Todayq News

Bloomberg reported, citing unnamed sources, that Tencent, the tech giant based in China, has approached the family of late Kim Jung- ju to study the potential deal of Nexon. 

However, it is said that the discussion has not reached any final decisions and is still in the pipeline. Yet there are rumours that the deal will be valued at $15 billion; it is worth noting that Tencent is eyeing 44.4% stakes owned by the Nexon family through their family investment firm NXC Corp., and affiliated unit NXMH BV.

Per the available data, the wife and daughter of Kim own nearly 67.6% of the NXC. Similar information was written by a X user ‘atouchbase’ in a X post dated June 12, 2025, that, “ Tencent considering to acquire Nexon for 20 trillion won.”

"Tencent considering to acquire Nexon for 20 trillion won"

— 오락님 (@atouchbase) June 12, 2025

Over time, Nexon has shown its enthusiasm for blockchain and has been exploring opportunities through its subsidiary NEXPACE and the MapleStory Universe project. 

The first game, MapleStory N, was launched globally on May 15, 2025 the Avalanche blockchain; also introducing non-fungible tokens for in-game assets, allowing players to own, trade, and monetize items.

Nexon is diving deep into blockchain to extend the lifespan of its games by enhancing player engagement through tokenization and digital ownership.

The company reportedly established blockchain-focused subsidiaries, Nexon Universe Global and Nexpace, in the United Arab Emirates in late 2023.

Overview of Nexon Games stock (KRX:225570) 

According to the data from TradingView, KRX:225570 is at 16,840 KRW with a surge of 10.50%, in a week it is up by 23.19%, and around 28% YTD.

Source: TradingView

It is worth noting that after the surge in the last trading session, it succeeded in trading above all crucial EMAs, including 20, 50, 100, and 200-day moving averages.

In Q1, 2025, the revenue of Nexon Games was 51.31 billion KRW, net income was -333.98 million KRW with a net margin of -0.65%; however, in the last quarter of 2024, the revenue was 48.35 billion KRW, net income was 2.93 billion KRW and a net margin of 6.07%.

It is worth noting that the revenue of Nexon Games in 2024 was 256.07 billion, the net income was 31.44 KRW, and the net margin of 12.28%.

Per Companiesmarketcap(dot)com, Nat Games (Nexon Games) has a market capitalization of $0.78 billion, which grew by 37.57% in 2025 from $0.57 billion in the previous year.

Around 42.29 million Nexon shares are closely held, and around 21.55 million shares are free floating, with the company gathering 97% of the revenue from the game business with 1.59% from rental services, and the rest from other services.

Todayq, reported on May 31, 2025, that Sharplink Gaming has filed with the Securities and Exchange Commission of the United States to offer $1 billion in shares of common stock to boost its Ether treasury.

However, after the company filed with the SEC, its stock saw a steep decline, and according to data, Sharplink Gaming stock tumbled around 73% in after-hours trading last Thursday.

According to data from TradingView, NASDAQ: SBET is trading at $32.53, with a loss of 12.25% in the last closing session and 27.70% over the past week. 

Source: TradingView

In an X post dated June 13, 2025, Joseph Lubin said, “ Some are misinterpreting SBET’s S-3 filing: It registers shares for potential resale by prior investors.” 

The post adds, “ The ‘Shares Owned After the Offering’ column is hypothetical, assuming full sale of registered shares.” 

He concluded by saying, “ To clarify, neither Consensys nor I have sold any shares,” “Btw the ticker is $SBET.”

Despite daily and weekly losses, Sharplink Gaming Inc. stock remained profitable, adding 868.15% in a month and growing 302.60% YTD.

Matt Corva said in an X post dated 13 June, “ If you think the SBET resale registration statement is anything unique, it is a basic SEC resale registration filing. Akin to if you bought a token, and immediately there was a filing that said “John is able to sell this token.” Just a bunch of FUD by people who clearly don’t understand or want to purposely mislead you.”

Is the SBET token linked to Sharplink Gaming Inc?

Joseph Lubin, the co-founder of Ethereum, founder of Consensys, and the Chairman of Sharplink Gaming, said in his X post of June 11, 2025, that, “ This SBET token is a pure scam.  It has nothing to do with SharpLink Gaming Inc. (SBET is the ticker).  The real SBET is currently a stock on the NASDAQ.  If you buy into this, you are being set up for a rug pull slaughter.”

This SBET token is a pure scam. It has nothing to do with SharpLink Gaming Inc (SBET is the ticker). The real SBET is currently a stock on the NASDAQ. If you buy into this you are being set up for a rug pull slaughter. https://t.co/Pl5rGXQ6ij

— Joseph Lubin (@ethereumJoseph) June 10, 2025

As per the data from Dexscreenee(dot)com, SBET/WETH is priced at $0.0005626 and has a market capitalization of $5.6 million; the price of the token is up by 9.94% in the past one hour and has a volume of $4.8 million.

According to CoinMarketCap, the SBET token that is claimed to be linked with Sharplink Gaming has a maximum supply of 10 billion SBET, and on June 11, 2025, it recorded its highest trading price of $0.0001342. The pair SBET/WETH is one of the most traded on Uniswap v2, SBET/USDT on LBank, and the same pair on Ourbit.

It is noteworthy that the SBET token was first tracked trading and since then, to date, its price is up by 93322.69%.

ANAP, a Japanese fashion retail brand, said in its press release of June 12, 2025, that it has bought 27.5031 BTC, bringing its total holding to 153.4 BTC; on April 16, 2025, ANAP bought 16.6591 BTC through its subsidiary ANAP Lightning Network. 

Following this Bitcoin buying strategy, it bought 35 BTC, this acquisition cost 477,933,544 Japanese yen, with an average buying price of 13,123,046 yen per coin.

To buy 27.5031 Bitcoins, ANAP used $2.9 million of company funds to boost its total BTC holdings, and on June 09, 2025, the company formally announced its commitment to Bitcoin and aims to have 1,000 coins by August this year.

On June 11, ANAP invested roughly $2.5 million to buy Bitcoin, which brought its holdings to 125.96 BTC, which reached 153.462 BTC after today’s purchase.

A quick brief about ANAP Holdings Inc. 

ANAP Holdings Inc. is a Japanese company engaged in apparel, beauty salon, and other companies listed on the Tokyo Stock Market under the ticker TSE:3189. 

When writing, TSE:3189 is trading at 1,260 JPY with a loss of 10.89%; yet in a week, it is up by 38.46% and 147.54% in a month, and the market capitalization of ANAP is 26.63 billion JPY. 

According to the data from TradingView, the revenue of ANAP in Q1, 2025 was 319.86 million JPY and its net income was 914.04 million JPY, and its net margin was 285.77%.

Bitcoin price updates

Until publishing, Bitcoin is trading at $106,951 with a loss of 1.58%, yet despite this decline, it is still trading above 20, 50, 100, and 200-day exponential moving averages.

Source: TradingView

Since the beginning of this year till writing Bitcoin has added 14.57% to its prices, and in the past 52 weeks, it has added 58%; the market cap of BTC is at $2.13 trillion with a decline of 1.67%.

Per TradingView, the market cap of Bitcoin is up by 2.32% in a week, 4.10% in a month, and has added 14.94% in the year-to-date time frame.

The market dominance of Bitcoin is currently at 64.15%, which is up by 2.44% in the past 30 days and more than 10.45% YTD, with an addition of 15.09% in the 52-week time frame.

A quick snapshot of the crypto market

Over the past 24 hours, crypto market capitalization is down by 2.22%, reaching $3.36 trillion; the crypto fear and greed index is at 61, still indicating greed in the market.

In the same frame, the most trending cryptos are Bitcoin, NUB, GOUT, HMSTR, and NXPC, and the most visited are GTAI, VSG, AITECH, SWCH, and SQRL. 

Intraday gainers are SPX6900, Virtuals Protocol, AB, PAX Gold, and Tether Gold; on the other hand, the losers are Curve DAO token, Raydium, Pudgy Penguins, Ethereum Name Service, and JasmyCoin.

Once again, Ethereum spot ETFs seem to be gaining traction as they recorded $240.3 million inflow on June 11, 2025; this inflow is one of the highest recorded in the past four months. 

The list of highest inflow as of June 11 is topped by ETHA by BlackRock, which recorded $163.6 million solely in inflow; as per the data from Farside Investors, the previous day was the 18th consecutive day in a row of positive inflow. 

ETHA has an AUM of $4.30 billion, and its turnover rate is 13.18%. ETHE has an AUM of $3.46 billion, with a turnover rate of 2.60%. 

As per CoinGlass, BlackRock’s ETHA has 1.61 million in Ethereum, FETH by Fidelity has 487.86k in ETH, and ETH by GrayScale has 238.29k in Ether.

A few available reports note that U.S spot ETFs are expected to hold over 8% of Ether’s market cap by the end of 2025, potentially driven by appreciation. 

It is said that with the growing popularity of crypto, there are possibilities of Ethereum ETF surpassing the gold ETF in different contexts; Bitcoin ETF is now one of the most traded in the wider finance market.

Will Ether ETF adoption affect the prices of Ethereum?

In the long term, there are more chances that ETH spot ETFs could help the price of Ethereum to reach new heights, estimates suggest a rise near to $5,000 in the coming times fueled by ETF hype.

Ether ETF will provide a regulated, accessible way for institutional investors to gain exposure to ETH without holding it directly. Long-term forecast 2030 varies from $4,600 to $79,600, which will also be driven by institutional adoption and a better set of rules.

When writing ETH is trading at $2,746 with a slight decline of 0.79% in the past 24 hours, and in a week it added 5.11% to its price, and in the past 30 days it grew by 10.57%.

In a 30-day time frame, Ether traded highest at $2,877 and lowest at $2,344, and in a 52-week time frame, it traded highest at $4,106 and lowest at $1,386.

Till press time, the market capitalization of Ethereum was $330.44 billion with a loss of 1.03% in the past 24 hours. 

ETH currently dominates 9.93% of the crypto market. Its dominance is up by 2.30% in a week and 7.54% in a 30-day time frame. In a week, the market cap of Ether is up by 5.08% and has grown around 9.67% in a month.

However, the cap is down by 17.21% in the year-to-date time frame, around roughly 30% in the 6-month frame, and at the same time, the circulating supply of Ethereum is 120.72 million ETH.

A quick update on the crypto market 

As per CoinMarketCap, the crypto market cap was $3.37 trillion with a slight decline of 2.01%, and trading volume reached $134.27 billion with a loss of 4.71%.

Bitcoin is trading at $107,289 with a loss of 1.84%, and its market cap is $2.13 trillion with a loss of 1.82%, and volume is $53.13 billion. The crypto fear and greed index is at 61, still determining greed in the sentiments on June 11, the meter was at 65.

The intraday gainers list has been topped by SPX6900, followed by AB, Tether Gold, Pax Gold, Virtuals Protocol, Flare, and OKB. On the other hand, Jitin lost 9.96% of its price, followed by Curve DAO token, Raydium, GateToken, and Pyth Network.

GameStop, a world-class video game retailer, has announced its plan to offer a $1.75 billion bond deal, through a private offering to qualified institutional buyers under Rule 144A of the Securities Act.

It is worth noting that GameStop intends to offer $1.75 billion in senior convertible notes due in 2032 through a private offering.

Initial purchasers may be granted an option to buy up to an additional $250 million in notes within 13 days of the issuance. 

The press release dated June 11, 2025, notes that there will be no interest paid with a maturity period of June 12, 2032, and GameStop may settle conversions in cash, Class A common stock, or a combination of both.

Is GameStop planning to boost its Bitcoin stash? 

Following the press release of GameStop offering $1.75 billion in senior convertible notes has sparked debate among experts, with some claiming this move is to buy more Bitcoin.

However, on the other hand, there are arguments that this development will help the company to expand its services in the gaming sector.

As per the available data, GameStop has announced the purchase of 4,710 Bitcoins valued at $513 million, which was its first official acquisition as treasury strategy.

The Texas-based gaming giant has said that the proceeds from the offering will be used for general purposes, which will also include making investments in a manner GameStop’s investment policy and potential acquisitions.

Till writing, the Bitcoin stash of GameStop was valued at $506.96 million, a slight decline in the amount invested to buy this spree.

A quick update on GameStop (GME) stock price 

According to the data from TradingView, GameStop Corp stock lost 5.31% of its price in the last trading session and closed at $28.55.

Source: TradingView

The data indicates a decline of 4.52% in GME stock in a week, and in the YTD frame, it lost 10.33% of its price; at the time of writing, the prices are up above its 20, 50, 100, and 200-day exponential moving averages.

It is noteworthy that the annual price target of GME stock was $13.50%, which was surpassed a few weeks earlier and is now 52% above the target.

In Q1, 2025, GameStop Corp has reported $732.40 million in revenue with a net income of $44.80 million and a net margin is 6.12%; yet the revenue of the company in last quarter of 2024 was $1.28 billion with a net income of $131.30 million and net margin of 10.24%.

In the ongoing year, GameStop is expected to generate $3.52 billion in revenue, and the EPS is $0.72, which was $0.07 in 2024. 

As per the data available on Companiesmarketcap(dot)com, the market cap of GameStop is $12.77 billion, which is down by 11.23% in 2025. The cap was $14.38 billion by 2024 end.

France 24, a news outlet, reported, citing sources close to the course, that the police officials in France have arrested several other suspects involved in the high-profile kidnapping case of the father of a rich crypto entrepreneur.

The authorities of France have been heavily involved in the high-profile kidnapping and extortion cases targeting wealthy families dealing in crypto.

It is worth noting that the recently apprehended suspects are believed to be the ones who were part of an attempt to extort funds from a wealthy man by kidnapping his father.

Over the past few months, cases concerning crypto kidnapping have reached a new high, and especially in France, these crimes have grown to a new high.

Growing cases of kidnapping in the crypto market have raised concerns over the safety and security of the families and individuals who primarily generate their income from crypto.

In this case, it has been noted that the father of an unnamed crypto entrepreneur was held captive at a property for a couple of days, and the kidnapper demanded  7 million euros in ransom. 

However, a man accused of ties with a series of crypto kidnappings was arrested in Morocco on June 04, 2025, and the police have also detained 12 others on May 26 after investigating their roots with the high-profile kidnapping cases.

Why Crypto Kidnappings Are Rising — And Why They Must Stop

With Bitcoin recently crossing $ 110,000, the surge in cryptocurrency prices has made crypto holders a lucrative target. The potential for high financial rewards drives criminals to target individuals with significant digital assets.

Experts argue that these kidnappers prefer crypto in ransom over traditional currency as tracking digital assets is quite impossible, which helps them protect their identity.

As the crypto sector is strengthening its on-chain security, these criminals have now started to shift towards physical crime involving killing for crypto and kidnapping.

Some reports indicate that criminals identify their targets using social media, as it is one of the most widely used platforms by the crypto community to reach a broader audience.

Targets increasingly focus on crypto CEOs, influencers, and their families because of their apparent wealth or prominent connections to the sector. High-profile incidents that demonstrate this trend include the kidnapping of the CEO’s family at Paymium or the co-founder of Ledger.

Numerous countries, including the United States, France, Canada, and Australia, have reported kidnappings; some of them have suggested links to organized crime.

Crypto market price updates 

When writing, the crypto market cap was at $3.4 trillion with a loss of 1.44%, and the trading volume was $134.79 billion, and the crypto fear and greed index was at 61, still in greed.

Bitcoin is down by 1.56%, reaching $107,893, and market capitalization is $2.14 trillion with a loss of 1.45%, and trading volume is 1.53% with a slight growth of 1.03%.

Bitcoin has shown a strong resilience in early June, continuing its upward momentum. It is currently trading at $109,224 with a surge of 3.93% in the past one week. 

Source: TradingView

According to the data from CoinMarketCap, Bitcoin prices are up by 4.32% in the past seven days and have grown by around 5.48% in a month.

In the intraday time frame, the trading volume of Bitcoin saw a decline of 7.99%, reaching $52.73 billion, and the market capitalization is $2.17 trillion. On the other hand, it traded highest at $110,380 and lowest at $108,367, and its all-time high is $111,970.

Source: CoinMarketCap

With a back-to-back spike in Bitcoin, now experts are arguing that it will soon cross the mark of $112k and might establish a new all-time high at $115k or above. 

Bitcoin recently succeeded in breaking out of a descending triangle and is now retesting $109k- $110k, which could actually be a key support and further help it to reach a new high.

It is worth noting that the Bitcoin market cap was recorded at $2.281 trillion on June 23, 2025.

According to blockchain analytics, 76.6% of Bitcoin holders are holding BTC between $0-$1k, followed by 21.38% between $1k- $100k and 1.98% above $100k.

Key factor influencing the prices of Bitcoin 

As its prices continued to show a bullish signal, experts termed several points responsible for the spike in price, including the growing institutional adoption of Bitcoin, the maturing ground of BTC ETFs, geopolitical discussions, and others.

Especially since Q3, 2024 to till writing majorly of growth reported by Bitcoin has been fueled by institutional adoption, and at the same time entry of BlackRock, one of the largest asset managers, has changed the image at a wider level.

Some major institutions that bought Bitcoin are GameStop, Strategy (earlier MicroStrategy), Metaplanet, K33, The Blockchain Group, Jasmine International, Meitu Inc., DigitalX, and Nano Labs, among many others.

Also, spot ETFs have primarily contributed to the growing prices of Bitcoin, and alone in May this year, an inflow of $7.05 billion has been recorded; the BTC ETF offered by BlackRock has remained in the spotlight with the highest positive inflows.

Donald Trump’s victory has also helped the crypto sector to revive, and Bitcoin became one of the first to add hundreds of dollars to its price.

After Trump’s changed stance, several other political figures have embraced crypto, including Nayib Bukele, the president of El Salvador, and the newly elected president of South Korea, Lee Jae-myung is also a pro-crypto leader.

In his 2nd term, Trump embraced crypto by signing several executive orders, also at a time he signed to halt the development of CBDC.

Following weeks-long controversy of a $45 million Bitcoin donation from a convicted criminal, the prime minister of the Czech Republic, Petr Fiala, has appointed Eva Decroix as the new minister of justice, replacing Pavel Blazek.

In an X post dated June 09, 2025, Eva wrote in her native language that, “ I presented to the President today the steps taken to clarify the Bitcoin case and assured him that the legislative processes under the Ministry’s responsibility will be completed. I also asked the President to use his authority and mandate to calm the situation so that everything about the Bitcoin case is communicated based on facts, not assumptions and speculation.” 

She added, “ In the first week after taking office, I want to present my intentions, including a timeline of steps.”

The donation of 468 Bitcoins to the Ministry of Justice has raised concerns, which further led to the resignation of the then Minister of Justice, Pavel Blazek. 

It is worth noting that the donation was orchestrated by Tomáš Jiřikovský, a jailed man who is also accused of operating Sheep Marketplace, which was quite similar to Silk Road.

As per some of the reports, the attorney of Tomáš approached the Minister of Justice offering half of the amount of Bitcoins as a donation for the Ministry of Justice, yet the donation was accepted by the minister.

With this donation, the Ministry of Justice auctioned these Bitcoins in May this year, and further, the funds were used for various state projects, including the digitization of the justice system.

Yet the reporting on the donation from a jailed and accused criminal has raised political and public backlash, and raised questions on how the ministry has accepted the donation.

As per experts, the Ministry of Justice under Tomáš failed to properly disclose the origin of Bitcoin, which helped others to accuse the minister and the ministry of a lack of transparency.

A quick overview of the Czech Republic crypto market 

The Czech Republic has emerged as one of the most crypto-friendly nations in Europe, fueled by legislative reforms and changed sentiment of traders and investors.

As per the information on December 06, 2024, the parliament of the Czech Republic has unanimously passed the Financial Market Digitalization Act, signed by the president, Petr Pavel, on February 06, 2025. 

This law exempts individuals from capital gains tax on cryptocurrencies held for over 3 years; a survey in 2024 notes that the Czech Republic has a 12% adoption rate of crypto among adults.

Also in the background, there is a discussion of reserve allocation for Bitcoin, and experts argue that there are higher chances that nations might start buying crypto as a reserve asset.

Crypto-based businesses in the Czech Republic are required to register with the Trade Licensing Office under the Trade Act, as VASPs, covering activities like fiat to crypto exchanges, custodial services, and remittance.

In its most recent report, Blockworks noted that, according to three sources with knowledge, the United States Securities and Exchange Commission has asked prospective Solana ETF issuers to submit an amended S-1 form within the next week.

Two sources told the media outlet that the commission has informed issuers that it will comment on S-1s within their submissions.

One of the sources also suggested that approval could arrive within 3-5 weeks. It is said that the change focuses on two major areas, including how issuers plan to handle in-kind redemptions and whether staking will be incorporated into the ETF structure.

It is noteworthy that the prices of Solana grew around 4.40% in the past 24 hours and are now trading at $165.04, and in the same frame, it traded highest at $167.24 and lowest at $156.84.

Eric Balchunas a senior analyst at Bloomberg said in his X post dated June 11, 2025 that, “ Get ready for a potential Alt Coin ETF Summer with Solana likely leading the way (as well as some basket products) via James Seyffart note this morning which includes fresh odds for all the spot ETFs.”

Do odds favor Solana ETF approval in the coming months? 

According to the X post from James Seyffart of Bloomberg, Solana ETF has a 90% chance of approval, with Litecoin having similar odds, Dogecoin ETF has an 80% chance of approval, and XRP ETF has an 85% chance.

The poll on Polymarket prediction market with a question, Solana ETF approved by July 31, 2025, has a volume of $294k with around 56% favoring its approval, and another poll with the question Solana ETF approved in 2025 has a volume of $159,012 with 91% chances of approval.

GrayScale, Fidelity, VanEck, Bitwise, 21Shares, Franklin Templeton, and Canara Capital, among others, have captured the list of applicants for Solana ETF approval.

A quick brief of Solana prices

According to CoinMarketCap data, Solana’s price has increased 7.21% in the past seven days, but it has fallen 3.94% and 12.11% YTD in the past month.

When writing, Solana was exchanging hands above its 20, 50, 100, and 200-day exponential moving averages, its market cap is up by 5.40% intraday, reaching $87.38 billion, and trading volume is $5.4 billion with an addition of 40.09%.

Solana’s all-time high is $294.33, recorded on January 19, 2025, and its lowest traded at $0.5052, recorded on May 12, 2020. In the monthly frame, SOL traded highest at $187.28 and lowest at $141.90, and in 52 weeks, the highest traded price was $294.33 and the lowest was $96.59.

According to the June 10, 2025, press release, Societe Generale- Forge (SG-FORGE), the crypto subsidiary of Societe Generale, launches a new stablecoin, the USD CoinVertible on Ethereum and Solana blockchain.

The stablecoin will be listed under the ticker USDCV, and the stablecoin will enable users instant 24/7 conversion between traditional currency and stablecoins.

Following the announcement, the Chief Executive Officer of SG-Forge said, “ After the release of a MiCA-compliant EUR stablecoin (EURCV), the launch of a US Dollar version (USDCV) was the obvious next step for Societe Generale–FORGE as market adoption of stablecoins is growing exponentially.”

It is noteworthy that USDCV is the 2nd stablecoin issued by SG- FORGE after EUR CoinVertible (EURCV), launched in April 2023.

Also, the Chief Executive Officer of Societe Generale, Jean-Marc Stenger, said, “ After the release of a MiCA-compliant EUR stablecoin (EURCV), the launch of a US Dollar version (USDCV) was the obvious next step for Societe Generale–FORGE, as market adoption of stablecoins is growing exponentially. The stablecoin market remains largely US dollar-denominated. This new currency will enable our clients, either institutions, corporates, or retail investors, to leverage the benefits of an institutional-grade stablecoin.”

A quick brief of EURCV

EUR CoinVertible is a Euro-pegged stablecoin issued by Societe Generale- Forge. It is designed to bridge traditional finance and digital assets. EURCV is fully backed by euro cash reserves, ensuring a 1:1 redemption ratio.

EURCV is primarily aimed at institutional clients for use of cross-border payments, DeFi, and on-chain transactions, offering stability, efficiency, and reduced volatility.

According to the data available on CoinMarketCap, EURCV is priced at $1.14 with a volume of $599.02k and has a market capitalization of $47.73 million.

Data from EtherScan(dot)Io, EURCV’s maximum total supply is 41,806,375 EURCV, and the number of holders is 53, with EURCV/EUR the most traded pair, followed by EURCV/USDT, ETH/EURCV, and SOL/EURCV.

EURCV’s highest trading price is $1.16, recorded on April 21, 2025, and traded lowest at $1.01 on November 22, 2024. 

Are stablecoins aiming to reach $500B by 2025 end?

With time, the usage of stablecoins has reached a new high, which has helped the wider stablecoin market to reach a new milestone in terms of market cap, and till writing, the whole market of stablecoins was valued at $252 billion.

There are different types of stablecoins available in the market, but USDT stands at the top of the list in both market cap and trading volume, followed by USDC in cap. 

Some of the available reports argued that the stablecoin market is expected to reach $500 billion by the end of this year, and the skyrocketing popularity of Bitcoin and other cryptos has fueled the demand for stablecoins.

Over 55% of the stablecoin market is still dominated by USDT, and Bitcoin remains the most preferred crypto. Since the beginning of this year, the minting of stablecoins has grown as the volume of the market has succeeded in crossing $200 billion several times in 2025.

KULR Technology Group on June 09, 2025, announced its membership in the ‘Bitcoin for Corporation’, which aims to boost institutional adoption of Bitcoin, also disclosed that it has bought additional Bitcoin worth $13 million which bringing its total holdings to 920 BTC.

As of writing, Bitcoin was trading at $109,445, and at the same time, total holdings of KULR were valued at $100 million. 

The Chief Executive Officer of KULR said, “ Our commitment to Bitcoin for Corporations reflects a strong conviction in Bitcoin’s long-term value as a monetary asset. As KULR continues to scale its Bitcoin treasury, we welcome the chance to align with other institutions pioneering this shift in corporate treasury management.”

The average price of KULR’s total Bitcoin holdings is $98,760, which means each BTC is bought for this price; as per the announcement, the year-to-date yield of the company is 260%.

It is worth noting that KULR announced an initial Bitcoin purchase, acquiring 217.18 BTC on December 26, 2024, and it further expanded its holdings to 510 BTC by January 2025. 

On February 11, 2025 announced more Bitcoin purchases, bringing its total holding to 610.3 BTC. Last week of March this year, KULR bought another 56.3 BTC for $5 million, which brought its holdings to 668.3 BTC.

With total holdings of 920 BTC by June 9, 2025, KULR Technology Group’s Bitcoin purchasing history shows a constant and aggressive approach since December 2024.

A quick brief of KULR stock price 

NYSEAMERICAN: KULR is priced at $1.23 with a surge of 4.24% in the last trading session, and in a week, it grew around 9.81%. 

In the previous trading session, the stock traded between $1.16 to $1.25, and in the 52-week frame it traded lowest at $0.20 and highest at $5.49.

KULR’s revenue in Q1, 2025 was $2.45 million with a net income of -$18.81 million and a net margin is -768.06%, yet its revenue in the last quarter of 2024 was $3.37 million with a net income of -$4.62 million and a net margin was 137.08%.

According to TradingView, KULR has 255 million shares that are free floating and 43.47 million that are closely held, and the market cap of the company is $367.11 million.

The majority of KULR’s revenue is generated from contract services, followed by revenue from component products, carbon fiber velvet, thermal management solutions, and intellectual property licenses.

Till Q1, 2025, KULR’s debt was $1.20 million with free cash flow of -$9.89 million, and cash & equivalents are $24.45 million. In the same quarter, the expected EPS of KULR was -$0.02, yet the reported EPS was -$0.07.

Bitcoin price updates 

Over the past few days, Bitcoin prices have shown a major improvement, adding 3.27% to their price, reaching $109,445, and in a month, it is up by 4.51%.

The market cap of Bitcoin is $2.17 trillion, which has added 3.21% in a week, and a surge of 17.21% has been noted in the year-to-date time frame.

Bitcoin currently dominates 64.55% of the wider crypto market, and its dominance has surged around 12% YTD and 16.95% in the past 52-week time frame.

The IPO of Circle that occurred on June 05, 2025, has garnered massive attention, with it currently trading at $115.25, adding 7.01% intraday. According to a press release, SBI Holdings and its subsidiary SBI Shinsei Bank will be strategically investing $50 million in Circle Internet Group. 

The press release dated June 09, 2025, by SBI Holdings states that it, along with its subsidiary SBI Shinsei Bank, will be investing $25 million each, coinciding with the IPO of Circle on the New York Stock Exchange. 

As per the available data, the stock listed under ticker NYSE: CRCL opened trading at $69, far above its initial offering price of $31, and closed trading at $83, marking a surge of 200%.

The SBI Group secured one of the largest allocations of CRCL shares, highlighting strong investor interest and SBI’s commitment to expanding in the digital assets finance space.

In its press release, SBI saw a strong commitment to digital assets, terming it as the future of global finance, and has a track record in investing in blockchain-based companies.

As per the information available, SBI Group holds a 9% stake in Ripple Labs and a 51% stake in Zodia, a crypto custody firm. It is noteworthy that in 2018, it was reported that the SBI had launched a JPY60 billion Fund to support blockchain startups.

JP Morgan and Citigroup were the lead underwriters for Circle’s IPO, as underwriters facilitated the offering, typically purchasing shares to ensure the IPO’s success. 

A quick brief of CRCL stock 

According to the data from TradingView, NYSE: CRCL has a market capitalization of $25.35 billion, and when writing, it is up by 1.78% in the press market session.

After the news of the IPO launch, Circle remained bullish and in Q1, 2025, its revenue was $578.57 million with a net income of $64.79 million and a profit margin of 11.20%.

On the other hand, as per Yahoo Finance, the volume of Circle stock is 45,415,938, followed by an average volume of 38,278,000. 

Performance update of USDC

According to the data from CoinMarketCap, USDC is the 2nd most prominent stablecoin with a market cap of $60.96 billion, and in terms of trading volume, it stands in third place with DAI 2nd most traded and USDT 1st.

USDC is heavily used for buying crypto as it is a stablecoin, a blockchain-based currency backed by a real-world currency. 

USDC/USDT is one of the most traded pairs of USDC, followed by ETH/USDC, BTC/USDC, TRUMP/USDC, RLUSD/USDC, USDC/EUR, and USDC/SOL, including a few others.

Per SOLSCAN(DOT)IO, USDC holders are 4,508,230, and on June 09, 2025, no of transfers was 4,126,981, and the transfer value is 4.61 billion, and its current supply is 8,568,393,037.75.

As per the most recent information, five men have pleaded guilty to their involvement in a sophisticated $36.9 million international crypto scam that was designed solely to victimize Americans.

The information from the U.S. Attorney’s Office for the Central District of California notes that the group employed an elaborate fraud scheme, utilizing shell companies and U.S. bank accounts to collect the stolen funds.

Further, the stolen funds were converted into USDT and then transferred to a wallet operated from a scam centre in Cambodia. 

The guilty pleas mark a significant milestone in the U.S government’s ongoing crackdown on international crypto scams and money laundering operations, particularly those orchestrated from Asia.

Following this scam, authorities have raised concerns over the growing number of such scams linked to Southeast Asian crypto scam hubs, which often involve complex money trails and unregulated crypto exchanges.

This case also drew attention to broader national security risks, with ties being investigated between these operations and the North Korean state-sponsored hacking collective, Lazarus Group.

The U.S authorities have continued collaborating with international agencies to trace the stolen assets and hold perpetrators accountable, signalling a strong stance against cross-border financial crime that exploits blockchain anonymity and targets unsuspecting victims through fake investment scams and romance scams.

It is worth noting that defendants Joseph Wong, Yicheng Zhang, Jose Somarriba, Shengsheng He, and Jingliang Su have used social media and dating applications, involving victims in lengthy messages and even calling them to gain their trust. This further helps scammers make victims invest in their bogus crypto scheme.

The Department of Justice said, “ Scammers would tell victims that their investments were appreciating in value when, in fact, those funds were stolen and not invested at all.”

It also highlights that “ Somarriba and He founded Axis Digital and opened the Deltec Bank account. Su joined Axis Digital as a director and participated in the digital asset conversions and transfers of victim funds.”

Scams in crypto have been at their peak for the past few years

Over the past few years, scammers have continued to trouble the digital assets market by targeting crypto holders by using different scamming techniques involving rug pull, Ponzi scam, pig butchering, social engineering, and others.

According to available stats, the crypto market lost $1.4 billion annually from 2022 to 2024, with $472 million alone in Q1 2025. From 2016 to 2018, the ICO exit scam totaled $98.6 million.

Several available reports note that scammers, the majority of the time, use names of popular celebrities or personalities to launch bogus projects, as by using names and images, they can lure more and more investors.

Phishing scam and wallet draining scam in 2024 collectively wiped out over $1.2 billion in crypto, social media initiated 42% of investment scams contacts in Q1, 2025, with platforms like Instagram and WhatsApp being the most common.

According to the most recent announcement from Alex Protocol, it is ready to provide financial support to the users affected through a combination of original tokens, USDC equivalent, based on the type of assets lost.

The X post dated June 08, 2025, said that, “ Following the security exploit on June 6, 2025, ALEX Lab has launched a comprehensive Treasury Grant Program to provide financial support to users who lost funds in the incident. ALEX remains committed to supporting its community and helping users recover during this challenging time.”

The affected users can participate in the program through the official ALEX website, where they can connect affected wallets to grant smart contracts.

In the same post, ALEX protocol also said that, “ The Treasury Grant Program affirms ALEX Lab’s responsibility to its users and its ongoing efforts to ensure protocol recovery and resilience. Users are encouraged to carefully review all terms and consider seeking independent legal or financial advice before participating.” 

A quick brief of the ALEX Protocol breach 

As per the available information, ALEX Protocol, a Bitcoin DeFi platform, was breached for $8.37 million. It is said that hackers found a flaw in ALEX’s self-listing verification logic. 

The bad actors exploited an on-chain limitation, bypassing checks to drain approximately $8.4 million STX tokens and other assets from the liquidity pool.

Soon after the identification of the breach, ALEX suspended its operations and joined hands with cyber experts to track the stolen funds.

It is worth noting that the hackers reportedly used thousands of on-chain addresses to disperse the funds, with some STX tracked to centralized exchanges.

The severe incident has raised concerns over the security of funds and users of the DeFi ecosystem. 

Are DeFi scams and hacks growing in 2025? 

A few research reports suggest that scams and hacks in DeFi are growing, and as of 2025, to date, total losses have crossed $2.3 billion. Ethena Finance alone reported a loss of $70.1 million while SolBridge, built on the Solana blockchain, saw an outflow of over $55 million.

In June this year, the decentralized finance ecosystem witnessed one of the largest security breaches with hackers siphoning $183 million from four major DeFi protocols, the attack primarily affected Ethena Finance, SolBridge, ZyberSwap, and LayerZero.

Following the growing hacks and scams in 2025 has sparked debates over the lack of laws and rules for the digital asset sector. Every year, the crypto market loses billions in crypto in hacks, scams, and breaches.

Crypto market price updates

When writing, the crypto market cap was $3.29 trillion with a slight decline of 0.12%, and the trading volume is below $100 billion at $91 billion; the crypto fear and greed index was at 55, indicating neutrality.

Bitcoin is currently priced at $105,981 with a slight surge of 0.51%, and Ethereum is currently trading at $2,459; Solana is trading at $150.91, with BNB at $650.52.

According to the data from CoinMarketCap, the intraday gainers have been topped by Kaia, followed by AB, Internet Protocol, Fartcoin, SPX6900, Raydium, and Bittensor.

According to the recent decision of the Anti-Corruption Office of Argentina, Javier Milei, the president of the nation, didn’t breach any of his presidential duties when he promoted Libra memecoin.

It is worth noting that Javier was acting in a personal capacity when he endorsed the Libra token in a post on February 14, as stated in the Anti-Corruption Office’s June 5, 2025, resolution.

After the investigation, the ACO clarified that Milei has not violated any federal law or ethics for public officials. However, his endorsement of Libra was largely criticized by leaders of opposition parties and blamed for the losses faced by investors.

It is noteworthy that, following the endorsement from Milei, the market capitalization of Libra memecoin ballooned to $4 billion, yet a few hours later, a decline of 94% resulted in losses of over $251 million.

At a broader level, the Libra token was considered similar to a classic pump and dump and was valued at millions of dollars. Also, the Department of Anti-Corruption has confirmed that no public resource was used in the following incident.

The Anti-Corruption Department document said in Spanish, “ Although the account sometimes references public policies or decisions from his administration, it does so in a non-institutional manner, functioning as a platform for political and personal expression.”

The Department of Anti-Corruption argued, stating that the president was exercising his civil and political rights under the constitution of Argentina, “ These characteristics of the personal account on the social network X are typical of any citizen who publicly expresses their political ideas.”

A quick brief of Libra memecoin

Libra memecoin was launched on February 14, 2025, on the Solana blockchain, and was initially promoted by Javier Milei, the Argentine, as a tool to fund nations’ small business growth and economic development.

Libra was reportedly developed by Kelsier Ventures, led by Hayden Mark Davis; the token grew to over $2 billion in market capitalization soon after the endorsement of Javier. 

However, after a few hours, it lost around 94%, resulting in severe losses of over $250 million, and an insider withdrawal of $99 to $107 million was observed.

As per the data available on blockchain, some suspicious wallet activities have been observed at the time of failure, and around 86% suffered massive losses.

Some short-term failures of Libra have affected the reputation of the Solana blockchain, raising severe questions over its credibility and relevancy. A seizure of $58 million in USDC was also reported by the U.S Court.

Crypto market price updates 

When writing, the crypto market cap was $3.29 trillion, and the trading volume was $91.1 billion, and at the same time, the crypto fear and greed index was at 55, indicating neutrality.

Bitcoin is currently priced at $105,558, Ethereum is still tumbling below the mark of $2,600 and is now trading at $2,485, and Solana is at $150.35.

According to the data from CoinMarketCap, the intraday gainers list has been ruled by Kaia, AB, SPX6900, Fartcoin, Raydium, Internet Computer, Quant, XDC Network, Dogwifhat, and Bonk.

When dealing with Bitcoin’s technicals, you will likely come across different types of wallet addresses, some start with a 1, some 3, and other begins with bc1. However, it’s quite difficult for a common reader to understand why they are named in such a way, and they represent two different Bitcoin address encoding formats, Base58Check and Bech32.

In today’s informative piece, we will dive deep to understand these two different encoding mechanisms and how they are helpful for Bitcoin.

What is Base58Check? 

In simple terms, Base58Check is the legacy encoding format used for traditional Bitcoin addresses; it’s derived from Base58 encoding, but with an added checksum to detect errors and ensure data integrity.

Some key features of Base58Check include the usage in legacy addresses, mainly addresses starting with 1 (P2PKH) and 3 (P2SH), including a checksum to prevent typos, and excluding confusing characters like 0, O, I, and I.

This feature makes it human-friendly and is widely supported by wallets and exchanges.

Advantages of Base58Check 

Widespread compatibility: Supported by almost all wallets and exchanges.

Mature and battle-tested: Used since the early days of Bitcoin.

Checksum protection: Includes a checksum to help detect address errors.

Disadvantages of Base58Check

Base58Check, despite being one of the oldest and most widely used formats in Bitcoin, comes with several limitations. One of the biggest drawbacks is its lack of native SegWit support, which results in higher transaction fees and less efficient block usage compared to Bech32 addresses.

Additionally, Base58Check uses a mixed case character set, which includes both uppercase and lowercase letters, making it more prone to typing errors and confusion, especially in manual entry situations. 

Another issue with Base58Check is its basic checksum; while it can detect common typing mistakes, it lacks the advanced error detection features found in Bech32.

What is Bech32 encoding? 

Bech32 was introduced with Bitcoin Improvement Proposal (BIP) 173, Bech32 is a newer address format that uses Segregated Witness (SegWit), a protocol upgrade designed to improve Bitcoin scalability and reduce transaction fees.

These addresses always begin with bc1 and use only lowercase letters. Unlike Base58Check, it has a stronger checksum and is designed to be more QR code-friendly, making it ideal for mobiles and hardware wallets.

Features of Bech32 

Better error detection.

Lower transaction fees due to SegWit support.

More efficient encoding for QR codes.

Case insensitive.

Advantages of Bech32 

Lower transaction fees: Bech32 addresses support SegWit, which reduces the size of transactions and thus the fees.

Enhanced error detection: Its checksum can detect more types of errors compared to Base58Check.

Optimized for QR codes: Shorter and cleaner, ideal for scanning.

Future-proof: Designed to support newer upgrades in the Bitcoin protocol.

Disadvantages of Bech32 

Bech32, although designed to be the future of Bitcoin address encoding, still suffers from compatibility issues, as not all wallets and exchanges, and payment gateways support Bech32, especially older platforms, leading to failed transactions or requiring users to convert their address type.

The transition from BECH32 to BECH32m for Taproot addresses adds complexity for both developers and end users.

Some of the users find BECH32 addresses less intuitive, unlike Base58Check, where you can easily identify the address type from its first digit. All BECH32 addresses start with ‘bc1’, offering less visual information.

Conclusion 

The difference between Base58Check and Bech32 is crucial for anyone interacting with Bitcoin. While Base58Check remains widely used due to its compatibility and long-standing support, Bech32 represents the future of Bitcoin addresses with its support for SegWit, lower transaction fees, and better error detection. 

However, each format has its trade-offs. Base58Check is more recognizable and broadly supported, whereas Bech32 is technically superior but still lacks universal adoption.

According to a Forbes report, Donald Trump, the 47th president of the United States, has amassed an estimated $1 billion in cryptocurrency from his space ventures.

Forbes’ calculations published on June 5, 2025, indicate that Mr. Trump has made $1 billion since just before the election, which brought his net worth to $5.6 billion.

Forbes’ X post dated June 06, 2025, says that “ Donald Trump is cashing in on crypto. Over the last nine months, beginning slightly before the election, he has stirred up new ventures, new coins, and new noise. All of it makes the president money, but how much?” 

It further notes that Trump holds $900 million in liquid assets, with around half of the funds gathered from his crypto pursuit. He managed over $390 million in profit pre-tax from the sale of native tokens of World Liberty Financial.

Trump is also reported to have brought in $315 million from his Official Trump memecoin and $427 million from his memecoin stash, also argued that he holds USD1, the newly stablecoin by World Liberty Financial of $60 million.

As per Forbes, Donald Trump has made $1.2 billion from his involvement in the crypto market, with a post-tax estimate of $936 million.

Trump’s crypto involvement grew after his 2nd as president 

Following his historical victory in the presidential elections held in 2024, Donald Trump has shown his charged favouritism for digital assets, and since 2025, his family has launched several digital assets-based businesses.

Just a day before Trump’s inauguration, the official Trump memecoin was launched through CIC Digital LLC, a company owned by Trump that holds 80% of its total supply.

After the launch of $TRUMP, its market capitalization ballooned to $5 billion in just a few hours, with a fully diluted value of $27 million, with some estimates suggesting a high of $70 billion.

Mr. Trump heavily promoted Official Trump memecoin with recently hosting a dinner for top holders of the coin, yet his dinner and food were criticised massively.

The Trump family, through DT Marks DEFI LLC, holds a 60% stake in World Liberty Financial and receives 75% of revenue from the $WLFI token.

In March this year, World Liberty Financial created a stablecoin as USD1 and secured $2 billion in investment from an Abu Dhabi-based fund. Also, his son Eric Trump has founded American Bitcoin, a BTC mining firm, through a merger with American Data Centres.

Crypto market price updates 

Until publishing, the crypto market cap was at $3.28 trillion with a surge of 1.96%, and the trading volume is $103.21 billion, which was $140.21 billion on June 06 

The crypto fear and greed index has reached 52, which was at 50 on the previous day, and Bitcoin is once again back on track, adding 1.67%, reaching $105,211.

With a surge of 1.21%, Ethereum has reached $2,493, and its market capitalization is $300.21 billion, and trading volume is $15.21 billion, down by 46%.

Uber, which holds a remarkable position in the cab services industry, is now planning to use stablecoins to make sending and moving around the globe easier and cheaper. 

At a tech event in San Francisco on June 02, 2025, Uber’s boss said the company is still working on its move and is dedicated to understanding how stablecoin works. 

Dara Khosrowshahi argued that stablecoins are like digital dollars; yet Uber is regular money, such as U.S dollars, and does not fluctuate much in value because it is backed by real cash or safe investment.

As per Dara’s opinion, stablecoins could help the company to save money when paying individuals or transferring cash between nations.

He said stablecoins are quite different from Bitcoin, which some people talk about, as stablecoins have stable value, which could help global companies such as Uber and others.

The stablecoin market is ballooning day by day 

Over the past few years, the popularity of stablecoins has gained massive attention, and mimicking the concept of these blockchain-based currencies, several nations have launched their CBDC (Central Bank Digital Currency). 

It is noteworthy that in 2019 the stablecoin market was $5 billion, but from 2020 to 2022 stablecoins outperformed, and at one time the cap was nearly $160 billion. In 2023, the market showed a slight recovery, reaching $165.93 billion, and when writing, it was more than $250 billion.

In the past year, the transfer volume of all stablecoins has reached $27.6 trillion, surpassing the collective volume of Visa and MasterCard. 

When writing, USDT is one of the largest and most prominent stablecoins in terms of trading volume and market cap, followed by USDC, Ethena, DAI, World Liberty Financial USD, and First Digital USD.

How big is Uber? 

As per data till Q3, 2024, the active monthly user base of Uber was 161 million globally, which was 142 million in the same quarter in 2023. It is noteworthy that Uber drivers have completed 11.27 billion trips in 2024, which is 19.3% greater than the trips in 2023.

In 2024, Uber generated $43.978 billion in revenue, which grew by 17.96% compared to the previous year; in Q1 2025, the company reported a revenue of $11.533 billion, which is up by 13.84% YoY.

Uber Technologies Inc., registered on the NYSE, is trading at $84.67 with a surge of 1.46%. In a year-to-date time frame, the price is up by 34.09%.

The company generates the majority of its revenue from the United States, followed by the United Kingdom, Asia Pacific, Europe, the Middle East, Africa, Latin America, and Canada.

57.04% of Uber’s revenue is generated from the mobility sector, followed by 31.27% from delivery services and roughly 11.70% from freight.

Metaplanet, a publicly listed company in Japan, has unveiled its ambitious multi-year strategy to acquire 210,000 Bitcoin by the end of 2027, representing 1% of the total supply of Bitcoin. 

The company is popular for its bold moves and innovative financing, and now it’s doubling down on its belief in BTC, seeing it as the future of capital storage. Till June 02, 2025, total Bitcoin holdings of Metaplanet were 8,888 BTC, which was 1,762 coins at the start of this year.

In the year-to-date time frame, the company maintained its dedication to Bitcoin, acquiring 7,126 BTC. The surge was driven by the successful implementation of its earlier “210 Million Plan,” which involved raising over 102.8 billion Japanese yen via stock acquisition rights.

Metaplanet’s dedication to Bitcoin has now made it one of the biggest Bitcoin holding companies in Asia and the 10th largest corporation in the world.

It is worth noting that Metaplanet is now moving into the next phase with the “555 Million Plan,” which is set to become Asia’s largest ever public equity raise dedicated to Bitcoin purchase. With the issuance of 555 million moving strike warrants, the company aims to raise approximately 770 billion Japanese yen. 

Metaplanet’s bold vision to acquire 1% of the total Bitcoins 

In his X post, Simon Gerovich, the Chief Executive Officer of Metaplanet, said, “ Our previous target — to hold 21,000 BTC by the end of 2026 — has now been dramatically revised upward. We now aim to hold 100,000 BTC by that time.”

Metaplanet’s alone in 2025 has delivered a BTC yield of 225.4%, far exceeding its quarterly target of 35%, it also includes a 309.8% of yield in Q4, 2024 and a 95.6% in Q1, 2025; however now the revised FY2025 target now stands at an ambitious 600% BTC YIELD.

BTC Yield is a special performance metric used to measure how efficiently it is increasing its Bitcoin holdings per share; Metaplanet uses BTC yield to show how well it’s using investors’ money and capital markets to grow its Bitcoin treasury.

An X post from Metaplanet’s account dated June 06, 2025, says that, “ Metaplanet Issues 555 Million Shares of Moving-Strike Warrants, Expected Proceeds: ~$5.4b to Buy Additional $BTC; Largest Stock Acquisition Rights Issuance in Japan Capital Markets History & 1st Moving Strike Warrant Ever Issued Above Market.”

A quick brief of Bitcoin prices

According to the data from TradingView, Bitcoin has mirrored a decline of 1.87% in a week, and when writing, it was exchanging hands at $103,612. In the past 24 hours, BTC has traded highest at $105,937 and its lowest traded price is $100,436.

However, in the past 30 days, Bitcoin prices have shown a movement between $111,970, which is its all-time high, and $95,829. 

While looking at a day chart, the identified resistances of BTC are $110,422, followed by $114,812. On the other hand, its initial support is $96,209, followed by $91,819 and $84,713.

In recent days, Bitcoin has experienced a sharp decline under mounting bearish pressure. On June 3, 2025, the crypto recorded a modest dip of 0.45%, followed by a 0.65% drop the next day. By June 5, Bitcoin’s price had fallen significantly by 3.05%.

Source: CoinMarketCap

Historically, a downturn in Bitcoin often triggers broader market weakness, and the current trend is no exception. At the time of writing, the total cryptocurrency market capitalization had dropped to $3.22 trillion, reflecting a 1.96% decline. In contrast, trading volume surged to $140.21 billion, marking an increase of over 20%.

The sudden shift from bullish to bearish sentiment has sparked widespread debate and speculation. The most prominent narrative attributes the market dip to the ongoing public dispute between the U.S. President and Tesla CEO Elon Musk.

The ripple effect of this tension is evident across major altcoins. Ethereum has dropped by 5.35% intraday, Dogecoin has fallen 7.09%, Official Trump is down 10.70%, BNB slipped 4.13% to $642.15, and Solana recorded a 3.17% decline.

What went wrong between Elon Musk and Donald Trump? 

As per a few media reports, Elon Musk, the owner of Tesla, was one major donor of Donald Trump’s victory, and a few reports claim that he donated around $300 million to help Trump win.

Following Trump’s victory, he appointed Musk to lead DOGE (Department of Government Efficiency) alongside Vivek Ramaswamy, aiming to reduce federal spending and reduce bureaucracy. 

A dozen times since February this year, Elon Musk has visited the White House several times, and in meetings, they have presented each other with an image of friends in the media.

Yet as June 2025 began, the media reported the criticism by Elon of the big government spending bill, ‘ Big Beautiful Bill.’ He slammed the bill because he argued that it would add $2.4 trillion to the U.S debt and remove tax breaks for electric vehicles.

As per an X post from the official account of Trump War Room, Donald Trump said while talking to FOX news that, “ Elon has never asked me for a thing. I mean, I got rid of the EV mandate … but he’s never asked me for a thing. I think that’s an amazing attribute … Elon is a patriot, we want to thank you very much for the job you’re doing.”

Amid ongoing political tensions, speculation is rising that Elon Musk may be considering the creation of a new political party. The discussion gained momentum after Musk posted a poll on X, asking, “Is it time to create a new political party in America that actually represents the 80% in the middle?” The poll received overwhelming support, with 81% of respondents voting “Yes” and only 19% voting “No.”

How does the public feud between Musk and Trump harm crypto? 

The ongoing public feud between Musk and Trump has introduced significant volatility and uncertainty in the crypto market, with potential short-term and long-term impacts.

Causing immediate market turbulence, the high-class feud eroded over $1 billion in the past 24 hours, and seven major cryptos, including Dogecoin, Bitcoin, Ethereum, and Official Trump, lost a huge portion of their prices.

Also, the feud has likely fueled negativity over the Coinbase Prime Index, signalling bearish sentiment among U.S institutional investors and whales, amplifying sell-off and liquidation.

It is widely argued that since Musk was a major proponent of deregulation alongside supporters like Howard Lutnick, his weakened influence in Trump’s government may erode policies that support crypto.

According to the data from CoinGlass in the past 24 hours, 220,363 traders were liquidated, the total liquidations came in at $980.10 million, the largest single liquidation order happened on Bitmex – XBTUSD, valued at $ 10.00 M.

A major liquidation event occurred with Bitcoin long liquidation reaching $222 million due to the price drop from $110k to $104k. Earlier in the week, liquidation was moderate with $142.52 million on June 02 and $22.17 million on June 04.