Crypto News Headlines (22-Jun-2023)

Pepecoin (PEPE) is up over 79% on the week, leading a meme coin rally that’s seen Dogecoin (DOGE), Shiba Inu (SHIB) and Floki Inu (FLOKI) rise by double digits in the same timespan.

Over the week, Dogecoin has risen by 11.2%, Shiba Inu by 25.6% and Floki Inu by 30.9%, per data from CoinGecko.

The momentum has built over the week, with the total market cap of meme coins posting gains of 11% in the past day, over 2.5 times that of the 4.2% gains seen by the total market cap of all cryptocurrencies.

PEPE’s price chart shows that a considerable portion of the surge came late on June 21, likely following Bitcoin’s strong bullish action above $30,000. At time of going to press, PEPE is up over 43% in the last 24 hours, at $0.00000151..

The Netherlands has welcomed a new equity exchange-traded (ETF) fund that will give investors exposure to a basket of Bitcoin (BTC)-related company stocks.

French investment firm Melanion Capital’s Bitcoin Equities ETF began trading on the Euronext Amsterdam Stock Exchange on June 22, introducing an equities-based approach to investing in the Bitcoin ecosystem.

The ETF is designed to track the Melanion Bitcoin Exposure Index, which is a custom basket of European and American stocks closely tied to BTC’s market price.

The ETF complies with the European Commission’s Undertakings for the Collective Investment in Transferable Securities (UCITS) regulatory framework for managing and trading mutual funds.

UCITS funds allow investment firms to register and sell trading products across the European Union by providing regulatory and investor protection requirements.

Ripple announced today that it has obtained in-principle approval for a Major Payments Institution License from the Monetary Authority of Singapore (MAS), the nation’s central bank and regulator.

Ripple said that the license will allow its Singapore branch to offer regulated digital payment token products and services as well as further scale its customers’ use of its crypto-enabled On-Demand Liquidity (ODL) platform – which saw a 5x growth in the country year-on-year.

“We’re pleased that Singapore has taken a forward-looking approach to how to regulate digital assets,” Stu Alderoty, Chief Legal Officer of Ripple, said in an interview with CoinDesk. “With their licensing framework, they have figured out how to create a clear taxonomy for digital assets, balancing the need to protect consumers’ interests and the need to protect the integrity of the markets, while doing so in a way that promotes innovation and investment.”

As the popularity of Ordinal inscriptions surged on the Bitcoin blockchain, individuals embraced the technology to meticulously categorize satoshis, the smallest divisible unit of Bitcoin. Derived from the name of Bitcoin’s visionary creator, satoshis represent the smallest fractions of the cryptocurrency thoroughly documented on the ledger.

Exploring the World of Rare Satoshis: Collectors Embrace the Value of Unique Bitcoin Artifacts

In a recent twist, collectors have begun attributing higher value to particular satoshis, either due to their rarity or their association with legendary milestones. Enthusiasts are now on the hunt for these luxury satoshis, eagerly inspecting their holdings in hopes of uncovering ancient treasures acquired over time.

The topic has been circulating on social media, and numerous individuals have posted Twitter threads on the subject. Others have authored comprehensive articles explaining rare satoshis and providing instructions on how individuals can verify their ownership of such sats. On May 16, the author known as Old School Crypto published an editorial that extensively discusses rare satoshis.

Deputy Alfredo Gaspar, a member of the Brazilian Chamber of Deputies, has requested the summoning of Guilherme Haddad, the director of Binance Brazil, to appear before the Brazilian parliament as part of an ongoing Parliamentary Commission of Inquiry (CPI) investigation into alleged pyramid schemes in the country.

The June 21 request will be voted on by members of the CPI on June 27.

According to a translation of the Brazilian news outlet Portal do Bitcoin, if the vote is approved, Haddad will be summoned to appear before the Brazilian Chamber of Deputies if the vote is approved. This development comes amid a global regulatory crackdown on the largest cryptocurrency exchange. Binance has faced scrutiny from authorities in the United States, France, the Netherlands, the United Kingdom and Brazil, underscoring international attention on the company.

Blockchain payments firm Ripple has been granted an in-principle approval on its license application by the Monetary Authority of Singapore (MAS), in a move the company said deepened its commitment in the Asia-Pacific region.

The preliminary approval of the Major Payments Institution License application will give Ripple the ability to offer regulated digital payment token products and services in the republic, the company said in a press release on Tuesday.

“Singapore is a leading global financial center, and a prominent gateway to business in Asia Pacific,” said Ripple’s CEO Brad Garlinghouse. “We’re incredibly proud to receive an in-principle license from the MAS, reaffirming our commitment to the region and ongoing proactive engagement with regulators globally.”

Federal Reserve Chairman Jerome Powell answered some questions about cryptocurrency and stablecoins during his testimony before the House Financial Services Committee on Wednesday.

Congressman Warren Davidson (R-OH) stated that crypto currently has a market cap of about $1.1 trillion. He then asked Powell: “Do you acknowledge that this asset class has staying power in the U.S. economy?” The Fed chairman replied:

It appears to have some staying power.

Powell then noted that a year ago the market cap of the crypto market was a lot higher.

Rep. Davidson promptly explained that the crypto market had some “volatility in large measure due to the lack of legal clarity.” He added that the committee aims to change this, noting that several bills are coming out, including one on stablecoins.

South Korean crypto yield platform Haru Invest is terminating contracts for more than 100 employees, CoinDesk Korea reported Thursday. The platform paused withdrawals and deposits earlier this month, citing issues with service partners.

“Due to the recent situation, normal company management is difficult. I made that decision,” CEO Lee Hyung-soo reportedly said on a video call notifying employees of the changes on behalf of parent company Block Crafters.

The contracts for more than 100 employees are set to end on Friday, according to the report.

Despite plenty of regulatory action in the United States and an ongoing crypto winter, former TradFi executives, now in crypto, said there’s no desire to return to their old banking lives

Instead, former traditional bankers who’ve pivoted to crypto remain bullish about the industry’s future and love the fact they can actualize real innovation.

Lisa Wade, CEO of DigitalX, is one such executive, having pivoted to crypto in December 2021. She was once the head of innovation and sustainability at National Australia Bank (NAB), one of Australia’s Big Four banks.

Wade told Cointelegraph that the crypto industry provides her with greater freedom to take innovative risks compared to the banking sector.

  “It is becoming very obvious Web3 financial rails are the future — it is hard to innovate internally so those of us with a fire in our bellies are jumping ship.”

Crypto mining firm CleanSpark is moving forward with its aggressive infrastructure expansion in the United States by acquiring two Bitcoin $30,076 mining facilities in a $9.3 million cash deal.

According to a June 21 announcement, the two facilities CleanSpark will purchase are turnkey Bitcoin mining campuses in Dalton, Georgia. With turnkey mining, users can buy an assembled, configured and optimized Bitcoin mining rig to use on mining farms.

The facilities will host over 6,000 Antminer S19 XPs and S19J Pro+s, which are expected to add about 1 exahash per second (EH/s) to CleanSpark’s hash rate following the deal’s completion. According to Zach Bradford, CEO of CleanSpark, the newly acquired infrastructure will enable the company to reach its target of 16 EH/s by the end of the year.