$138,000 BTC !?️🤨

In today's edition: 🙅 Flashbots' cofounder leaves, 📄 more Bitcoin ETF applications, 👩‍💻 Polygon's potential upgrade, and more!

June 21, 2023

What’s Poppin’?

by Samyuktha Sriram

Two major institutions have made new filings seeking the SEC’s approval of a spot Bitcoin ETF.

The major upgrade would address concerns around Polygon’s security model, legacy tech stack, and UX issues.

Alex Obadia warned of serious challenges ahead for the firm in a departure letter sent to the team.

The price of Bitcoin appeared to flash surge more than 400% for a few seconds on Binance’s U.S.-based subsidiary late on Tuesday.

On the Pod…

Daily Bits…✍️✍️✍️

  • 💸 The bankruptcy proceedings of crypto exchange FTX have already incurred professional fees exceeding $200 million, as reported by court-appointed examiner Katherine Stadler.

  • 💼 A Bitcoin wallet potentially linked to the notorious Silk Road darknet marketplace through a single transaction made a minor Bitcoin transaction, fueling speculation about the possible movement of seized crypto by the U.S. government.

  • 🚫 The Canadian Securities Administrators (CSA) cautioned investors about crypto firms falsely asserting certifications from non-existent regulatory or dispute-resolution entities in attempts to appear legitimate.

  • 📈 Grayscale Bitcoin Trust's (GBTC) share price surged due to optimism about a potential ETF conversion, narrowing the discount to net asset value to a multi-month low following BlackRock's Bitcoin ETF filing.

  • 🔍 The North Korean hacking group Lazarus, which allegedly stole $35M from Atomic Wallet, reportedly used THORChain to hide around $870,000 of the stolen funds by converting Ether into Bitcoin.

  • 🌏 Cryptocurrency exchange Gemini plans a major expansion into the Asia-Pacific region, which it views as a significant driver for future growth.

Today in Crypto Adoption...

  • 🏦 Deutsche Bank AG requested regulatory approval from Germany's financial authority, BaFin, to operate as a cryptocurrency custodian.

The $$$ Corner…

  • 💸 Reserve Protocol, backed by OpenAI CEO Sam Altman, invested $20 million in the Curve Wars, purchasing governance tokens from Curve, Convex Finance, and StakeDAO to boost liquidity for its dollar-pegged stablecoins.

  • 🌍 Dtcpay, a Singapore-based fintech that processes both fiat and crypto payments, secured $16.5 million in a pre-Series A funding round led by Pontiac Land's Chairman, Kwee Liong Tek, for product enhancement and international expansion.

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Perpetual swaps are one of the most popular financial derivatives in the crypto markets, capturing a large share of global bitcoin trading volumes.

📈 Your Market Update 📉

  • BTC is up 7.8%, trading at $28,851

  • ETH is up 5%, trading at $1,814

  • BTC dominance: 46.67%

  • Crypto market cap: $1.17 trillion

*All data as of today, 7:20 am ET

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