SoSo Daily Jun 4

Let's go through the Crypto news worth paying attention today according to sosovalue:
The first is:On June 30, 2024, the new MICA stablecoin rules will come into effect in the European Economic Area (EEA), impacting the stablecoin market. Binance will implement phased changes to unauthorized stablecoins, restricting their availability for EEA users. The changes include maintaining sell-only mode for unauthorized stablecoins in Binance Convert, coexistence of trading pairs with unauthorized and regulated stablecoins in spot trading, and continued custody and wallet services for unauthorized stablecoins. Binance will also implement product restrictions and changes in various services involving unauthorized stablecoins.
Next news: Australia is launching its first spot Bitcoin ETF, the Monochrome Bitcoin ETF (IBTC), on the CBOE Australia Exchange. This ETF allows direct holding of Bitcoin under the new crypto asset licensing category established by Australian Financial Services rules. Monochrome Asset Management expects strong interest in IBTC and plans to launch an Ether ETF. The CEO anticipates significant net inflows within the first three years. The ETF's holdings are securely stored offline meeting Australian custody standards.
Next news: MicroStrategy and its founder, Michael Saylor, have settled a tax evasion lawsuit with the District of Columbia Attorney General for $40 million. This settlement concludes accusations against Saylor for evading over $25 million in income taxes with the alleged assistance of MicroStrategy, by submitting false tax forms from 2005 to 2020. This case marks the largest income tax fraud recovery in the District's history and is the first lawsuit filed under the revised False Claims Act, which encourages whistleblowers to report tax evasion.
Next news: Digital asset investment products have experienced a significant uptick in interest, with a net inflow of $185 million in the last week, marking the fourth consecutive week of inflows. According to CoinShares' latest weekly data, the total inflow for May was $2 billion, contributing to a year-to-date total of over $15 billion. Bitcoin specifically saw inflows of $148 million, despite a $3.5 million outflow from short-selling Bitcoin products.
Next news: Australia's first spot Bitcoin ETF will start trading tomorrow. Blockbeats News, June 3, according to market news, Australia's first spot Bitcoin ETF will start trading tomorrow.
Next news: OKX expands to the Netherlands with a new crypto exchange and wallet. Previously known as OKCoin Europe, OKX began serving users in the Netherlands in 2021 after registering with the Dutch Central Bank. The major global cryptocurrency exchange is officially launching in the Netherlands, introducing a local trading platform and a Web3 wallet. The launch includes a centralized crypto exchange (CEX) and the OKX Wallet, enabling Dutch customers to trade approximately 150 cryptocurrencies, offering at least 60 trading pairs with the euro. OKX integrated with the local payment system called iDEAL to provide seamless euro deposits and withdrawals, and also supports the European payment system SEPA. The OKX CEX offers residents of the Netherlands access to spot cryptocurrency trading, staking, and other services. The OKX Wallet allows users to hold full custody of their own crypto. The launch is part of OKX's long-term commitment to the Netherlands, with a local team and products designed based on user feedback. The official launch follows the exchange's rebranding from OKCoin Europe to its current name in April. OKX also holds a virtual financial asset service provider license in Malta. Dutch residents interested in OKX can sign up on the website or app and complete the verification process, with a new user bonus of up to 50 euros for those who sign up by July 3. OKX has recently withdrawn its license application for a virtual asset licensing regime in Hong Kong.
Next news: Coinbase donated $25 million to the pro-crypto Federal Super Political Action Committee Fairshake to support pro-crypto candidates in this year's elections. The donation aims to defend the rights of Coinbase's customers and promote crypto-friendly legislation. Coinbase emphasized that its support is non-partisan, highlighting that crypto ownership crosses party lines. Additionally, Coinbase will back the grassroots organization StandWithCrypto.org, which advocates for pro-crypto policies and has gathered nearly 1 million signatures. Fairshake, as a Super PAC, can run ads for candidates but cannot directly donate to them. This donation follows similar contributions from Ripple and venture firm a16z, bringing Fairshake's total funds to around $160 million, making it one of the best-funded Super PACs in the U.S. Cryptocurrency has become a significant issue in this year's presidential election, with both the Trump and Biden campaigns engaging with the crypto community.
Next news: Following the approval of Ethereum ETFs by the US Securities and Exchange Commission, approximately 777,000 $ETH, valued at around $3 billion, were withdrawn from cryptocurrency exchanges, indicating a potential increase in buying pressure. Despite this, Ethereum's price has not shown bullish trends post-approval, with a more than 2% decrease over the last seven days. Analysis of on-chain metrics by AMBCrypto and data from Santiment and Glassnode suggests mixed signals regarding Ethereum's market behavior. While there's an increase in exchange outflow and a slight uptick in the Chaikin Money Flow and Relative Strength Index indicating potential for price increase, other metrics like the NVT ratio and supply held by top addresses suggest increased selling pressure and a possible price correction.
Next news: Ripple has announced a $25 million contribution to the Fairshake Super PAC to support pro-crypto policies and politicians, amidst its ongoing legal battle with the SEC. The company emphasizes the importance of the 2024 elections for the cryptocurrency industry and criticizes the SEC's enforcement-based regulatory approach. Ripple's CEO, Brad Garlinghouse, highlights the need for policies that foster innovation, consumer protection, and market fairness. This contribution is part of Ripple's broader effort to influence the political landscape in favor of cryptocurrency, marking a significant increase in its political activity compared to the 2022 election cycle. The company is also engaged in a legal dispute with the SEC over the sale of XRP, with both parties awaiting a final ruling.
Next news: A dormant Bitcoin address, inactive for over 11 years, transferred 25 $BTC, realizing a floating profit of approximately $1.73 million. The transaction occurred on June 3, at 21:21:47, according to BitInfoCharts data. The bitcoins were originally purchased at an average price of $26.54 each, totaling $664 for all 25 BTC.

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