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Weekly News Recap | Crypto News

UseTheBitcoin Weekly News Roundup (JUN 10th – JUN 14th, 2024)

Author

Rickie Sanchez

Tags

Reading time

6 mins
Last update

Author

Rickie Sanchez

Tags

Category

Weekly News Recap / Crypto News

Reading time

6 mins
Last update

Author

Rickie Sanchez

Tags

Reading time

6 mins
Last update


Weekly News Roundup

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Stay in the loop with our weekly crypto digest as we get you up to speed on the hottest trends and events in the crypto space.

Here’s what happened in crypto this week:

Crypto Exchange Binance Surpasses 200 Million Active Users

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Binance, the largest digital asset exchange by trading volume, has marked growth as its user base soars to 200 million. The exchange recorded 100 million users a couple of years ago, doubling its base amid global adoption of digital assets.

Binance’s journey over the past two years has been nothing short of a rollercoaster ride, packed with legal battles, regulatory crackdowns, billion-dollar fines, and even the incarceration of its founder, Changpeng Zhao (CZ). Yet, despite the chaos and controversy, the exchange remains resilient, continuing to grow and achieve major milestones, unfazed by the turbulence.

io.net CEO Steps Down Days Before Token Launch

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Ahmad Shadid, the founder of the decentralized physical infrastructure network (DePIN) protocol io.net, has announced that he is stepping down as CEO “effective immediately.”

He said that despite the allegations against him in the past, his resignation as CEO is to allow io.net to move forward without interference.

While Shadid failed to elaborate on the nature of the “allegations” mentioned in his announcement, the project has faced pointed criticism from rivals in the DePIN sector over the past months regarding whether the service truly offered as many GPU chips as it claimed.

Fidelity International Tokenizes Money Market Fund On JPMorgan’s Onyx

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Private blockchain Onyx by JPMorgan revealed that Fidelity International has tokenized a money market fund on the network to be used as collateral.

Using the platform’s Tokenized Collateral Network (TCN) application, the fund was able to be tokenized nearly instantaneously to enable investors to use their fund assets as collateral in order to bypass the usual settlement delays when converting to cash. 

Notably, JPMorgan also completed its first blockchain-based conversion of a BlackRock money market fund in 2023, which enabled Barclays Bank to use tokens as collateral for an over-the-counter derivatives trade.

Apple Announced Its Biggest AI Event, Elon Musk To Ban Apple Devices From His Companies Over OpenAI Partnership

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Artificial Intelligence (AI) recently gained a new meaning: Apple Intelligence. Apple coined the term during its annual development conference (WWDC), during which Apple CEO Tim Cook shared many updates, including iOS 18 and Apple Intelligence for most of the company’s main products (its in-house AI software).

Even Siri is tapping into the AI hype: iPhone users will be able to use OpenAI’s ChatGPT simply by calling on Siri for help. However, Elon Musk is not happy with the partnership.

In a series of posts on X, the Tesla, SpaceX, and xAI executive wrote that if Apple integrates OpenAI at the OS level, Apple devices would be banned from his companies and visitors would have to check their Apple devices at the door where they will be stored in a Faraday cage.

It can be recalled that Musk had sued OpenAI and its CEO, Sam Altman, at the beginning of March, saying they abandoned the startup’s original mission to develop AI for the benefit of humanity and not for profit. Musk has also founded his own startup, xAI, to challenge OpenAI and build an alternative to ChatGPT, named Grok.

Ripple Labs Closes Standard Custody Acquisition Deal

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Ripple Labs has completed the acquisition of Standard Custody & Trust Company, a licensed digital asset custodian.

Ripple Labs initially revealed its intention to acquire the firm in February but finalized the deal much more recently after receiving the appropriate regulatory approval.

The move is set to enhance Ripple’s product offerings and support the launch of new initiatives, such as its planned stablecoin initiative.

Donald Trump Says He Wants All Remaining Bitcoin To Be Made In The USA

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Former President Donald Trump met with key figures in the Bitcoin mining industry, affirming his support for the sector and pledging to advocate for its interests both domestically and internationally.

The Presidential candidate expressed a deep appreciation for miners’ role in stabilizing the national energy grid and underscored his readiness to support their efforts from the White House.

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After the meeting, Trump posted on his Truth Social account saying that he wants all “remaining Bitcoin to be made in the USA” and that “It would help us be energy dominant.”

US Inflation Falls To 3.3% In May, Lower Than Expectations

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Data: 0.0% MoM, 3.3% YoY

Forecasted: 0.1% MoM, 3.4% YoY

Consumer price rises in the US eased slightly last month, official data suggests, ahead of a key meeting where policymakers will publish their latest interest rate decision.

According to the US Bureau of Labor Statistics, prices rose 3.3% in the year to the end of May, down 0.1% from the previous month.

Core inflation, which strips out more volatile items like food and energy prices, also slowed despite rents continuing to weigh on households’ budgets.

Despite borrowing costs standing at their highest rate in years, officials at the Federal Reserve are expected to hold off on any interest rate cuts this month.

US Federal Reserve Leaves Rates Unchanged, Remains At 5.25% – 5.50%, Only Sees One Interest Rate Cut This Year

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US Federal Reserve officials signaled that they expect to cut interest rates just once this year, taking a hawkish stance on inflation.

The new predictions marked a significant change from the Federal Open Market Committee’s (FOMC) last “dot plot” in March when officials signaled three cuts this year and showed lingering concerns that inflation remains above the Fed’s 2% target.

Economists’ best bet for the first rate cut is currently in September, and those odds improved markedly after the release of the May CPI. However, for that to happen, inflation will have to continue to drift lower in the coming months.

Terraform Labs Agrees To Pay $4.47 Billion In SEC Case

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Terraform Labs and its co-founder, Do Kwon, have agreed to pay $4.47B to settle a lawsuit brought against them by the US Securities and Exchange Commission (SEC) following the collapse of its TerraUSD and Luna token in 2022.

According to the details of the settlement in a court filing, Terraform agreed to pay $4.05 billion of disgorgement plus interest and a $420 million civil fine. Kwon is also required to pay a civil fine of $80 million for his role in the company’s downfall.

The settlement was reached after a jury found Terraform Labs and its co-founder liable for the Terra ecosystem collapse, which erased $40B in investor assets.

Ripple Reveals New Stablecoin Name At XRP Ledger Community Summit

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Ripple Labs has officially unveiled Ripple USD at the XRP Ledger Apex 2024 community summit, confirming RLUSD as its forthcoming stablecoin trading ticker symbol.

Although Ripple CEO Brad Garlinghouse did not disclose the stablecoin’s exact launch date, he expressed enthusiasm about the project and noted that it complements the broader XRP ecosystem.

The RLUSD will be a dollar-pegged stablecoin available on the XRP Ledger (XRPL) and Ethereum (ETH).

Final Thoughts

So that’s it for this week!

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Have a fantastic week ahead!