Category: Crypto market

Major Suspect Behind Ledger’s Co-founder Kidnap Arrested

Posted on by Olumide Adesina

Morocco detained a man who is thought to have been involved in several recent crypto kidnappings in France, including that of Ledger’s co-founder. Numerous mobile phones and bladed weapons were allegedly discovered in the possession of the suspect, a French-Moroccan national.

An 

Interpol Red Notice was issued for 24-year-old Badiss Mohamed Amide Bajjou, who was wanted by French authorities.

The announcement had been made in connection with accusations of hostage arrest, kidnapping, false imprisonment, or arbitrary detention. Morocco’s national police and intelligence agency captured Bajjou in Tangier, a city in the country’s north, at the request of French authorities.

The nation’s General Directorate officially confirmed the operation for National Security. “I express my profound gratitude to Morocco for this arrest, which highlights the outstanding judicial collaboration between our two nations, especially in the fight against organized crime,” the French Minister said.

French authorities also charged 25 people, including six minors, in connection with a series of kidnappings and attempted abductions in the region.

Interior Minister Bruno Retailleau had an emergency meeting with crypto industry leaders in May.

The ministry later announced plans to improve the safety of individuals involved in the sector. The new measures include giving priority access to police emergency lines, home security evaluations, and safety briefings from French law enforcement.

France has recently experienced several kidnappings and failed attempts targeting crypto executives and their families. Attackers allegedly tried to abduct the daughter and grandson of Pierre Noizat, CEO of French crypto platform Paymium.

The father of a French crypto millionaire was kidnapped in Paris in May while he was out for a walk with his dog. The victim was later released after being detained for a few days after a ransom demand of about $8 million.

ADA: Cardano plans Bitcoin integration, Chainlink Synergy

Posted on by Olumide Adesina

Cardano is positioning itself as a key platform in the evolving Bitcoin DeFi ecosystem, aiming to unlock substantial unrealized potential.

Charles Hoskinson’s 2025 roadmap highlighted Bitcoin DeFi integration, scalability enhancements through Ouroboros Leios, and improved interoperability with Chainlink.

The alliance aims to enhance data quality and make advanced financial products accessible on Cardano’s platform. By integrating with external networks and services, Cardano intends to establish a comprehensive DeFi ecosystem that supports various use cases, including lending, borrowing, derivatives, and decentralized exchanges.

This collaborative strategy will likely accelerate adoption and boost Cardano’s influence in the broader cryptocurrency market.

Charles Hoskinson recently emphasized that his company is “at the nexus” of Bitcoin DeFi, a space he describes as a “giant sleeping monstrosity.” While Ethereum and Solana have traditionally been the focal points of decentralized finance, Bitcoin’s DeFi potential remains largely untapped. Hoskinson envisions Cardano as the leading platform to bridge this gap by capitalizing on Bitcoin’s extensive market presence.

Meanwhile, on-chain indicators suggest that Cardano may be facing further declines. The altcoin’s social dominance score fell from 2 percent in May to 0.792 percent, according to Santiment data.

This metric indicates that Cardano is being discussed less on social media platforms like Reddit and X. Additionally, another metric shows a recent decline in the number of daily active addresses, dropping from over 60,500 addresses in May to 21,565 addresses on Friday. This means fewer users are engaging with the blockchain

Gemini plans IPO after SEC filing

Posted on by Olumide Adesina

Gemini submitted a confidential statement to the Securities and Exchange Commission (SEC) regarding the IPO of its Class A common stock. Gemini, a cryptocurrency exchange, filed a confidential Form S-1 statement with the SEC and announced its plan to go public.

A press release on Friday stated that the company was considering holding an initial public offering (IPO) of its Class A common stock.

The size of the offering and the price goal have not been revealed due to the nature of the filing. Subject to market conditions, these specifics will be determined after the SEC regulatory assessment.

Gemini’s filing comes amid a broader push by cryptocurrency companies to go public amid regulatory support that has helped the industry since President Trump’s election.

This comes after a March Bloomberg article that stated Gemini had been collaborating with Citigroup and Goldman Sachs on its initial public offering (IPO) following the SEC’s conclusion of its probe into the exchange in February.

 USDC’s issuer, Circle Internet Group, went public on the New York Stock Exchange under the ticker CRCL. The stock has risen to $112 after market hours on Friday from its starting price of $69 on Thursday.

The stablecoin issuer raised an initial $1.1 billion from its first public offering (IPO) on Wednesday after selling 34 million shares of its stock.

Coinbase, a cryptocurrency exchange, joined the S&P 500 in May, replacing Discover Financial Services. The statement caused Coinbase’s (COIN) shares to soar.

Ripple: XRP Faces SEC decision on June 9

Posted on by Olumide Adesina

The SEC’s next roundtable on crypto regulation is scheduled for June 9 and may include a discussion of the ongoing Ripple case. SEC Commissioners Caroline Crenshaw, Mark Uyeda, and Hester Peirce are set to give opening remarks, along with SEC Chair Paul Atkins, according to the agenda

 

This settlement, along with the programmatic disassembly of the SEC’s crypto enforcement program, does a tremendous disservice to the investing public and undermines the court’s role in interpreting our securities laws,” said Commissioner Crenshaw in his May dissent against the SEC and Ripple settlement agreement and joint filing. I cannot support this settlement.

Although there is no guarantee that XRP will be specifically referenced in the SEC’s announcement, holders might be indirectly affected by various potential outcomes. If the roundtable introduces a DeFi compliance framework or discusses new rulemaking possibilities, it may influence how Ripple and related companies develop their products and services.

Such changes could affect the market acceptance, regulatory status, and  XRP litigation.

The Commissioner may have the chance to express disapproval of the SEC’s shifting views on crypto regulation since the agency dropped other high-profile cases, such as lawsuits against Coinbase (COIN) and Binance.

The SEC’s intentions may also become clearer through references to the Ripple case.

Judge Analisa Torres denied a motion for an indicative ruling on settlement terms because the US Court of Appeals granted a joint motion to put the SEC’s appeal on hold for both parties to settle. Citing procedural inaccuracies and insufficient justifications that a settlement benefits institutional investors and the general public, Judge Torres rejected the motion.

However, the SEC opted to submit a second request for an indicative ruling. The SEC must submit a status report on settlement proceedings by June 16  on the Court of Appeals’ order. An indicative ruling is important because it may decide whether the SEC continues its appeal against the Program and whether Ripple pursues its cross-appeal.

 

Trump Files For Bitcoin Spot ETF

Posted on by Olumide Adesina

Trump Media and Technology Group, the company operating his Truth Social media platform, owned by US President Donald Trump, applied to the US Securities and Exchange Commission (SEC) to establish a Bitcoin exchange-traded fund (ETF).

TMTG stated it had submitted an initial registration statement on Form S-1 for its Truth Social Bitcoin (BTC) ETF.

According to the filing, Bitcoin held by a custodian on behalf of the Trust makes up the majority of the Trust’s assets.

 The SEC received a proposal from NYSE Arca to list the Truth Social Bitcoin ETF on behalf of Yorkville America Digital, a crypto asset manager and partner of TMTG, which owns Truth Social.

If approved, cryptocurrency exchange Crypto.com will serve as the Truth Social Bitcoin ETF’s sole custodian, prime execution agent, and liquidity provider. The ETF is one of many cryptocurrency products seeking regulatory approval in the United States. There are exclusivity clauses in the new fund

The filing stated Crypto.com will only provide specific services to the product’s trust.

The costs associated with the product have not yet been determined. Although many Bitcoin ETF filings acknowledge possible conflicts of interest, they usually contain safeguards against them. ETF holders will likewise not be entitled to the associated asset in the event of a fork. The Sponsor will, as stated, “cause the Trust to irrevocably and permanently abandon the Incidental Rights.”

VanEck, 21Shares, Canary Capital Lobby SEC For XRP, Solana ETF

Posted on by Olumide Adesina

The SEC has officially been urged by ETF issuers VanEck, 21Shares, and Canary Capital to reinstate the “first-to-file” principle. They emphasize the principle’s critical role in encouraging innovation, ensuring fair competition within the crypto ETF market, and the approval of XRP, Solana spot ETFs

The businesses contend that abolishing this approach could halt the development of digital asset investment vehicles by discouraging innovative product development and compromising investor choice.

The current strategy of the SEC, issuers’ caution, fundamentally undermines the commission’s mission to protect investors, maintain fair, orderly, and efficient markets, and facilitate capital formation.

21Shares and Canary Capital urge the SEC to reinstate the crypto ETF first-to-file rule, emphasizing its value for innovation and market equity.” In a letter to the US Securities and Exchange Commission (SEC), VanEck, 21Shares, and Canary Capital expressed their growing dissatisfaction with market innovation and regulation.

As the sponsors claim with their “first-to-file” approach, a preferred “lazy behavior” is being rewarded by allowing noncompliant applicants to jump ahead of eager product developers, which disincentivizes pioneers who seek to engage in new and improved endeavors.

These same issuers assert that it is becoming narrow-minded and limiting competition, which contradicts the core function of markets, the SEC was built to regulate, and keep order.

This letter sheds light on the reality of US policies that attempt to disguise self-preservation by finding loopholes to foster free-market methods and create systems where policy shields restrict innovation rather than enable entrepreneurship.

Forex Signals Brief June 6: NFP Jobs Report in Focus as Fed Weighs Its Next Move

Posted on by Skerdian Meta

Markets are bracing for important US jobs data, with Non-Farm Payrolls (NFP) setting the tone for economic direction and policy expectations.
Continue reading “Forex Signals Brief June 6: NFP Jobs Report in Focus as Fed Weighs Its Next Move” →

Elon Musk’s Fury Frightens Bitcoin

Posted on by Olumide Adesina

Bitcoin fell 3 percent over the last day, approaching a retest of the $100,000 mark, causing notable losses for investors who were long the cryptocurrency.

 

Bitcoin melted, and investors who have held the cryptocurrency for more than 155 days continue to sell to lock in profits as the conflict between US President Donald Trump and billionaire Elon Musk frightened crypto buyers

The pioneer crypto asset began to bounce back and made several attempts to reach $106,000; however, it was thwarted, and following the most recent rejection, Bitcoin is currently trading below $102,500.

Most altcoins experienced even greater losses than Bitcoin, as evidenced by their declining market share. Around $308 million in long positions were liquidated during that time, indicating that the drop caught traders off guard, according to CoinGlass.

Musk’s public dispute with Trump intensified the sell-offs. The Tesla CEO claimed on his X platform that Trump’s proposal for global tariffs “will cause a recession in the second half of this year.” Several cryptocurrency analysts hold the same view.

Markets project US policymakers will likely postpone monetary easing until they have ‘hard data’ on the effects of Trump’s tariffs, which could result in a growth slowdown.

Trump claimed in a post on his Truth Social platform that the US government would save “billions and billions of dollars” if Musk’s government contracts and subsidies were terminated. Musk retracted his response hours later, saying, “SpaceX will begin decommissioning its Dragon spacecraft immediately in light of the President’s statement about cancellation of my government contracts.”

Uber plans Stablecoin adoption

Posted on by Olumide Adesina

Uber’s CEO, Dara Khosrowshahi, claims that the ridesharing behemoth is currently in the “study phase” of utilizing stablecoins to lower the costs associated with international money transfers.

“Stablecoin is one of the more intriguing applications of cryptocurrency that offers a useful advantage beyond its use as a store of value, but we’re still in the research stage,” Khosrowshahi announced at the Bloomberg Tech Summit in San Francisco on June 5.

He said, “You can have your opinions about Bitcoin, but it’s a proven commodity, and you know, people have different opinions about where it’s going.” Cryptocurrency stablecoins are designed to mimic the value of conventional currencies, most frequently the US dollar.

Stablecoin, he said, “is quite promising, especially for global companies that are moving money around globally to create a mechanism for us to essentially reduce costs in terms of moving money internationally.”

Banks and other businesses have shown a growing interest in using stablecoins for commercial purposes. John Collison, Stripe’s co-founder, stated that his company had been in preliminary talks with banks regarding the possibility of integrating stablecoins.

Ripple: XRP Faces More Crash after Elon Musk- Trump Fight

Posted on by Olumide Adesina

XRP suffered losses after growing tensions between President Trump and Tesla CEO Elon Musk escalated into a full-fledged feud.

The president and Musk exchanged a quick series of tit-for-tats.

Trump expressed his disappointment with Musk and questioned whether his criticism of “big, beautiful” bills was genuinely motivated by the U.S deficit’s rapid growth.

Musk retaliated over X, claiming that without him, the president would not have won the election.

 XRP fell 5% yesterday after dropping 2% on Wednesday.XRP closed at $2.13, its lowest level since April 21. The crypto market turned bearish as Bitcoin oscillated near the $100k amid rising tension between the world’s most influential men

The token notably underperformed the overall market, which saw a 3.63 percent decline to $3.1 trillion in total cryptocurrency market capitalization. Additionally, the president suggested on social media that he could revoke government subsidies and contracts essential to Musk’s business empire

Musk responded that he would dismantle SpaceX’s Dragon spacecraft and even gave his former approval to the plan.

The world’s richest man changed his remarks regarding the administration in recent days by calling the bill a “disgusting abomination” and threatening primary lawmakers who support it.

Tesla’s market correction occurred as Musk concluded his tenure as Trump’s Department of Government Efficiency. The EV manufacturer saw a 22 percent rally in May amid weak sales figures.

This year, shares have dropped more than 20%, a peak of $488.54 in December 2024. Musk has appeared to be at odds with the Trump administration and launched a full-scale attack against the president’s signature tax-cut bill since his special government employee term ended on Friday.

Tesla faced significant challenges, a decline in brand recognition in the West, and a sharp dip in sales of its electric cars in key European markets.

Tesla is also under pressure to introduce a driverless, long-delayed ride-hailing service in Austin this month. Although Tesla is testing driverless vehicles in that market, according to Musk, Waymo, its main rival, already has a significant commercial robotaxi service in collaboration with Uber.