Crypto News Headlines (07-June-2023)

The majority of Pepecoin (PEPE) investors were left playing a game of musical chairs as early participants made the bulk of gains, new research from SingularityDAO shows.

The early profit taking has drained the token of substantial liquidity, leaving majority of investors unable to make meaningful profits, the report adss.

Over 80% of potential profits were accrued in the first week of pepecoin’s issuance, when the ‘Pepe the Frog’ themed meme coins went from a market capitalization of low five figures to $33 million in just over a week.

Anton Siluanov, the Russian finance minister, has referred to Russia’s situation after having most of its means for dollar-based exchange blocked. Siluanov noted that Russia was forced to find alternatives to the dollar due to the economic sanctions enacted by the U.S. government, due to the country’s involvement in the Russia-Ukraine conflict.

In an interview with CGTV, Siluanov stated:

We are not challenging the dollar, the dollar has challenged Russia, so we are looking for reliable alternative settlement mechanisms between our exporters and importers so that it is convenient, reliable and beneficial for participants in the foreign economic activity of our countries.

Russia has turned to using national currencies in bilateral settlements with some countries like China and Iran. In May, Russian Prime Minister Mikhail Mishustin stated that 70% of Russia-China settlements were conducted using national currencies.

Fintech trading app Robinhood could delist the tokens named in lawsuits by the Securities and Exchange Commission against Binance and Coinbase this week, a representative for the company told a Congressional committee.

“We are actively reviewing the SEC analysis to determine what, if any, actions to take in that regard,” said Robinhood Chief Legal Compliance Officer Dan Gallagher, a former SEC commissioner, while testifying before the House Agriculture Committee on Tuesday.

The company possesses a broker-dealer license for the trading of securities. Still, Gallagher didn’t think the company could use that to trade the tokens named as unregistered securities by the SEC, including Solana, Polygon, and Cardano, in those two enforcement actions.

Daily volume in the options market soared by over 400%, indicating increased market activity. Additionally, short-term implied volatility (IV) saw a slight rise.

One notable highlight was the trading of 290,000 ETH block calls yesterday, which accounted for 57% of the total volume for the day. These calls had a notional value of $540 million and predominantly consisted of nearly 100,000 sets of calendar spreads. It’s important to note that the strike price of this large bid from a significant market participant was lower compared to the previous month.

This trading activity suggests that the whale, or large market participant, who executed these transactions holds a bearish view on the current market conditions. They appear to believe that it will be challenging for the price to surpass the $2,000 mark, even with the recent V-shaped reversal.

​​The median trading volume across the top three decentralized exchanges (DEX) jumped 444% in the past 48 hours as crypto investors reeled from the United States securities regulator’s recent legal actions against cryptocurrency exchanges Coinbase and Binance.

According to aggregated data from CoinGecko, total daily trading volumes on Uniswap v3 (Ethereum), Uniswap v3 (Arbitrum) and PancakeSwap v3 (BSC) — which account for 53% of the total DEX trading volume in the last 24 hours — increased by more than $792 million between June 5 and June 7.

Additionally, the trading volume on Curve, a DEX that allows for the trading of stablecoins, spiked by 328%. At the time of writing, the bulk of the trading activity on Curve is focused on trading the U.S. dollar-pegged stablecoins USD Coin USDC $1.00 and Tether USDT $1.00.

Lending protocol Aave’s gho (GHO) stablecoin took a step closer to an Ethereum mainnet launch as the developer proposed two key features that would benefit holders while keeping the token’s stability intact.

Gho has been available on the Ethereum blockchain’s Goerli testnet since February, where it has functioned without encountering any major bugs.

In a governance post on Tuesday, developer Aave Companies proposed the V3 Ethereum Facilitator – to allow for gho lending against collateral deposits – and the FlashMinter Facilitator – a variant of flash loans, or loans that are issued against zero collateral.

Amid the U.S. Securities and Exchange Commission’s (SEC) lawsuit against Binance and the SEC’s request to freeze assets belonging to Binance US, the exchange has experienced significant outflows.

As of June 6, 2023, at 9 p.m. ET, Binance has seen $10.30 billion in 24-hour trade volume worldwide. According to statistics recorded by, a significant portion of Binance’s volume comes from BTC/USDT and BTC/TUSD trading pairs.

Binance Records Significant Outflows of BTC, ETH, and Stablecoins Exceeding $1.45 Billion

According to data from, Binance has experienced a significant outflow of BTC, ETH, and stablecoins from the platform. The outflow began leaving Binance reserves approximately 68 hours ago on June 3, 2023.

On that day, Cryptoquant’s metrics indicate that Binance held 615,045 bitcoin (BTC) in reserves. Currently, the stash of BTC has decreased to 599,607, resulting in a loss of 15,438 BTC worth more than $420 million using current BTC exchange rates..

French luxury fashion house Louis Vuitton will soon debut a limited series of NFTs, each priced at about $41,712 (€39,000), which will unlock exclusive products and experiences for high-level customers, the company announced Tuesday.

The series, “Treasure Trunks,” will riff on the iconic Louis Vuitton luggage trunk and consists of only “a few hundred” NFTs, according to a report in Vogue Business. Each “Treasure Trunk” NFT will come with a matching, made-to-order physical Louis Vuitton trunk, which routinely sell for tens of thousands of dollars.

The NFTs will be soulbound, meaning they cannot be traded or transferred between individuals. Only the original owner of a Louis Vuitton Treasure Trunk will be able to use it to access exclusive customizable products, early releases of new products, and bespoke experiences.

Professionals from various parts of the crypto sector have responded to the United States Securities and Exchange Commission’s (SEC) recent actions against some of the biggest crypto exchanges, Binance and Coinbase.

On June 5, the SEC filed a lawsuit against Binance for allegedly offering unregistered securities. Only a day after filing the Binance suit, the commission also went after Coinbase on somewhat similar grounds, alleging that popular cryptocurrencies offered by the exchange, like Solana (SOL), Polygon (MATIC) and The Sandbox (SAND), qualify as securities.

Cointelegraph reached out to various players working within the space to see their responses to the recent actions made by the SEC. From sharing their belief that it will drive crypto companies away from the U.S. to simply calling the SEC’s actions lazy, industry players shared their thoughts on the latest topic hounding the space..

Despite the wave of market failures in 2022, the Philippines’ financial regulator has decided not to rush a legal framework on the crypto industry, initially planned to be published in late 2022. However, work on the guidelines is ongoing, and the results could be made public this year.

Cited in a local media outlet, the chairman of the Philippines Securities and Exchange Commission (SEC), Emilio Aquino, revealed that previous deadlines for introducing the crypto framework in the country were moved. The regulatory authority was planning to introduce guidelines for the industry in 2022, but it held back the initiative to study the reasons behind the collapse of the FTX exchange and ensure investors’ protection.

However, according to Aquino, the framework might still be issued by the end of 2023:

“We haven’t closed the door. We really just have to make sure people don’t get burned.”