Bitcoin mostly preserved a recent rebound despite the highest US PPI inflation since October 2022 and Iran closing the Strait of Hormuz oil route. Bitcoin (BTC) returned to $63,000 on Thursday as crypto shook off news that Iran had closed a key global oil route. Key points: Read more
Digital Asset raised $355M in an a16z‑led round at a $2B valuation, extending a Wall Street‑backed funding run as banks ramp up pilots on its Canton Network blockchain. [Update June 11, 1:50 pm UTC. Adds commentary from Yuval Rooz, cofounder and chief executive of Digital Asset, in the fourth and fifth paragraph] Digital Asset Holdings has raised $355 million in a new round led by Andreessen Horowitz’s crypto arm, highlighting Wall Street’s accelerating push into permissioned blockchain infrastructure. A16z crypto contributed $100 million, alongside 7RIDGE, the Abu Dhabi Investment Authority, Citadel Securities and Optiver, in a deal that values Digital Asset at around $2 billion, according to a Thursday Bloomberg Law report citing people familiar with the matter. Read more
Hungary’s government said it will unwind crypto trading restrictions that required approved validation for conversions and exposed users and service providers to criminal liability. Hungary is set to decriminalize crypto trading, reversing restrictions that imposed potential jail terms for certain crypto-to-fiat and crypto-to-crypto transactions, according to Tisza government spokesperson Anita Köböl. Speaking at a Thursday press conference, Köböl said Hungary would unwind rules introduced last year that required approved validation for crypto conversions and attached criminal penalties to violations. She said the restrictions contributed to a decline in crypto trading activity in the country. “This was an unnecessary piece of legislation. It made practical operation impossible and frightened the market participants,” Köböl said, according to a translation by Cointelegraph. “The criminal consequences also negatively impacted several hundred thousand people.” Read more
Japan’s Lower House reportedly passed a bill that would bring crypto under the country’s financial instruments framework, potentially opening the door to ETFs and lower tax treatment. Japan’s Lower House reportedly passed a bill that would bring crypto assets under the country’s financial instruments framework, potentially opening a path to exchange-traded funds (ETFs) and lower tax treatment for digital assets. The bill would move crypto assets closer to the regulatory treatment of stocks and bonds by subjecting them to stricter trading rules, Bloomberg reported on Thursday. The legislation is expected to take effect next year after going through the Upper House. The proposed changes could lower the capital gains tax on crypto assets like Bitcoin (BTC) and Ether (ETH) from a current maximum of 55% to a 20% flat rate, in line with stocks and bonds. The tax change is expected to take effect in 2028. Read more
BEAT has reached its most overbought readings on record, raising the odds of a 35% price decline in the coming days. BEAT, the native token of AI music platform Audiera, has exploded higher over the past month, surging more than 1,500% to a record high of $9.20 even as Bitcoin (BTC) and Ether (ETH) fell roughly 25% and 30%, respectively, in the same period. BEAT/USD vs. BTC/USD and ETH/USD 1-month price performance. Source: TradingView Read more