What happened this June in the cryptocurrency world?

June on the cryptocurrency markets

  • Bitcoin (BTC) didn’t perform very well this month. Its price decreased by over 10% [CoinMarketCap], probably due to the new mining restrictions in China. However, MicroStrategy decided to buy the dip with over $489 million. Now, they’re holding around 105,085 BTC ($2.7+ billion).
  • XRP went down in June (-35%) as the lawsuit against Ripple extends. The court granted the U.S. Securities and Exchange Commission (SEC) request for a 60-day extension of the discovery period in their case. Meanwhile, the former CTO and co-founder of Ripple, Jed McCaleb, keeps receiving XRPs and slowly selling them.
  • Ethereum (ETH) lost around 22%, but it’s already recovering. Last month, the developer team Matter Labs launched their alpha version of the so-called “rollups” on an Ethereum testnet, to make it faster and cheaper. Probably because of this, the gas fees on this network plunged to a yearly low of around $0.15 per transaction.
  • Amid the bloodbath, some tokens managed to keep stable and even bullish. Shiba Inu (SHIB) decreased by 16%, but its popularity and exchange listings are on the rise. Its DeFi platform, Shibaswap, is planned for summer.
  • NFTs sales decreased by over 74% in June, compared to May [Non-Fungible]. However, important creators, companies, and celebrities keep joining this market. So far, they include Jay Z, Twitter, Mattel, Marvel, Matt Furie (Pepe the Frog creator), the International Olympic Committee, and the Spanish poet Jorge Dot.

Worldwide cryptocurrency regulations

  • While El Salvador recognizes Bitcoin as legal tender, Iran seized over 7,000 ASIC miners. They banned Bitcoin mining last month for the time being, due to electrical issues in the country. However, at least 30 crypto-mining farms received operation licenses more recently.
  • The Financial Conduct Authority (FCA) from the United Kingdom extended its deadline for the crypto-asset firms to properly register. They should meet the requiring anti-money laundering standards before March 2022 if they want to keep operating in this country.
  • The exchange Binance is having trouble operating in, at least, six countries. Malaysia was the first one to ban it (in 2020). More recently, by the end of June and barely starting July, the United Kingdom, Japan, Singapore, Thailand, and the Cayman Islands joined the list. They assure that Binance doesn’t have proper permissions to operate in their territories.
  • The World Economic Forum (WEF) published a guide for the governments to regulate Decentralized Finance (DeFi). Only if necessary, according to the guide, they should consider the creation of customized frameworks, including warnings for the users and limited licenses for DeFi issuers.

Cryptocurrency hacks and scams

  • The United States is about to treat ransomware attacks almost like terrorism. A recently-created task force in Washington will be in charge of these attacks, and the affected companies must share every possible data about it. This is no wonder since a great hack against the Colonial Pipeline put the country in an emergency last month.
  • The DeFi hacks and scams weren’t absent this month either. The Safedollar (SDO) team assured that there was a hack of over $248,000, sending the token price to zero. Likewise, the Iron Finance protocol and its stablecoin IRON suffered a destabilization by whales, sending its price to zero.
  • Some scammers are targeting Ledger users to send them fake devices through the mail. Along with a letter, they explain to them that, supposedly, the company is changing the old devices to increase security. Therefore, they should insert their private key on the new fake hardware wallet. If the victim does so, their credentials (and funds) will end up with the scammers.
  • A fake NFT Marvel Marketplace is around scamming people. Marvel is, indeed, offering their own NFT collection now. However, the fake marketplace appeared before the official announcement, and, instead of NFTs, they offered a shady presale of a new token.
  • Two African brothers disappeared with around $3.6 billion in cryptocurrencies, as indicated by some reports. Ameer and Raees Cajee, co-founders of the investment platform Africrypt, closed the website and flee away with 69,000 BTC. They announced a supposed hack in April, and they didn’t respond to any messages until their previous customers hired lawyers.

Other news

  • John McAfee was found dead on his cell in Spain. The famous creator of McAfee Antivirus and frequent crypto-promoter was about to be transferred to the United States. He was facing charges for millionaire tax evasion.
  • Craig Wright won the lawsuit against Bitcoin.org by default. Last January, he threatened with legal actions to this webpage, arguing that he’s Satoshi Nakamoto and the Bitcoin whitepaper is under copyright (which it’s not). Sadly, the UK Court ruled a default judgment, because the admin of Bitcoin.org, Cobra, didn’t want to waive his anonymity to appear at the hearing.
  • Visa and PayPal were an important part of the investors for the last round of Blockchain Capital. This is, as described, “the first venture capital firm founded to focus exclusively on blockchain technology and the crypto ecosystem”. The raised amount this time was $300 million.

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