Crypto World
Starmer’s Departure and Andy Burnham’s Role: Implications for UK Crypto
UK politics is entering a leadership transition that could reshape how the government thinks about digital assets—at least in tone, and potentially in the pace of implementation. Prime Minister Keir Starmer has stepped down, after a period that included a moratorium on cryptocurrency donations to political campaigns. The announcement has quickly turned attention to Labour’s likely successor, with Andy Burnham emerging as a frontrunner.
Burnham, a former Mayor of Greater Manchester and a longstanding advocate for using technology to drive regional economic growth, has spoken positively about blockchain and Web3. However, he has not yet laid out a detailed national digital-assets policy—meaning investors and builders will be watching whether rhetoric turns into concrete regulatory action.
Key takeaways
- Starmer’s tenure included a moratorium on crypto donations to UK political campaigns, justified on election integrity and foreign influence concerns.
- Andy Burnham has publicly embraced the idea of Web3 supporting economic development, but has not published a comprehensive national regulatory plan.
- A reversal of the crypto donation ban appears politically difficult, especially with scrutiny from Labour’s left.
- Industry executives cited in the coverage expect regulators to remain independent and largely “settled,” focusing attention on execution rather than a dramatic policy pivot.
- Any cabinet reshuffle during the transition could slow momentum at a time when authorization and regulatory processes are moving forward.
From stablecoin enthusiasm to a leadership test
Burnham’s crypto-friendly positioning has largely been expressed in the context of his work as mayor, where he framed digital technology as an engine for jobs and growth. Coverage referenced his willingness to back the idea of making Manchester a “Web3 powerhouse,” reflecting a broader “bottom-up” philosophy that emphasizes devolution and local public-private partnerships.
That local approach—often summarized as “Manchesterism”—can produce tangible pilots and partnerships, but it raises a question for national-level policy: how quickly can a regional model scale into coherent, UK-wide regulation?
Nick Jones, founder and CEO of UK digital asset services platform Zumo, told Cointelegraph that Burnham’s rhetoric has been influenced by his role as mayor, including comparisons between Manchester’s industrial history and the city’s potential to lead a Web3 “revolution.” Jones added that if Burnham becomes prime minister, he would likely understand the need to ensure the UK remains central to the future financial system.
Another view came from Benoit Marzouk, CEO of GBP stablecoin issuer tGBP. Marzouk characterized Burnham’s Manchester experience as “not a handicap,” arguing that it could help implement and accelerate policy aligned with the digital asset industry across the UK.
What matters most: the crypto donation moratorium
While leadership uncertainty is drawing attention to broader digital-assets policy, one specific measure already has political momentum behind it: the moratorium on cryptocurrency donations to political campaigns.
According to the coverage, the ban was introduced in March following an independent review conducted by Philip Rycroft, a former civil servant turned consultant. The review reportedly concluded that the pseudonymous nature of crypto creates unacceptable risks for transparency in political financing.
Rolling back a policy endorsed by an independent review carries obvious political risks, and the article highlighted likely internal pressure from Labour’s left if any change appears to reopen the door to crypto-funded campaigning. The difficulty increases given that Reform UK has been able to rely on crypto-linked fundraising in recent elections, according to reporting cited in the piece.
Reuters, as referenced in the coverage, reported that crypto donations from billionaires based overseas put Reform well ahead of Labour in the fundraising race. The article also noted that Nigel Farage is under investigation over an undisclosed £5 million gift from British Thai-based businessman Christopher Harborne, and that Farage said he should be able to spend the gift as he wishes.
Given these dynamics, the coverage argues that an “180-degree” reversal from Burnham is unlikely. Marzouk expects a more pragmatic approach—less headline policy and more implementation-focused steps.
Regulation expectations: continuity, not upheaval
Several executives interviewed in the coverage emphasized continuity in the regulatory landscape. Tom Rhodes, chief legal officer for UK stablecoin issuer Agant, told Cointelegraph that the industry does not expect the next prime minister to interfere with specific policies. Rhodes suggested that regulators remain independent and that cryptoasset regulation is “nearly settled.”
Marzouk tied “success” during a first year to tangible outcomes that go beyond ambition: finalizing a stablecoin framework, running pilot programs involving government and GBP stablecoins, and continuing work related to tokenization.
At the same time, the piece stressed that Burnham has not published a detailed digital-assets policy. His public comments, as described, reflect enthusiasm more than commitments to specific regulatory milestones—such as how proposed stablecoin rules, the Financial Conduct Authority’s crypto framework, or the crypto political donation ban itself will be handled in practice.
Jones similarly argued that Burnham is on record backing the sector’s economic potential and that—if he takes office—his stance is unlikely to reverse the existing growth-focused posture. The more immediate uncertainty, Jones added, is whether political transition mechanics disrupt the people implementing the regulatory regime.
Transition risks: policy momentum versus political reshuffles
The road from Starmer’s exit to a new government will include leadership vote procedures and time away from parliament, which could complicate continuity. The article reported that Labour has not yet set an official timetable for replacing Starmer, though Starmer previously indicated he wanted nominations open on July 9 after a NATO summit. Sky News, as referenced, suggested it could be a week later—on July 16—when parliament goes on summer recess.
It also described the voting threshold for the selection process: the winner must receive more than half the votes cast, with ballots recast based on preference if no candidate reaches the required majority.
For the crypto industry, however, the practical risk is less about election arithmetic and more about institutional continuity. Jones warned that any cabinet reshuffle could remove ministers familiar with the evolving regulatory regime at a “critical inflection point,” when regulators and industry are preparing for authorization processes. In that scenario, even small delays could matter for firms planning compliance, product timelines, and pilot participation.
That same tension—between ambitious digital-asset messaging and the administrative reality of moving regulatory work forward—may define Burnham’s early months in office, whether he chooses to keep current policy channels intact or to adjust how quickly they progress.
For now, market participants should watch whether Labour’s leadership transition produces stable personnel and clear delivery timelines—especially around stablecoin rules and any interpretation of the donation moratorium—because that is where policy intent will likely become operational reality.
StarkWare has unveiled a demo of “Private KYC” for Starknet, aiming to let users satisfy know-your-customer requirements without handing over complete identity documents. The privacy-focused system is built around selective disclosures using zero-knowledge proofs, designed to confirm specific facts—such as age or credential validity—while keeping the underlying personal data hidden.
In the announcement, StarkWare said the approach uses STRK20 privacy features alongside zero-knowledge STARK proofs. The goal is to reduce the amount of personal information organizations need to collect and store, addressing a core vulnerability of today’s compliance workflows: once large identity databases exist, they become high-value targets.
Key takeaways
- Starknet Private KYC is designed to verify specific attributes (e.g., “over 18” or “credential is valid”) rather than reveal full passport details.
- The demo relies on zero-knowledge STARK proofs so verifiers can confirm eligibility without viewing the underlying identity data.
- User-side steps include scanning a passport and proving eligibility via encrypted data registered on-chain.
- StarkWare frames the release as proof that compliance and privacy do not have to conflict—particularly by limiting how much identity data institutions store.
- The model is positioned as a contrast to biometric verification approaches that drew criticism for centralized custody concerns.
Selective identity checks on Starknet
Traditional KYC typically requires users to provide full documents, after which institutions must store and safeguard sensitive information. StarkWare argues that this “all-or-nothing” data exchange is unnecessary when regulations often require confirmation of only one or a small set of facts.
Under the proposed flow, users begin by scanning their passport using a smartphone camera and the device’s NFC chip to read and confirm the document is genuine and signed by the issuing authority. After that, users encrypt identity data to their Starknet wallet, register relevant attributes in a public on-chain registry, and submit zero-knowledge proofs for targeted checks.
Crucially, verifiers are able to validate eligibility by consulting the public registry and checking the proofs—without accessing the actual identity data itself. StarkWare described the principle this way: verification should “only confirm the precise fact,” such as meeting an eligibility rule, rather than expose the complete document.
StarkWare also warned that institutions collecting full identity information can create long-lived risk. In its framing, “every identity database becomes a liability the moment it exists,” underscoring why limiting what’s stored matters for both security and compliance.
How the demo’s privacy design works
StarkWare presented Private KYC as a demo rather than a fully deployed feature set, but the workflow outlines a practical mechanism for privacy-preserving verification on a public blockchain environment.
First, passport data is used locally during the scan and authenticity confirmation step. Next, identity data is encrypted and tied to a user’s Starknet wallet, reducing the likelihood that raw documents or complete personal records need to be transmitted to every counterparty.
Then, instead of sharing full documents for each verification request, users register attributes in a public on-chain registry and produce zero-knowledge STARK proofs for the specific statements that need to be checked. Starknet’s team said current identity checks often “ask for your whole document when they only need one fact,” and the architecture is intended to align the system’s disclosure level with the actual compliance requirement.
StarkWare’s core argument is that verification can be structured so institutions confirm what they need without building their own copy of someone’s identity. The company said this approach avoids creating another dataset that organizations would then have to defend.
Why KYC privacy is gaining momentum
The push for privacy-preserving verification comes as cyber risk continues to rise. The article accompanying the announcement cited StationX data suggesting the US reached a record 3,322 data compromises in 2025, representing a 79% increase over five years. It also referenced a global average data breach cost of $4.4 million, as reported by StationX in that same context.
On top of broad data-breach statistics, the wider compliance landscape is increasingly shaped by the reality that sensitive records—especially identity and credential data—attract attackers. StarkWare’s positioning is therefore less about cryptography as an abstract concept and more about changing the practical incentives for collecting and storing identity information.
The company’s approach also reflects an important asymmetry in today’s KYC systems: users often have little control over how many parties repeat collection, how long records are retained, or what security standards are used. Private KYC, as presented, aims to reduce those risks by limiting disclosure to what is necessary for eligibility decisions.
In the crypto ecosystem, there is also an example of the consequences of custody and centralization in privacy-adjacent identity systems. StarkWare compared its direction to Sam Altman’s World ID, which uses zk-proofs to verify humanness via iris scans on hardware orbs. However, World ID drew backlash over centralized biometric custody. StarkWare’s “self-custody” framing is intended to address similar concerns by avoiding the same custody pattern for biometric-style data.
What to watch next for Starknet’s Private KYC
Private KYC on Starknet is positioned as a step toward compliance-ready verification that protects sensitive personal details, but the demo nature of the announcement means implementation details and rollout timing remain unclear. Investors and builders should watch for when and how the proofs, on-chain attribute registries, and verifier tooling are integrated into real-world applications—especially those that need auditable eligibility without repeated exposure of full documents.
South Korea’s KOSPI opened sharply higher on June 24 after the previous session’s 10% crash, but the recovery quickly ran out of steam. SK Hynix shed further ground while Samsung held relatively steady, and the index retreated toward the 8,300 level.
The initial bounce drew in retail and institutional bargain hunters, but sellers returned fast. With Micron Technology’s earnings due after the US close, traders appear unwilling to hold positions.
The Bounce That Didn’t Stick
The KOSPI opened at 8,356.79, up 1.86% from Tuesday’s close of 8,203.84, and briefly extended as high as 8,543.68, a gain of over 4%. That move faded. The index has since pulled back to 8,297, trimming the day’s gain to around 1%.
The divergence between South Korea’s two biggest chipmakers tells a clearer story. Samsung Electronics held relatively firm, trading around 322,500 won, still up on the day, but well off the early 7% surge. SK Hynix reversed course more sharply, falling to 2,467,000 won after earlier trading near 2,653,000 won. That reversal puts SK Hynix back in the red for the session.
The KOSDAQ also opened higher but has given back much of its early advance.
Sellers Return Before Micron
Tuesday’s crash erased weeks of gains in a single session. The KOSPI, which had closed at a record high of 9,114.55 the previous day, finished Tuesday at 8,203.84, down 910.71 points, or 9.99%. Samsung Electronics and SK Hynix both slid around 12%. The Korea Exchange activated a circuit breaker at around 2:33 p.m., halting trading for 20 minutes.
Wednesday’s early jump looked like classic post-crash position covering. Retail investors and institutions bought the dip while foreign investors stayed net sellers. Kiwoom Securities researcher Han Ji-young had said the market would open higher on technical buying once investors priced in the US semiconductor selloff — and it did. But holding those gains is proving harder.
“With the view that the sharp drop in semiconductor stocks in the U.S. market has been priced in, Korea’s market will open higher on technical buying after the previous day’s plunge and work to recoup the prior losses.” — Han Ji-young, Kiwoom Securities
SK Hynix’s steeper reversal reflects the stock’s specific vulnerability. The chip stock had overtaken Samsung as South Korea’s most valuable listed company earlier this month, powered by its dominance in High Bandwidth Memory. That premium makes it more exposed when AI chip sentiment turns.
Korea’s failure to secure a place on the MSCI Developed Markets Index watch list drew little market reaction — analysts treated it as an expected outcome after a negative accessibility review last week.
Micron Technology reports earnings after the US close on June 24. The result and its guidance on memory chip demand will set the tone for Samsung, SK Hynix, and Kioxia heading into the rest of the week. A strong Micron print could stabilise sentiment. A miss risks extending Tuesday’s selloff into a second wave.
The post KOSPI’s Recovery Fades as Early Gains Evaporate from SK Hynix appeared first on BeInCrypto.
Crypto World
Crypto News, June 23: Why is Crypto Down? BTC USD Falls Under 63K, as ETH Hits Triple Bottom in Massive Leverage Flush
Crypto is having another episode this morning. Why is crypto down again, even though it seems to be stabilizing and grinding higher for weeks? BTC USD broke below $63,000 while ETH USD butchered in a more brutal bloodbath.
If we look closer at the onchain data, the main culprit was the same old-fashioned leverage flush. Long positions that had been sitting comfortable has been taken out in waves, with liquidations running at $580 million just on long positions in 24 hours. The dominoes started falling, and as usual, over-leveraged traders were wiped clean.
The other cause is likely coming from Japan. The Nikkei had just printed a fresh all-time high yesterday, only to turn around and give back ground today. Every time this happens, risk appetite across Asia tends to evaporate. Retail traders in Korea, Japan, and Southeast Asia started selling into exchanges, and Binance once again took the biggest inflows during the session, most of which quickly turned into sell orders.
Discover: The Best Token Presales
Why Crypto Down? The Usual Suspects Showed Up on Time, Killing BTC USD, Tackling ETH
Part of the pressure is still coming from spot Bitcoin ETF outflows. The heavy bleeding might have slowed down slightly, but money has kept leaving the products and removed a layer of consistent buying that was propping things up before. Without that bid, the price becomes a lot easier to push around.
Then came the usual geopolitical shenanigans. This time, U.S. Vice President Vance claimed progress on getting nuclear inspectors back into Iran. Iranian officials quickly shut it down. Although this didn’t crash the market on its own, it gave market makers a trigger button to play the news.
BTC USD broke first as expected, dropping under $63k, killing all the supports it has. The combination of steady ETF outflows and leveraged longs getting flushed made it hard for the price to find any real footing.
It’s interesting because the timing was too convenient as Asian markets turned risk-off and started dumping. BTC USD, of course, feels it first because so much of the aggressive volume still runs through platforms that serve that region. ETH USD didn’t put up much of a fight, either. It has now looked even weaker.
ETH had shown relative strength against USD in recent weeks, but unfortunately, it dragged lower today with little resistance. Following BTC, ETH USD broke faster, but it looks like it printed a triple bottom, which is not bad from a chart perspective. It could be a make-or-break point for Ethereum, though right now it looks like it’s breaking as this is being written.
Discover: The Best Crypto to Diversify Your Portfolio
Why? What now?
Binance, once again, saw the heaviest activity, with inflows during the Asian session, which turned into selling pressure. This pattern has become pretty consistent on days like this. The Nikkei, reversing after hitting all-time highs yesterday, added to the negative mood, but it’s not all doom.
In late July and early August 2024, the Nikkei 225 fell sharply from its record highs. The trigger was largely the Bank of Japan raising rates, which caused the Japanese yen to strengthen and forced traders to unwind the famous “yen carry trade.” Interestingly, the Nikkei recovered much faster than many expected. The panic faded, the yen stabilized, and both stocks and crypto ran again over the following weeks.
Today, the move has been much smaller and more contained. Most of the damage is still coming from inside crypto, especially with too much leverage and ongoing ETF outflows. Also, the market has survived much uglier resets than this one.
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The post Crypto News, June 23: Why is Crypto Down? BTC USD Falls Under 63K, as ETH Hits Triple Bottom in Massive Leverage Flush appeared first on Cryptonews.
Crypto World
CFTC Chair Reiterates Origins in Regulating Agricultural Markets, Despite Crypto and Prediction Markets Push
Commodity Futures Trading Commission (CFTC) Chair Michael Selig on Tuesday acknowledged fundamental differences in the traditional commodity markets it has long regulated and its more recent role overseeing aspects of the cryptocurrency and blockchain industry.
He told the American Cotton Shippers Association Annual Convention that considering the agency’s roots in overseeing asset classes that range from corn to hog bellies, the perpetual contracts tied to digital assets weren’t “suitable for all asset classes, especially in products like agriculture.”
“We fully recognize and understand that 24-7 trading and the perpetual model is not a natural fit for traditional commodity markets, like agriculture, that observe limited trading hours and rely on physical delivery,” said Selig.
The CFTC chair’s remarks followed the agency approving perpetual futures contracts tied to the spot price of Bitcoin for prediction markets platform Kalshi and issuing a no-action position for similar products on cryptocurrency exchange Coinbase in May. Kraken also subsequently launched perpetual futures trading for US users through its CFTC-regulated platform Bitnomial.
Related: Crypto lobby urges Congress to pass staking and mining tax bill as is
Selig’s position as sole commissioner at the CFTC, both in claiming that the agency has “exclusive jurisdiction” in overseeing prediction markets and approving crypto perpetual futures, has prompted legal backlash from many companies and state level authorities. Last week, the Chicago Mercantile Exchange (CME) Group sued the agency in the District of Columbia, alleging that the perpetual contract approvals violated the Commodity Exchange Act.
Still no commissioner nominations from Trump
Despite the urging of many US lawmakers, President Donald Trump has made no move to fill out the CFTC’s five-person leadership panel. Selig has been the only Republican commissioner and chair following the departure of Caroline Pham in December 2025.
The US Senate is expected to take up a vote on the Digital Asset Market Clarity (CLARITY) Act in a matter of weeks, which could change the roles of the CFTC and Securities and Exchange Commission in overseeing digital assets.
Magazine: Japanese pension fund tips 1% in crypto, G7 urges action on NK hackers: Asia Express
A group of US Senate Democrats is pressing Senate Republicans to open hearings into a reported $500 million investment that links a Trump-linked crypto firm to Abu Dhabi royalty, arguing the transaction could raise national security and conflict-of-interest concerns.
In a letter sent Tuesday, the lawmakers urged Republican leadership—who control the Senate’s committee system and set whether hearings move forward—to call witnesses from the Trump administration and to investigate whether the reported deal between the Trump family’s crypto company and a UAE-backed investor influenced decisions made by the president or his officials. The letter also points to broader concerns that the administration has weakened crypto enforcement.
Key takeaways
- Senate Democrats want immediate Senate hearings into a reported $500 million UAE-linked deal involving Trump family crypto interests.
- The lawmakers are asking for testimony from Trump administration officials “under oath” regarding the investment and related developments.
- They cite national security worries, including concerns that sensitive technology could be accessed by China after a major UAE arms and chip agreement.
- The letter links the investigation request to claims that the administration has loosened crypto compliance and enforcement efforts.
UAE investment into Trump-linked World Liberty Financial under scrutiny
The push follows reporting that an Abu Dhabi investment company backed by Sheikh Tahnoon bin Zayed Al Nahyan—an adviser to the United Arab Emirates’ national security apparatus—signed a deal in January 2025 to purchase a 49% stake in World Liberty Financial, a crypto platform associated with President Donald Trump, according to the Wall Street Journal as referenced earlier by Cointelegraph.
The Democrats’ Tuesday letter treats the reported transaction as more than an ordinary business arrangement. It argues that Congress should examine both the investment details and whether the deal affected subsequent actions by the president and the administration.
According to the letter, the senators are “deeply concerned” about what the UAE may receive—or may have already received—“at the expense of US national security.” They also argue that Congress must investigate whether the reported investment influenced decisions taken by President Trump.
National security concerns extend beyond crypto
The lawmakers point to additional context involving the UAE and the US administration. In May 2025, the Trump administration agreed to a major arms and artificial intelligence chip deal with the UAE, a development the senators said occurred “despite concerns raised by US national security officials that China could access the chips.”
President Trump has previously denied awareness of the World Liberty Financial deal, according to coverage referenced by Cointelegraph, which cited Trump’s position that he was not aware of the arrangement.
For the Democrats, the combination of a reported UAE investment in a Trump-connected crypto platform and a subsequent US-UAE technology and defense agreement is the heart of the scrutiny. Their central question is whether there is an asymmetry in benefits—whether the UAE may have obtained preferential access or other advantages in connection with both economic and strategic ties, even if the president says he was unaware of the crypto transaction.
Claims about weakening crypto enforcement fuel the call
Beyond the specific investment, the letter also ties the investigation request to what the senators describe as steps to weaken enforcement in the crypto sector. The Democrats cite concerns about actions such as exempting crypto service providers from certain financial services regulations and disbanding the Justice Department’s crypto enforcement team.
The senators—Elizabeth Warren, Richard Blumenthal, Gary Peters, Dick Durbin, and Ron Wyden—appear to be arguing that congressional oversight is needed not only to evaluate potential foreign influence around a high-profile crypto entity, but also to determine whether enforcement posture changes have reduced deterrence or oversight at a time when the sector’s regulatory and compliance framework is evolving.
Previous Democratic probes and pressure campaigns
This request is part of a broader pattern of Democratic scrutiny around World Liberty Financial and Trump-linked crypto interests.
Earlier this year, Cointelegraph reported that Senate Democrats urged the Treasury Secretary to determine whether the UAE stake should be reviewed under the Committee on Foreign Investment (CFIUS) framework, pointing to the possibility that foreign investment could implicate national security concerns. That push, according to prior coverage referenced by Cointelegraph, specifically urged Treasury Secretary Scott Bessent to assess whether the deal warranted a CFIUS probe.
Democrats have also raised questions about how regulators have handled enforcement decisions in the crypto space. Earlier coverage referenced by Cointelegraph described senators pressing Securities and Exchange Commission Chair Paul Atkins concerning the decision to drop a fraud case involving Justin Sun, a major backer associated with World Liberty Financial.
Separately, lawmakers have pursued investigations beyond crypto investment ties. In May, Democratic Senator Peter Welch and Representative Dave Min launched a probe into Trump’s pardons, including the pardon of Binance co-founder Changpeng Zhao. That inquiry came after Binance accepted a $2 billion investment from an Abu Dhabi fund in early 2025 and agreed that the funds would be paid in World Liberty Financial’s stablecoin, USD1.
Taken together, the new letter suggests Democrats intend to keep pressure on the oversight agenda—moving from regulatory enforcement questions and transaction scrutiny toward potential connections between foreign investment, presidential decision-making, and enforcement posture changes.
What to watch next
The next step hinges on whether Senate Republicans agree to schedule hearings and, if so, what specific questions committees will put to Trump administration officials and other witnesses about the reported UAE investment, related communications, and the administration’s enforcement decisions. With the national security and conflict-of-interest concerns now being formally framed as matters for congressional investigation, the key uncertainty is whether oversight will expand beyond allegations into documented evidence and official timelines.
Zcash miner Fortitude Mining Holdings is set to merge with medical technology company HeartSciences in a deal that will allow Fortitude to become publicly traded without pursuing a traditional initial public offering.
The all-stock transaction announced Tuesday will see Fortitude’s management team assume control of the combined company, which will operate under the Fortitude name and is expected to trade on Nasdaq under the ticker symbol TUDE, subject to regulatory approval. Existing HeartSciences shareholders will retain a minority ownership stake.
HeartSciences CEO Andrew Simpson hinted at the rationale behind the transaction, saying it would free the company from “the constant cycle of raising capital” while providing what it believes is the best path forward for shareholders.
While the combination brings together two unrelated businesses — Fortitude mines digital assets, while HeartSciences develops AI-enabled cardiac diagnostics — the deal is effectively a reverse merger that gives Fortitude access to the public markets through an existing Nasdaq-listed company. For HeartSciences, which has faced ongoing capital needs, the transaction offers shareholders continued exposure to a publicly traded business while allowing its healthcare unit to continue operating under Simpson’s leadership.
The structure is similar to other crypto companies that have reached the public markets through mergers rather than traditional IPOs. For example, Bitcoin miner Core Scientific listed via a SPAC merger in 2022, while Cipher Mining also went public through a SPAC transaction.
Shares of HeartSciences, which continue to trade on Nasdaq under the ticker HSCS pending completion of the transaction, rose as much as 91% on Tuesday, according to Google Finance data.
HeartSciences stock. Source: Google Finance
Related: CoinShares stock makes US debut on Nasdaq following SPAC merger
HeartSciences remained unprofitable before merger deal
HeartSciences has yet to achieve meaningful commercial revenue and has reported net losses for several consecutive years. According to MarketScreener, the company generated minimal revenue in fiscal 2025 while its net loss widened to $8.77 million from $6.61 million a year earlier.
Despite its financial challenges, HeartSciences advanced its product roadmap in fiscal 2025, launching its MyoVista Insights software platform, which is designed to modernize existing ECG management systems.
As a privately held company, Fortitude has disclosed little about its finances. However, it said it had scaled its annualized production to 157,000 Zcash (ZEC) as of May 31. ZEC was last trading at about $413 apiece, CoinMarketCap data showed at time of publication. That gave the token a market cap of $6.92 billion.
Bitcoin and ether are grinding toward the lower end of their recent ranges, major market making firm Wintermute’s OTC trading desk said in a Wednesday note shared with CoinDesk, with both assets caught between last week’s hawkish Fed and the stop-start Iran headlines.
Options markets price a relatively tight move for the next 24 hours. Wintermute’s one-day straddle, a measure of expected swing derived from options pricing, put bitcoin in a $61,242 to $63,563 range and ether between $1,606 and $1,694, implying moves of about 1.9% and 2.7% respectively.
The backdrop is deteriorating. Token correlations are rising, meaning assets are moving together rather than on their own fundamentals, while liquidity is thinning into the summer months with no fresh institutional bid visible in ETF flows.
Wintermute flagged $59,000 as the level to watch, calling it the bear market low and the key support if current pressure continues.
Three catalysts shape the rest of the week: the U.S.-Iran peace deal and whether it holds, Thursday’s PCE inflation print, the Fed’s preferred measure of price growth, and the quarterly options expiry at month-end, which can amplify moves as traders roll or close large positions.
The Commodity Futures Trading Commission sued Kentucky on Tuesday to stop the state from using its own laws to shut down federally registered prediction markets. The suit widens a campaign the agency has now pressed against a string of states. The CFTC filed a Complaint for Declaratory and… Read the full story at The Defiant
Cboe Global Markets has rolled out the first product in Cboe Predicts, its new prediction markets suite, listing binary options on the Mini-S&P 500 Index (XSP) through Interactive Brokers.
Charles Schwab will add access in the coming months, with other brokers to follow.
Cboe Targets Prediction Markets With Mini-S&P 500 Contracts
According to the press release, the contracts are listed under the symbols XSPBW and XSPBX.
“Cboe Predicts represents the latest expansion of Cboe’s S&P 500 Index (SPX) product suite. XSP allows customers to trade on the performance of the S&P 500 Index (SPX) but is scaled to 1/10th the size of SPX – making it a smaller, more retail-friendly alternative,” the global markets operator said.
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The contracts let traders take a simple yes-or-no position on where the index closes. A “yes” position pays $100 if the index settles at or above a chosen level. A “no” position pays the same if it settles below.
Cboe routes the products through leading retail brokers and clears them centrally through the Options Clearing Corporation (OCC).
JJ Kinahan, Cboe’s Head of Retail Expansion, tied the move to demand following zero-days-to-expiration (0DTE) options. Rob Hocking, Cboe’s Global Head of Derivatives, framed the launch as an effort to raise standards across the sector.
“We look forward to bringing our experience, trusted market infrastructure, and the deep liquidity of the SPX options ecosystem to prediction markets. Our goal is to help set a higher standard for market integrity, product design and investor protection…” he added.
The firm said that its future plans include adding XSP vertical spreads through Cboe’s patent-pending Quoted Spread Book. Cboe is the latest established firm to enter the territory pioneered by Polymarket and Kalshi. Even Meta reportedly wants in with a standalone app.
The launch lands as prediction markets attract record interest. Open interest across the sector recently hit an all-time high of $1.48 billion.
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Bitcoin (BTC) holders who acquired their coins more than five years ago have cut spending to a 90-day average of 962 BTC, the lowest level since November 2024, according to CryptoQuant data. The slowdown follows three major spending peaks over the past two years, including a high of 3,860 BTC in May 2024.
At the same time, BTC analysts said that market and profitability indicators are converging in the second half of 2026, putting a new timeline of a potential Bitcoin bottom.
Bitcoin “OG” holders step back
Crypto analyst Darkfost said the current cycle has produced the highest level of spending by long-term Bitcoin holders on record. The cohort tracked in the dataset consists of investors who acquired Bitcoin more than five years ago.
Using spent transaction outputs (STXO), which track Bitcoin that has moved across the network, the analyst identified three major spending waves following strong rallies.
OG Bitcoin Holders selling pressure. Source: CryptoQuant
The 90-day moving average peaked at 3,860 BTC in May 2024, 3,200 BTC in February 2025 and 2,360 BTC in September 2025. Individual sessions were far larger, with some days recording output exceeding 10,000, 30,000 and even 142,000 BTC.
That selling pressure has eased sharply. The 90-day average has dropped to 962 BTC, the lowest reading in 19 months. Darkfost said the most expensive coins held by this group were acquired for about $63,200, which is close to current prices. This indicates that many of these holders are choosing not to sell, even though their holdings are trading near their highest cost basis.
Bitcoin Researcher Axel Adler Jr. further noted a split between newer and older BTC investors. The analyst said that Bitcoin’s adjusted net unrealized profit/loss (aNUPL) has fallen to -0.14 from near zero a month ago, showing that the average holder has moved back into unrealized losses as BTC traded near $62,500. However, Adler Jr argued,
“STH capital has shrunk by -56%, while LTH capital has barely drawn down. Weak hands are capitulating. Strong hands have not even flinched.”
Adler Jr. added that the key metric has spent nearly half of the past three months below zero, indicating sustained pressure on newer BTC market participants rather than a broad capitulation across long-term holders.
STH vs LTH realized cap analysis. Source: Axel Adler Jr.
Related: Bitcoin slump worsens amid SpaceX rout: Can BTC price hold $60K any longer?
BTC halving cycle points to September bottom, says analyst
Crypto analyst LP highlighted a recurring pattern tied to Bitcoin’s halving cycles. The previous bear market entered a final capitulation phase 826 days after the halving event, followed by a major low and sideways consolidation for 70 to 110 days.
For the current cycle, the 826-day marker falls on July 6. Applying the same timing range places a potential bottoming window in early September.
BTC bottom analysis by LP. Source: X
The trader noted that the scenario becomes more relevant if Bitcoin continues to trade higher into early July.
Likewise, BTC trader Titan also identified downside liquidity below the current levels. On the quarterly chart, Bitcoin has an untapped low near $58,900 and an open fair value gap between roughly $49,000 and $58,900.
The trader explained that leaving the quarterly low untouched throughout September may draw more attention to that liquidity zone, eventually leading to a market bottom between Q3 and Q4.
BTC quarterly analysis. Source: X
Related: Bitcoin gets new $54K warning as BTC price hits 11-day low on Asia tech sell-off
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