About 60% of World Cup bettors on Polymarket are first-time crypto users<\/a><\/h4>\nAbout 60% of users who placed their first World Cup bets on Polymarket had never interacted with blockchain protocols before, suggesting prediction markets are becoming an entry point into crypto. The finding is based on a 90-day Bitget Wallet study that tracked the onchain activity of 857,000 active Polymarket users.<\/p>\n
Alvin Kan, chief operating officer at Bitget Wallet, told Cointelegraph that earlier crypto onboarding efforts largely focused on making blockchain technology easier to understand through simpler wallets and better user interfaces, but users were still expected to learn how crypto worked before they could participate.<\/p>\n
\u201cPrediction markets shifted that dynamic. Users show up because they have a view on something happening in the world,\u201d Kan said.<\/p>\n
Trump cancels signing of housing bill with CBDC ban<\/a><\/h4>\nUS President Donald Trump canceled the signing ceremony for a housing bill containing a ban on a central bank digital currency (CBDC) as he looked for Republicans in Congress to prioritize a controversial voting bill.<\/p>\n
In a Wednesday morning Truth Social post, Trump said<\/a> that the signing for the 21st Century ROAD to Housing Act, passed by the US Senate and House of Representatives, would be canceled \u201cuntil such time as we pass the desperately needed SAVE America Act.\u201d<\/p>\nThe housing bill, passed by the House<\/a> on Tuesday, included a provision barring the US Federal Reserve from issuing or creating a CBDC \u201cor any digital asset that is substantially similar\u201d until the end of 2030. <\/p>\nMany had expected Trump to sign the bill, aimed at tackling housing affordability, into law on Wednesday without issues. However, the president said<\/a> in March that he would \u201cnot sign other bills\u201d until the SAVE America Act was passed. The legislation would require voters to provide proof of US citizenship in person to register, with critics saying the measure would disenfranchise citizens already eligible to vote.<\/p>\nTrump on housing bill<\/em><\/figcaption><\/figure>\nBitmine, Sharplink and Joe Lubin back Ethereum R&D nonprofit<\/a><\/h4>\nFormer Ethereum Foundation contributors and Ether treasury firms Bitmine and Sharplink have backed a new research and development nonprofit that aims to make Ethereum ready for institutional use.<\/p>\n
Sharplink said<\/a> on Monday that the organization, Ethlabs, was formed to \u201cready Ethereum for the next phase of institutional adoption,\u201d with the company pitching in with Bitmine, Ethereum co-founder Joe Lubin and other Ethereum contributors on its funding effort.<\/p>\n\u201cAs stablecoins, tokenized real-world assets, funds and autonomous AI commerce move on-chain, they are converging on Ethereum as the neutral, credibly permissionless settlement layer for the global economy,\u201d Sharplink said. \u201cEthlabs exists to ensure the network is ready to absorb that demand at scale.\u201d<\/p>\n
The launch comes days after former Ethereum Foundation contributor Trenton Van Epps warned that Ethereum is facing a core development funding crisis<\/a> and amid an ongoing wave of departures from the Foundation, most recently co-executive director Hsiao-Wei Wang, who left last week<\/a>.<\/p>\n![\"Vitalik](\"https:\/\/s3-images.ctmedia.io\/media\/content\/vitalik-buterin\")
Vitalik Buterin<\/em><\/figcaption><\/figure>\nCryptoQuant warns on Strategy’s dividend coverage as cash reserve falls 38%<\/a><\/h4>\nAfter Strategy’s dividend coverage fell to 14 months from seven years, CryptoQuant<\/a> said the company led by Michael Saylor should pause Bitcoin purchases and focus on replenishing its cash reserve, which is down 38% year-to-date.<\/p>\nStrategy’s dividend obligations have nearly quadrupled to $1.2 billion, as the company issued substantial new STRC preferred stock, which carries an 11.5% yield.<\/p>\n
\u201cThey should pause Bitcoin purchases, rebuild cash reserves, and adopt a systematic framework for purchase timing,\u201d wrote<\/a> the market data analytics provider’s CEO Ki Young Ju in a Wednesday X post, adding that the biggest public Bitcoin treasury holder should also create a \u201cdisciplined selling framework\u201d for the next bull market.<\/p>\nStrategy’s cash reserve fell 38% after the company repurchased $1.5 billion<\/a> of its 2029 senior notes at a discount, Cointelegraph reported on May 26. Those coffers have since recovered to $1.4 billion after it sold $335.5 million in MSTR shares, which added $300 million<\/a> to its US dollar reserve on Monday, although it is near a record-low of 14 months’ of funds available to pay dividends.<\/p>\nCatholic leaders, US authorities challenge CLARITY Act over illicit activity<\/a><\/h4>\nA group of law enforcement organizations and a coalition of Catholic organizations have become the latest two groups urging caution over the US CLARITY Act, which is heading for a key hearing in July.\u00a0\u00a0<\/p>\n
In letters sent Tuesday, four law enforcement organizations\u00a0reached<\/span><\/a>\u00a0out to White House officials with concerns that the CLARITY Act could create oversight gaps when it comes to illicit activity.\u00a0<\/p>\n\u201cRegulatory certainty should not come at the expense of accountability, transparency, victim protection, or public safety,\u201d they said. The Alliance to End Human Trafficking, founded by US Catholic Sisters, said these oversights could make it harder to crack down on human trafficking.\u00a0<\/p>\n
Senator Cynthia Lummis said this week, the final text for the bill would be released July 4, with the House Financial Service Committee scheduling a hearing into the Clarity Act on July 17. <\/p>\n![\"Cynthia](\"https:\/\/s3-images.ctmedia.io\/media\/content\/cynthia-lummis\")
Cynthia Lummis<\/em><\/figcaption><\/figure>\nWinners and Losers<\/h2>\n
At the end of the week, Bitcoin (BTC) is at $59,359 which represents a 6.8% decline, while Ether (ETH) is at $1,565, after falling 8.8% for the week.\u00a0 XRP (XRP) is at $1.04 and down 8% for the week. The total market cap is at $2.06 trillion according to CoinMarketCap.<\/p>\n
Among the biggest 100 cryptocurrencies the top three altcoin gainers are Velvet (VELVET) at 290%, DeXe (DEXE) on 55% and Audiera (BEAT) which was up 49%.<\/p>\n
The top three altcoin losers of the week are MemeCore (M), which lost 76%, WorldCoin (WLD), which lost 28%, and Mantle (MNT), which was down 20%. <\/p>\n
Prediction of the week<\/h2>\nBitcoin may fall lower but BTC power-law frames crash to $58K as \u2018normal\u2019<\/a><\/h4>\nBitcoin\u2019s drop to $58,000 lines up with the power-law model\u2019s cycle lows, even though futures market data points to deeper lows for BTC price.<\/p>\n
Giovanni’s Bitcoin power-law model places<\/span><\/a> the network’s long-term trend price near $135,000, making the recent drop to $58,000 roughly 54% below the all-time high and 1.22 standard deviations beneath that trend.<\/p>\nAccording to the analyst, the key takeaway is straightforward: the previous cycle lows in 2012, 2015, 2019, 2020, and 2022 all fell within a similar statistical range. By that measure, the latest decline falls within a territory that has historically marked the deep bear-market lows rather than a break in Bitcoin’s long-term growth path.<\/p>\n
Top FUD of the week<\/h2>\nBinance faces EU service limits as MiCA rules take effect<\/a><\/h4>\nBinance has notified European Union users that access to key services will be restricted after the exchange failed to secure Markets in Crypto-Assets (MiCA) authorization from a member state before a July 1 deadline.<\/p>\n
Those restrictions include\u00a0halting<\/a>\u00a0the onboarding of new EU users and limiting certain services for EU-based accounts effective July 1,\u00a0according<\/a>\u00a0to exchange notices shared by users on social media.<\/p>\nThe notices said users will still be able to withdraw their assets after that date, stating that \u201call digital assets are still available for withdrawal,\u201d in line with applicable regulatory requirements.<\/p>\n
The move marks one of the first major transitions under the EU\u2019s MiCA framework after Binance announced it\u00a0withdrew its MiCA license application<\/a>\u00a0in Greece on Wednesday.<\/p>\nBinance recorded over $400 million in net outflows<\/a> during the week beginning June 22. <\/p>\nBinance\u2019s\u00a0public messaging<\/a>\u00a0is that the company intends to continue pursuing a MiCA license, despite being on pace to miss the July 1 buzzer.<\/p>\nIran-linked entities moved $3.8B through CoinEx, TRM says<\/a><\/h4>\nWallets with identifiable links to sanctioned Iranian entities have moved over $3.84 billion through cryptocurrency exchange CoinEx since 2019, making it one of the main channels used to bypass US economic sanctions, according to blockchain analytics company TRM Labs.<\/p>\n
About 60 Iranian platforms were tied to the funds, with $2.7 billion of this flowing between CoinEx and Nobitex<\/a>, Iran\u2019s largest domestic cryptocurrency exchange, at an average rate of about $1 million per day since 2018, wrote TRM Labs in a Wednesday report<\/a>.<\/p>\nBy 2024, CoinEx was Nobitex\u2019s largest external counterpart, nearly nine times that of the next-largest exchange, a pattern that TRM Labs called \u201cinconsistent with independent market behaviour.\u201d<\/p>\n
CoinEx denied<\/a> having any commercial relationship with the Iranian government or domestic Iranian exchanges and disputed TRM Labs\u2019 interpretation, saying onchain fund flows do not demonstrate a platform’s knowledge of or participation in illicit activity.<\/p>\nEthereum Foundation sacks 20% of workforce amid strategic restructuring<\/a><\/h4>\nThe Ethereum Foundation (EF) has laid off 54 employees, roughly 20% of its workforce, as part of a major organizational restructuring.<\/p>\n
US President Donald Trump canceled the signing ceremony for a housing bill containing a ban on a central bank digital currency (CBDC) as he looked for Republicans in Congress to prioritize a controversial voting bill.<\/p>\n
In a Wednesday morning Truth Social post, Trump said<\/a> that the signing for the 21st Century ROAD to Housing Act, passed by the US Senate and House of Representatives, would be canceled \u201cuntil such time as we pass the desperately needed SAVE America Act.\u201d<\/p>\n The housing bill, passed by the House<\/a> on Tuesday, included a provision barring the US Federal Reserve from issuing or creating a CBDC \u201cor any digital asset that is substantially similar\u201d until the end of 2030. <\/p>\n Many had expected Trump to sign the bill, aimed at tackling housing affordability, into law on Wednesday without issues. However, the president said<\/a> in March that he would \u201cnot sign other bills\u201d until the SAVE America Act was passed. The legislation would require voters to provide proof of US citizenship in person to register, with critics saying the measure would disenfranchise citizens already eligible to vote.<\/p>\n Former Ethereum Foundation contributors and Ether treasury firms Bitmine and Sharplink have backed a new research and development nonprofit that aims to make Ethereum ready for institutional use.<\/p>\n Sharplink said<\/a> on Monday that the organization, Ethlabs, was formed to \u201cready Ethereum for the next phase of institutional adoption,\u201d with the company pitching in with Bitmine, Ethereum co-founder Joe Lubin and other Ethereum contributors on its funding effort.<\/p>\n \u201cAs stablecoins, tokenized real-world assets, funds and autonomous AI commerce move on-chain, they are converging on Ethereum as the neutral, credibly permissionless settlement layer for the global economy,\u201d Sharplink said. \u201cEthlabs exists to ensure the network is ready to absorb that demand at scale.\u201d<\/p>\n The launch comes days after former Ethereum Foundation contributor Trenton Van Epps warned that Ethereum is facing a core development funding crisis<\/a> and amid an ongoing wave of departures from the Foundation, most recently co-executive director Hsiao-Wei Wang, who left last week<\/a>.<\/p>\n After Strategy’s dividend coverage fell to 14 months from seven years, CryptoQuant<\/a> said the company led by Michael Saylor should pause Bitcoin purchases and focus on replenishing its cash reserve, which is down 38% year-to-date.<\/p>\n Strategy’s dividend obligations have nearly quadrupled to $1.2 billion, as the company issued substantial new STRC preferred stock, which carries an 11.5% yield.<\/p>\n \u201cThey should pause Bitcoin purchases, rebuild cash reserves, and adopt a systematic framework for purchase timing,\u201d wrote<\/a> the market data analytics provider’s CEO Ki Young Ju in a Wednesday X post, adding that the biggest public Bitcoin treasury holder should also create a \u201cdisciplined selling framework\u201d for the next bull market.<\/p>\n Strategy’s cash reserve fell 38% after the company repurchased $1.5 billion<\/a> of its 2029 senior notes at a discount, Cointelegraph reported on May 26. Those coffers have since recovered to $1.4 billion after it sold $335.5 million in MSTR shares, which added $300 million<\/a> to its US dollar reserve on Monday, although it is near a record-low of 14 months’ of funds available to pay dividends.<\/p>\n A group of law enforcement organizations and a coalition of Catholic organizations have become the latest two groups urging caution over the US CLARITY Act, which is heading for a key hearing in July.\u00a0\u00a0<\/p>\n In letters sent Tuesday, four law enforcement organizations\u00a0reached<\/span><\/a>\u00a0out to White House officials with concerns that the CLARITY Act could create oversight gaps when it comes to illicit activity.\u00a0<\/p>\n \u201cRegulatory certainty should not come at the expense of accountability, transparency, victim protection, or public safety,\u201d they said. The Alliance to End Human Trafficking, founded by US Catholic Sisters, said these oversights could make it harder to crack down on human trafficking.\u00a0<\/p>\n Senator Cynthia Lummis said this week, the final text for the bill would be released July 4, with the House Financial Service Committee scheduling a hearing into the Clarity Act on July 17. <\/p>\n At the end of the week, Bitcoin (BTC) is at $59,359 which represents a 6.8% decline, while Ether (ETH) is at $1,565, after falling 8.8% for the week.\u00a0 XRP (XRP) is at $1.04 and down 8% for the week. The total market cap is at $2.06 trillion according to CoinMarketCap.<\/p>\n Among the biggest 100 cryptocurrencies the top three altcoin gainers are Velvet (VELVET) at 290%, DeXe (DEXE) on 55% and Audiera (BEAT) which was up 49%.<\/p>\n The top three altcoin losers of the week are MemeCore (M), which lost 76%, WorldCoin (WLD), which lost 28%, and Mantle (MNT), which was down 20%. <\/p>\n Bitcoin\u2019s drop to $58,000 lines up with the power-law model\u2019s cycle lows, even though futures market data points to deeper lows for BTC price.<\/p>\n Giovanni’s Bitcoin power-law model places<\/span><\/a> the network’s long-term trend price near $135,000, making the recent drop to $58,000 roughly 54% below the all-time high and 1.22 standard deviations beneath that trend.<\/p>\n According to the analyst, the key takeaway is straightforward: the previous cycle lows in 2012, 2015, 2019, 2020, and 2022 all fell within a similar statistical range. By that measure, the latest decline falls within a territory that has historically marked the deep bear-market lows rather than a break in Bitcoin’s long-term growth path.<\/p>\n Binance has notified European Union users that access to key services will be restricted after the exchange failed to secure Markets in Crypto-Assets (MiCA) authorization from a member state before a July 1 deadline.<\/p>\n Those restrictions include\u00a0halting<\/a>\u00a0the onboarding of new EU users and limiting certain services for EU-based accounts effective July 1,\u00a0according<\/a>\u00a0to exchange notices shared by users on social media.<\/p>\n The notices said users will still be able to withdraw their assets after that date, stating that \u201call digital assets are still available for withdrawal,\u201d in line with applicable regulatory requirements.<\/p>\n The move marks one of the first major transitions under the EU\u2019s MiCA framework after Binance announced it\u00a0withdrew its MiCA license application<\/a>\u00a0in Greece on Wednesday.<\/p>\n Binance recorded over $400 million in net outflows<\/a> during the week beginning June 22. <\/p>\n Binance\u2019s\u00a0public messaging<\/a>\u00a0is that the company intends to continue pursuing a MiCA license, despite being on pace to miss the July 1 buzzer.<\/p>\n Wallets with identifiable links to sanctioned Iranian entities have moved over $3.84 billion through cryptocurrency exchange CoinEx since 2019, making it one of the main channels used to bypass US economic sanctions, according to blockchain analytics company TRM Labs.<\/p>\n About 60 Iranian platforms were tied to the funds, with $2.7 billion of this flowing between CoinEx and Nobitex<\/a>, Iran\u2019s largest domestic cryptocurrency exchange, at an average rate of about $1 million per day since 2018, wrote TRM Labs in a Wednesday report<\/a>.<\/p>\n By 2024, CoinEx was Nobitex\u2019s largest external counterpart, nearly nine times that of the next-largest exchange, a pattern that TRM Labs called \u201cinconsistent with independent market behaviour.\u201d<\/p>\n CoinEx denied<\/a> having any commercial relationship with the Iranian government or domestic Iranian exchanges and disputed TRM Labs\u2019 interpretation, saying onchain fund flows do not demonstrate a platform’s knowledge of or participation in illicit activity.<\/p>\n The Ethereum Foundation (EF) has laid off 54 employees, roughly 20% of its workforce, as part of a major organizational restructuring.<\/p>\nBitmine, Sharplink and Joe Lubin back Ethereum R&D nonprofit<\/a><\/h4>\n
CryptoQuant warns on Strategy’s dividend coverage as cash reserve falls 38%<\/a><\/h4>\n
Catholic leaders, US authorities challenge CLARITY Act over illicit activity<\/a><\/h4>\n
Winners and Losers<\/h2>\n
Prediction of the week<\/h2>\n
Bitcoin may fall lower but BTC power-law frames crash to $58K as \u2018normal\u2019<\/a><\/h4>\n
Top FUD of the week<\/h2>\n
Binance faces EU service limits as MiCA rules take effect<\/a><\/h4>\n
Iran-linked entities moved $3.8B through CoinEx, TRM says<\/a><\/h4>\n
Ethereum Foundation sacks 20% of workforce amid strategic restructuring<\/a><\/h4>\n