Forced Liquidation of $321 Million in Futures Positions in the Last Hour
Major exchanges saw $321 million in futures positions forcibly liquidated in the past hour.
Over the past 24 hours, $636 million in futures positions were forcibly liquidated.
US SEC and Ripple Request Lawsuit Suspension and Fine Return in Court
According to Crypto America host Eleanor Terret, the US Securities and Exchange Commission (SEC) and Ripple have requested a lawsuit suspension and fine return in the Manhattan District Court. They proposed paying $50 million of the $125 million civil fine to the SEC and returning the remainder to Ripple. Terret explained that "this request appears to be an effort to settle the case, terminate the pending appeal, and avoid additional legal proceedings between the two parties."
DeFi Development Secures Up to $5 Billion Stock Credit Line... Begins SOL Acquisition in Earnest
Nasdaq-listed DeFi Development (DFDV) announced a stock credit line (ELOC) contract with RK Capital for up to $5 billion. DFDV can sell its common stock to RK Capital as needed, with the funds to be used for SOL purchases. DFDV recently transformed into a Solana-centric company and has been pursuing related strategies since April. It currently holds approximately 62,000 SOL (worth about $100 million).
Singapore Web3 Company Trident Plans to Hold $500 Million in XRP
Singapore-based Web3 company Trident Digital announced plans to hold up to $500 million in XRP. According to Cointelegraph, Trident stated, "Instead of a simple buy-and-hold strategy for XRP, we plan to establish a staking mechanism and generate revenue. This plan will begin in the second half of the year, depending on regulatory and market conditions. We plan to raise funds through stock issuance for XRP purchases."
Coinbase Launches Perpetual Futures Service for US Users
Unfolded reported that Coinbase has launched a perpetual futures service for US users. Coinbase had previously announced the product launch in March.
Coinbase and American Express Launch First Credit Card for Subscribers
CNBC reported that Coinbase has launched its first credit card with American Express in the US. The service is exclusively available to US members of Coinbase's monthly subscription service 'Coinbase One'. Cardholders can receive 2-4% Bitcoin cashback. Coinbase previously launched its first debit card with Visa in 2020.
Shopify Supports USDC Payment for Platform Sellers
Canadian multinational e-commerce company Shopify announced support for stablecoin payments for sellers on its platform. According to Coindesk, payments will be supported via USDC on the Base Network. Currently, the service is available to some sellers, with plans to expand to all Shopify Payment sellers by the end of the year.
Analysis: "ETH Spot ETF Inflows Similar to BTC When Considering Market Cap"
Unfolded analyzed that Ethereum (ETH) spot ETF inflows are similar to Bitcoin spot ETF inflows when considering market capitalization. On the 11th, approximately $240 million was net inflow into the US ETH spot ETF, marking the second-largest inflow this year. The ETH spot ETF has continued 18 consecutive days of net inflows.
US SEC Delays Approval Decision for DOGE, HBAR, and AVAX Spot ETFs
The Block reported that the US Securities and Exchange Commission (SEC) has delayed the approval decision for Bitwise Dogecoin (DOGE) ETF, Grayscale Hedera (HBAR) Trust, and VanEck Avalanche (AVAX) ETF. The SEC has initiated the "review procedure" for these three ETFs, which typically means additional review. Previously, the SEC had requested amendments to the S-1 registration statements from Solana (SOL) ETF issuers.
US Securities Depository Examining Stablecoin Development
According to The Information, the US Depository Trust & Clearing Corporation (DTCC) is reportedly examining stablecoin development. DTCC is a private company under SEC supervision and a financial infrastructure organization.
Coinbase Research "Optimistic About Cryptocurrency Market in Second Half of Year"
Coindesk reported that Coinbase Research is optimistic about the cryptocurrency market outlook for the second half of this year. In its report, Coinbase Research stated, "We expect the cryptocurrency market to be more active in the second half of the year due to macroeconomic prospects and regulatory clarity. Particularly, if the Stablecoin Bill (GENIUS) and the US Cryptocurrency Market Structure Bill (CLARITY), which are approaching final voting, pass, they can provide a clear regulatory environment for both issuers and investors."
Trump: "Near Nuclear Deal with Iran... Potential Large-Scale Conflict in Middle East"
According to foreign media, former US President Donald Trump said, "Nuclear negotiations with Iran are almost reaching a conclusion. I prefer peaceful methods, but Israeli attacks could derail the negotiations." He added, "There is a possibility of large-scale conflict in the Middle East. We'll have to wait and see what happens."
Analysis: "BTC Could Fall Below $100,000 if Fractal Pattern Completes"
Amid heightened geopolitical tensions in the Middle East, technical analysis suggests a bull trap signal. According to Cointelegraph, crypto quantitative analyst Axel Adler Jr. stated, "BTC's recent rise from $100,500 to $110,000 shows a similar pattern to the rebound from $91,700 to $102,700 in January. If this fractal is valid, BTC could fall again to $100,000."
86,430 ETH Transfer... Anonymous → Liquid Stake
According to Whale Alert, 86,430 ETH was transferred from an anonymous address to a Liquid Stake address. The amount is worth $240 million.
Japanese Game Company Gumi Purchases $6.96 Million in BTC
Tiprank reported that the Japanese game company Gumi purchased 80,352 BTC (worth $6.96 million). The average purchase price is approximately $86,000. Previously, Gumi had announced plans to purchase BTC worth 1 billion yen from February to May.
'SOL Purchase' DeFi Development Secures $5 Billion Credit Line
Coindesk reported that DeFi Development (formerly Janover) has signed a $5 billion stock-based funding contract with RK Capital Management to purchase additional Solana (SOL). DeFi Development plans to submit related documents to the US Securities and Exchange Commission (SEC) and intends to purchase more SOL through this funding. Previously, DeFi Development had withdrawn its $1 billion securities issuance application after receiving a disqualification notice from the SEC.
US Stock Market's Three Major Indices Close Higher
The three major US stock indices closed higher.
S&P500: +0.38%
Nasdaq: +0.24%
Dow: +0.24%
US Commerce Secretary Says China Tariff Exemption Unlikely to be Extended
According to Solid Intel, US Commerce Secretary Howard Rutnick said that "the tariff exemption for China is unlikely to be extended".
Trump: "I Won't Fire Powell... Interest Rates Should be Lowered"
Donald Trump stated, "I hope the Federal Reserve will lower interest rates. I will not fire Jerome Powell, the Fed chairman. He should lower interest rates."
Former US Treasury Secretary Yellen: "Trump Tariffs Will Raise Inflation to 3% Annually"
Walter Bloomberg, citing CNBC, reported that former US Treasury Secretary Janet Yellen said "Donald Trump's tariff policy will raise the inflation rate to 3% annually".
$104 Million in Futures Positions Liquidated in the Past Hour
Futures positions worth $104 million were forcibly liquidated on major exchanges in the past hour.
Over 24 hours, futures positions worth $418 million were forcibly liquidated.
BTC Surpasses $108,000
According to Coinness market monitoring, BTC has surpassed $108,000. On Binance USDT market, BTC is trading at $108,020.59.
BTC Falls Below $107,000
According to Coinness market monitoring, BTC has fallen below $107,000. On Binance USDT market, BTC is trading at $106,961.03.
BTC Falls Below $106,000
According to Coinness market monitoring, BTC has fallen below $106,000. On Binance USDT market, BTC is trading at $105,964.65.
