Financial Services Commission to Investigate Cryptocurrency Trading Fees
The Financial Services Commission is launching an investigation into the fee levels of domestic cryptocurrency exchanges, as reported by Herald Economic. On the 19th, the Financial Services Commission revealed plans to survey the current fee system for cryptocurrency exchanges to encourage fee reductions during a national policy planning committee work report. This indicates that President Lee Jae-myung's campaign promise of 'cryptocurrency trading fee reduction' is entering a full-scale policy review stage. Additionally, the Financial Services Commission announced plans to prepare a method for introducing spot cryptocurrency ETFs in the second half of the year, considering risks associated with financial and cryptocurrency market linkage, real economy impact, and investor benefits.
Ohio House Passes Law Exempting Capital Gains Tax for Crypto Transactions Under $200
The Ohio House of Representatives passed the Blockchain Basics Act, which includes a provision exempting capital gains tax for cryptocurrency transactions under $200. According to Cointelegraph, the bill is currently pending review in the state senate and will be finalized after the governor's signature.
Anonymous Address Raises $70 Million in One Week, Linked to Pump.fun
LookOnChain reported that an anonymous multisig wallet raised a total of $70 million worth of USDT and USDC from various institutional and whale addresses over the past week. LookOnChain stated, "There are rumors that the wallet is associated with Pump.fun. Some speculate that Pump.fun is raising funds for platform token launch."
Arrington Capital Withdraws 2,489 ETH from Coinbase
According to The Data Nerd, cryptocurrency hedge fund Arrington Capital withdrew 2,489 ETH (worth $6.28 million) from Coinbase. Previously, Arrington Capital staked 8,480 ETH (worth $21.97 million) with staking infrastructure company Figment. Exchange withdrawals are typically interpreted as a holding purpose.
ETH Spot ETF Sees $19.1 Million Inflow for Third Consecutive Trading Day
On June 18, the US Ethereum (ETH) spot ETF received a total net inflow of $19.1 million (26.3 billion won) for the third consecutive trading day. According to Parsifal Investor, BlackRock ETHA received $15.1 million, and Grayscale ETH received $4 million in net inflows.
On-Chain Assets of Crypto Asset Managers Increase 4x Since January
Cointelegraph reported, citing the Artemis report, that on-chain assets of cryptocurrency asset managers have increased 4-fold since January. The report indicates that current on-chain assets of crypto asset managers are $4 billion, significantly up from $1 billion in January. Notably, $2 billion is locked up in the DeFi lending protocol Morpho.
Analysis: "Altcoin Season Depends on Ethereum"
An analysis suggests that for an altcoin season to arrive, Ethereum must show a stronger and more sustained upward trend. According to Cointelegraph, famous crypto analyst Michael van de Poppe explained, "For the altcoin season we all want to return, and to close positions without loss or make profits, Ethereum needs to show strength in the market. Recently, the market's focus has shifted from Bitcoin to Ethereum, but most investors are trapped in a negative market psychology and fail to detect these early movements." Another analyst, Ted, stated, "Ethereum is following a path similar to the Bitcoin cycle of 2017-2021. A true rally will begin when Ethereum breaks $4,000."
Sol Strategy Submits Nasdaq Listing Application to SEC
Cointelegraph reported via X that Toronto-based investment firm Sol Strategy has submitted an application to the US Securities and Exchange Commission (SEC) for Nasdaq listing. Sol Strategy has been continuously purchasing Solana (SOL) since July last year and is known to currently hold 420,355 SOL.
BD Multimedia Issues $1.14 Million Convertible Bond to Purchase BTC
French payment solution service company BD Multimedia announced the issuance of a 1 million euro (1.14 million dollar) convertible bond (OCA) for its BTC reserve strategy. The funds are expected to be entirely invested in BTC purchases.
Sahara AI Announces Token Launch
Decentralized AI+blockchain platform Sahara AI announced its own token launch via X. Sahara AI revealed, "The ticker is SAHARA."
Pacific Island Nauru Passes Cryptocurrency Regulation Agency Establishment Law
Cointelegraph reported that the Pacific island nation of Nauru has passed a law establishing a virtual asset regulatory agency dedicated to cryptocurrencies, digital banking, and Web3 innovation. The agency will manage a licensing system allowing cryptocurrency companies to register and provide services based in Nauru. According to the law, cryptocurrencies are not considered securities.
FANC and Initech Announce Global Payment Project for KRWc Stablecoin
Social-AI blockchain project FANC and financial security specialist Initech officially announced a joint global project applying the KRW-linked stablecoin 'KRWc' to K-content and tourism industries. KRWc is pegged 1:1 with the Korean won and will first establish a domestic real-use environment before expanding as a payment method for Asian tourists. The two companies plan to introduce KRWc into payment systems across various lifestyle areas including dramas, performances, shopping, and transportation, and accelerate the implementation of Web3-based physical services.
Analysis: "Stablecoin Supply Exceeds $250 Billion"
Cryptocurrency data analysis platform Delphi Digital revealed that the total stablecoin supply has surpassed $250 billion for the first time. Tether (USDT) and Circle (USDC) are leading the market, accounting for 86% of the total supply.
Abracadabra Hacker Transfers $7.5 Million ETH via Tornado Cash
Paxful reported that a hacker from the DeFi platform Abracadabra (SPELL) transferred 3,000 ETH ($7.5 million) through Tornado Cash. In March, Abracadabra had previously suffered a hacking incident worth $13 million.
Analysis: "Over 10-Year Dormant BTC Increasing by 550 per Day"
Fidelity Digital Assets analyzed that the supply of Bitcoin dormant for over 10 years is increasing by 550 BTC per day, exceeding the daily new supply of 450 BTC after the halving. According to Cointelegraph, the report explained that "currently, 10-year-plus dormant BTC accounts for 17% of total supply at 3.4 million BTC, worth approximately $36 billion. This is expected to exceed 20% by 2028 and 25% by 2034".
Tiger Research: "Telegram Shifts Towards Government Cooperation"
Asian Web3 research and consulting firm Tiger Research stated in their recent report "Hidden Risks in the Cryptocurrency Market: The Irreplaceable Telegram" that while governments are strengthening regulations targeting Telegram's uncooperative privacy model under the pretext of "digital sovereignty", Telegram has recently shifted towards cooperating with governments, alleviating concerns in major countries.
Smarter Web Company Purchases 104.28 BTC
UK-based web development company Smarter Web Company announced the additional purchase of 104.28 BTC. Currently, the company holds a total of 346.63 BTC.
Coinone Lists AIXBT
Coinone officially announced the listing of AIXBT in the KRW market on the 20th at 12:00 through its official website.
Upbit Supports USDC Deposits and Withdrawals on SOL
Upbit announced through its official website the addition of Solana (SOL) as a supported network for USDC deposits and withdrawals.
Upbit Temporarily Suspends FLOW Deposits and Withdrawals
Upbit announced through its official website a temporary suspension of FLOW deposits and withdrawals due to wallet system maintenance from the time of the notice.
Upbit Temporarily Suspends Sei Deposits and Withdrawals
Upbit announced a temporary suspension of Sei deposits and withdrawals at 18:00 on the 20th to support the network upgrade.
BTC Perpetual Futures Long/Short Ratio at Top 3 Exchanges
The recent 24-hour BTC perpetual futures long/short position ratio based on open interest at the world's top 3 cryptocurrency futures exchanges is as follows:
Overall Exchanges: Long 49.21% / Short 50.79%
1. Binance: Long 48.93% / Short 51.07%
2. Bybit: Long 48.38% / Short 51.62%
3. Gate.io: Long 48.87% / Short 51.13%
Trump: "Powell is the Worst... Causing Billions in Damage to the US"
Donald Trump criticized Jerome Powell, Chair of the Federal Reserve, again through his Truth Social platform. He stated "Too Late Powell is the worst" and that "he is causing billions of dollars in damage to the United States". He also posted an article calling for Powell's resignation from Fannie Mae and Freddie Mac. Meanwhile, the FOMC kept interest rates unchanged.
