Bitcoin’s price has dropped to its lowest level since mid-May, falling nearly 20% from its all-time high in March. This decline follows the announcement by Mt. Gox to distribute $9 billion in bitcoin and bitcoin cash repayments starting in July. This announcement has led to market concerns about an influx of supply, prompting a “sell the news” reaction among investors. Analysts suggest that despite the significant repayment amount, bitcoin may show resilience due to factors such as increased liquidity in the market and potential rate cuts by the Federal Reserve. There are also rumors of large holders, including major miners and governments, offloading their bitcoin holdings, contributing to the bearish sentiment. However, analysts note that the highly volatile nature of the cryptocurrency market means fortunes can reverse quickly. The global cryptocurrency market cap has also seen a 5% drop in the last 24 hours.

SEC Chair Gensler: Ether ETF Approval Process 'Going Smoothly,' Analysts Predict July Launch

SEC Chair Gary Gensler stated that the process of launching the first spot Ether exchange-traded funds (ETFs) in the U.S. is progressing well, although he did not specify a launch date. Analysts anticipate approval as early as the first week of July. Gensler emphasized the importance of full disclosure from asset managers for the ETFs' approval. Despite criticism from the crypto industry and figures like Donald Trump and Mark Cuban, Gensler maintained that securities laws are clear and applicable to crypto assets. He pointed out the high number of non-compliant crypto tokens and reiterated the SEC's commitment to enforcing regulations.

Metallica's X Account Hacked to Promote Fake Solana Token

Metallica's official X account was hacked, and the perpetrators used it to promote a fraudulent Solana-based token called METAL. The hackers claimed partnerships with Ticketmaster and MoonPay, both of which were false. Metallica's team quickly regained control of the account and removed the misleading posts. Despite the initial surge in the token's value to $3.37 million, it crashed to $90,000 within hours. MoonPay disavowed any involvement, warning users against the scam. The breach's details remain unclear, and neither the band nor its management has commented.

📊 CRYPTO PRICES 💰