Bitcoin (BTC) fell over 37.3% in June. The biggest monthly drop in prices since 2011, in an epic market sell-off that triggered job cuts in the cryptocurrency industry and forced many lenders, including Celsius, to halt withdrawals for their customers and scramble to bail out companies. Some analysts say that the price of Bitcoin could go even lower. The main events that occurred during the market decline are:
The management of the firm Three Arrows Capital (3AC) resembles a "Madoff-style Ponzi scheme". The lost billions severely hurt many large companies in the cryptocurrency market.
After Celsius stopped withdrawals on June 13, the company engaged in legal restructuring and team funding. If Celsius goes into bankruptcy there is no guarantee that customers will be able to recover any funds held on the platform.
BlockFi lost hundreds of millions which forced it to take a $250 million loan from FTX. FTX is likely to buy the entire company for $275 million.
Voyager Digital almost collapsed from 3AC being forced to take out a $500 million emergency loan from Alameda Research and allowing the latter to take its own shares in Voyager Digital.
Babel Finance faces loss of more than $1 billion due to 3AC exposure.
SEC rejects Grayscale company over Bitcoin ETF and same day Grayscale filed suit against SEC.
Cryptocurrency Exchange CoinFlex Loses $47M in Bad Loans and IPOs Claiming Capital Recovery
Compass Mining's CEO and CFO resigned.
Solana announces plan for smartphones.
MicroStrategy bought $10 million in Bitcoin.
Ronaldo collaborated with Binance to create a collection of NFTs.
PayPal enables the transfer of BTC, ETH, BCH and LTC to external wallets.
Binance Labs raised $500 million in funding.
London-based venture capital firm Felix Capital raised $600 million in funding for Web3.
Magic Eden, the NFT trading platform saw its capital increase from $130 million to $1.6 billion.
FalconX had a capital increase from $150 million to $8 billion.
Prime Trust raised over $100 million in Series B funding to expand into new offerings.
US prosecutors accused OpenSea's Nathaniel Chastain of abusing inside information to profit from cryptocurrency trading.
The CFC (Ethics Council) claimed that Gemini, the cryptocurrency trading exchange, lied to regulators about giving refunds to market makers.
The DOJ (Department of Justice) released the response to President Biden's executive order on digital assets.
Senators Lummis and Gillibrand announced the 69-page Responsible Financial Innovation.
A bill was introduced that created a comprehensive regulatory framework for digital assets.
Coinbase laid off 18% of employees.
ProShares Launches New Selling Strategy for Bitcoin ETF.
NYDFS issued guidelines for stablecoins.
DeFi protocols performed well during the market downturn.
Coinbase introduces in some jurisdictions enhanced KYC (Know Your Customer) for outbound transactions.
Nexo offered to buy the assets from Celsius.
Citadel partners with Virtu to build Cryptocurrency Trading Exchange.
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