months. The 4% plunge came as the Federal Reserve pressed a pause on interest rates but suggesting more hikes would come later this year. On short timeframes for BTC/USD, traders are remaining cautious amid the risk of further downside to come. “Still in the area of interest, but need to sustain above $24.5K to avoid a cascade to $23k,” wrote Michaels van de Popped, founder and CEO of trading firm Eight.

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#5. FUD of the week. Curve pool imbalance triggers USDT depending concerns, Tether CTO calls it FUD

The Tether (Used) Stapleton slightly deviated from its U.S dollar peg on June 15 due to an imbalance in Curve’s 3pool. The price of Used fell by 0.3% to around 0.997 as its weighing in the Curve 3pool increased to over 70% from the usual 33.1%. A significant rise in the weighted of a Stapleton in the pool indicates heavy selling of that asset. Tether’s chief technology officer, Paolo Arduino, took to Twitter to assure that the depend is nothing to worry about and it is ready to redeem any amount.

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#6. FUD of the week. ‘Who the hell’ is Promethium and what did it say to Congress about SEC compliance?

The relatively under-the-radar crypto company Promethium has been thrust into the spotlight after a recent testimony from its co-founder, Aaron Kaplan, before a U.S. House Committee discussing crypto regulatory clarity. Kaplan’s testimony advocated for regulating crypto under current securities laws — a view also shared by the SEC. He argued that multiple frameworks provided by the SEC have “clearly laid out” a “compliant path forward for crypto,” adding that those arguing for new crypto-specific laws are “simply not willing to comply.”

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