Solana News: On June 12, 2026, the same day SpaceX will be trading on Nasdaq at $135/share, raising $75 billion in the largest IPO on record and valuing the company at $1.75 trillion, Backpack Securities and tokenization infrastructure provider Sunrise simultaneously launched SPCX, a 1:1 backed tokenized SpaceX equity on the Solana blockchain.

Each token is custodied by Backpack, a regulated U.S. broker-dealer, with full ACATS/DTCC redemption into any U.S. brokerage account, 24/7 self-custody trading, and a bidirectional bridge back to on-chain from TradFi.

The question the market is asking now: is this the structural RWA catalyst Solana’s retail narrative has been waiting for?

Discover: The Best Crypto to Diversify Your Portfolio

Solana News: How SPCX Works, The Mechanics Behind the First Day-One Tokenized IPO

SPCX is not a synthetic or a derivative. Each token is backed 1:1 by a real SpaceX share purchased and held in custody by Backpack Securities, operating under its U.S. broker-dealer registration.

Holders can redeem SPCX for the underlying equity directly through Backpack’s platform, with shares then transferable to any standard U.S. brokerage, Schwab, Fidelity, or otherwise, via standard ACATS/DTCC settlement rails.

The bridge runs both directions. Investors holding SpaceX shares in a conventional brokerage account can re-tokenize into SPCX, bringing regulated equity onto Solana’s public chain.

That bidirectional mechanism is what separates this from the synthetic stock tokens that FTX and others ran in 2020–21, products that lacked formal custody, registered prospectuses, and seamless brokerage redemption, and that were ultimately shut down under regulatory pressure.

Backpack CEO Armani Ferrante framed the architecture plainly: “The future of tokenized equities is not just putting price exposure onchain. It is making underlying securities portable across financial systems.”

SPCX trades around the clock on Solana, including outside Nasdaq hours, and can be held in self-custody wallets and routed across supported Solana-based DeFi venues.

For Solana specifically, that means the chain now hosts a regulated blue-chip equity with retail-accessible self-custody, a structurally different asset class than the speculative tokens that have defined its recent volume profile.

The post Solana News: SpaceX Will Have the Biggest IPO in History, And Its Stock Will Be Trading on Solana the Same Day appeared first on Cryptonews.

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Ethereum remains under significant pressure across higher and lower timeframes after losing several major technical levels in quick succession. While the recent rebound from the local bottom around $1.5K has provided some short-term relief, the broader structure still favors sellers unless ETH can reclaim a series of key resistance zones overhead.

Moreover, the rising put/call ratio suggests increasing caution and demand for downside hedging among options participants, rather than growing bullish exposure.

Ethereum Price Analysis: The Daily Chart

The daily chart shows a decisive breakdown from a multi-month bearish flag that had been developing since February. After repeatedly finding support along the rising lower trendline, ETH eventually lost the structure and accelerated lower in a clean, measured move.

The sell-off began when the price was rejected from the long-term descending trendline near the $2.4k level, which also pushed the asset below the 100-day moving average. The 100-day moving average, currently around $2.1K, has now flipped into resistance. Meanwhile, the 200-day moving average remains significantly higher near $2.4K. This indicates the overall strength of the broader downtrend.

Following the breakdown, ETH sliced through the major support zone at roughly $1.8K. This area previously acted as a strong demand region and is now likely to serve as resistance against any recovery attempt. A bearish Fair Value Gap (FVG) was also formed at approximately the $1.9k area, which creates another supply zone where sellers may re-enter the market in case of a retest.

The recent decline eventually found demand around the $1.5K support region, which triggered a relief bounce. However, despite recovering from the lows, ETH remains trapped beneath the former support area and has yet to invalidate the bearish breakdown.

As long as the price remains below the $1.8K-$1.9K resistance cluster, the broader outlook remains cautious. While the RSI has also rebounded from oversold conditions, it still remains below bullish territory. It indicates that momentum has improved but has not yet shifted decisively in favor of buyers.

ETH/USDT 4-Hour Chart

On the 4-hour timeframe, ETH experienced a sharp impulsive decline from the $2K region before finding support at the $1.5K demand zone. The bounce that followed appears corrective rather than impulsive, indicating that buyers have not yet regained control of the trend.

The market is currently trading around $1.68K while remaining below the 0.5 Fibonacci retracement level at approximately $1.76K. Above that, a dense resistance cluster exists between the 0.618 and 0.786 retracement levels, stretching from roughly $1.8K to $1.9K.

This Fibonacci zone aligns closely with a key bearish order block formed during the recent sell-off, making it a critical battleground. Any recovery into this range could attract renewed selling pressure from market participants looking to exit losing positions.

On the downside, the $1.5K support area remains the most important level. Losing this area would likely increase the probability of another leg lower and confirm that the recent rebound was merely a temporary pause within the broader downtrend.

Sentiment Analysis

The derivatives chart highlights recent week’s ETH options activity on Deribit through the Put/Call volume ratio. Earlier in the week, the ratio declined below 1, which indicated that call volume was beginning to outpace put volume. This is a classic sign of improving trader sentiment.

More recently, however, the ratio has surged sharply toward 1.7 while overall daily volume remains relatively subdued. This suggests a significant increase in put activity relative to calls. Therefore, there is growing demand for downside protection despite ETH’s short-term rebound.

The divergence between recovering price action and rising put demand shows that options traders remain cautious about the sustainability of the current bounce. In other words, while spot buyers have stepped in around $1.5K, derivatives participants are still hedging against the possibility of another downside move.

For sentiment to improve meaningfully, ETH would likely need to reclaim the $1.8K-$2K resistance region while the put/call ratio begins trending lower again. Until then, the options market suggests that traders remain defensive despite the recent recovery attempt.

The post Ethereum Price Analysis: ETH’s Next Rally Attempt Hinges on This Key Level appeared first on CryptoPotato.

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Metaplanet announced on Friday that it has agreed to acquire Siiibo Securities in a 2.1 billion yen ($13.1 million) deal to form a securities arm.

The Tokyo-listed Bitcoin (BTC) treasury company said it entered into a share transfer agreement to acquire 100% of the Japanese securities company, a licensed financial instruments business operator. After closing, expected in July, Siiibo Securities will become a wholly owned subsidiary and be renamed Metaplanet Securities.

Metaplanet CEO Simon Gerovich said the acquisition is the first step in Project Nova, the company’s strategy to build a Bitcoin-centric financial ecosystem in Japan.

“We will develop and distribute Bitcoin-related yield products directly to Japanese investors, supported by the 40,177 BTC on our balance sheet,” he wrote. 

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The company said Siiibo’s licensing, corporate bond platform and customer base would allow Metaplanet to develop income-oriented products like BTC-linked bonds, while giving it direct access to investors seeking yield in Japan. 

Metaplanet’s Bitcoin stash has a net asset value of 457.6 billion yen (about $2.8 billion), making it the largest publicly listed BTC holder in Japan and the third-largest in the world, according to data tracker Bitcoin Treasuries.

Metaplanet’s Bitcoin treasury holdings. Source: Bitcoin Treasuries

Japanese firms prepare for crypto’s move into finance 

Metaplanet’s securities push adds it to a growing list of Japanese financial and crypto firms positioning themselves ahead of a regulatory shift that could bring digital assets closer to the country’s traditional financial markets.

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Japan’s Lower House reportedly passed a bill on Thursday that would bring crypto assets under the country’s financial instruments framework, potentially opening a path to crypto exchange-traded funds and more favorable tax treatment for digital assets.

Related: Japan approves bill to classify crypto as financial instruments

Japan’s market infrastructure firms are also testing how digital assets could fit into existing capital markets. In April, the Japan Securities Clearing Corporation, part of Japan Exchange Group, said it would launch a proof of concept with Mizuho, Nomura and Digital Asset to test the use of Japanese government bonds as digital collateral on the Canton Network.

SBI Shinsei Bank is reportedly preparing a deposit-linked crypto rewards service that would allow customers to receive vouchers redeemable for Bitcoin, Ether or XRP through SBI VC Trade. SBI’s broader group has also been expanding across crypto exchange services, stablecoin lending and planned securities products, including investment trusts and ETFs tied to crypto assets.

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Avalanche Treasury Co. opened at $2.99 on Nasdaq Thursday and closed at $1.85, a 38% wipeout on its first session under the ticker AVAT. The intraday low hit $1.75. That is a brutal verdict from a market that was offered a 0.77x mNAV entry, a ~23% structural discount to buying AVAX outright. Why has this happened? Is AVAX price prediction really that bearish?

The underlying asset is not helping. AVAX trades at $6.6, down 33% over the past month, and sits more than 95% below its all-time high. The digital asset treasury vehicle launched into one of the worst altcoin environments in two years.

AVAT reached public markets through a $675 million SPAC merger with Mountain Lake Acquisition Corp., a deal announced in October 2025. The company positions itself not as a passive token accumulator but as an active crypto treasury deploying capital across the Avalanche ecosystem.

Discover: The Best Crypto to Diversify Your Portfolio

The SPAC Structure and the Pitch

At launch, AVAT held approximately 15 million AVAX tokens, 3.5% of the circulating supply, against an initial treasury capital of $460 million. The company secured an exclusive arrangement with the Avalanche Foundation for discounted AVAX purchases and an 18-month priority on Foundation token sales to U.S. institutional crypto vehicles.

CEO Bart Smith, a former Susquehanna and AllianceBernstein executive, frames AVAT explicitly as an institutional crypto operating business rather than a simple proxy hold. His own words:

It is not a bet on price. We believe it is an investment into Avalanche that represents meaningful potential for the repositioning of institutional finance.”

The gap between that and a close of $1.85 is wide enough to drive a truck through. AVAX’s spot price at $6.6 means the treasury’s mark-to-market value moved sharply against the company before it executed a single ecosystem investment. The ‘active allocator’ pitch requires time and deal flow to validate.

AVAX Price Prediction: $6.6, a Structure That Needs a Floor

AVAX at $6.6 is down 33% over 30 days. Once a top 10 crypto by market cap, is now ranked 33rd. On the lower time frame, the critical floor to watch is the $6.00 level; a weekly close below that figure opens a test of the $5.20–$5.40 zone, the last significant demand cluster before the token enters price discovery territory not seen since late 2020.

Resistance is stacked at the $7.80 level, the range where AVAX consolidated briefly in May before the latest leg lower. A reclaim of $8.50 on sustained volume would shift the short-term structure from broken to neutral. Heavier resistance clusters near $10.50, which corresponds to the 2025 accumulation band and would require a meaningful reversal in broader altcoin sentiment to challenge.

Avalanche (AVAX)

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The RSI on the weekly timeframe remains in oversold territory, consistent with the conditions that preceded AVAX’s 2023 recovery, but that historical parallel requires macro conditions to cooperate in a way they have not yet signaled. The structure is broken at the current levels. A close above $8.20 is the minimum requirement to argue otherwise.

Discover: The Best Token Presales

The post AVAX Price Prediction: Treasury Stock Tumbles 38% on Nasdaq Debut as Crypto Proxy Trade Unravels appeared first on Cryptonews.

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CoinDesk Indices presents its daily market update, highlighting the performance of leaders and laggards in the CoinDesk 20 Index.

The CoinDesk 20 is currently trading at 1711.6, down 0.3% (-4.68) since 4 p.m. ET on Thursday.

Ten of 20 assets are trading higher.

Leaders: NEAR (+2.7%) and ADA (+1.0%).

Laggards: CRO (-1.4%) and ETH (-1.0%).

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The CoinDesk 20 is a broad-based index traded on multiple platforms in several regions globally.

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This Friday, we examine Ethereum, Ripple, Cardano, Binance Coin, and Hyperliquid in greater detail.

Ethereum (ETH)

This week, Ethereum remained flat as it hovered above the key support at $1,500. Sellers seem to be taking a break after the price crashed by 37% since early May.

Buyers are likely to be quite active at this key support since this level held well in the past and was the pivot point from where ETH reached almost $5,000 in August 2025.

Looking ahead, Ethereum is approaching a critical junction. If it can hold here, it will be a sign of strength and may push the price into a relief rally. However, any weakness at $1,500 could spell disaster for the asset if it makes a lower low. That would encourage sellers to return in force.

Ripple (XRP)

XRP closed the week with a modest 1% gain. While this is not much, the more important development is that the support at $1 continues to hold well despite a recent attempt by sellers to break it.

However, the battle is not over, and a new test of this key psychological level seems likely. If buyers can defend against a second attempt at a breakdown, XRP could see renewed interest.

Looking ahead, the most important levels on this chart are found at $1 and $1.3, with the latter acting as a key resistance. That level will have to break if bullish momentum is to form in the future.

Cardano (ADA)

Surprisingly, ADA had a good week with a 4% gain. While this was not enough to recover the loss of support at $0.24, which is now acting as resistance, it did allow for a brief relief.

So far, $0.15 appears to be holding well as support and managed to stop sellers from totally dominating the chart. However, the overall bias remains bearish on ADA, as it has been consistently making lower lows since 2025.

Looking ahead, the loss of the support at $0.24 was a major defeat for bulls, and it may take a long time until it can be recovered. That’s because, so far, Cardano’s token does not give any signs of finding a bottom.

Binance Coin (BNB)

Binance Coin is up 2% this week and managed to hold well above the key support at $580. This level has been tested several times in 2026, and sellers were always turned away once the price arrived there.

Equally, BNB also failed to break the key resistance at $690, which has kept the price in check throughout 2026. It could be argued that this cryptocurrency has been moving sideways all year between $580 and $690.

Looking ahead, Binance Coin’s price action shows no decisive trend in 2026. Until one of the key levels is broken, it is unlikely that the asset will do any significant moves.

Hyperliquid (HYPE)

HYPE is down 4% this week after the bullish momentum lost steam at $75. Since that all-time high, sellers took over the price action and managed to send it all the way to the key support at $52, which was recently tested.

At the time of this post, sellers confirmed $63 as resistance and may revisit the support at $52. Such a re-test could be interpreted as weakness in the price action. Nevertheless, unless HYPE falls from its ascending channel, it’s too early to turn bearish long-term.

Looking ahead, this correction was expected and is normal. The question is whether the support at $52 will hold. Failure there could send HYPE in a more aggressive correction that may revisit the $40s.

The post Crypto Price Analysis Jun-12: ETH, XRP, ADA, BNB, and HYPE appeared first on CryptoPotato.

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A Swiss investor said KuCoin has yet to pay a Seychelles Supreme Court award of more than $2 million after the exchange declared his tokens “abandoned.”

In a Dec. 11, 2025, ruling, the Supreme Court of Seychelles declared that Didier Rabl is the “sole proprietor and owner” of approximately 21 million CoinPoker (CHP) tokens previously held for him on KuCoin. The court also ordered three Seychelles-incorporated KuCoin entities to pay him over 2 million USDt (USDT) plus $10,000 in moral damages, according to documents reviewed by Cointelegraph.

The ruling could have implications for how cryptocurrency exchanges handle delisted assets, with the court finding that KuCoin did not become the beneficial owner of Rabl’s tokens and remained obligated to safeguard the assets and honor lawful withdrawal requests.

KuCoin’s Seychelles entities did not appear or defend the case.

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Copies of emails reviewed by Cointelegraph show that KuCoin sent Rabl a series of delisting notices in 2021, warning that withdrawals of CHP would close on July 28 of that year. The emails stated that any unwithdrawn funds would be deemed “abandoned” with “no rights to claim back.”

Court Order. Source: Seychelles Supreme Court

The court found that all the emails “remained unread and unanswered” and that KuCoin delisted CHP “without making any further attempt to notify the Plaintiff by post, telephone, or any alternative means.”

Seychelles FSA confirms receipt of KuCoin judgment

The court held that a unilateral delisting email with “deemed to have abandoned” wording was not sufficient to remove a customer’s rights to tokens already in their account when no such forfeiture term was in the original contract.

Related: Dubai regulator orders KuCoin entities to stop unlicensed operations

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KuCoin’s terms of use at the time gave the platform broad powers to suspend or terminate accounts and to limit its liability, but did not explicitly state that unwithdrawn tokens after a delisting become KuCoin’s property.

A blockchain analysis report shared with Cointelegraph traced movements of the legacy Ethereum CHP token and identified an address labeled “KuCoin 6” on Etherscan that holds 21,000,000.0509 CHP, or about 5.9% of the total supply.

The Supreme Court directed its Registrar to serve the judgment on Seychelles’ Financial Services Authority (FSA).

In a written response to Cointelegraph, an FSA spokesperson confirmed it had received the judgment and said Mek Global Ltd, the KuCoin-linked company that applied for a virtual asset service provider (VASP) licence, had its application rejected on June 4, 2025, and was required to cease all business conducted in or from Seychelles.

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The FSA also published a public statement noting that Peken Global Limited, one of the defendants in the case, opted to migrate its services outside Seychelles following the rejection of the application.

Under Seychelles’ Virtual Asset Service Providers Act, licensed exchanges are required to segregate client assets and maintain them at a 100% reserve, the spokesperson said.

Source: Seychelles Ministry of Finance

Legal expert highlights limits of ex parte judgment

Joshua Chu, co-chair of the Hong Kong Web3 Association, and a lawyer who has handled Seychelles-related arbitration, told Cointelegraph, “It should be noted from the outset that this judgment was decided entirely ex parte,” pointing out that KuCoin’s entities “never appeared, never defended, and never submitted to jurisdiction.” Justice N. Burian’s decision is “first instance only,” he said, with “no binding force outside Seychelles.”

Related: KuCoin fully rolls out KIA, a crypto-native AI built to simplify the crypto experience

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Chu said the court proceeded on the basis that the exchange-customer relationship was “at minimum contractual, obliging the exchange to safeguard the assets and to honor lawful withdrawal instructions.”

In principle, a VASP’s unexplained failure to comply with a final Supreme Court order concerning customer assets would sit uneasily with standards of integrity, cooperation with courts and regulators, and respect for client property, Chu said. He added that “a defendant in future contested proceedings could argue that its factual assumptions are incomplete,” and that the consequences would depend on any appellate process.

Rabl told Cointelegraph he has not received any payment from the Seychelles entities named in the judgment and is preparing additional legal action in Seychelles aimed at enforcing the award and potentially seeking additional damages.

KuCoin did not respond to multiple requests for comment from Cointelegraph.

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[PRESS RELEASE – Singapore, Singapore, June 12th, 2026]

LBank, the leading global cryptocurrency exchange, has announced a major upgrade to LBank Pay, its integrated crypto payment solution. Effective June 11, 2026, LBank Pay now supports direct payments in over 20 major crypto assets, including BTC, ETH, SOL, DOGE, TON, and PEPE — removing the need to convert holdings into USDT before transacting and opening a new chapter for everyday crypto payments.

The first batch of newly supported assets spans multiple core sectors, including blue-chip cryptocurrencies (BTC, ETH), high-performance blockchain ecosystems (SOL, BNB, TON, SUI, XRP, ADA, AVAX, TRX, HYPE), community-driven assets (DOGE, PEPE, PI), AI tokens (TAO, NEAR), as well as RWA and gold-backed assets (XAUT, PAXG, ONDO), further expanding the range of crypto assets available for real-world payments.

The upgrade introduces three core enhancements: support for direct multi-asset payments to eliminate conversion friction, comprehensive coverage across Layer 1 blue-chip assets, Layer 2 ecosystems, and high-momentum meme tokens, and millisecond-level settlement powered by LBank’s liquidity engine and risk control network. Users only need to update to the latest version of the LBank App and, when scanning a merchant QR code, select “Available Assets” to switch currencies and complete payments in a more seamless and efficient way.

To celebrate the expansion, LBank Pay is launching a Lucky Draw campaign from June 11 to June 21, 2026 (UTC+8), with a prize pool worth 20,000 USDT. All KYC-verified users are eligible to participate by completing tasks including deposits, LBank Pay payments, token holdings, and friend referrals. Each draw offers chances to win USDT cash, futures experience bonuses, position vouchers, cashback coupons, and jackpot prizes.

“Crypto adoption ultimately depends on usability,” said Eric He, Community Angel Officer and Risk Control Adviser at LBank. “With every upgrade, we continue to lower the barrier between crypto assets and real-world use cases. Our goal is not only to make crypto a financial instrument for trading, but also to enable it to become a seamless payment medium that users can use in everyday life. LBank Pay is an important step in building this bridge.”

Over the years, LBank has continuously expanded its ecosystem across trading, payments, asset management, and financial innovation. Previously, the platform has launched features such as “Fiat Deposit” for fiat currency deposits and “Buy Crypto with Fiat Balance,” enabling users to purchase cryptocurrencies directly using their fiat balances, continuously optimizing the end-to-end experience from fiat to crypto assets and providing global users with a smoother, one-stop trading and payment solution.

Looking ahead, LBank plans to further expand the range of supported payment assets, strengthen merchant partnerships, and integrate additional payment scenarios across global markets. By continuously improving accessibility and efficiency, LBank remains committed to building a more open, seamless, and user-centric crypto economy.

About LBank

Founded in 2015, LBank is a leading global cryptocurrency exchange serving over 20 million registered users in 160 countries and regions. With a daily trading volume exceeding $10.5 billion and 10 years of safety with zero security incidents, LBank is dedicated to providing a comprehensive and user-friendly trading experience. Through innovative trading solutions, the platform has enabled users to achieve average returns of over 130% on newly listed assets.

LBank has listed over 300 mainstream coins and more than 50 high-potential gems. Ranked No. 1 in 100x Gems, Highest Gains, and Meme Share, LBank leads the market with the fastest altcoin listings, unmatched liquidity, and industry-first trading guarantees, making it the go-to platform for crypto investors worldwide.

Users Can Follow LBank for Updates:

Website: https://www.lbank.com/

Twitter: https://twitter.com/LBank_Exchange

Telegram: https://t.me/LBank_en

Instagram: https://www.instagram.com/lbank_exchange

LinkedIn: https://www.linkedin.com/company/lbank

For media requests, users can contact:

Email: press@lbank.com

The post LBank Pay Expands to Support BTC, ETH and 20+ Crypto Assets, Launches 20,000 USDT Campaign appeared first on CryptoPotato.

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