Binance US talked about the popular platform Hyperliquid — Arthur Hayes believes this is a hint at the imminent listing of the HYPE token on Binance.
Meanwhile, a well-known whale, James Wynn, who trades with leverage on Hyperliquid, believes that if CZ launches a decentralized derivatives exchange with dark pools, it could destroy Hyperliquid
Pumpfun may start sharing revenue with PUMP token holders.
➡️ The project is considering distributing protocol revenue among holders. ➡️ Total supply — 1 trillion tokens. ➡️ Private sale price — $0.004 per token. ➡️ Public sale and airdrop — expected within two weeks. ➡️ Around 25% of the supply will go to the ICO, with another 10% allocated for the airdrop.
$621,550,000 in Bitcoin and Crypto Liquidated As Trump-Musk Meltdown Hits Critical Mass
Bitcoin’s price is tumbling as President Trump and Elon Musk’s battle over a trillion-dollar spending bill spirals out of control.
In the last several hours, Trump has threatened to cut Musk’s government subsidies and contracts, while Musk claimed the President is named in the Jeffrey Epstein files.
The turmoil pushed US markets slightly lower, triggered a 14% drop for Tesla (TSLA), and fueled a sharp drop in the price of Bitcoin, from a 24-hour high of $105,733 down to $100,900 at time of publishing.
According to the crypto data aggregator Coinglass, a total of $621.55 million has been liquidated from the crypto markets in just the last four hours alone.
The Trump-Musk meltdown was initially sparked by Musk’s opposition to the Republican tax and spending bill, which passed the House two weeks ago.
Musk called the bill a “disgusting abomination” that would balloon the federal deficit.
The Congressional Budget Office (CBO) estimates the legislation would add $2.4 to $5 trillion to the $36.2 trillion national debt over a decade.
$92,000,000,000 Asset Manager Says US Dollar Overvalued for ‘Many Years Now,’ Warns Trend Will Ultimately Be Down for American Currency
The deputy chief investment officer (CIO) at the asset manager DoubleLine Capital says his firm predicts that the US dollar will trade down in the short to medium term.
Jeffrey Sherman notes in a new interview with CNBC that capital flight is one of the main reasons for their prediction.
“If you look at measures of purchasing power parity and thinking about the dollar, and on a trade-weighted basket, the dollar has been overvalued for many years now.”
Sherman also argues that the Trump Administration and Treasury Secretary Scott Bessent want a weaker dollar this cycle “because it helps absorb some of these policies.”
Additionally, the deputy CIO says gold is looking strong, noting that DoubleLine has continued to recommend gold allocation for its clients.
“We have noticed that gold continues to ratchet up, it ratchets up in every currency and you’ve noticed central banks around the world continue to have very strong demand for that. So that also augurs for a weaker dollar as well.”
The U.S. Dollar Index (DXY) has lost nearly 0.5% of its value in the past 30 days, nearly 5% in the past three months and almost 9% year to date.
👁 Worldcoin on the cover of Time — in the near future, the Internet will inevitably need some kind of proof-of-humanity system. The only question is: who controls it — and at what cost? It could become the foundation of digital identity — or a tool for mass surveillance.
Matter of Time Before Altcoins Take Big Dive Against Bitcoin, According to Analyst Benjamin Cowen
Cryptocurrency analyst Benjamin Cowen is warning that altcoins may collapse in their Bitcoin (BTC) pairs any moment now. In a new strategy session, Cowen tells his 900,000 YouTube subscribers that the TOTAL 3 chart, which tracks the market cap of all digital assets excluding Bitcoin, Ethereum (ETH) and stablecoins, remains in a downtrend against the flagship crypto asset and has yet to find a market bottom.
“I don’t care how great you think your altcoin community is. I don’t care if your developers that you follow have not yet rugged you. Altcoins, in my opinion, are oscillators at best against Bitcoin, and many of them just bleed to Bitcoin. So if individually altcoins will bleed to Bitcoin, then collectively they should as well, and that’s the reason why I think alt/Bitcoin pairs will eventually find themselves down here [at 0.25]. I think it’s just a matter of time.”
A move toward the support area highlighted by Cowen would signal that altcoins are significantly underperforming Bitcoin. Cowen also points out that altcoins are in a multi-year downtrend against Bitcoin with no signs of reversing the trend anytime soon. “I don’t know exactly when alt/Bitcoin pairs are going to go to the range lows. I can’t tell you that, but what I can say is what you’re witnessing is basically the slow conversion of people holding alts and then they are just converting them to Bitcoin… The chart tells you what’s happening. Alts put in a new low against Bitcoin [on June 1st]. So any prior altseason that was called for, any prior call for a low by alt/Bitcoin pairs up until today was wrong.”
🇬🇧 BCP Technologies is launching the tGBP stablecoin, pegged to the British pound — a "live prototype" in anticipation of future FCA regulation. The token will be listed on two major exchanges in the coming weeks.
🪙 Unicambio, one of the largest currency exchange companies in Portugal, has integrated the Ripple Payments system.
Recently, Ripple also signed two new agreements with payment systems in the UAE and held meetings with local authorities to discuss digital payment infrastructure and support for financial innovation in the region.
Elon Musk Says Only ‘Radical’ Productivity Improvements Can Save America Amid $36,215,000,000,000 Debt
Billionaire Elon Musk believes that only a massive boost in productivity can save the United States from bankruptcy. In a new post on the social media platform X, Musk, who heads the Department of Government Efficiency (DOGE), says that his agency is doing its part to keep the US financially afloat as the country’s national debt continues to grow. Musk suggests that cutting costs through DOGE is not a permanent solution to the government’s excessive spending. According to the billionaire, exponential GDP growth is the only way to offset the nation’s rapidly expanding debt burden. “I have come to the perhaps obvious conclusion that accelerating GDP growth is essential. DOGE has and will do great work to postpone the day of bankruptcy of America, but the profligacy of government means that only radical improvements in productivity can save our country.” Treasury Secretary Scott Bessent appears to echo Musk’s sentiment. In a recent Fox News interview, Bessent highlights the importance of growing the US economy faster than the debt. “We can both grow the economy and control the debt… If we change the growth trajectory of the country, of the economy, then we will stabilize our finances and grow our way out of this.” The latest data from the Treasury Department shows that the US federal government’s debt has ballooned to $36.215 trillion, equivalent to 122% of the country’s GDP.
Financial Giant Cantor Fitzgerald To Roll Out ‘Gold Protected’ Bitcoin Fund
The global investment platform of financial services firm Cantor Fitzgerald is launching a new product that will allow investors to benefit from the price movement of Bitcoin (BTC) while providing a hedge against risks.
Cantor Fitzgerald Asset Management (CFAM) says that the Fitzgerald Gold Protected Bitcoin Fund will give investors direct exposure to the flagship cryptocurrency as well as one-to-one downside protection based on the price of gold.
The firm, which holds approximately $14.8 billion in assets under management (AUM), says the fund will be its first Bitcoin-focused investment vehicle.
Says Cantor Fitzgerald chairman Brandon G. Lutnick,
“At Cantor, we are focused on delivering innovative products that support clients seeking exposure to digital asset investments. We believe this is a truly groundbreaking investment vehicle—one that helps investors to tap into Bitcoin’s potential growth with downside protection based on the price of gold.”
CFAM says the fund is structured with a five-year duration and will begin accepting capital from investors in the coming weeks.
On Tuesday, Cantor Fitzgerald also announced that its Bitcoin Financing Business has successfully executed its first transactions. The new business venture, which expects to make $2 billion in financing available in its initial phase, provides leverage to institutional investors of the benchmark crypto asset.
BlackRock, State Street and Vanguard Accused by US Government of Colluding To Drive Up Energy Prices
US government authorities are accusing the asset management giants BlackRock, State Street and Vanguard of colluding against the coal industry. In November of last year, 11 state attorneys general, led by Texas AG Ken Paxton, accused the three financial firms of engaging in an anticompetitive conspiracy to drive down coal production. The attorneys general allege the firms tapped their influence as shareholders in competing coal companies to reduce industrywide coal output, illegally sharing competitively sensitive information in the process. Now, the Federal Trade Commission (FTC) and the Antitrust Division of the Department of Justice (DOJ) have filed a “Statement of Interest” in support of the AGs’ case. The federal officials argue that BlackRock, State Street and Vanguard’s alleged conduct increased energy prices for consumers and businesses. “This case is not about ordinary activity by asset managers such as passive index investing or even pro-competitive activism. As alleged, the holders of large quantities of stock in competing companies agreed to use those shareholdings to reduce the output of US coal to increase profits at the expense of American consumers and businesses. This case is about precisely the sort of conduct, including concerted efforts to reduce output, which have long been condemned under the antitrust laws.”
Fed Quietly Buys $43,600,000,000 in US Treasuries in Alleged ‘Stealth QE’ Operation After China Abruptly Dumps Billions in Bonds
The Federal Reserve just bought $43.6 billion in US treasuries in the span of a week, sparking concerns that a quiet quantitative easing operation is underway.
New documents show the Fed purchased $8.8 billion in 30-year bonds on May 24th via its System Open Market Account (SOMA) – a move that followed a $34.8 billion purchase earlier that same week.
The move has triggered allegations that “stealth QE” has arrived, with a MarketWatch op-ed by Charlie Garcia calling the move “monetary policy on tiptoes.”
The Fed has long stated such purchases are routine reinvestments of maturing securities to adjust the money supply and influence interest rates to meet its targets.
The Fed’s buying spree follows a major Treasury sell-off from China.
New numbers from the Treasury Department show China sold $18.9 billion in US bonds in March, while most other countries increased their holdings.
China now holds $765.4 billion in US Treasuries and is in third place behind the UK and Japan, which hold $779 billion and $1.13 trillion, respectively.
Musk decided to step back from politics not because he had "done enough," as he publicly claimed, but due to difficulties in achieving results, criticism, and security threats, according to The Washington Post.
The WP reports that the billionaire faced protests, vandalism, and even attacks on Tesla stations because of his role in Trump’s campaign and political involvement.
Sources cited by the outlet note that Musk did not anticipate such a negative reaction and now wants to focus on Tesla and SpaceX.
Previously, he spent nearly $300 million supporting Trump, but in May of this year, he stated that he would be "spending much less on politics."
On his X page, he already wrote that he is "back to working 24/7 again."