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Bitcoin Bottom Debate: Standard Chartered and Galaxy Agree on Just One Thing

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Bitcoin price chart showing the June drop to $59,000 and recovery above $63,000, alt text

Standard Chartered says the Bitcoin (BTC) bottom is in at $59,000, while Galaxy Research argues the true low remains months away. However, both firms now reject the brutal 80% collapse that closed every previous market cycle.

Geoffrey Kendrick of Standard Chartered made his call in a Friday client note. Meanwhile, Galaxy’s Alex Thorn released a data-heavy cycle study this week arguing for patience.

Bitcoin price chart showing the June drop to $59,000 and recovery above $63,000, alt text
Bitcoin price chart showing the June drop to $59,000 and recovery above $63,000, alt text “Bitcoin bottom debate”, Source: BeInCrypto]

Standard Chartered Calls the Bitcoin Bottom at $59,000

Kendrick, the bank’s global head of digital asset research, said the slide to $59,000 marked this cycle’s low. That level sits 53% below October’s $126,000 all-time high.

“I think we have now seen the low in crypto asset prices for the cycle. That would be USD59k for BTC (53% down from USD126k high)… Winter is over. Welcome back to crypto Spring,” Kendrick wrote in the note to clients.

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Two catalysts support his view. President Trump canceled planned strikes on Iran on Thursday and said a deal could be signed within days, before the June 15-17 G7 summit in Evian.

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A truce could end the oil rally that pushed Treasury yields higher and punished risk assets.

SpaceX’s record $75 billion listing, the largest in history, is the second. Kendrick argued some ETF holders sold fund shares to free up cash for Friday’s Nasdaq debut.

Indeed, US spot Bitcoin ETFs lost roughly $4.3 billion across the record ETF outflow streak of 13 straight sessions.

Spot Bitcoin ETF Flows
Spot Bitcoin ETF Flows. Source: SoSoValue

Notably, the $59,000 turn sits above Kendrick’s own February forecast of a capitulation near $50,000, which he framed as a buy level for a $100,000 year-end target.

BTC traded near $63,854 as of this writing.

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Galaxy Sees the Floor Closer to $40,000

Thorn, Galaxy’s head of firmwide research, reached the opposite conclusion. He said the four-year cycle is compressing, and that compression changes where the floor sits.

Galaxy anchored its thesis to the Bitcoin halvings that cut new supply every four years. It found that only four of the 13 signals that marked every prior bottom have triggered.

Moreover, the current 51% decline remains far milder than the 77% to 85% drops that ended past cycles.

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Timing matters too. Past bottoms arrived 12 to 13 months after each top, and this cycle sits just eight months past its October peak.

Consequently, Galaxy’s base case puts the floor between $40,000 and $46,000, arriving by late 2026. That timing echoes separate calls for a bottom in October 2026.

Bitcoin Price Performance
Bitcoin Price Performance. Source: TradingView

“A calmer top has raised the floor, but it has not removed it,” read an excerpt in the Galaxy report.

The report also warns the floor itself can fall if a real panic emerges.

Where the Two Forecasts Meet

Despite the disagreement, both firms say the four-year cycle remains intact, just gentler. Galaxy’s data shows each bear market has grown shallower, shrinking from 85% to 84% to 77% across three cycles.

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Market structure explains why.

Galaxy notes the aggregate cost basis of holders sits at 43.7% of the prior peak, versus roughly a third in earlier cycles.

Therefore, a classic capitulation would end at a much higher dollar price today.

ETF demand and corporate treasuries support that elevated cost basis. In contrast, retail-driven cycles produced the deep washouts of 2015, 2018, and 2022.

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The coming days offer a quick test. Standard Chartered wants Friday ETF inflows, lower oil prices, and proof that Strategy’s 32 BTC sale was a one-off.

Those signals may show which forecast cracks first.

The post Bitcoin Bottom Debate: Standard Chartered and Galaxy Agree on Just One Thing appeared first on BeInCrypto.

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Gensler Files Brief Arguing Sports Prediction Markets Fall Outside CFTC Swap Rules

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Gensler Files Brief Arguing Sports Prediction Markets Fall Outside CFTC Swap Rules


Gary Gensler, the former chair of both the CFTC and the SEC, filed an amicus brief Thursday with the Sixth Circuit Court of Appeals arguing that sports-event prediction markets are not federally regulated swaps under Dodd-Frank. The brief sides with state regulators against Kalshi, one of the… Read the full story at The Defiant

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Ripple’s Garlinghouse Fires Back After Jamie Dimon Targets Coinbase and CLARITY ACT

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Ripple CEO Brad Garlinghouse has criticized JPMorgan Chase CEO Jamie Dimon over his recent remarks attacking the CLARITY ACT.

He reminded that Dimon has consistently dismissed the crypto industry for years while misrepresenting the purpose of the legislation.

Clash Over Crypto Regulation

Speaking during an interview with Fox Business host Maria Bartiromo, Garlinghouse responded directly to comments Dimon made earlier this month, where the banking executive accused Coinbase CEO Brian Armstrong of pushing the bill in Washington and claimed the proposed legislation weakens protections against money laundering and Bank Secrecy Act violations.

The Ripple exec said that Dimon was either intentionally trying to undermine support for the bill or misunderstanding what the legislation actually does.

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“As much as we can talk about whether or not Brian Armstrong is representing the industry, he is not; he is representing Coinbase, and in certain ways he is going to look out for Coinbase’s best interest. But at the end of the day, I think what Jamie Dimon did was a disservice. He’s representing that this reduces compliance concerns, that it makes it easier to do bad things. That’s just not true. It’s either intentional misrepresentation or even negligent to try to make support for the Clarity Act go away.”

Even during his appearance at the Reagan National Economic Forum last month, Dimon said banks would not accept the current form of the bill and lashed out at Armstrong.

“He’s the only one, and he’s spending hundreds of millions of dollars in Washington on this thing. He’s full of shit.”

Economist Peter Schiff also slammed Dimon’s comments and said that stablecoin issuers should not face the same banking rules as traditional lenders. Despite being a longtime crypto critic, Schiff said that banks operate with FDIC insurance and risky lending practices, while fully backed stablecoins invested only in US Treasuries serve a legitimate purpose.

CLARITY Act Progress So Far

The CLARITY Act is moving through Congress but is facing growing opposition from major banks. The bill aims to clarify which US regulator oversees different types of cryptocurrencies by dividing responsibilities between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). It is designed to reduce confusion around crypto regulation in the United States.

After passing the House in 2025, the legislation advanced through the Senate Banking Committee last month, but it still faces additional debate in the full Senate. One of the major sticking points involves stablecoin yield provisions that banks argue could allow crypto firms to offer interest-like rewards without following the same regulatory requirements imposed on traditional financial institutions.

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The post Ripple’s Garlinghouse Fires Back After Jamie Dimon Targets Coinbase and CLARITY ACT appeared first on CryptoPotato.

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Humanity Protocol blames North Korea-linked hackers for $36M theft

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Humanity Protocol blames North Korea-linked hackers for $36M theft

Humanity Protocol has attributed a roughly $36 million token theft to hackers linked to North Korea after an investigation found that attackers gained access to critical private keys through a compromised developer device.

Summary

  • Quantstamp linked Humanity Protocol’s $36 million exploit to tactics associated with North Korea-linked hackers.
  • Attackers gained access to seven private keys stored on a malware-infected developer machine and drained 141 million H tokens.
  • Humanity Protocol said no smart contracts were exploited, with the breach resulting from compromised credentials instead.

According to Humanity Protocol’s June 13 disclosure of a security investigation conducted by Quantstamp, attackers obtained control of key infrastructure and drained approximately 141 million H tokens from the project’s Ethereum bridge before minting additional tokens on BNB Smart Chain.

The findings provide a clearer picture of an incident that triggered a sharp sell-off in the H token and raised new concerns about operational security practices across crypto projects. 

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Quantstamp stated that the attack involved tooling and certificate-signing activity commonly associated with intrusions attributed to North Korean threat actors.

Compromised private keys enabled authorized transactions

Details released by Humanity Protocol indicate that the breach began when attackers gained root access to a developer machine infected with malware. According to the project’s incident report published earlier this week, the device contained backups of seven private keys that had been inadvertently stored during Humanity Protocol’s June 2025 mainnet launch.

Those credentials included an admin hot wallet key, three Ethereum Safe owner keys, and three BNB Safe owner keys. Humanity Protocol said access to those keys gave the attacker control over multiple production systems from a single device.

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Using valid credentials rather than exploiting smart contract code, the attacker was able to authorize transfers, execute Safe transactions, and approve contract upgrades. Humanity Protocol stated that the transactions carried enough signatures to satisfy Safe threshold requirements, causing the actions to appear legitimate on-chain.

Following the contract upgrade, roughly 141 million H tokens were removed from the Ethereum bridge in a single transaction. Quantstamp reported that additional H tokens were later minted on BNB Smart Chain, with most of the proceeds ultimately converted into ETH.

Humanity Protocol emphasized that neither its bridge contracts, token contracts, nor Safe architecture were compromised. According to the project, the incident resulted entirely from stolen private keys rather than a vulnerability in the underlying infrastructure.

Token collapse followed as investigators traced the attack

Market reaction was immediate after details of the exploit became public. According to reports cited by Humanity Protocol, the H token lost between 80% and 90% of its value shortly after the breach was disclosed.

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Earlier reporting by crypto.news noted that approximately 447 million H tokens were affected across Ethereum and BNB Smart Chain. Although the token later recovered part of its losses, Humanity Protocol (H) price was still trading near $0.214 on June 13, up about 20% over the previous 24 hours but down roughly 74% over the past week.

Independent blockchain investigators also examined the incident. Analyses published by Lookonchain and pseudonymous on-chain researcher ZachXBT pointed to a malware-related private key compromise as the central cause of the breach. While their findings supported the attack pathway described by Humanity Protocol, attribution to state-sponsored actors remained a topic of discussion among some researchers.

Quantstamp’s assessment places Humanity Protocol among several crypto projects reportedly targeted by North Korea-linked groups in recent years. According to the security firm, the attack demonstrates how a single compromised device can expose high-value infrastructure when sensitive credentials are not properly isolated from production environments.

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4 Best Cryptos to Buy Today That Could Turn a Small Investment Into Millions: BDAG, DOGE, SHIB, & PEPE!

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4 Best Cryptos to Buy Today That Could Turn a Small Investment Into Millions: BDAG, DOGE, SHIB, & PEPE!

The cryptocurrency market is feeling a bit shaky right now as several popular coins struggle to keep their prices up. Lately, well-known meme tokens like Dogecoin, Shiba Inu, and Pepe have hit a wall, facing tough resistance from sellers and showing signs of exhaustion. At the same time, newer projects like BlockDAG are capturing attention with unique launch events and strategic network updates.

With so many shifts happening at once, investors are closely watching chart patterns and market updates to figure out which project truly stands out as the best crypto to buy today.

1. BlockDAG (BDAG): Final Launch Offers Guaranteed Buyback at $0.05

An easy way to secure life-changing wealth has officially arrived with BlockDAG’s Final Launch event. The network has launched a massive strategy to buy back its coin supply directly from exchanges and user dashboards. This bold move is designed to strengthen the entire network and drive the project toward its ultimate goal of becoming a Top 50 global cryptocurrency. To clear up any confusion, the team has answered the most common FAQs, confirming that payouts will be sent as a single, lump-sum payment using secure USDT currency.

This historic event brings a huge profit opportunity for anyone ready to take quick action before the hard deadline on Monday at 6 PM UTC. Traders can buy BDAG coins right now at an incredibly low entry rate of just $0.00000044. Immediately after purchasing, buyers can use the live Direct Swap feature to lock in a guaranteed buyback sell price of $0.05 per coin. All coins registered during this flash launch will remain fully eligible for this massive penny payout all the way until October 1, 2026.

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By exploiting this massive price gap between the cheap purchase cost and the premium $0.05 payout, smart traders can instantly multiply their digital wealth. The platform is seeing a massive rush of global activity as the Monday evening deadline draws closer by the minute. By combining a secure USDT cash-out guarantee, clear FAQ answers, and an unmatched profit loop, BlockDAG (BDAG) emerges as the best crypto to buy today.

2. Dogecoin (DOGE): Scrypt Network Faces Key Resistance

Dogecoin operates as an open-source, peer-to-peer cryptocurrency built on Scrypt technology, functioning primarily as a decentralized digital medium for tipping and fast online transactions. Despite its structural stability, its inflationary nature means millions of new coins are minted daily, limiting its long-term scarcity. When hunting for volatile meme assets, some speculative investors still search lists of the best cryptos to buy today to gauge their potential.

Currently, DOGE is facing rejection near its $0.088 daily resistance level, trading lower around $0.086 with a weakened RSI of 31. This negative trend could trigger a drop back to its yearly low of $0.077, proving that its heavy dependence on social sentiment remains a notable drawback.

3. Shiba Inu (SHIB): Layer-2 Token Faces Deep Correction

Shiba Inu was created as an Ethereum-based ERC-20 alternative to Dogecoin, expanding its technical ecosystem through ShibaSwap, decentralized governance, and the Shibarium Layer-2 scaling network designed to lower transaction fees. It functions as a utility token within its own evolving decentralized application platform. While these development milestones frequently land the asset on lists of the best cryptos to buy today, its massive circulating supply heavily dilutes its per-token value.

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Recent market movements show SHIB trading down at $0.0000046, locked below its key resistance point of $0.0000050. Facing bearish momentum indicators, its primary drawback remains the big risk of a further slide toward $0.0000043 if sellers maintain control.

4. Pepe (PEPE): Token-Burning Scarcity

Pepe is a deflationary meme token launched on the Ethereum blockchain as a tribute to the popular internet meme character. It features a redistribution system that rewards long-term stakers and employs a token-burning mechanism to maintain scarcity, functioning entirely as a speculative community asset without built-in utility. High-risk traders looking for rapid market swings sometimes review it alongside the best cryptos to buy today to catch sudden pumps.

However, current technical trends show PEPE trading down at $0.0000027 after dropping 18% over the week. Its exhaustion below the $0.0000033 support level highlights its biggest drawback: a complete lack of fundamental utility, leaving it prone to dropping to $0.0000025.

Final Say

While Dogecoin, Shiba Inu, and Pepe offer short-term excitement, they remain heavily exposed to severe market corrections, limited utility, and intense selling pressure. On the flip side, BlockDAG provides a refreshing alternative through its official Final Launch event. By offering an incredibly low entry price of just $0.00000044 alongside a guaranteed $0.05 buyback strategy, the network completely shields its community from typical crypto volatility.

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By removing the guesswork that plagues hype-driven tokens, BlockDAG successfully minimizes risk while maximizing long-term investor value. For those seeking sustainable financial growth and predictable returns in a shaky market, BlockDAG effortlessly establishes itself as the best crypto to buy today.

The post 4 Best Cryptos to Buy Today That Could Turn a Small Investment Into Millions: BDAG, DOGE, SHIB, & PEPE! appeared first on Blockonomi.

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CFTC Sues New Mexico to Block State Gaming Laws From Reaching Federally Regulated Prediction Markets

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CFTC Sues New Mexico to Block State Gaming Laws From Reaching Federally Regulated Prediction Markets


The Commodity Futures Trading Commission filed suit Thursday in federal court against New Mexico, seeking to prevent the state from applying its gaming laws to CFTC-registered prediction-market exchanges. The CFTC's complaint seeks a declaratory judgment that federal law grants the agency exclusive… Read the full story at The Defiant

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CFTC sues New Mexico as prediction market jurisdiction fight expands

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CFTC scraps no deny rule as crypto enforcement shift deepens

The Commodity Futures Trading Commission has taken New Mexico to federal court over efforts to regulate prediction markets.

Summary

  • The CFTC sued New Mexico officials to stop state gaming laws from applying to Kalshi contracts.
  • New Mexico accused Kalshi of offering unlicensed sports betting and allowing underage participation.
  • CFTC Chair Michael Selig said federally regulated exchanges fall under the agency’s jurisdiction.

The lawsuit targets state officials after New Mexico moved against Kalshi over alleged unlicensed sports betting activity. The dispute adds another chapter to the growing conflict between state regulators and federal authorities over prediction market oversight.

CFTC challenges New Mexico enforcement action

According to a complaint filed in the U.S. District Court for the District of New Mexico, the CFTC sued Gov. Michelle Lujan Grisham, Attorney General Raúl Torrez, and other officials. The agency seeks to stop New Mexico from applying state gaming laws to federally regulated prediction market contracts. 

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The filing centers on Kalshi, a platform that offers event-based contracts under federal oversight. Federal regulators argue that state authorities cannot regulate products that fall under CFTC jurisdiction. The lawsuit asks the court to block enforcement actions tied to those contracts.

The legal action followed New Mexico’s move against Kalshi last week. State officials alleged that the company operated without a required license. Authorities also claimed the platform allowed participation from individuals below the state’s legal gaming age. New Mexico law sets the minimum age for gaming activities at 21 years old. Those allegations formed the basis of the state’s action against the company.

State officials target Kalshi sports contracts

Attorney General Raúl Torrez defended the state’s position in a public statement. Torrez said lawful gaming in New Mexico operates through tribal-state gaming compacts or state regulations. He stated that those rules help ensure honest gaming and prevent corruption. State officials have maintained that sports betting falls within their regulatory authority. The dispute now places those claims before a federal court.

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New Mexico’s action focuses on Kalshi’s sports-related prediction contracts. State officials said the platform offered those products without meeting state gaming rules. The complaint brought by the CFTC argues that those contracts fall under federal derivatives law. The case now places Kalshi’s market structure at the center of a state-federal dispute. It also follows similar conflicts involving prediction markets in other states.

Agency cites federal law in prediction market dispute

The CFTC based its case on the Commodity Exchange Act. The agency argued that federal law grants exclusive authority over designated contract markets and related derivatives products. According to the complaint, state enforcement efforts interfere with that authority. Federal officials said the government has a protected interest in maintaining the existing regulatory framework. The filing seeks court intervention before New Mexico proceeds further.

CFTC Chair Michael Selig addressed the lawsuit in a statement. Selig said, “New Mexico is the latest state seeking to nullify black-letter law and decades of judicial precedent.” He argued that federally regulated exchanges fall under the agency’s exclusive jurisdiction. His comments aligned with the CFTC’s recent efforts involving prediction markets. The agency has continued pursuing a federal oversight approach under his leadership.

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As revealed in a series of our reports, New Mexico joins several other states involved in similar disputes. In recent months, the CFTC has challenged actions in Wisconsin, Illinois, Arizona, Connecticut, and New York. The agency also proposed rulemaking related to prediction markets earlier this week. At the same time, states have continued asserting authority over sports betting activities. Gov. Lujan Grisham’s office had not responded publicly at the time of reporting.

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Breaking: SpaceX Shatters IPO Records as OpenAI Prepares Public Debut

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Brian Armstrong's Bold Prediction: AI Agents Will Soon Dominate Global Financial

Key Highlights

  • SpaceX’s market debut breaks all records with $75 billion capital raise and nearly $1.8 trillion market capitalization
  • OpenAI’s confidential IPO filing signals upcoming public market access for AI investment
  • Cloud infrastructure and AI spending momentum shows no signs of slowing
  • Enterprise software companies including Snowflake, Datadog, and MongoDB positioned as emerging AI beneficiaries
  • Nvidia (NVDA) maintains AI chip leadership while developing China-focused products

SpaceX has shattered every previous IPO record, securing approximately $75 billion in capital and achieving a market capitalization approaching $1.8 trillion.

The overwhelming investor enthusiasm signals sustained confidence in innovative technology enterprises, even amid persistent worries about monetary policy and market valuations.

This landmark public offering has sparked renewed enthusiasm across the broader space industry, boosting publicly traded peers such as Rocket Lab, AST SpaceMobile, Planet Labs, and Intuitive Machines.

Investors are actively searching the space sector for emerging opportunities that could capitalize on the expanding commercial space economy.

The successful market entry may encourage additional prominent private technology firms to consider going public in upcoming quarters.

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OpenAI Prepares for Wall Street Debut

Emerging reports suggest OpenAI has submitted confidential paperwork for a public offering, potentially creating one of this decade’s most significant technology market events.

The company’s explosive expansion, driven by ChatGPT’s success and rapidly growing enterprise solutions, has positioned it as the centerpiece of artificial intelligence innovation.

Going public would provide retail investors unprecedented direct exposure to a leading force shaping AI’s future.

Market observers suggest that public listings from OpenAI and Anthropic could eventually redirect capital flows from AI infrastructure investments, marking a transformative shift in how investors approach the AI sector.

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Cloud and AI Infrastructure Maintain Momentum

AI infrastructure investments continue representing one of 2026’s most compelling market themes.

Companies delivering critical components—semiconductors, networking equipment, data centers, and supporting software—for AI systems continue capturing substantial investor capital. Leading cloud platforms maintain aggressive spending programs to expand their AI capabilities and meet surging demand.

Enterprise Software Emerges as AI’s Next Frontier

Following an extended period of underperformance relative to chip makers and infrastructure providers during AI’s initial surge, software companies are capturing Wall Street’s renewed focus.

Organizations successfully integrating AI capabilities into their core offerings stand to benefit from accelerated customer acquisition and improved profit margins.

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Analysts have spotlighted Snowflake, Datadog, MongoDB, Twilio, and JFrog as companies positioned to capitalize on AI’s maturation phase.

Should enterprise AI investment transition from infrastructure buildout to practical application deployment, software providers may emerge as the primary beneficiaries over the coming years.

Nvidia (NVDA) Maintains AI Market Dominance

Nvidia continues commanding attention as the central player in AI-focused investment strategies.

The semiconductor giant maintains its commanding position in AI accelerator markets while allegedly engineering specialized processors tailored for Chinese market requirements.

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Robust demand persists across cloud service providers, corporate enterprises, government agencies, and academic research facilities. Investment professionals widely regard Nvidia (NVDA) as the most direct equity vehicle for capturing AI’s transformative growth potential.

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'Peirce Out': A Decade of Dissent

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'Peirce Out': A Decade of Dissent


Hester Peirce delivered her farewell remarks at the U.S. Chamber of Commerce on Tuesday and called the speech "Peirce Out." She is leaving Washington after nearly thirty years for a teaching post at Regent University School of Law in Virginia Beach in November. Her second commissioner term expired… Read the full story at The Defiant

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Can the S&P 500 Hold Above 7,000 After SpaceX’s Largest IPO in History

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Can the S&P 500 Hold Above 7,000 After SpaceX’s Largest IPO in History

The S&P 500 (SPX) index trades near 7,421 after SpaceX completed the largest IPO in history. The index is correcting from its record high of 7,620.90 as the $75 billion debut absorbs liquidity.

SpaceX (SPCX) sold 555.56 million shares at $135 each, valuing the company at nearly $1.77 trillion. Traders now watch whether the index can defend support just below 7,000.

S&P 500 Price Chart This Week. Source: Google Finance

Largest IPO in History Tests Stock Market Liquidity

SpaceX began trading on Nasdaq under the SPCX ticker on Friday, June 12. The $75 billion raise more than doubled Saudi Aramco’s $29.4 billion record from 2019. Its $1.77 trillion valuation places it among the 10 largest listed companies worldwide.

Demand reached extreme levels, as order books closed more than three times oversubscribed. Retail investors took close to 30% of the allocation, roughly triple the norm for mega cap listings.

Moreover, BNP Paribas estimates total retail and passive inflows into SPCX could reach $50 billion.

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Much of that money may rotate out of crowded technology positions. The pressure has already contributed to a losing week for the index.

Meanwhile, S&P Dow Jones Indices kept its eligibility rules unchanged in early June. As a result, SPCX cannot join the S&P 500 for at least 12 months.

In contrast, Nasdaq-100 and Russell trackers may be forced to buy $22 to $27 billion of the stock. These flows could also affect Bitcoin (BTC), which often reacts to shifts in equity liquidity.

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SPX Weekly Chart Keeps the Long-Term Uptrend Intact

On the weekly timeframe, the index keeps printing higher highs and higher lows. The highs progressed from 4,818 to 6,147.43, then to the current 7,620.90. Meanwhile, the lows climbed from 3,492 to 4,103.78, then to 4,835.04, and finally to 6,316.91.

Three long-term support zones stand out on the chart. The historical area sits near 4,835, while a second zone spans 6,250 to 6,300. However, the most important level right now rests just below 7,000.

SPX weekly chart / Source: Tradingview

Price also moves inside an ascending channel that has guided the trend since the April 2025 bottom. The recent rejection at 7,620.90 suggests a retest of 7,000 and the lower channel band. After that, the structure may support renewed upside in Q4 2026.

The weekly Relative Strength Index (RSI) holds just below 70, indicating bullish momentum without an overbought extreme.

SPX Price Prediction Puts the 7,000 Support in Focus

The daily chart shows the correction from the record high in detail. The index bounced from the 55-day exponential moving average (EMA), which acted as support. However, the 21-day EMA is now acting as resistance to the recovery.

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If selling resumes, the 0.382 Fibonacci retracement at 7,122.20 should serve as first support. The next zone sits at the 0.5 Fib retracement near 6,968, in confluence with the weekly support. A retest of that area would mark an 8.6% correction from the all-time high.

SPX daily chart / Source: Tradingview

The Bollinger Band Width Percentile (BBWP) already prints near extreme red readings. Similar spikes accompanied the April bottom at 6,316.86, so volatility may be close to peaking.

Therefore, holding 7,000 could set up a Q4 2026 push above 7,620.90, roughly 3% above current levels. In contrast, a daily close below 6,968 would invalidate the setup and expose the 0.618 retracement at 6,814.66.

Musk’s lock-up terms add another variable for the months ahead. SpaceX’s largest IPO in history supplies the liquidity catalyst that may decide which level breaks first.

The post Can the S&P 500 Hold Above 7,000 After SpaceX’s Largest IPO in History appeared first on BeInCrypto.

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Blockworks bets on Messari in high-stakes crypto data race

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Blockworks bets on Messari in high-stakes crypto data race

Blockworks has acquired Messari after securing a $192 million valuation earlier this year, deepening its push into crypto data infrastructure as competition intensifies to build the industry’s information layer.

Summary

  • Blockworks has acquired Messari following its recent $192 million valuation.
  • The deal combines crypto asset disclosures, market data, research, and API services under one platform.
  • Blockworks says AI and institutional adoption are increasing demand for crypto information infrastructure.

According to an announcement from Blockworks, the deal combines two of the largest crypto information businesses and represents the company’s first major acquisition since completing a Series A extension financing round that valued it at $192 million.

Messari brings coverage of more than 40,000 crypto assets to the transaction. The company has spent eight years building data products covering markets, exchanges, stablecoins, protocols, token unlocks, fundraising activity, research, social sentiment, event monitoring, and other market segments. Blockworks said Messari’s API has become widely used by funds, exchanges, developers, and other institutional participants.

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Earlier this year, crypto.news reported that Blockworks had raised fresh capital while repositioning itself from a media-focused company into a provider of institutional-grade data and intelligence services. The company shut down its flagship news division in October 2025 and redirected resources toward Blockworks Intelligence and its proprietary data platform.

The deal links issuers with institutional users

Alongside the acquisition, Blockworks described plans to connect crypto asset issuers with investors, exchanges, regulators, platforms, and other market participants through a unified data and disclosure system.

Blockworks said its existing products focus on the issuer side of the market through tools such as the Token Transparency Framework, investor relations services, research products, and institutional distribution. Messari, meanwhile, has built products used by funds, custodians, brokerages, fintech firms, regulators, exchanges, and developers seeking market intelligence and data access.

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Commenting on the transaction, Blockworks co-founder Jason Yanowitz said the acquisition connects issuers and investors through a shared information network.

“Issuers maintain a trusted record of their business, and investors, exchanges, regulators, and investors consume that record through research, APIs, and automated workflows.”

As described by the company, the combined platform is intended to provide standardized disclosures, ratings, research, investor relations tools, market data, monitoring systems, compliance workflows, and diligence infrastructure for participants operating in onchain capital markets.

AI demand becomes part of the investment thesis

Beyond combining products, Blockworks tied the acquisition to its view that crypto’s information sector will consolidate around a smaller group of dominant data providers.

Drawing comparisons with established financial information companies such as S&P Global, Moody’s, FactSet, and Bloomberg, Blockworks argued that crypto still lacks the disclosure, ratings, benchmark, and workflow infrastructure that support traditional capital markets.

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Yanowitz also said artificial intelligence could increase demand for crypto market data rather than reduce it. According to the executive, digital assets already generate structured and real-time information that can be consumed directly by automated systems, creating opportunities for platforms that combine issuer disclosures, market intelligence, onchain activity, and AI-focused workflows.

Messari CEO Diran Li said both companies have spent years working to improve transparency and structure across crypto markets.

“Coming together allows us to pursue that shared vision more efficiently and build a stronger platform for the customers, investors, and institutions moving onchain.”

For existing customers, Blockworks said Messari’s products and data coverage will continue operating after the acquisition. Product development will focus on expanding data coverage, strengthening APIs, improving investor relations software, enhancing monitoring and compliance tools, and delivering more research and ratings capabilities across the combined platform.

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