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Today’s weekly recap covers significant events in the crypto market: sharp declines, Bitcoin and Ethereum ETF activities, intensified global regulatory actions, major expansion efforts, and key insights from the Money 20/20 conference.

Market Uncertainties

Last week, the markets faced volatility. Binance Coin (BNB) reached a new all-time high above $711, driven by increased trading volume and interest.

Bitcoin hit the $69,000 mark following substantial institutional investments, showcasing continued interest and significant capital inflows.

VanEck set a price target of $22,000 for Ethereum by 2030, anticipating the approval of Ethereum ETFs.

The market capitalization of gaming tokens surged past $30 billion, fueled by mainstream adoption, innovative developments, and strategic partnerships within the gaming industry.

A GameStop-inspired meme coin surged by 300% after the influential trader Roaring Kitty resurfaced on social media platform X. However, meme coins later saw significant losses, with many dropping over 10% following the crash of GameStop’s stock.

The overall crypto market experienced a sharp decline, losing $96 billion in market capitalization after the release of a strong U.S. jobs report, which indicated robust employment numbers and raised concerns about potential interest rate hikes.

Strategic ETF Moves

Last week, Ark Invest exited the Ether ETF race while 21Shares rebranded its fund to focus on other strategic investment opportunities.

ProShares is seeking SEC approval for the listing of a spot Ethereum ETF on the New York Stock Exchange, aiming to provide investors with direct exposure to Ethereum.

Despite recent market fluctuations, Bitcoin ETFs continued to attract inflows, totaling $131 million on June 7. These products saw consecutive days of capital inflows throughout last week, marking 19 straight days of positive net flows.

Trump Sustains Support

Following his conviction, former President Donald Trump continues to declare support for the crypto industry. Last week, he portrayed himself as a crypto president, looking to garner votes from the crypto sector.

Legal Actions, Disputes, and Regulatory Concerns

The New York Attorney General filed a lawsuit against crypto firms NovaTechFX and AWS Mining for allegedly perpetrating a $1 billion fraud.

Amid U.S. lawmakers’ outcry, Mohammed Idris, the Nigerian Minister of Information, defended the trial of the detained Binance executive Tigran Gambaryan, asserting that the legal proceedings are justified and necessary. However, former U.S. federal agents rallied to petition for Gambaryan’s release, emphasizing the need for due process and fair treatment.

In Asia, Hong Kong’s HKMA issued a warning to the public regarding the unregulated status of KuCoin, advising caution when dealing with the crypto exchange.

Industry Collaborations, Acquisitions, and Expansion

The industry also witnessed growth prospects last week. Friend.tech collaborated with Conduit to launch Friendchain, a new blockchain aimed at enhancing social media interactions and transactions.

Bitcoin miner Riot Platforms acquired a 12% stake in Bitfarms, strengthening its position in the cryptocurrency mining sector.

Robinhood announced its intention to acquire Bitstamp for $200 million, marking a significant step in expanding its crypto business.

Crypto exchange Kraken revealed plans for a pre-IPO raise of $100 million to bolster its financial position ahead of a potential initial public offering.

Money 20/20 Unveils Projections, Insights & Hurdles

Ripple’s stablecoin will likely launch this year, according to Ripple President Monica Long. Long stated at Money 20/20 that the SEC is not a friendly entryway for companies trying to establish themselves in the U.S., highlighting regulatory challenges.

Further discussions at Money 20/20 suggested that the tokenization industry needs to address interoperability issues to ensure seamless integration and operation across different blockchain platforms.

Industry leaders argued that traditional financial institutions must merge with blockchain technology to stay relevant and competitive in finance.

For more updates and in-depth news on the cryptocurrency market, visit Global Crypto News.

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