Crypto This Wednesday: Bitcoin Tests 30K Support, MicroStrategy Acquires More BTC, And More

Bitcoin tests $30,000 support

Bitcoin (COIN:BTCUSD) retested the $30,000 support on June 28, while the US Federal Reserve remained aggressive on inflation. Powell indicated in Sintra, Portugal, further hikes in interest rates, pushing BTC to operate in a narrow range.

Bitcoin’s share of criminal transactions declines, Ethereum stands out

According to the TRM Labs report, over the past six years, Bitcoin’s share in criminal crypto transactions has significantly decreased. In 2016, it accounted for 97% of illicit cryptocurrency volume, but by 2022, it has dropped to 19%. Ethereum (COIN:ETHUSD) and Binance Smart Chain stood out among hackers. Furthermore, Tron (COIN:TRXUSD) has become the preferred choice for terrorist financing. Criminals are exploiting other blockchains and assets, seeking to obfuscate the origin and destination of their funds. Although cryptocurrency prices dropped in 2022, crypto-related crime was not impacted. The report identified several types of crypto crimes, including Ponzi schemes, cross-chain attacks, and funneling funds into darknet marketplaces.

Leveraged Bitcoin ETF sees modest volume on its first day of trading

On June 27, the Volatility Shares 2x Bitcoin Strategy ETF (AMEX:BITX), the first leveraged bitcoin ETF in the US, started trading with a volume of $5.5 million on its first day. While it started off strong, posting around $500,000 in the first 15 minutes, it was lower compared to ProShares’ BITO (AMEX:BITO), which reached around $1 billion in volume on its first day of trading in 2021.

MicroStrategy acquires more Bitcoins worth $347 Million

On June 28, MicroStrategy (NASDAQ:MSTR) announced the corporate purchase of 12,333 Bitcoins worth $347 million. With that, the company now owns a total of 152,333 BTC, with an average purchase price of $29,668 each. The purchase was partially financed by the issuance of new shares. MicroStrategy has been active in buying Bitcoin, regardless of price, and Executive Chairman Michael Saylor is an outspoken supporter of the cryptocurrency.

European Commission proposes legislative plan for a digital euro

On June 28, the European Commission proposed a legislative plan for a digital euro, aimed at making it widely accepted and accessible. The proposal includes obtaining digital euros through banks, privacy protection, offline payments and financial data sharing between banks and fintechs. The European Central Bank welcomed the proposal and will continue to develop technical solutions and trade agreements for the next phase. The decision to issue a digital euro will be taken after the adoption of the legislative act.

Warner Music and Polygon Labs in partnership

Warner Music Group (NASDAQ:WMG) has announced a partnership with Polygon Labs to launch a blockchain-based music acceleration program. The program seeks to leverage decentralized music-related applications and projects on the Polygon network, prioritizing initiatives involving decentralized music distribution, fan communities, on-chain ticket sales and collectible merchandise. Selected projects will receive funding, guidance and marketing assistance from Warner Music and Polygon Labs. The label has shown increasing interest in cutting-edge technologies, including blockchain and AI, and will keep employees involved in these initiatives.

Paxos brings Pax Dollar stablecoin to Mexico through MercadoLibre

Paxos, a fintech blockchain company, has partnered with MercadoLibre (NASDAQ:MELI) to bring the stablecoin Pax Dollar (COIN:USDPUSD) to Mexico through its MercadoPago payment service. USDP will be available to MercadoPago customers across the country, offering a payment option with reduced fees for remittances. With Mexico leading the total number of transactions in Latin America, this partnership has the potential to drive cryptocurrency adoption in the country. Paxos is also making changes to its business, including switching custody providers to the EDX exchange.

Tether signs agreement with Georgia to develop Bitcoin and P2P infrastructure

Tether (COIN:USDTUSD), the issuer of the stablecoin, has signed a memorandum of understanding (MoU) with the government of Georgia to collaborate on the development of Bitcoin and peer-to-peer (P2P) infrastructure in the country. The partnership aims to boost the startup ecosystem and attract international investment to Georgia. The collaboration aims to develop Bitcoin and blockchain education, create payment infrastructure for merchants, and establish a resilient and private P2P communication system. Georgia will also set up a special fund for local startups in the blockchain technology sector.

KuCoin will implement mandatory KYC checks

Cryptocurrency exchange KuCoin has announced that it will implement mandatory know-your-customer (KYC) checks starting July 15. New clients will need to complete the KYC process to use the platform’s services, while existing clients will not be able to trade or make deposits without fulfilling the requirements. KuCoin is one of the largest cryptocurrency exchanges in the world with over 27 million users.

FTX negotiates possible comeback through joint venture

According to a report by the WSJ, bankrupt cryptocurrency exchange FTX is in initial talks with investors for a possible comeback through a joint venture. FTX will undergo a rebranding process and will offer compensation agreements to specific customers by providing equity stakes in the restructured company. CEO John J. Ray III confirmed contacts with interested parties. FTX’s turnaround efforts come at a time of heightened regulatory scrutiny on the crypto industry. The exchange revamp will also face the challenge of recovering billions in customer funds and regaining market confidence. The restructuring plan is expected to be filed in the third quarter of 2023.

Voyager Digital ordered to pay $1.1 million to law firm

Bankrupt cryptocurrency exchange Voyager Digital has been ordered to pay $1.1 million to law firm Kirkland & Ellis for fees and expenses related to the bankruptcy process. Accumulated fees for legal services rendered exceeded $1.4 million, with some members of the firm charging in excess of $2,000 an hour. Kirkland & Ellis represents other failing cryptocurrency companies such as BlockFi and Celsius. Voyager’s bankruptcy plan was approved in May after Binance.US pulled out of buying the company’s assets.

Ex-broker sentenced to pay $54 million for fraudulent cryptocurrency trading scheme

Michael Ackerman, a former New York Stock Exchange broker, was ordered to pay $54 million in damages and fines for a fraudulent cryptocurrency trading scheme. In 2020, Ackerman faced allegations of defrauding approximately 150 investors by raising $33 million. Michael Ackerman has been banned from trading on any supervised market and must repay $27 million to victims. The final order ended the Commodity Futures Trading Commission’s enforcement case against him.

One Trading raises $33 million in funding round to expand its offerings

Digital asset exchange One Trading, formerly known as Bitpanda Pro, has raised €30 million (about $33 million) in a funding round led by Valar Ventures and backed by investors including MiddleGame Ventures and Speedinvest. The platform has completely split from Bitpanda and plans to expand its crypto asset offerings to retail and institutional investors across Europe. One Trading will seek to become a trading venue compliant with the Markets in Financial Instruments Directive (MiFID) of the European Union.

Startale Labs receives US$ 3.5 million investment from Sony Network Communications

Singapore’s Startale Labs has received a $3.5 million investment from Sony Network Communications (NYSE:SONY) to strengthen its collaboration and drive development of Web3 technology. Sony and Startale are working together on a Web3 incubator, exploring how blockchain technology can solve problems in Sony’s industry. Startale is a spin-off of the Astar Foundation, a leader in blockchain in Japan. “ I’m excited to further strengthen our collaboration with Startale Labs, a company with advanced Web3 technologies and expertise. We have already cooperated with Startale Labs by jointly hosting incubation programs aimed at furthering the development of Web3 ”, said Jun Watanabe, President and CEO of Sony Network Communications.