Yellow Capital Blog/Weekly Crypto Digest/Weekly Crypto Digest for June 10-16, 2024

Weekly Crypto Digest for June 10-16, 2024

Sunday, June 16, 2024

In the latest issue of Weekly Crypto Digest, read more about US Inflation has slowed, Bernstein predicted BTC at $200K, ETHKyiv hackathon supported by Yellow Network, and more news.

The Fed Kept the Key Rate at the same level. US Inflation has slowed

On June 12, the US Federal Reserve maintained the key rate range at 5.25–5.5% per annum for the seventh time in a row, which coincided with market expectations.
On the same day, the US Federal Bureau of Labor Statistics published a report on consumer prices. The index value was lower than expected—3.3% versus 3.4%.

Bernstein predicted Bitcoin to reach $200,000 by the end of 2025

Bernstein analysts raised their target price for the first cryptocurrency by the end of 2025 from $150,000 to $200,000. The forecast is driven by expectations of "unprecedented demand from spot Bitcoin ETFs."
Analysts pointed to previous cycles, with digital gold rising to a high of about five times the marginal cost of production in 2017 before falling to a low of 0.8 times that in 2018.
​According to Bernstein's baseline estimates, the price of the first cryptocurrency will reach $500,000 by the end of 2029 and $1 million by 2033.

Ethereum ETF will be fully approved by September

US Securities and Exchange Commission (SEC) Chairman Gary Gensler said the Ethereum ETF will be fully approved by September 2024. CoinDesk reports this based on Gensler's words at the Senate budget hearings.
The regulator's head added that the process is "going smoothly" after the Ethereum-ETF's initial approval. He said the final registration requirement is to file on Form S-1. Gensler noted that the registration details "at the personnel level" remain to be worked out.
​Also, the head of the SEC again needs to answer whether Ethereum is a commodity. It should be noted that the head of the Commodity Futures Trading Commission (CFTC), Rostin Behnam, was also present at the hearing. Unlike Gensler, the latter admitted that Ethereum is a commodity.

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Terraform Labs reached an agreement with the SEC for $4.47 billion

The New York State District Court, presided over by Jed Rakoff, approved the deal between the US Securities and Exchange Commission (SEC) and Terraform Labs. The latter will pay $4.47 billion in fines to settle the case.
As part of this agreement, Terraform Labs will pay $3.6 billion in compensation, a fine of $420 million, and interest of $467 million. Former CEO Do Kwon, who is also a defendant in the SEC lawsuit, must, in turn, reimburse more than $204 million.
According to court records, a judge signed the agreement, which went into effect. The first tranche from Do Kwon to the account selected by the Commission must arrive within 30 days.
Considering this, Terraform Labs' fine is the largest in the US corporate environment. Previously, this "achievement" was achieved by the Binance exchange, which settled the case with the American authorities for $4.3 billion. It is noteworthy that in this case, the court approved the deal only three months after its announcement.

ETHKyiv hackathon will be held in Kyiv with the support of Yellow Network

ETHKyiv hackathon supported by Yellow Network

From June 21 to 23, ETHKyiv, with the support of Yellow Network, will hold a hackathon where you can build an innovative product, create a successful crypto startup, and demonstrate your skills while competing for huge prizes!

$100,000 total prize pool;
$250,000 investment in a newly created DeFi project;
Additional prizes for the best participants in $YELLOW tokens;

Since the co-founder of the Yellow Network, Louis Bellet, participated in more than one hackathon and launched four successful startups, he will conduct a series of webinars during which he will teach how to implement innovations, explain blockchain technology, and share his experience building startups.
Register now because places are limited.

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