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Bitcoin Recrosses $26.3K to Hit Highest Level in a Week Amid BlackRock Optimism

Markets surged for a second time in the less than 24 hours following the fund management giant’s announcement that it had filed paperwork for the formation of a spot bitcoin ETF.

Less than 24 hours after fund management giant BlackRock filed paperwork for a spot bitcoin ETF, bitcoin recrossed $26,000 and soared to its highest level in a week.

The largest cryptocurrency by market capitalization was recently trading at $26,369, up nearly 5% over the past 24 hours, according to CoinDesk data. BTC was trading below $25,000 – near its three-month low – as recently as Thursday morning before settling at about $25,500 in the hours immediately following the BlackRock filing.

Ether, the second largest crypto in market value, was recently changing hands at $1,721, up 4.5% from Thursday, same time. Earlier this week, ETH lost the $1,700 threshold for the first time since mid March.

Other major cryptocurrencies, including those that tumbled following their mention in U.S. Securities and Exchange Commission (SEC) lawsuits against exchanges Binance and Coinbase last week, regained large swathes of ground. SOL, the token of the Solana blockchain, was recently up more than 7%. ADA, MATIC and ALGO, the native cryptocurrencies of smart contract platforms Cardano, Polygon and Algorand, rose 3.5%, 3% and 4.1%, respectively.

The CoinDesk Market Index, a measure of the cryptocurrency market’s performance, increased 4.4%, although CoinDesk’s Bitcoin and Ether Trend Indicators remained in downturn territory, reflecting lingering investor worries about an industry being buffeted by increasing U.S. regulatory scrutiny, and inflation and monetary policy concerns.

The main equity indexes were trading sideways after seesawing earlier in the day with the tech-focused Nasdaq Composite up slightly but the S&P 500, which has a hefty technology component, down a smidgen. Stocks have surged six consecutive days with the Nasdaq, S&P 500 and Dow Jones Industrial Average (DJIA) all recently hitting 2023 highs. Gold and U.S. Treasury yields both ticked up.

In a speech Friday, Federal Reserve Governor Christopher Waller indicated that the central bank remained concerned about inflation, even as it has weathered criticism that its hawkishness precipitated a March crisis in the banking sector. Earlier this week, the Fed halted a 14-month diet of rate hikes that have often weighed heavily on crypto and other asset markets.

“The Fed’s job is to use monetary policy to achieve its dual mandate, and right now that means raising rates to fight inflation,” Waller said at an economics conference in Norway. “It is the job of bank leaders to deal with interest rate risk, and nearly all bank leaders have done exactly that. I do not support altering the stance of monetary policy over worries of ineffectual management at a few banks.”

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CFTC to Review Prediction Market Kalshi’s Contracts to Bet on Control of Congress

The U.S. derivatives regulator has scheduled a June 26 meeting to discuss starting another review to evaluate whether to approve Kalshi’s event contracts.

The Commodity Futures Trading Commission will decide on June 26 whether to start a formal 90-day review of prediction market provider KalshiEX’s contract that allows users to bet on which party takes control of the U.S. Congress.

The CFTC oversees the company as a designated contract market, and 90-day reviews are the legal process by which the agency can approve or reject contracts. Kalshi had submitted the contract for CFTC review last year but recently withdrew that original request, and the exchange is now returning to the agency with a new submission.

These particular cash-settled, binary contracts would allow users to predict and bet on which parties would have majority control of each of the two chambers of Congress.

The prediction markets – which allow people “to buy and sell contracts on whether events are going to happen or not,” as Kalshi describes it on its site – have had a tumultuous recent history with the CFTC. Other companies had been ordered to cease doing business in the U.S., such as Polymarket and PredictIt, which has been fighting the CFTC in court since last year.

Binance, SEC Strike Deal to Move All U.S. Customer Funds, Wallet Keys Back Onshore

The proposed agreement still needs judicial sign-off.

Binance, Binance.US and the Securities and Exchange Commission (SEC) announced a deal to ensure that only Binance.US employees could access customer funds late Friday.

According to the proposed agreement, which still needs sign-off from the federal judge overseeing the case, Binance.US will take steps to make sure that no Binance Holdings (referring to the global exchange) officials have access to private keys for its various wallets, hardware wallets or root access to Binance.US’s Amazon Web Services tools. Moreover, the U.S.-based crypto trading platform will share detailed information about its business expenses, including estimated costs, in the coming weeks.

The proposed deal comes in response to an SEC motion to freeze all of Binance.US’s assets. The regulator said it was concerned that funds could be moved offshore or records destroyed if it was not granted a temporary restraining order (TRO). Binance.US’s attorneys pushed back, saying that freezing all of its assets would amount to the “death penalty.”

Judge Amy Berman Jackson, of the District Court for the District of Columbia, told the parties that it would be better for them to come to an agreement on a proposed stipulation than to have her craft a restraining order, noting that a TRO comes with a two week limit for a more in depth hearing. Two weeks would be insufficient time to prepare, given the more than 4,000 pages of exhibits the parties have already filed, she said during a hearing earlier this week.

Other provisions in the proposed agreement will see Binance.US create new crypto wallets that the global exchange’s employees have no access to, provide additional information to the SEC and agree to an expedited discovery schedule.

U.S.-based customers will still be allowed to withdraw funds during this time.

Jack Dorsey-Backed Bitcoin Wallet Bitkey To Integrate With Coinbase and Cash App

Public beta testing will begin in a few weeks according to parent company Block.

Jack Dorsey’s FinTech company Block (SQ) will integrate its new self-custody bitcoin wallet, Bitkey, with its financial services platform Cashapp and the cryptocurrency exchange Coinbase. Public beta testing for the wallet will commence in a few weeks with a global launch expected later this year, according to a blog post on Wednesday by the company.

Coinbase is the largest cryptocurrency exchange in the U.S. by trading volume and Cashapp is Block’s own financial services platform that offers payments, stocks and bitcoin in a single app. With its new integrations, Bitkey users will be able to buy and sell bitcoin (BTC) via Cashapp and Coinbase directly from within the wallet’s app.

Bitkey is a multi-signature hardware wallet device that comes with a set of recovery tools and a mobile app. The full Bitkey product suite is expected to launch later this year in the U.S., Canada, the U.K., Brazil, Australia and other global markets.

“Back in March, we explained how partners can contribute to Bitkey’s mission to empower the next 100 million people to truly own and manage their money with bitcoin,” the blog post states. “These partnerships represent a key step towards helping customers have more control and ownership over their financial lives with bitcoin self-custody.”

Binance.U.S. Cuts Staff After SEC Suit, Citing ‘Very Costly Litigation Process’

Reports suggest about 10% of the company’s employees were laid off.

Kripto borsası Binance’in ABD iştiraki Binance.US, ABD Menkul Kıymetler ve Borsa Komisyonu’nun (SEC) her iki kuruluşa karşı dava açmasından yaklaşık bir hafta sonra personelinin bir kısmını işten çıkardı.

CoinDesk tarafından görülen belgelerde yönetim, SEC’i “sadece kripto borsası” olmaya zorlayan “siyasi amaçlı bir düzenleyici” olarak tanımladı.

“As part of this transition, and because of our preparation for a multi-year and very costly litigation process, the Board has asked Management to shrink the size of our teams across the company and reduce our burn rate,” read the documents. “Unlike every other U.S. crypto company, we have been working to avoid this scenario, but circumstances have now shifted. This was a very hard decision – one that we didn’t take lightly. We are sad to see our colleagues depart, but we wish them the best and will do what we can to assist them in this transition.”

According to a report from Reuters, about 50 positions were cut. Binance.US’s LinkedIn page shows the company with 487 employees.

SEC geçen hafta Binance.US’a Binance ve kurucusu ve CEO’su Changpeng “CZ” Zhao ile birlikte halka kayıtsız menkul kıymetler sunduğu iddiasıyla dava açtı. Ayrıca Binance.US’a bağlı varlıkları dondurmak için geçici bir yasaklama emri istedi, ancak Perşembe günü bir yargıç emri reddederek borsanın ABD’de iş yapmaya devam etmesine izin verdi.

BlackRock’s iShares Files Paperwork for Spot Bitcoin ETF

The SEC has rejected numerous attempts by other fund companies to launch a spot bitcoin ETF.

The iShares unit of fund management giant BlackRock (BLK) filed paperwork Thursday afternoon with the U.S. Securities and Exchange Commission for the formation of a spot bitcoin (BTC) ETF.

To be named the iShares Bitcoin Trust, the fund’s assets are to “consist primarily of bitcoin held by a custodian on behalf of the Trust,” according to the filing.

CoinDesk earlier on Thursday reported on BlackRock’s intention to soon file for a bitcoin ETF.

Though approving a number of futures-based bitcoin ETFs, the SEC has notably rejected other fund management company attempts at opening a spot bitcoin ETF, including those from Grayscale, VanEck, and WisdomTree.

Bitcoin Jumps Past $25.7K After BlackRock iShares ETF Filing

The largest cryptocurrency rose more than 1.3% in the hour after the announcement.

Bitcoin jumped past $25.700, a more than 1.3% gain, in the hour after the iShares unit of fund management powerhouse BlackRock (BLK) filed paperwork Thursday afternoon with the U.S. Securities and Exchange Commission (SEC) for the formation of a spot bitcoin (BTC) ETF.

Bitcoin dipped below $25,000 just a day earlier for the first time in three months and spent most of Thursday prior to the BlackRock announcement hovering just over that threshold. BTC’s price has sunk amid concerns about U.S. central bank hawkishness and increasing U.S. regulatory scrutiny of the crypto industry.

But the BlackRock announcement rekindled optimism about the possibility of a spot bitcoin ETF, even after the SEC has rejected multiple applications over the past 18 months.

To be named the iShares Bitcoin Trust, the fund’s assets are to “consist primarily of bitcoin held by a custodian on behalf of the Trust,” according to the filing. That custodian will by crypto exchange Coinbase (COIN), said the filing.

CoinDesk earlier on Thursday reported on BlackRock’s intention to soon file for a bitcoin ETF.

Do Kwon to Remain in Custody While Montenegro Courts Consider Extradition Request: Report

Courts in the country approved bail for the Terraform Labs founder, but a South Korean extradition request is set to keep him in jail.

Terraform Labs co-founder Do Kwon is to remain in Montenegro custody for six months while the country’s courts consider an extradition request from South Korea, local news outlet RFE reported on Thursday.

The report, later confirmed by DL News, followed a high court announcement on the approval of bail for a case involving document forgery. Kwon’s bail request was approved after a previous rejection by the same court.

In March, the South Korean national was arrested in Montenegro over the alleged possession of falsified documents along with fellow Terra executive Han Chang-Joon. South Korean officials were already searching for Kwon, and following his arrest, the country requested Kwon’s extradition, as did the U.S. Kwon also faces possible jail time in Montenegro over the document forgery case.

Kwon and Han are due to appear in a Montenegro court on Friday.

Curve Finance CEO Egorov Sued by Three DeFi-Focused Venture Capital Firms

A complaint filed in San Francisco alleges Egorov defrauded ParaFi Capital, Framework Ventures and 1kx.

Michael Egorov, the CEO of decentralized finance (DeFi) firm Curve Finance, is being sued for fraud by venture capital firms ParaFi Capital, Framework Ventures and 1kx in the U.S.

A complaint filed in the Superior Court of California, San Francisco, alleges Egorov misappropriated trade secrets of the three VC firms, and defrauded the firms out of close to $1 million in funds while dangling the false promise of a possible stake in Curve to gain the investors’ trust and support.

The lawsuit, filed in April, also alleges that Egorov moved to Switzerland to insulate himself from the inevitable legal fallout. The three firms have been pursuing a breach-of-contract case in Switzerland against Egorov and his company Swiss Stake since 2020.

Curve Finance, a decentralized exchange built on the Ethereum blockchain, ranks among the biggest DeFi trading platforms, with some $4.07 billion in total locked value, according to DeFi Llama. Curve operates in the form of a decentralized autonomous organization (DAO), controlled by the CRV token, which can be bought or earned by contributing to Curve’s liquidity pools.

Beginning in early 2020, Framework Ventures, ParaFi Capital and 1kx claim that Egorov “engaged in a brazen, multi-faceted scheme to defraud” them over a six-month period, according to the complaint. The VCs also allege Egorov “misappropriated” the firms’ “trade secrets,” including “information that proved to be critical to the development of Curve, such as key industry contacts, potential investors, and knowledge of how to manage an investment round – all while falsely promising that Plaintiffs would benefit from the fruits of their labor, not just Egorov.”

The VC’s also claim Egorov offered to sell shares of Swiss Stake to Plaintiffs for close to $1 million (alleging that a combined $925,233.54 worth of USDC was sent to a wallet specified by Egorov), but had no intention of transferring shares of Swiss Stake to the firms.

Egorov’s lawyers said in May 22 filing that the allegations of fraud derive from the termination of a contract between the VCs and Swiss Stake, and that the “trade secrets” in question were really the names of widely known investors. Egorov’s side also claims Swiss Stake promptly offered to return the roughly $1 million of invested funds.

“To justify their blatant forum shopping, Plaintiffs concocted a new and compelling story painting Egorov as an evil villain who duped three naïve VC firms into giving up ‘trade secrets,’” according to a May 22 filing by Egorov’s lawyers. The case against Egorov amounts to “nothing more than a clever narrative,” his attorneys said.

Law firm Latham & Watkins, representing the three VC firms provided CoinDesk with a statement via email: “It is regrettable this has reached the point of litigation, but we strongly believe the facts are on our side. In that respect, the complaint speaks for itself. Our clients are resolved to seek full accountability of Michael Egorov for his behavior.”

Egorov’s lawyers, DLA Piper, had not responded to an emailed request for comment by press time.

Ether Options Market Makers Are ‘Long Gamma’ at $1.8K

Traders said market makers are holding options with a $1,800 strike price and are likely to influence prices as they try to keep their portfolios direction-neutral.

Ether (ETH), the second largest cryptocurrency by market value, has been largely locked in a narrow price range around $1,800 since mid-May and is unlikely to move much in the short term, market makers’ positions in the options market indicate.

That’s because the market makers, the dealers tasked with providing liquidity to an exchange’s order book and who are always on the opposite side of investors’ bets, are forced to hedge their options exposure through offsetting positions in the spot or futures market in order to run a market-neutral, or delta-neutral, portfolio. Their so-called delta hedging actions as the underlying asset moves can influence the spot market price and are known to arrest price swings.

According to Jeff Anderson, a senior trader at STS Digital, market makers are currently stuffed with what’s known as long gamma positions in the $1,800 strike price ether options due to expire on June 30. Market makers are said to be long gamma at a particular price level when they have bought options at that level.

“So, as we go higher, market makers will likely sell ETH. On the flip side, market makers would buy the cryptocurrency on price dips,” Anderson told CoinDesk. “So, the spot price could stay close to $1,800.”

Options are contracts that give the purchaser the right, but not the obligation, to trade the underlying asset at a predetermined price on or before a specific date. A call option gives the right to buy while put the put option offers the right to sell. Being long gamma means holding a buy position in call or put options.

The long gamma positioning forces market makers to snap up the underlying asset when the price falls below the said level to keep the overall portfolio market-neutral. Similarly, they sell the asset when the price rallies. Gamma refers to the rate of change in options delta per one-point move in the underlying asset.

Griffin Ardern, a volatility trader from crypto asset management firm Blofin, said the delta hedging by market makers could strongly influence the spot price.

“Considering the lack of enthusiasm among futures and perpetual futures traders right now, the impact of market maker hedging could be significant,” Ardern said.