Daily Market Updates (June 4, 2025, 11:25 AM)
ChainDD's June 4 market data shows that the comprehensive index and CoinMarketCap quotes:
BTC is priced at $105,732.55, up about 0.09% in 24 hours.
ETH is priced at $2,638.01, up about 1.36% in 24 hours.
BNB is priced at $669.90, up about 0.30% in 24 hours.
DOGE is priced at $0.1967, up about 0.29% in 24 hours.
SOL is priced at $157.24, down about 1.23% in 24 hours.
Cryptocurrency Market Updates
(New York Times): Eric Trump indicated that he may take legal action regarding the launch of the 'official TRUMP wallet.'
According to the New York Times, Donald Trump Jr., co-founder of WLFI, stated that the newly launched TRUMP wallet has no affiliation with the Trump organization, and WLFI will launch an official wallet. Trump's second son, Eric Trump, said he was 'not aware' of this matter. Trump's youngest son, Barron Trump, also rarely spoke on social media, stating that 'our family is not involved at all.' The reactions of Trump's sons to this announcement seem to reveal a rift within the Trump family in the expanding cryptocurrency business network, which is a complex business system operated by several family members and associates, and they now seem to be competing with each other.
On one side is Bill Zanker, Trump's long-time business partner and the mastermind behind the TRUMP Meme coin. On the other side are Trump's sons, who founded an independent cryptocurrency company, World Liberty Financial, and launched their own digital currency, raising $550 million to date.
Eric Trump stated that the Trump family will take legal action regarding the launch of the 'official TRUMP wallet,' even though this wallet is being promoted by social media accounts related to Bill Zanker. Eric Trump said, 'This product has not been agreed upon or approved.'
Bill Zanker did not respond to requests for comments. However, the official TRUMP Meme account on X (formerly Twitter) posted later on Tuesday, confirming the authenticity of the wallet's launch. Similar statements also appeared on Magic Eden's official X account.
Trump pressures the U.S. Senate to pass the budget and cryptocurrency bills.
As the U.S. Congress returns to session, senators will face a heavy workload if they want to meet the deadline set by President Trump.
The first deadline is Trump's massive tax and budget proposal, referred to as the 'Beautiful Law.' An updated version of the bill passed the House last month by a narrow margin (215 votes to 214 votes).
The bill has now been sent to the Senate, where it is expected to encounter similar resistance among certain Republican dissenters. The Republican leadership aims to deliver the bill (preferably a version as close to the current one as possible) to the president for signing before July 4.
The next task for senators is to pass the (GENIUS Act), which Trump hopes will be approved before the end of summer. An insider revealed that the president's growing interests in cryptocurrency pose a challenge for bipartisan support between Republicans and Democrats.
The California legislature unanimously passed a Bitcoin payment bill.
According to Cointelegraph, the California legislature passed a bill unanimously by a vote of 68-0, allowing the state to accept Bitcoin and other digital currencies as a payment method. The bill will now be submitted to the Senate for further consideration.
Metaplanet CEO: Metaplanet's stock ranks first in both trading amount and volume on the Tokyo Stock Exchange.
Metaplanet CEO Simon Gerovich posted on X that Metaplanet (3350.T) achieved a trading volume of 222 billion yen (approximately $1.51 billion) on the Tokyo Stock Exchange, with a transaction volume of 170 million shares, simultaneously becoming the top in both trading amount and volume across the entire market.
Trump's economic advisor disclosed holdings of at least $1 million in Coinbase shares.
According to Bloomberg, based on a financial disclosure document, one of President Donald Trump's key economic advisors, Kevin Hassett, disclosed that he holds at least $1 million in shares of Coinbase due to his role as an advisor to the U.S. cryptocurrency trading platform.
Documents show that these Coinbase shares are listed as 'vested shares.' Based on the broad valuation range used by officials in their disclosures, Hassett's reported total assets amount to at least $7.6 million.
Note: Vested shares refer to stocks or stock options that employees or advisors have fully owned based on their employment agreement or incentive plan. Once vested, the holder can freely exercise, sell, or transfer these shares.
Ethereum co-founder Joe Lubin said he is negotiating infrastructure cooperation with sovereign wealth funds.
Ethereum co-founder and Consensys CEO Joe Lubin stated that the company is in talks with a sovereign wealth fund and banks from a 'major country' to explore building financial infrastructure on the Ethereum ecosystem. He hinted that these institutions may involve Ethereum layer one and layer two infrastructure. Lubin stated that Ethereum is gradually becoming 'the most valuable trust asset' with the potential to surpass Bitcoin.
Ripple CEO denies Ripple's intention to acquire Circle, stating that the related reports are untrue.
Ripple CEO Brad Garlinghouse publicly stated at an event in Las Vegas that the company has never sought to acquire the stablecoin issuer Circle, refuting previous media reports that Ripple had made offers as high as $5 billion.
Previously, Bloomberg cited sources saying that Ripple had proposed an offer of $4 billion to $5 billion to acquire the USDC issuer Circle but was considered too low and rejected; Coinbase was also reportedly interested in bidding. In response, a Circle spokesperson stated, 'The company is not for sale.'
Circle plans to list under the ticker CRCL as early as this week, with a valuation of $7.2 billion and plans to issue 32 million Class A common shares at a price range of $27-28. Previously, the company had canceled a SPAC merger plan with a valuation of $9 billion in 2022.
Notably, Ripple announced the launch of the dollar-pegged stablecoin RLUSD last April and received approval from the New York Department of Financial Services in December. Currently, RLUSD has a market capitalization of $310 million, still far behind USDC's $61.5 billion.
Ripple previously stated that its future acquisition focus will center on companies that connect traditional finance with the cryptocurrency ecosystem, such as payment processors and fiat on/off ramp service providers. In April of this year, Ripple acquired Hidden Road, an institutional settlement network with a clearing scale of $12.5 billion, marking its largest acquisition until it was surpassed by Coinbase's acquisition of Deribit.
The U.S. Democratic Party accuses the SEC of refusing to provide key information on the cryptocurrency bill.
Democratic staffers in the U.S. House accused the SEC of politically manipulating the refusal to provide key technical analysis of the CLARITY Act cryptocurrency bill, while simultaneously providing related information to Republicans.
The bill will create a regulatory framework for the U.S. cryptocurrency industry and rewrite parts of securities law. Democrats are concerned that the bill may extend beyond the cryptocurrency sector, significantly impacting the traditional securities market, and may create technology-based regulatory loopholes. Maxine Waters, the ranking member of the House Financial Services Committee, plans to write to SEC Chair Paul Atkins, requesting written analysis to be provided to both parties. The bill is set to be marked up in the committee on June 10, and the SEC's lack of cooperation may affect the support of some pro-crypto Democratic lawmakers for the bill.
Trump's social platform Truth Social has submitted a Bitcoin ETF application.
Trump's social media platform Truth Social has submitted a Bitcoin ETF application to the U.S. Securities and Exchange Commission (SEC). The New York Stock Exchange's Arca division submitted Form 19b-4 on June 3, aimed at tracking Bitcoin price performance. The ETF is sponsored by 'America First' asset management company Yorkville America Digital.
XRP ledger payment volume has dropped to the lowest level since October last year, as prices failed to keep pace with Bitcoin's new highs.
Recent XRP activity has significantly slowed, with payment transaction volumes dropping to around 320,000, the lowest level since October 2023, far below the average of over one million transactions between March and early May. The number of active addresses has also fallen below 10,000, and XRP burn fees have dropped to 1,500, a multi-month low.
Despite this, the market remains optimistic about XRP's medium to long-term prospects. Messari data shows that payment transaction volumes grew 36% quarter-over-quarter in the first quarter, with active addresses up 142%. Additionally, Ripple completed the acquisition of Hidden Road in April, becoming the first cryptocurrency company to operate a global multi-asset prime brokerage. The enterprise-grade stablecoin RLUSD issued by Ripple also received approval from the Dubai Financial Services Authority (DFSA) today, with hopes to implement it in the Dubai International Financial Centre (DIFC).
Notably, despite Bitcoin breaking through the $110,000 all-time high, up over 40% since early April, XRP has weakened after rebounding from $1.60 to $2.60, remaining below the $3.40 peak set in January of this year. Analysts point out that XRP has failed to benefit from BTC's rise, indicating that market demand for it may be weakening; if BTC pulls back, XRP prices may come under pressure.
U.S. Senator Lummis stated that some military leaders support the establishment of a Bitcoin strategic reserve.
U.S. Senator Cynthia Lummis stated in a Bloomberg interview that some U.S. military generals stationed in Southeast Asia support the establishment of a national Bitcoin reserve to counter economic warfare threats. She noted that there is a current consensus among senior U.S. military officials that 'in addition to guns, we also need Bitcoin.' The Department of Defense has not yet responded.
U.S. Treasury Secretary Basant: Trump aims to make the U.S. a center for digital innovation.
U.S. Treasury Secretary Basant stated that the Biden administration is pushing cryptocurrency towards extinction. President Trump aims to make the U.S. a center for digital innovation.
Digital bank Revolut may be planning to enter the cryptocurrency derivatives market.
New job postings on the digital bank Revolut's website indicate that the company may be planning to expand its cryptocurrency trading operations by offering derivatives. The London-based company launched a cryptocurrency exchange aimed at professional traders in May 2024 and plans to roll it out across the EU six months later, with the UK cryptocurrency derivatives market showing strong momentum in recent months.
Vitalik: Ethereum is leading in security.
Vitalik Buterin posted on X that he believes Ethereum is leading in CR and security, though Bitcoin has some advantages, such as lower code complexity, lower protocol change rates, a higher number of full nodes, and less dependency on RPC.
Trump's eldest son: After being unable to obtain banking services, the family has gone all in on Bitcoin and cryptocurrencies.
Donald Trump Jr. stated in a CNBC interview that after being unable to obtain banking services, his family chose to go all in on Bitcoin and cryptocurrencies.
Meitu CEO: After liquidating cryptocurrencies, earned 570 million yuan, 80% of the profit has been distributed to shareholders.
According to LatePost, Meitu CEO Wu Xinhong stated, 'Previously, most of the company's blind diversification strategy was led by me, not Cai Wensheng. I don't want to comment on Meitu buying coins anymore, as it has become a thing of the past. Based on the board's votes at the time, I also voted in favor of Meitu buying coins; I just viewed it as an investment. In hindsight, it was indeed a good investment return. At the end of last year, Meitu sold all the cryptocurrencies it held, earning 570 million yuan, and 80% of the profits were distributed to shareholders. However, if I could go back, I might prefer to use that money to find good teams that could synergize with our business. Sometimes, even when the performance has significantly improved, if Bitcoin drops sharply, our stock price immediately falls, but when Bitcoin rises, our stock price doesn’t rise.'
The Monetary Authority of Singapore: Projects issuing tokens with core members residing in Singapore need to obtain a DTSP license, even if the issuing entity is based overseas.
The Monetary Authority of Singapore (MAS) noted in a document dated May 30 that even if cryptocurrency projects issue tokens through offshore entities such as the Cayman Islands or Switzerland, as long as their core team members conduct business in Singapore (including holding citizenship or work visas to reside in Singapore), they still need to obtain a Digital Token Service Provider (DTSP) license under the Financial Services and Markets Act.
MAS stated that such operational models may also pose money laundering or reputational risks to Singapore, and therefore the same compliance regulatory requirements will apply. The relevant regulations will take effect on June 30, 2025, and MAS will not provide a transition period; any entity providing DT services without a license will constitute an illegal act.
Strategy announced plans to issue 2.5 million shares of STRD preferred stock for Bitcoin purchases and operational purposes.
According to an official announcement, Strategy announced plans to publicly issue 2.5 million shares of 10.00% Series A perpetual preferred stock (stock code: STRD). The company stated that the proceeds from this fundraising will be used for general corporate purposes, including Bitcoin acquisition and working capital.
The Ethereum Foundation announced a reorganization of its R&D team and layoffs, focusing on network scalability and user experience.
The Ethereum Foundation announced a reorganization of its research and development team, laying off some employees and renaming the department 'Protocol' to focus on the core challenges of protocol design.
This adjustment aims to address ongoing criticism from the community regarding the Foundation's management and strategic direction. Some voices warn that failure to address key technical issues could threaten Ethereum's status as a technological leader in the industry.
The Foundation stated that the restructured Protocol team will focus on three main priorities: expanding the scalability of the Ethereum underlying network, advancing the blobspace expansion in data availability strategies, and improving user experience.
The Foundation mentioned in its announcement that 'some members of the R&D team will no longer continue to serve' and encouraged other teams to absorb this talent. The number of layoffs was not disclosed.
Additionally, the Foundation stated that the restructured team will work to enhance the transparency of upgrade timelines, technical documentation, and research. Co-Executive Director Hsiao-Wei Weng expressed hope on social media X that the new structure will drive core projects forward more efficiently.
SharpLink Gaming has completed a $425 million private financing round, led by Consensys.
SharpLink Gaming announced the completion of a $425 million private financing round, led by Consensys. SharpLink intends to use the proceeds to purchase ETH and make it a primary treasury reserve asset.
Robinhood completed the $200 million acquisition of the cryptocurrency exchange Bitstamp.
Robinhood has completed a $200 million cash acquisition of Bitstamp, a cryptocurrency exchange based in Luxembourg. This acquisition adds over 50 licenses and registrations to Robinhood's cryptocurrency business and brings a mature institutional client base.
Bitstamp has over 5,000 institutional clients and 50,000 retail users, with the majority of trading volume coming from institutional clients. Robinhood stated that this acquisition significantly expands its cryptocurrency business in Europe, the UK, and Asian markets. Robinhood also indicated that it does not rule out more acquisitions in the cryptocurrency space in the future.
xAI is conducting a $300 million stock sale at a valuation of $113 billion.
Elon Musk's xAI company is conducting a $300 million stock sale, which values the company at $113 billion.
