Strengths
- Of the cryptocurrencies tracked by CoinMarketCap, the best performer for the week was OKB, rising 13.70%.
- Switzerland’s Syz Group is joining with Hong Kong-based venture capital firm CMCC Global to launch a fund with at least $50 million to invest in crypto-focused hedge funds. SyzCrest Digital will start operations on July 1, ultimately aiming to raise as much as $300 million, writes Bloomberg.
- One of the hottest NFT mints in Solana’s recent history is getting pushed into Friday after a groundswell of interest in the Madlads collection broke the internet infrastructure behind it.
Weaknesses
- Of the cryptocurrencies tracked by CoinMarketCap, the worst performing for the week was Stacks, down 16.52%.
- Bitcoin dropped back below the closely watched $30,000 level. Bitcoin fell as much as 4.5% before paring some of the slide to trade at about $29,175 on Wednesday.
- A former minority owner of the NFL’s Minnesota Vikings should spend seven years behind bars and forfeit more than $740 million after admitting he helped cryptocurrency exchanges avoid money laundering rules. He pleaded guilty in April 2022 to five counts and was scheduled to be sentenced Thursday.
Opportunities
- President Donald Trump launched his second installment of the Trump Digital Trading Card series of $99 nonfungible token (NFT) cards after offering an initial series last year with depictions such as his head atop cartoon super-hero figures, writes Bloomberg.
- Bitcoin trading signal hints at an upcoming leap back above $30,000. A pattern buried in the coin’s recent swings suggests it could vault above that level again en route to a 7% short-term gain. The pattern is a minimum daily jump of 3%, followed by a next-day reversal of at least that magnitude. Bitcoin rose about 7% on average over three, five and 10 days, writes Bloomberg.
- The number of mergers and acquisitions among digital-asset firms set a quarterly record in the first three months of the year, according to Architect Partners. There were 54 transactions in the period, writes Bloomberg.
Threats
- Crypto exchange Coinbase Global may consider moving its headquarters outside the U.S. unless the country changes its approach to regulation, the CEO said. Brian Armstrong has been vocal about his opposition to current U.S. crypto regulation, raising the possibility of relocating and marking an escalation of the rhetoric, writes Bloomberg.
- Faruk Faith Ozer, the former CEO of the collapsed cryptocurrency exchange Thodex, has been extradited from Albania to Turkey to face charges of fraud and money laundering. Upon his arrival at Istanbul Airport, the 29-year-old was immediately detained by police. Thodex stopped operations about two years ago, leaving tens of thousands of customers with losses.
- Montenegro prosecutors filed an indictment for Terraform Labs co-founder Do Kwon and his chief financial officer, accusing the men of forging personal documents.
