Crypto Market Roundup: A Week in Review
Circle IPO Excitement, Bitcoin's $100K Slump, Trump Wallet Scandal, and More Headlines
This week in crypto saw electrifying news, Bitcoin's rollercoaster ride, and a controversial new player entering the market. Let's take a closer look:
Circle's Stock Market Debut
A seismic wave swept through the crypto world as Circle - the stablecoin issuer - made its dramatic New York Stock Exchange debut. The stock skyrocketed 168% from its opening price of $31 to close at $83 on the first day. The ambitious $1.06 billion offering aimed for a valuation of $7.2 billion, attracting heavy institutional interest. BlackRock even considered a 10% stake in the company, but market analysts have since expressed caution, advising investors to avoid FOMO (Fear of Missing Out) investing in Circle stock.
Bitcoin on a Rollercoaster Ride
The crypto market got a jolt on June 6 when the heated feud between Elon Musk and President Trump sent Bitcoin tumbling, with the world's largest cryptocurrency dipping to $100,000 for the first time in nearly a month. This 3% drop caused massive liquidation in long positions, but Bitcoin quickly rebounded to $105,000, buoyed by strong buying support and increasing institutional adoption.
Trump Wallet Controversy
The announcement of the "$TRUMP Wallet" ignited a whirlwind of controversy this week as Donald Trump Jr., Eric Trump, and Barron Trump publicly disavowed any involvement in the crypto wallet project. Promoted by Magic Eden and developers linked to a Trump Organization-affiliated entity, thewallet claimed to be "The First and Only Crypto Wallet Backed by President Trump." However, the Trump family reacted with immediate backlash, causing market confusion and reflecting crypto's sensitivity to political narratives.
Pro-Bitcoin Presidents in Poland and South Korea
In a landmark week for cryptocurrency, Poland and South Korea elected presidents with pro-Bitcoin stances, signaling a global shift toward crypto-friendly policies. Poland's Karol Nawrocki, a nationalist historian backed by the Law and Justice party, won a tightly contested presidential election on June 1 with 50.9% of the vote.
On June 3, South Korea's left-leaning Lee Jae-myung secured the presidency, campaigning to legalize spot Bitcoin ETFs, ease crypto regulations, and explore a state-backed digital asset fund. The election of these two Bitcoin advocates renewed optimism for crypto growth, with users hoping for accelerated Bitcoin adoption.
Ethereum ETFs Gaining Momentum
In the U.S., spot Ethereum exchange-traded funds (ETFs) have once again outperformed their Bitcoin counterparts, recording $25.22 million in net inflows, marking a 15-day streak totaling $3.32 billion in cumulative net inflow since their July 2024 launch. BlackRock's ETHA led with a 45% surge, while Bitcoin ETFs faced outflows of $326.26 million over Thursday and Friday.
Scoop 'Em All: Crypto News You May Have Missed
- Pectra Upgrade Poses Auto-drain Risks: Wintermute warns of potential risks following Ethereum's Pectra upgrade, exposing 97% of delegated wallets to auto-drain risks, as over 79,000 addresses link to malicious contracts.
- Bitcoin Exchange Reserves Hit Record Lows: Bitcoin exchange reserves dropped to an all-time low of 2.5M BTC, signaling strong holder accumulation and potential supply shock, as prices hit $111,500.
- Russia's Moscow Exchange Debuts Bitcoin Futures ETF: Russia's Moscow Exchange (MOEX) launched Bitcoin futures ETF tied to BlackRock's IBIT, recording ₽423M ($4.5M) in debut trading volume.
- Gemini Files for IPO: Following Circle's successful IPO, Gemini crypto exchange confidentially filed for a U.S. IPO.
The Buzz
The crypto community buzzed around PumpFun, the Solana-based memecoin launchpad, and its potential plans to raise $1 billion through the PUMP token sale at a $4 billion valuation. The ambitious presale elicited mixed reactions, with some hailing it as a game-changer for Solana's growth, while others criticized it as a cash grab, citing 99.99% of users losing money on the platform.
Top Gainers and Losers This Week
Looking Ahead to Next Week
The crypto market is braced for another eventful week, building on the momentum from the previous week. Bitcoin's record-low exchange reserves and Ethereum's consistent investment inflows hint at a dynamic week, while the Trump-Musk squabble may trigger sell-offs. However, developments such as the Genius Act (stablecoin bill) could help to drive overall optimism, as could economic indicators and global pro-crypto policies from Poland and South Korea, with users maintaining a cautiously bullish sentiment.
- Circle's dramatic New York Stock Exchange debut was a significant event in the crypto world, with the stablecoin issuer aiming for a valuation of $7.2 billion through its offering.
- Bitcoin faced a rollercoaster ride this week, as a heated feud between Elon Musk and President Trump caused it to dip below $100,000 before rebounding.
- The Trump Wallet, a crypto wallet project claiming to be backed by President Trump, ignited a whirlwind of controversy this week, with the Trump family publicly disavowing any involvement.
- In a landmark week for cryptocurrency, Poland and South Korea elected presidents with pro-Bitcoin stances, potentially signaling a global shift toward crypto-friendly policies. Interestingly, Ethereum ETFs have been outperforming their Bitcoin counterparts in the U.S., recording substantial net inflows.
