Category: News

Botanix shuts down Bitcoin Layer 2 after four-year push into Bitcoin DeFi

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Botanix Labs has announced the shutdown of its Bitcoin Layer 2 network after reporting 25 million transactions and 200,000 wallets during its year-long mainnet operation. The team said user demand was not sufficient to sustain the network economically. Summary Botanix Labs is shutting down its Bitcoin Layer 2 network after concluding that user activity could not support the platform’s operating costs. The project reported 25 million transactions, 200,000 wallets, and no security incidents during its year of mainnet operation. Botanix said most Bitcoin users continue to treat BTC as a…

EU Seeks Transaction Ban on 11 Crypto Platforms in Russia Sanctions Push

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The European Union proposed banning transactions on 11 crypto platforms as part of its 21st sanctions package against Russia. Kaja Kallas, vice president of the European Commission and the EU’s high representative for foreign affairs and security policy, outlined measures targeting banks, weapons manufacturers, oil traders, refineries and other entities outside the bloc. “We will also tighten our ban for crypto-asset services to certain third countries, add new designations, and ban transactions on 11 crypto platforms,” Kallas said in a post on X. The proposal would widen the EU’s sanctions…

XRP Being Suppressed? Researcher Reveals Why The Token Isn’t Soaring

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A 2021 Citibank document that used the phrase “Regulated Internet of Value” sits at the center of a new XRP debate, after researcher Jesse of Apex Crypto Insights argued the wording was later shifted to “Regulated Liability Network” because the link to Ripple was too obvious. He says that paper trail, along with years of weak price action, points to a token that may be held down for reasons that are bigger than ordinary market trading. A Price That Would Not Move XRP’s chart is the first thing Jesse points…

Bitcoin Trades Near $61,300 After Worst Week Since FTX Collapse Wipes $390 Billion From Crypto

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Key Takeaways Bitcoin fell about 17.3% on the week ending June 6, while ether dropped 22%, the steepest declines for both assets since November 2022. Roughly $390 billion in value vanished and near $7 billion in leveraged positions were liquidated. Investors pulled about $5.5 billion from U.S. spot bitcoin ETFs over 13 straight days of outflows. A Drawdown Not Seen Since 2022 Bitcoin closed out one of its ugliest stretches in years, dropping about 17.3% while ether fell roughly 22%, the largest weekly declines for both since November 2022, when…

Why The Bitcoin Price Is Headed To $220,000

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Bitcoin has been forming a pattern for years now, and even with the uncertain price movements, this pattern has now finally be completed. This was explained by crypto analyst Bitcoin Teddy on the X social media platform, showing this pattern, how it was formed, and what the implications are for this formation on the Bitcoin price. The Mid-Year Cup And Handle Pattern That Was Years In The Making In the post, the crypto analyst pointed out that the Bitcoin price has completed a Cup and Handle pattern formation. Unlike some…

SpaceX IPO Draws Record $250 Billion Demand

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The initial public offering of Elon Musk’s SpaceX has reportedly seen an oversubscription rate running at almost ​four times the planned offering size, with some analysts suggesting it could be squeezing liquidity from the market. SpaceX’s IPO (SPCX) has attracted over $250 billion in investor demand, far exceeding the $75 billion it is seeking to raise in what would be the largest public offering ever, with the firm valued at $1.8 trillion, Reuters reported. Bankers and investors say it is the latest sign that demand is strong, ​as long-only funds…

Chainalysis, South Korea Link Up on Crypto Crime

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Blockchain security firm Chainalysis is strengthening its collaboration with South Korea’s national police to crack down on crypto crimes, including those involving North Korea. Chainalysis said on Wednesday that it signed a memorandum of understanding with the Korean National Police Agency (KNPA), aimed at building investigative capability within South Korea’s law enforcement.  Chainalysis said one of the driving factors behind the agreement is to better combat North Korea-linked crypto attacks, with South Korea’s police “at the forefront” of tackling these threats. However, Chainalysis’s country director Ryan Kwon said agreement aims to…

Blockchain.com Launches 24/7 Institutional Perpetuals, Adds SpaceX Pre-IPO Trading

Blockchain.com has launched 24/7 perpetual trading for institutional clients through its OTC desk, offering around-the-clock exposure to stocks, equity indices, commodities, foreign exchange markets and pre-IPO companies. The rollout includes a SpaceX-linked perpetual contract, allowing eligible investors to take positions tied to the aerospace company’s anticipated public listing. According to the company, the contract is already live through its OTC desk. Blockchain.com said the new service is intended for institutions seeking continuous market access outside traditional trading hours. The company said clients can use the platform to hedge or adjust…

Bitcoin Traders Watching Closely As Trump Hints At Imminent Iran Deal

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They say journalists never truly clock out. But for Christian, that’s not just a metaphor, it’s a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn. Christian’s journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer…

Hyperliquid, Paradigm Urge FinCEN Revise GENIUS Rule

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The lobbying arm of crypto futures exchange Hyperliquid and venture capital firm Paradigm has urged the US Treasury to revise a proposed anti-money laundering and sanctions rule for stablecoin issuers. The Hyperliquid Policy Center and Paradigm said in a letter on Tuesday that some secondary market obligations should be clarified or narrowed “to avoid unintended consequences for permissionless blockchain infrastructure and the DeFi ecosystem.” The pair said they endorse the Financial Crimes Enforcement Network’s (FinCEN) approach of putting compliance obligations on the “primary market,” such as issuers who have customer…