Wondering what developments have made headlines in crypto over the past seven days? If so, stick around! Our article highlights some of the hottest crypto-related topics from June 9th to 16th.
Crypto Guru Anthony Pompliano to Head Bitcoin-Buying Firm ProCapBTC
Anthony Pompliano, a well-known cryptocurrency advocate, has been appointed as the CEO of the Bitcoin-buying company ProCapBTC after the firm announced its partnership with Columbus Circle Capital 1.
Under his leadership, Pompliano is expected to lead ProCapBTC in raising over $750 million in convertible debt and equity to purchase Bitcoin.
Bitcoin Plummets to $101,600 as Israel Attacks Iran
Last Thursday, Israel launched an attack on Iran, causing Bitcoin’s price to briefly touch the $101,600 support. The downtrend, which caught many long traders off guard, saw over $421 million worth of long trades get liquidated, according to data from CoinGlass.
It is worth highlighting that Bitcoin has recovered to $106,638 as of this writing. Despite the recovery, some analysts remain pessimistic about a rally to $110,000 in the short term, arguing that the war could keep traders off the market for a while.
SEC Rescinds Several Crypto Rules Proposed by Biden Administration
On June 13th, the US Securities and Exchange Commission (SEC) dismissed numerous rules proposed under Joe Biden’s administration. These rules were announced by former SEC Chairman Gary Gensler between February 2022 and December 2023.
In its statement, the SEC said it will soon propose new crypto-friendly rules that align with Donald Trump’s mission of providing clear regulations for the prosperity of the blockchain industry.
SharpLink Makes ETH Purchase Worth $463 Million
On Friday, sports betting company SharpLink announced that it had spent $463 million to buy 176,270 ETH. That purchase, financed through equity and private placement sales, made the Nasdaq-listed firm the largest publicly traded Ethereum holder.
According to SharpLink’s announcement, over 95% of the acquired Ethereum was deployed in liquid staking protocols, allowing the firm to earn passively while helping to keep the Ethereum blockchain secure.
Crypto Trading Platform Bullish Files for IPO
The bullish crypto exchange, which has attracted top investors like Peter Thiel, filed for an IPO (initial public offering) with the US SEC on Wednesday, according to a Financial Times report. The lead underwriter for the IPO is American investment firm Jefferies. It is important to mention that Bullish has yet to make a public announcement on the matter.
Bitcoin’s Rally to $119k is Possible: Here is Why
While many investors rotate their crypto investments into cash and short-term government debt when geopolitical uncertainty rises, analysts say recent surging oil prices could create a foundation for a BTC rally. They argue that Bitcoin has outperformed oil in the past few days after the latter’s price peaked. The latest oil rally met resistance at $77 on Friday. If history repeats itself, analysts predict that Bitcoin will hit $119,000 in the coming weeks.
Illegal Truck-Based Crypto Miner Busted in Russia
Over the weekend, Russian authorities uncovered a truck-based crypto mining operation that had been illegally using electricity intended to power a village in the Pribaikalsky district of Buryatia. The authorities told Russian state-owned media house TASS that they found over 90 mining rigs in the truck. However, the individuals involved in the illegal operation weren’t present when officials arrived.
Bitcoin is Unlikely to Plummet 75%, Says Analysts
Amid speculations on X that Bitcoin could plunge at least 75% after peaking at $111,491 in May, crypto analyst Pav Hundal from Swyftx has said such a scenario is unlikely to happen in this cycle.
Some crypto enthusiasts believe that Bitcoin will mirror its 2022 performance when it peaked at $69,000 and then fell 76% to 16,194. However, Hundal argues that a 75% price correction is unlikely this time due to growing institutional demand, which could possibly limit the downtrend. Nonetheless, he doesn’t rule out a potential sharp dip after Bitcoin hits $150,000.
