The last week of June 2024 was a busy time in the world of cryptocurrencies, with big changes and new developments. From companies investing in Bitcoin and the interest of institutions in digital assets to how political events affect crypto markets, the news highlights gave us useful information about how cryptocurrencies are changing.
This article talks about the ten most important news stories from June 22 to June 30, giving a full picture of the major events that shaped the crypto industry during that time.
Japan’s Metaplanet Wants to Buy Another $6M Bitcoin
Metaplanet wants to increase the amount of bitcoin it owns by buying another $6 million worth of BTC on top of the $9 million it already has invested. The purchase will be paid for with money from a bond sale on Wednesday. When the statement came out, stock prices went up 12%.
- The amount of Bitcoin that Metaplanet holds will grow by $6 million.
- Already, $9 million has been put into Bitcoin.
- Money from a bond sale with a 0.5% annual interest rate.
- After the news came out, stock prices went up 12%.
- In April, they began buying Bitcoin, and in May, they made it their reserve asset.
- With 141 BTC, it is currently the largest company in Japan that owns Bitcoin.
- BTC is now worth $63,200, 3% less than it was 24 hours ago.
Majority of Japanese Institutional Investors Plan to Invest in Crypto in Next Three Years: Nomura Survey
A poll by Nomura and Laser Digital, a company that works with digital assets, shows that 54% of Japanese institutional investors want to put money into cryptocurrencies in the next three years. In addition, 25% of the companies polled have a positive view of digital assets.
- Within three years, 54% of institutional investors want to put money into crypto.
- 25% of businesses are positive about digital assets.
- Crypto should get between 2% and 5% of assets under management (AUM).
- 62% see crypto as a way to diversify their portfolios.
- Adding new products like ETFs and staking options could get more people to invest.
- Counterparty risk, high volatility, and regulatory requirements are all things that make it hard to get into the market.
- From April 15 to April 26, 547 Japanese investment managers were asked to fill out the survey.
Biden Likely to Win Popular Vote, but Lose Presidency, Prediction Market Signals
The odds show that Joe Biden will probably get the most votes in the next U.S. election, but that doesn’t mean he will win the presidency. Shares on Polymarket that say Biden will win the popular vote are trading at 56 cents, which means there is a 56% chance that he will win. But shares of Donald Trump becoming president are currently trading at 57 cents, which means that there is a 57% chance that he will win.
- People are likely to vote for Biden, but he won’t be president.
- Biden has a 56% chance of getting the popular vote.
- Trump has a 57% chance of becoming president.
- It is thought that $182 million will be bet on the president.
- GuessIt says Trump has a 52% chance of becoming president, and Biden has a 47% chance.
- It’s not clear if Biden will accept the crypto donation.
- There are disagreements about Barron Trump’s involvement in the DJT token.
- It has lost 50% of its value since its high point.
PoliFi Tokens Return to Business After Proof of DJT-Trump Link Fails to Materialize
After there was no solid proof connecting the Trump campaign or his family to the DJT token, PoliFi tokens have gone back up in value. Martin Shkreli keeps making claims, but most people in the market agree that there is no official link.
- PoliFi tokens like BODEN, TRUMP, and TREMP have made up for lost value.
- In the last 24 hours, TRUMP went up 24%, TREMP went up 20%, and BODEN went up over 45%.
- The PoliFi sector as a whole went up by 14%.
- The agreements between polymarkets said that the DJT token has no official ties to Trump or his family.
- In spite of disagreements, the DJT token has gone up more than 30% in the last 24 hours.
- ZachXBT’s investigation confirmed that Shkreli was involved, but there was no solid evidence that Barron Trump was also involved.
- The Trump campaign and its supporters say they have nothing to do with the DJT token.
German Government Entity Moves $24M Bitcoin to Kraken, Coinbase: Arkham
Bitcoin worth $24 million was sent by the German Federal Criminal Police Office (BKA) to the cryptocurrency exchanges Kraken and Coinbase. This transfer comes after $130 million and $65 million in Bitcoin were sent to exchanges on June 19 and 20, respectively. Also, $30 million in Bitcoin was moved to a new wallet that no one knows about.
- BTC worth $24 million was sent to Kraken and Coinbase.
- More than $30 million was moved to a different wallet.
- Before, $130 million was sent on June 19, and $65 million was sent on June 20.
- This could be a sign that the owners want to sell the assets.
- BKA took almost 50,000 BTC from the people who ran Movie2k.to.
- Bitcoin was sent by suspects in the middle of January as a “voluntary transfer.”
Investcorp and Securitize Launch Fund Tokenization Partnership
Investcorp and Securitize have joined forces to tokenize funds with the goal of creating on-chain Real World Assets (RWA) that will help investors save time and money. The Strategic Capital Group (ISCG) of Investcorp, which is in charge of $1.5 billion in assets, will get the most attention at first.
- Investcorp’s Strategic Capital Group and a third party will work together to create tokenized funds.
- ISCG’s main business is buying small stakes in alternative asset managers.
- The goal of tokenization technology is to make things easier for investors and more efficient.
- The technology that Securitize offers lets qualified investors get access to GP staking strategies.
- Investcorp has been involved in the crypto space in the past by investing in blockchain funds and crypto companies.
ZynCoin Meme Token Patches Things Up With Tobacco Giant Philip Morris
There was a legal dispute between ZynCoin, a meme token named after a popular nicotine pouch, and Philip Morris, the company behind Zyn. At first, Philip Morris told the token to stop using the Zyn name, but they changed their minds when they realized it would be hard to enforce because the token is decentralized.
- In April, Philip Morris sent a letter telling them to stop.
- Colton Kirkpatrick, the founder of ZynCoin, negotiated to keep the “zyn” prefix.
- To keep brands from getting mixed up, small changes were agreed upon for marketing.
- Philip Morris admitted that the fact that ZynCoin is decentralized made it harder for them to sue.
- This case shows how hard it can be to enforce rules in communities that are not centralized.
- As more meme coins are made with brand names or celebrity names on them, similar problems may arise.
Polymarket Contradicts Its Oracle Service in Rarity for Prediction Market
In a very unusual move, Polymarket went against its own decentralized oracle service, UMA, when it came to Barron Trump’s involvement with the DJT token. Even though UMA said Barron Trump wasn’t involved, Polymarket said he was.
- The Polymarket says Barron Trump had something to do with the DJT token.
- Many times, UMA, the decentralized oracle service, answered “no.”
- Polymarket plans to give money back to people who signed the “yes” side of the contract.
- Martin Shkreli’s claims that Barron is involved have caused a lot of controversy.
- Polymarket is working to make the oracle and resolution methods better.
- People bet more than $1 million on the prediction market.
PoliFi Tokens, BTC Under Pressure Ahead of Biden-Trump Debate
Before the debate between Joe Biden and Donald Trump for president, Bitcoin and PoliFi tokens like TRUMP, TREMP, and BODEN lost value. Trump has made digital assets a big part of his campaign, so this debate is very important.
- This is a 0.5% drop in the price of a TRUMP token.
- The value of a TREMP token dropped 7.2%, to 74 cents.
- The value of one USD coin fell 16% to 13 cents.
- Bitcoin fell 1% and was worth $61,000.
- The debate is likely to have an effect on how volatile the crypto market is.
- Trump backs crypto and has stressed the need to mine the last bitcoins in the U.S.
- The crypto community thinks that Trump winning would be good for the industry.
Trump’s Odds of Beating Biden Surge to 67% on Polymarket Post Presidential Debate
The odds that Donald Trump will win the 2024 election went up to 67% after the first presidential debate. There was also doubt on the platform about President Biden’s ability to get the Democratic nomination; his odds fell below 70%.
- There is a 67% chance that Trump will win the election.
- There is a less than 70% chance that Biden will be the Democratic nominee.
- Gavin Newsom’s chances went up to 17%, and Michelle Obama’s went up to 7%.
- The odds on a contract that Biden would drop out went up to 43%.
- There are drops of 12.5% in the MAGA (TRUMP) token, 34% in the BODEN token, 10% in TREMP, and 5% in DJT.
- Crypto wasn’t brought up in the debate.
- Robert F. Kennedy Jr., an independent candidate, answered the debate questions on X, which got 5.6 million views.
Final Thoughts
The last week of June 2024 showed how volatile the cryptocurrency market is, with changes in corporate strategies, government rules, and politics all playing a role. Along with strategic investments and the start of new tokenization projects, institutions are becoming more interested in digital assets.
This shows that cryptocurrencies are becoming more accepted and integrated into mainstream finance. As the crypto world changes, it’s important for investors, stakeholders, and fans alike to stay up-to-date on these important events.
The stories from this week are a good reminder of how quickly things can change in the crypto world and how important it is to stay alert and up-to-date.