Crypto News Today – June 25th, 2024

Welcome to “Crypto News Today,” your daily summary of significant happenings in the Crypto Industry.

Bitcoin Falls Below $60,000 Amid Crypto Market Concerns

Bitcoin fell below $60,000 for the first time since May, driven by $1.2 billion in crypto ETF outflows following the recent FOMC meeting. Despite the dip, analysts like Ryan Rasmussen see long-term investment potential in Bitcoin, noting its strong year-to-date performance and positive market developments. Read all about it on the TDR Website!

Mt. Gox Begins Repayments, Investors Wary of Bitcoin Impact

Mt. Gox, once the world’s largest Bitcoin exchange, has started repaying creditors who lost funds during its 2014 collapse. The exchange is set to distribute 142,000 Bitcoin and 143,000 Bitcoin Cash, amounting to nearly $9.6 billion, by October 2024. Despite this positive development, there is concern in the market about the potential selling pressure this large release of Bitcoin could cause​.

Crypto Analysts Predict “Trump Trade” Surge

Analysts at Bernstein suggest that cryptocurrencies could become the new “Trump Trade,” drawing parallels to the stock market’s reaction during his presidency. This trend is anticipated due to increasing interest and positive sentiment around Trump’s potential involvement in the crypto space, including discussions to speak at Bitcoin 2024 in July​.

Jump Crypto President Resigns Amid CFTC Investigation

Kanav Kariya, president of Jump Crypto, has announced his resignation just days after reports emerged of a Commodity Futures Trading Commission (CFTC) investigation into the firm. The investigation focuses on potential regulatory violations, creating a stir in the crypto community and raising questions about the firm’s future operations​.

Solana Experiences Significant Decline

Solana’s market value has dropped by $7 billion over the past week, raising concerns about the sustainability of the recent crypto bull run. This sharp decline is attributed to various market factors, including investor sentiment and broader market corrections​​.

Elon Musk Deepfake Scams Crypto Users

Over the weekend, a sophisticated deepfake video of Elon Musk circulated on YouTube, scamming crypto users out of significant sums. The deepfake promoted a fraudulent crypto giveaway, highlighting ongoing security challenges in the crypto space

Read more crypto news on the TDR Website! 

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