Ant Financial, an affiliate of Alibaba, is pursuing stablecoin issuer licenses in Hong Kong and Singapore, aligning with new regulatory frameworks like Hong Kong’s Stablecoin Ordinance effective August 1. The company aims to leverage its blockchain-based Whale platform for cross-border payments and treasury management, processing a third of its $1 trillion transactions via blockchain in 2024. This development reflects broader industry trends, as major banks like Deutsche Bank and Societe Generale explore stablecoins, while tech firms consider integrating them into payment systems. The stablecoin market recently surpassed $250 billion in capitalization, signaling rapid growth and institutional interest.
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Crypto Scams: How Hackers Use X for Phishing Attacks
Cybercriminals exploit verified or impersonated X accounts to post phishing links disguised as legitimate crypto giveaways or airdrops. These scams trick users into connecting their wallets to malicious smart contracts, leading to theft. Hackers rely on the trust associated with high-profile accounts to increase their success rates. Users should remain vigilant, verify sources, and avoid clicking on suspicious links to protect their assets. The rise of such scams highlights the need for better security awareness in the crypto community.
read moreCoinbase Cuts Account Freezes by 82%, CEO Vows More Fixes
Coinbase CEO Brian Armstrong has acknowledged that unwarranted account freezes have been a persistent issue for the exchange but reports significant progress, with an 82% reduction so far. Armstrong credits product team lead Dor Levi for driving improvements, including enhanced machine learning models and self-service KYC verification flows. The goal is to minimize freezes to only legally mandated or security-related cases while improving response times for affected users. Further updates are expected as new changes roll out.
read moreParaguay Debunks Bitcoin Legal Tender Hoax After X Hack
The Paraguayan government confirmed that President Santiago Peña’s verified X account was hacked, leading to an unauthorized post falsely declaring Bitcoin (BTC) as legal tender starting June 9. The fraudulent message included claims of a $5 million BTC treasury reserve and crypto bond offerings. The presidency swiftly debunked the hoax, stating no such policy exists, and launched an investigation with CERTPY and X to address the breach. The hacked post, which featured a Bitcoin address (receiving no funds), was removed, and officials urged the public to disregard it. Paraguay has not adopted Bitcoin as legal tender and will announce any policy changes through official channels.
read moreBig Tech and Banks Rush to Integrate Stablecoins as GENIUS Act Nears Approval
Tech giants such as Apple, Uber, and X (formerly Twitter) are actively exploring stablecoin integration into their payment systems, aiming to reduce transaction costs and enhance cross-border efficiency. The GENIUS Act, expected to pass soon, is seen as a key catalyst for regulatory clarity and adoption. Meanwhile, banks like Citibank and JPMorgan are pursuing joint initiatives, while Google Cloud confirms its interest in stablecoins. Stablecoin market capitalization has surged to $250 billion, with projections of reaching $2 trillion by 2028, fueled by regulatory progress and corporate adoption.
read moreBitcoin Dips Amid Trump-Musk Feud, Eyes Key Price Levels
Bitcoin’s price dipped sharply on Thursday amid a public feud between Donald Trump and Elon Musk, falling below $101,000 before rebounding to around $104,000. Market analyst Crypto Daan highlights key price levels: a break below $100K could extend the correction, while surpassing $106K may signal a new bullish phase with targets near $120K. Despite recent volatility, Bitcoin remains strong, up 7.49% monthly, with a market cap of $2.07 trillion. The Relative Strength Index suggests potential upward momentum, keeping traders on alert for the next breakout.
read morePolymarket Partners with X as Official Prediction Market
Polymarket, a crypto betting platform, has announced a partnership with Elon Musk’s X (formerly Twitter) as its ‘official Prediction Market Partner.’ The collaboration will leverage Polymarket’s prediction market data and X’s AI chatbot, Grok, to offer users real-time, data-driven insights. Polymarket CEO Shayne Coplan emphasized the potential for better decision-making through this integration. However, the partnership comes amid controversy, as the FBI recently raided Coplan’s home over allegations of violating a CFTC settlement. Coplan dismissed the raid as politically motivated, criticizing regulatory hostility toward startups. The move highlights the growing intersection of crypto, AI, and social media in financial markets.
read morePolymarket Hits $1.1B Volume Despite Fewer Traders
Polymarket, a decentralized prediction market platform, recorded $1.103 billion in trading volume in May 2024, continuing its four-month growth streak. However, active traders dropped to 277,700, even as 145,700 new users joined. The platform remains the industry leader, though open interest fell sharply from its $512 million peak during the 2024 election cycle. Polymarket’s partnership with X introduces a real-time analytics tool combining X’s data, Grok AI, and prediction market insights. Elon Musk has endorsed Polymarket’s accuracy, notably during the U.S. election, where it correctly predicted Trump’s victory. The collaboration signals growing tech-crypto integration and could reshape how users interpret market-moving events.
read moreBitcoin Dominance Drop Could Trigger Altcoin Season
The crypto market has been waiting for an altcoin season, but Bitcoin’s dominance, currently at 64%, has kept altcoins subdued. Analysts point to a 7-wave pattern suggesting a potential decline in Bitcoin dominance to 62%, a key threshold for altcoins to rally. Confirmation lies below 63.45%, with momentum expected to accelerate under 62%. Meanwhile, debates continue over whether a 2021-style altcoin season is possible, with some analysts noting that the altcoin market (excluding top 10 cryptos) must break $470 billion resistance to confirm a new cycle.
read moreBitcoin Volatility Amid Trump-Musk Feud: ATH Ahead?
Bitcoin’s price has been highly volatile, influenced by the Trump-Musk feud, dropping over 5% to $100,000 before rebounding 4.5% to $104,224. Analysts note similarities to past price action, suggesting BTC may be consolidating before a ‘real breakout’ toward $120,000. A bullish falling wedge formation indicates potential upside if BTC reclaims $105,000 as support, though failure to hold key levels could lead to further correction. Market watchers highlight Bitcoin’s tendency to set monthly highs or lows early, with a breakout above $106,700 signaling a likely push to new ATHs.
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