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Bitcoin Price Prediction: BTC Crashes to $103K as Binance Enters Syria and BlackRock Eyes Crypto Crown
In the Asian session, Bitcoin (BTC) tanked to $103,895, down 4% in 24 hours. This broke below the $105,095 support. This is a big trend change as BTC exits the ascending channel that had held since early June. The breakdown was confirmed by a bearish engulfing candle and a strong rejection near $110,376, forming a three-candle reversal pattern and a series of lower highs. Technically, Bitcoin is under pressure. It now trades below its 50-period EMA ($107,446), and the MACD has crossed bearishly with a deepening histogram, confirming momentum is with the sellers. If $103,132 fails to hold, BTC could slip toward $101,705 or even test the psychological $100,000 level. Bitcoin Price Chart – Source: Tradingview Key Takeaways: Bitcoin trades at $103,895, down 4.36% Below $105K and 50-EMA: bearish shift MACD and candle patterns support downside Key support levels: $103,132 → $101,705 Binance Launches in Syria, Expanding Bitcoin Access Binance’s formal entry into Syria follows the lifting of EU and US sanctions in May, which unlocked access for Syrians to trade over 300 cryptocurrencies, including Bitcoin, XRP, and Toncoin. Full access to futures, spot, and P2P markets is now available, alongside Arabic-language educational tools and Binance Pay for borderless payments. LATEST: Binance opens full access to Syrian users after US sanctions suspension. Syria is off the Prohibited Countries list, residents can join 270M+ users in the global crypto economy. pic.twitter.com/yGBJIAOLV3 — Cointelegraph (@Cointelegraph) June 12, 2025 With local banking systems constrained and inflation soaring, crypto offers an alternative to traditional finance. This move is expected to drive regional demand for BTC as a hedge and remittance tool. Highlights: Syrians can now trade BTC and more on Binance Binance Pay eases cross-border payments Crypto seen as hedge in conflict zones BlackRock and ECB Shift Sentiment Toward Crypto and Gold Meanwhile, BlackRock is ramping up its crypto ambitions. At its investor day, the $11 trillion asset manager set a goal to become the top crypto asset manager by 2030. Its IBIT ETF sold $260.9M in BTC and bought $930.6M in June while overseeing the $53B Circle Reserve Fund backing USDC. It’s already registered as a crypto asset firm in the UK. JUST IN: $11.5 trillion BlackRock aims to become the world's largest crypto asset manager by 2030. pic.twitter.com/b1irMOsyVk — Bitcoin Magazine (@BitcoinMagazine) June 12, 2025 Simultaneously, the ECB also announced that gold is now the second largest reserve asset in the world, 19.6% of central bank holdings vs 15.9% for the euro. This is a shift towards “safe-haven” assets due to inflation, war and currency instability. Together these two things make for a mixed but powerful picture for Bitcoin: a macro pullback and rising institutional and regional demand. Final Thoughts: Bitcoin Under Pressure Since BTC is volatile and technicals are under pressure, it’s keeping Bitcoin price prediction bearilong-termong term fundamentals are strong. Watch $103,132 and $101,705 for reversal or further breakdown. BTC Bull Token Nears $8.1M Cap as 58% APY Staking Attracts Last-Minute Buyers With Bitcoin trading near $103K, investor focus is shifting toward altcoins, especially BTC Bull Token ($BTCBULL) . The project has now raised $7,103,849.89 out of its $8,153,354 cap, leaving less than $1 million before the next token price hike. The current price of $0.00256 is expected to increase once the cap is hit. BTC Bull Token links its value directly to Bitcoin through two core mechanisms: BTC Airdrops reward holders, with presale participants receiving priority. Supply Burns occur automatically every time BTC increases by $50,000, reducing $BTCBULL’s circulating supply. The token also features a 58% APY staking pool holding over 1.81 billion tokens, offering: The token also features a 61% APY staking pool holding over 1.73 billion tokens, offering: No lockups or fees Full liquidity Stable passive yields, even in volatile markets This staking model appeals to both DeFi veterans and newcomers seeking hands-off income. With just hours left and the hard cap nearly reached, momentum is building fast. BTCBULL ’s blend of Bitcoin-linked value, scarcity mechanics, and flexible staking is fueling strong demand. Early buyers have a limited time to enter before the next pricing tier activates. The post Bitcoin Price Prediction: BTC Crashes to $103K as Binance Enters Syria and BlackRock Eyes Crypto Crown appeared first on Cryptonews .

2025-06-13 05:37
Tony G Buys $438K in Hyperliquid Tokens—Is $HYPE the Next Sol Strategies Play?
Tony G Co-Investment Holdings confirmed that it purchased 10,387 $HYPE tokens, the native asset of the Hyperliquid ecosystem, for just over $438,000. This is the company’s largest investment in decentralized finance so far. We’re the first public company to add $HYPE to its treasury. Just the beginning. Hyperliquid. $TONY on CSE (Canada) $BGRDF on OTC (USA) pic.twitter.com/LN7GVd0Ftq — Tony G (@TonyGuoga) June 12, 2025 The tokens were acquired at an average price of $42.24 each. This marked the first time a publicly listed company had taken a position in the Hyperliquid protocol. Hyperliquid Gets Institutional Nod as Tony G Co-Investment Buys In According to the press release , the acquisition was executed through WonderFi Technologies, a Canadian digital asset platform. It comes amid Hyperliquid’s rise in market share and token value. From a price of $1 at launch in late 2024, $HYPE has surged to over $42 within a year. With this purchase, Tony G Co-Investment becomes the largest known $HYPE holder among publicly listed firms. “This acquisition reflects our strategic commitment to supporting digital infrastructure that is driving the next wave of innovation,” said Matt Zahab, CEO of Tony G Co-Investment Holdings. “Hyperliquid represents one of the most exciting developments in decentralized trading infrastructure.” he added. Zahab, who took over as CEO on June 8, brings marketing and media experience, including his role as host of the Cryptonews Podcast . He replaces Ron Akram, who stepped down as director earlier this month. Gediminas Klepackas, formerly interim CEO, has been named Chief Operating Officer. The firm made headlines in 2022 when it sold its stake in News 3.0, the parent company of Cryptonews.com, netting $2 million in crypto payments during a period when DeFi markets were reeling from the FTX collapse. The $HYPE acquisition draws parallels to another Tony G-backed venture, Sol Strategies . The publicly traded company began accumulating a large position in SOL in 2019 and has since become heavily invested in the Solana ecosystem. Tony G now serves as chairman and holds 36.8 percent of the company’s shares. In 2024, he helped secure a CA$10 million revolving credit facility , which contributed to a 12 percent surge in the company’s stock price on the announcement day. Under his leadership, Sol Strategies used the credit facility to expand its Solana holdings. Currently, the firm holds more than CA$48 million in crypto assets, primarily in SOL and SUI. Despite reporting a net loss of CA$4.8 million in the second quarter of 2025, the company saw its staking and validation revenue increases year over year, rising from just CA$67,000 to CA$2.54 million. While Hyperliquid does not belong to the Solana ecosystem, observers have begun to ask whether Tony G is applying the same strategy. With Sol Strategies focused on consolidating SOL, this latest move into $HYPE suggests a similar long-term vision, albeit on a different blockchain. $HYPE Rallies Toward $50 as Influencer Buzz and Listing Rumors Push Token Higher Hyperliquid’s trading volume reached $248 billion in May , an 843 percent increase compared to the same period last year. The platform offers centralized exchange performance combined with decentralized custody. Its Season 2 points campaign has also attracted thousands of new traders. $HYPE’s recent surge has been fueled by both influencers and large-scale traders. Andrew Tate drew attention after publicly revealing a 25-times leveraged ETH long position on the blockchain, which gained 138%. trying to escape the blockchain still i see pic.twitter.com/TByy2HIxOc — stablechad (@stablechad) June 10, 2025 Whale activity has also picked up. One wallet acquired over 259,000 $HYPE tokens for nearly $10 million and reportedly earned over $10 million in cumulative profits from trading $HYPE alone. Analysts believe the token is approaching the $50 psychological level. Some Fibonacci-based models suggest future price targets of $77 and $103. With a market capitalization of $13.39 billion, Hyperliquid has already surpassed SUI and is approaching Cardano’s $25 billion valuation. There is also speculation about a potential listing on Binance.US. The exchange posted a teaser covering Hyperliquid last week, which coincided with the emergence of listing rumors. Don't know what all the $HYPE is about? Lock in with some fast facts about Hyperliquid. pic.twitter.com/bBPOhxrkKM — Binance.US (@BinanceUS) June 8, 2025 For Tony G, this may signal another early bet built on conviction, large-scale entry, and a long-term plan. “We are proud to be one of the first public companies to invest in the Hyperliquid ecosystem. This is just the beginning,” Zahab said. Given Tony G’s history in DeFi, some see $HYPE as his next high-conviction move. The post Tony G Buys $438K in Hyperliquid Tokens—Is $HYPE the Next Sol Strategies Play? appeared first on Cryptonews .

2025-06-13 04:52
Hong Kong Customs Teams with HKU to Trace Crypto Transactions
Hong Kong Customs partnered with the University of Hong Kong to create a forensic tool designed to trace virtual asset transactions, according to a June 12 report from the South China Morning Post . Hong Kong develops tool to track illegal #crypto transactions Hong Kong Customs, in partnership with a local university, is developing a forensic technology designed to identify crypto transactions linked to money laundering. These efforts are driven by the high level of… pic.twitter.com/CJub0rPQ9c — Icekento (@icekento1) June 12, 2025 Assistant Commissioner Mario Wong Ho-yin said the department had handled seven cryptocurrency-related money laundering cases between 2021 and May 2025, involving over HK$9 billion. Crypto Fraud Cases Prompt New Law Enforcement Collaboration Wong said these offenses crossed international borders and required collaboration among law enforcement agencies, academic institutions, and the financial sector. “These money laundering threats are characterised by a transnational and borderless nature, and no single agency can tackle this problem alone,” Wong said during a media briefing. In one case, HK$1.8 billion moved through more than 1,000 transactions involving five companies and 18 local bank accounts. Two suspects allegedly moved HK$760 million using a cryptocurrency platform. The partnership builds on earlier work with HKU, where Hong Kong Customs had used the university’s forensic tools to investigate copyright infringement cases. Professor Yiu Siu-ming of HKU’s School of Computing and Data Science said the risks tied to virtual assets would likely grow as adoption increases. “Different issues will arise when so many products emerge, but current laws and regulations are not necessarily comprehensive. Another factor to note is the safety of these platforms,” he said. “This will help us fulfil the evidence requirements from the court [when handling these cases]. Without the University of Hong Kong’s technical advice, it would be difficult for us to do so,” Wong added. Hong Kong Broadens Digital Finance Strategy The two parties have also begun training officers from both local and international agencies on how to investigate digital asset-related crimes. A recent three-day workshop included attendees from eight jurisdictions, including mainland China, India, and New Zealand. The initiative coincides with Hong Kong’s ongoing efforts to establish itself as a regulated hub for digital finance. The city’s e-HKD pilot program is now in its second phase, testing practical applications for a central bank digital currency, such as settlement and cross-border use. Hong Kong is testing how its digital currency performs in live financial workflow with major institutions including Visa, ANZ, and Fidelity. #hongkong #hk #hkd https://t.co/mVeeMse72i — Cryptonews.com (@cryptonews) June 11, 2025 Efforts to develop crypto transaction tracing tools support Hong Kong’s broader digital finance agenda. These developments reflect closer alignment between emerging payment systems and enforcement capabilities. The goal is to balance increased financial access with stronger systemic oversight. The post Hong Kong Customs Teams with HKU to Trace Crypto Transactions appeared first on Cryptonews .

2025-06-13 03:38
Stablecoin Surge: Market Cap Hits Record $228B in 2025 Amid Trading Boom and Trump-Era Clarity
The stablecoin market is booming again in 2025, with total market capitalization reaching a new all-time high of $228 billion, according to a report by CryptoQuant. That marks a $33 billion increase so far this year, a 17% rise, driven by renewed crypto trading activity, growing use in payments, and increased regulatory clarity in the United States under President Donald Trump. Source: CryptoQuant . USDT and USDC Lead $33B Market Cap Jump According to the report, Tether (USDT) and Circle’s USDC continue to lead the market. USDT now holds a $155 billion market cap, up $18 billion year-to-date. USDC has gained $17 billion, climbing to a record high of $61 billion, an increase of 39% since January. On centralized exchanges, stablecoin reserves are also surging. The total value of ERC-20 stablecoins held on exchanges has reached $50 billion. Stablecoins are booming again. Market cap hit a record $228B, up $33B (+17%) in 2025. Driven by rising trading activity, growing payment use, and clearer U.S. regulation under Trump. pic.twitter.com/76zKj49UWB — CryptoQuant.com (@cryptoquant_com) June 12, 2025 USDC reserves in particular have grown 1.6 times in 2025 alone, now totaling around $8 billion. This influx supports deeper liquidity for crypto markets. The report also noted that stablecoins are bouncing back in the yield-bearing segment. These are stablecoins that pay interest to holders, often used in DeFi. The value of staked stablecoins has reached $6.9 billion, up 28% since late May. Most of that growth has come from rising demand for sUSDe and sUSDs, which gained $1.23 billion and $700 million in market cap, respectively. A recent report from on-chain data platforms Artemis and Dune shows broader user adoption. According to the report, titled “The State of Stablecoins 2025,” active stablecoin wallets rose from 19.6 million to 30 million over the past year, a 53% increase. The report said the data “suggests wider user engagement” and pointed to stablecoins becoming a key part of digital finance. It also noted that stablecoins are increasingly used in decentralized finance (DeFi), gaming, and NFTs. “Stablecoins have emerged as a bridge between traditional finance and crypto,” it said, “and are becoming a core piece of payment and settlement infrastructure.” This surge in usage is also supported by the rise in real-world payment activity. Data from Artemis shows $94.2 billion in stablecoin transactions were settled between January 2023 and February 2025. Business-to-business (B2B) payments made up the largest chunk, reaching an annual run rate of $36 billion. Card-linked payments using stablecoins crossed $13 billion in volume. Stablecoin Legislation Gains Ground as Tech and Finance Giants Pile In Increased demand has also come alongside progress on the regulatory front. For example, the U.S. Senate advanced the “Guiding and Establishing National Innovation for U.S. Stablecoins Act” or GENIUS Act this week. Backed by President Trump, the bill is designed to create a federal framework for dollar-backed stablecoins. The legislation would require stablecoins to be fully backed by U.S. dollars or highly liquid assets. It would also mandate annual audits for issuers with over $50 billion in market cap, and include requirements for foreign issuers. The U.S. Senate Set for Historic Stablecoin Showdown as GENIUS Act nears final vote. #Stablecoins #GeniusAct https://t.co/ZJ59XzuQcn — Cryptonews.com (@cryptonews) June 11, 2025 The Senate voted 68-30 to invoke cloture on the bill , clearing the way for final debate and vote. “This did not happen by accident,” said Senator Tim Scott, one of the bill’s co-sponsors. “To those who said Washington could not act… let’s prove them wrong.” Treasury Secretary Scott Bessent backed the legislation during a Wednesday Senate hearing. He said stablecoins could play a major role in expanding the use of the U.S. dollar globally. “I think $2 trillion is a very reasonable number,” Bessent said, referring to an estimate that the stablecoin market could exceed that level by 2028. “I could see it greatly exceeding that.” BREAKING – U.S. Treasury Secretary Bessent: – Stablecoin regulations backed by U.S. Treasuries will expand global USD usage – We could see stablecoin demand exceed $2 TRILLION This is massive for crypto. Regulated stablecoins = institutional trust Institutional trust =… pic.twitter.com/inZh9maAwW — @CryptoELlTES (@CryptooELITES) June 12, 2025 The GENIUS Act appears to be pushing traditional finance further into the stablecoin space. Large U.S. banks, including JPMorgan, Citigroup, Wells Fargo, and Bank of America, are reportedly exploring a joint stablecoin project. Meanwhile, USDC issuer Circle went public earlier this month, with shares jumping 160% on their first day of trading . @Circle the company behind the USDC stablecoin, made a dramatic entrance on the NYSE with its shares surging as much as 160% during its trading debut. #Circle #NYSE https://t.co/EJQJ4Yy3m3 — Cryptonews.com (@cryptonews) June 5, 2025 Tech firms are also watching closely. According to Fortune , Apple, Google, Airbnb, and Elon Musk’s X are all exploring stablecoin integrations. Google has already processed two stablecoin payments. Apple, X, and Airbnb are in early talks with crypto firms to integrate stablecoin payments. #apple #google #stablecoin https://t.co/gmEbx3i4PN — Cryptonews.com (@cryptonews) June 6, 2025 Airbnb has held talks with Worldpay to cut credit card fees using stablecoins. X is reportedly planning to include stablecoins in its X Money app. The post Stablecoin Surge: Market Cap Hits Record $228B in 2025 Amid Trading Boom and Trump-Era Clarity appeared first on Cryptonews .

2025-06-13 03:05
Donald Trump Warns Fed: Slash Rates or I’ll “Force Something” – Powell’s Job Still Safe
President Donald Trump has escalated his public feud with Federal Reserve Chair Jerome Powell, branding him a “numbskull” while simultaneously pledging not to fire the central bank chief despite mounting frustration over the Fed’s reluctance to slash interest rates. Speaking at a White House event Thursday, Trump delivered his harshest criticism of Powell’s monetary policy approach, claiming that lowering rates by just one percentage point could save the United States $300 billion annually, while a two-point reduction would generate $600 billion in savings. Why Trump Wants to ‘Force Something’ Trump’s latest verbal assault marks the third time in two days that his administration has publicly targeted Powell. It follows similar criticisms from Commerce Secretary Howard Lutnick and Vice President JD Vance, who called the Fed’s stance “monetary malpractice.” The president has been saying this for a while, but it's even more clear: the refusal by the Fed to cut rates is monetary malpractice. https://t.co/HqUjWxwcHs — JD Vance (@JDVance) June 11, 2025 The coordinated pressure campaign came from the administration’s growing impatience with the central bank’s independence, particularly as Trump faces re-election pressures and seeks to demonstrate economic leadership. Despite repeatedly calling Powell “Too Late” and questioning why firing him would be controversial, Trump stopped short of threatening termination, instead ominously suggesting he “may have to force something” if rate cuts don’t materialize soon. The timing of Trump’s criticism appears strategic, coming as recent economic indicators show inflation cooling and energy prices declining due to increased domestic drilling under his “drill, baby, drill” energy policy. US Inflation Rate Source: TradingEconomics Powell’s current term as Fed chair expires in May 2026, and Trump has hinted that an announcement regarding his nominee for the next Fed chair could come soon. Harvard legal experts suggest that while Trump may have constitutional authority to remove Powell, such a move would likely trigger severe market volatility and undermine the Fed’s credibility as an inflation fighter, potentially causing long-term interest rates to spike even if short-term rates were cut. Presidential Pressure Campaign Intensifies Fed Independence Debate The escalating confrontation between Trump and Powell is a fundamental clash over Federal Reserve independence with deep constitutional and economic implications. Trump’s frustration stems from his belief that the current interest rate environment unnecessarily burdens federal borrowing costs, particularly as the government faces mounting short-term debt obligations approved during the Biden administration. Europe Rate Cuts Source: European Central Bank The president argued that Europe has implemented ten rate cuts while the Fed has delivered none, despite similar economic conditions and falling inflation metrics. Legal scholars say that while the Federal Reserve Act of 1913 allows governors to be removed “for cause,” the Supreme Court’s recent decisions have gradually eroded the traditional “for cause” protections that independent agencies have enjoyed for 85 years. Harvard Law School’s Daniel Tarullo, a former Fed Board member, suggests that three conservative justices have hinted at potentially treating the Federal Reserve differently from other agencies, possibly creating a carve-out based on the central bank’s historical precedent dating back to the First and Second Banks of the United States. However, market dynamics may provide Powell with more protection than legal statutes, as any attempt to remove the Fed chair would likely trigger immediate and severe market reactions that would prove counterproductive to Trump’s economic objectives. The anticipated market volatility is a powerful disincentive, particularly given that Treasury Secretary Scott Bessent has focused on maintaining stable 10-year Treasury rates, which are key for economic investment decisions. Recent economic indicators have strengthened Trump’s argument for immediate monetary easing. Inflation data show continued price stability and energy costs declining due to expanded domestic oil production. The favorable Producer Price Index reading in May has calmed fears about tariff-induced inflation spikes, emboldening the administration to intensify pressure on the Fed while markets increasingly price in potential rate cuts later this year. The post Donald Trump Warns Fed: Slash Rates or I’ll “Force Something” – Powell’s Job Still Safe appeared first on Cryptonews .

2025-06-13 02:51
Solana DePIN GRASS Slips 15%, Volume Jumps 55% on Whale Accumulation
Grass ( $GRASS ), the native token of the leading Solana-based DePIN (Decentralized Physical Infrastructure Network) platform, has declined by 15%, dropping from a high of $1.96 to settle around $1.72 at the time of writing. This decline has brought the token back to flat territory, trading at the same levels as exactly one month ago. Source: Cryptonews Many attribute the recent drop in the price of $GRASS to massive perpetual futures selling , with no substantial on-chain movement to support the price. $637K in Longs Liquidated in 24 Hours, But Whales Make GRASS the No. 2 most-bought Solana token Over $637,400 worth of $GRASS long positions were liquidated in the perpetual market within the last 24 hours, while on-chain volume recorded via Raydium reached only about $3.2 million. However, trading volume over the past 24 hours tells a different story. Spot market volume for $GRASS has surged by over 55% in the last 24 hours, with CoinGlass data revealing that derivative market volume has also jumped by over 95% during the same period. Source: CoinGlass Stalkchain data indicates that smart money and whales aggressively bought the dip, making $GRASS the second-most-purchased Solana token in the AI + utility sector. Over $200,000 worth of GRASS dips were purchased, raising questions about whether whales possess insights that retail investors have overlooked. $GRASS @grass back on the map — smart money stepped in hard on the dip, pushing it to #2 on @StalkHQ most bought $SOL tokens. AI + utility narrative showing serious legs again. $1.73B mcap and flows heating up. pic.twitter.com/g3IaR3ISY1 — Chyan | chyan.base.eth (@Chyan) June 12, 2025 It appears whales are closely monitoring network growth and market activities surrounding Grass. Grass has demonstrated rapid network expansion as a blockchain project focused on creating a decentralized network for monetizing unused internet bandwidth, particularly for AI-related tasks. Grass Network Explodes: 57M GB Processed, Billion-Video Dataset Built Grass processed over 57,000,000 GB of public web data in Q1. In March alone, the network averaged 1,100,000 GB per day. Source: Grass.io This represents a scale previously exclusive to the internet’s largest companies. Over recent months, the Grass Foundation has quietly assembled one of history’s largest video datasets: over one billion videos from across the public web, segmented by scene with VLM annotations of keyframes. The infrastructure for working with video data at scale barely exists. Grass Video Search is our first step in changing that. You can now find anything in a video based on the contents of its frames, not just transcripts or tags. Over the last several months, the Grass… pic.twitter.com/4wyHwaVMP5 — Grass (@grass) June 3, 2025 This dataset is now searchable, allowing users to locate the exact moment a visual pattern or concept appears in a video. Examining funding rates in the derivative market, as of June 12, rates have shifted from negative to positive, typically indicating bullish market sentiment. A positive funding rate in derivatives markets means long position holders pay short position holders. This occurs when the derivative contract price exceeds the underlying asset’s spot price. All these factors point to strategic whale activity, especially if volume returns to the market. With $GRASS still down over 55% from its all-time high of $3.90, whales purchasing current dips are positioned for potential gains exceeding 125% if the DePIN token reclaims its November 2024 peaks. Technical Analysis: $1.56 Make-or-Break Level Could Trigger Major Rally The GRASS/USDT daily chart shows the asset in a corrective phase following an impulsive five-wave Elliott structure, with wave (4) likely complete and price currently consolidating. The SMA (9) at $1.9442 acts as dynamic resistance, and the price is currently trading below it, around $1.72, reflecting short-term bearish pressure. Source: TradingView Despite the pullback, a visible demand zone around $1.56–$1.68 provides support. If this zone holds, we could witness a reversal toward marked resistance levels. The first upside target is $2.24–$2.34, and with building momentum, the price could advance toward target 2, which is $2.52–$2.62. A break above this level would allow a move to retest December’s high at $3.686, with the green-shaded zone projecting bullish continuation toward $3.67. Overall, the price maintains a higher low structure, suggesting the broader trend could remain bullish if the current support zone holds. A breakdown below $1.56 would invalidate this scenario and shift sentiment bearish. The post Solana DePIN GRASS Slips 15%, Volume Jumps 55% on Whale Accumulation appeared first on Cryptonews .

2025-06-13 02:36
South Korean Appeals Court Upholds Kimchi Premium Traders’ Jail Sentences
A South Korean appeals court has upheld the jail sentences of a group of crypto traders who exploited the kimchi premium to make thousands of dollars worth of profit. Nocut News reported that the Daegu District Court Criminal Division upheld all but one of the original verdicts and sentences. A 43-year-old ringleader is facing up to three years in prison. Kimchi Premium: Appeal Unsuccessful The judge did, however, overturn another of the traders’ verdicts. In the original trial, this individual (name withheld for legal reasons) was given an 18-month suspended jail term. However, the Presiding Judge Oh Deok-sik ruled on June 12 that this sentence was “overly lenient,” instead sending this trader to prison for 18 months. The traders were all found guilty of violations of the Act on Reporting and Use of Specific Financial Transaction Information and the Foreign Exchange Transaction Act. The court heard evidence that the group illegally smuggled hundreds of billions of won worth of foreign currency into the country by reselling cryptoassets they had purchased in Japan. Prosecutors explained that the group worked in conjunction with a group of Japanese investors. Together, they concocted a carefully planned bid to exploit the kimchi premium . At the time, Bitcoin (BTC) prices were significantly higher in South Korea. Demand was growing as trading volumes on domestic crypto exchanges spiked. Prosecutors said the group illegally smuggled about 400 billion won ($296 million) worth of foreign currency across international borders. The overseas investors paid the group approximately 27 billion won (almost $20 million) for its services. The kimchi premium as calculated by Scolkg/Cryprice at the time of writing. (Source: Scolkg/Cryprice) Traders Deny Wrongdoing The defendants denied all the charges. They claimed the transactions could not be classified as “capital transactions,” as they involved crypto, not cash. As such, these deals were not subject to standard declaration laws. However, the appellate court rejected these claims. The judge ruled that the defendants “took advantage of the price differences between countries for virtual assets to export foreign currency and obtain commission fees.” The judge added that the original sentence “appears to be appropriate.” Justice Oh added that the court had seen “no other evidence that would require a change in sentence.” Education Ministry accused of shielding group tied to after-school certification scandal https://t.co/Z2fVGqwR8X — The Korea Times (@koreatimescokr) June 11, 2025 However, in the case of the trader who was jailed instead of receiving a suspended term, the court explained that while this individual only received just over $4,000 in “commission fees,” the nature of this individual’s crime was grave. The court heard that this trader held an important role in the business community and used shell companies to perpetrate the crime. The judge explained: “Considering [this person’s] role and position, the court rules that the original sentence was excessively light.” The post South Korean Appeals Court Upholds Kimchi Premium Traders’ Jail Sentences appeared first on Cryptonews .

2025-06-13 02:30
Outgoing FSB Chair: Crypto May Have Hit ‘Tipping Point’ – Here’s Why
The crypto industry may have reached a key juncture as global financial authorities embrace digital assets, with outgoing Financial Stability Board (FSB) Chair Klaas Knot declaring that crypto ‘may have hit a tipping point’ due to dramatically lowered barriers for retail investors and growing institutional adoption. Knot’s assessment, delivered during his final address as FSB Chair at a Financial Stability Conference in Madrid, showed how barriers for retail crypto access have “dropped significantly,” particularly through the introduction of crypto ETFs and stablecoin issuers’ substantial Treasury holdings. His warning comes as the crypto ecosystem’s links with traditional finance continue expanding. Stablecoins settled $27.6 trillion in transactions during Q1 2025 alone , doubling Visa’s entire 2023 settlement volume. Stablecoin Transactions Vs Visa Payments Q1 Source: Bitwise The FSB Chair emphasized that while crypto doesn’t yet pose systemic risk, recent developments suggest authorities must monitor this “fast-growing market” more closely as it approaches mainstream financial integration. Institutional Infrastructure Races to Meet Demand The institutional embrace of crypto infrastructure has accelerated dramatically, with major financial players already positioning themselves for widespread adoption. A June 2 report by Cryptonews shows that UK-listed IG Group has become the first London Stock Exchange company to offer retail crypto trading . Retail clients can buy and sell 38 cryptocurrencies, including Bitcoin, Ethereum, and XRP, through a partnership with digital asset platform Uphold. IG Group will become the first company on the London Stock Exchange to allow retail investors to trade cryptos, including BTC, ETH, and XRP. #Bitcoin #XRP https://t.co/MImNzg9rAX — Cryptonews.com (@cryptonews) June 2, 2025 Managing Director Michael Healy described customer demand as “ reaching a tipping point ,” positioning the FTSE 250 firm as a trusted alternative to existing crypto services. Most recently, Stripe’s aggressive crypto expansion further exemplifies this institutional momentum, with the payments giant acquiring crypto wallet infrastructure startup Privy following its $1.1 billion purchase of stablecoin platform Bridge. Privy powers over 75 million accounts across more than 1,000 teams while facilitating billions in transaction volume. It allows companies to integrate crypto wallets directly into their platforms without traditional friction. @stripe acquires crypto wallet infrastructure startup @privy_io in undisclosed deal, marking its second major crypto acquisition following the $1.1 billion Bridge purchase as stablecoins settle record $27.6 trillion in Q1 2025. https://t.co/TeTdIVgt0V — Cryptonews.com (@cryptonews) June 11, 2025 This acquisition allows Stripe to offer comprehensive crypto infrastructure spanning wallet creation, stablecoin payments, and fiat integration through a unified platform. This addresses growing business needs, as over 81% of crypto-aware small and medium-sized businesses (SMBs) express interest in stablecoin adoption . Government-Led Digital Asset Integration Gains Momentum Government initiatives are also accelerating crypto mainstream adoption through direct blockchain-based investment products. In May, Thailand’s Ministry of Finance announced it would launch $150 million worth of digital investment tokens within two months. Thailand is set to launch $150 million worth of digital investment tokens, marking a step toward financial inclusivity for retail investors. #Thailand #SEC https://t.co/2akullmpsP — Cryptonews.com (@cryptonews) May 14, 2025 These tokens would allow retail investors to purchase government bonds via blockchain-based “G-tokens” with a minimum investment threshold of just $3. Finance Minister Pichai Chunhavajira emphasized the initiative’s goal of broadening access to government-backed investments, particularly as commercial banks offer only 1.25% on 12-month fixed deposits. Similarly, China’s Zhejiang Province has integrated digital yuan pilots into its “first-launch economy” strategy, testing the central bank digital currency in retail debut scenarios through the “Digital Yuan + First-Launch” initiative. This represents a strategic shift from public services to consumer transactions, incorporating the currency within broader economic programs rather than treating it as a standalone technology. The approach addresses public hesitation by linking digital payments to familiar retail experiences like store launches and branded spaces. The UK government is simultaneously tightening oversight while expanding access. Starting in January 2026, crypto firms will be required to collect detailed customer information on every trade. The UK will require crypto firms to collect and report detailed customer information on every trade and transfer starting 2026. #UK #Crypto https://t.co/tHJKf7rEE5 — Cryptonews.com (@cryptonews) May 18, 2025 The new HMRC rules mandate that platforms record full names, addresses, and tax identification numbers for all users. Each transaction, including cryptocurrency type and amount transferred, is also logged. Non-compliance penalties can reach up to £300 per user. These developments suggest the crypto industry has indeed reached the tipping point Knot identified, with traditional financial barriers increasingly dissolving as digital assets integrate into mainstream economic systems. The post Outgoing FSB Chair: Crypto May Have Hit ‘Tipping Point’ – Here’s Why appeared first on Cryptonews .

2025-06-13 02:15
Dogecoin Price Prediction: Ripple’s CEO Admits He Was Wrong About Dogecoin – New Partnership Coming?
Brad Garlinghouse has walked back his once-harsh stance on DOGE, boosting the Dogecoin price outlook with institutional acknowledgment as a highly liquid asset. Speaking at Ripple Apex, he claims the once-gimmick has become more than a meme coin , distancing itself from what he generalized as “get-rich-quick rug pulls” to become “part of the ecosystem. It plays a role.” Citing Elon Musk’s continued endorsement, Garlinghouse said Musk “willed Dogecoin into so much liquidity that it’s not going away.” “I used to speak not so kindly about Dogecoin… was created as a joke, right?” ~ #Ripple CEO @bgarlinghouse pic.twitter.com/pEB91t3KiP — The Crypto Times (@CryptoTimes_io) June 12, 2025 While he did not entertain a partnership, the concession marks a notable shift for a figure long-positioned on the institutional end of the spectrum—opening the door for institutional acceptance. With rising speculation around Dogecoin ETF approval, Garlinghouse’s comments may be seen as early validation, giving it more credit in the “best crypto to buy” conversation. Dogecoin Price Analysis: Could Institutions Boost DOGE? Even without a Ripple collaboration, Dogecoin may be on the breakout path, following a massive 4-year cup-and-handle pattern. DOGE / USDT 1-week chart, cup-and-handle pattern confluence zone. Source: TradingView, Binance. DOGE is currently consolidating within the descending channel forming the handle, but a fast approaching confluence zone could see a breakout unfold in the coming weeks. Key support from the 0.236 Fib level and the historic support trendline that has underpinned every major DOGE bottom since September is set to intersect with the channel’s resistance. The historic support that has marked DOGE bottoms since September could push a breakout as it intersects with the channel’s upper resistance, aligned with support from the 0.236 Fibbonnaci level. A confirmed breakout would set a technical target around $0.75—a staggering 300% gain from current levels in line with the 1.618 Fibonacci extension. The upcoming June 15 deadline for a US spot Dogecoin ETF decision could bring the catalyst Dogecoin needs, opening the doors to institutional inflows if approved. #Dogecoin awaits eagerly for SEC ETF rulings in June. Approval odds near 80%. pic.twitter.com/nD3d0bvkmF — dogegod (@_dogegod_) June 12, 2025 Momentum indicators also point to retail inflows. The RSI has stabilized at 45 after dipping below the neutral zone, and the MACD is tightening, hinting at a potential crossover that could shift sentiment. While the setup isn’t screaming bullish yet, it’s also far from bearish. This fragile balance suggests that any uptick in volume or sentiment could tip the scales. If historic support becomes an accumulation base, DOGE could finally break the handle structure and resume its long-term uptrend. Bitcoin Could Have the Edge, With Some Help Those who jumped to speculative plays like Dogecoin over the leading crypto may be forced to reconsider as the Bitcoin ecosystem finally addresses its biggest limitation: scalability. Slow transactions, high fees, and limited programmability have held it back from competing with the Ethereum and Solana networks—until now. And this shift starts with Bitcoin Hyper ($HYPER) , Bitcoin’s first real-time Layer 2 that brings Solana-level speed and smart contracts directly to the Bitcoin ecosystem. Powered by the Solana Virtual Machine (SVM) and anchored by a decentralized Canonical Bridge, it enables fast, cheap, and composable dApps—all while staying secured by Bitcoin. With over $1.1 million in its second presale week, investors are already rallying behind $HYPER , potentially credited to its huge 648% APY on staking that rewards early investors. You can keep up with Bitcoin Hyper on X and Telegram , or join the presale on the Bitcoin Hyper website . The post Dogecoin Price Prediction: Ripple’s CEO Admits He Was Wrong About Dogecoin – New Partnership Coming? appeared first on Cryptonews .

2025-06-13 02:14

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