Pro-Crypto Candidate Lee Jae-myung Wins Presidency South Korea has officially elected Lee Jae-myung as its new president following a decisive snap election. With over 49% of the votes counted, Lee defeated his opponent from the conservative People Power Party. The election, held on June 3, saw nearly 80% voter turnout, marking the highest participation rate since 1997. This political transition comes amid months of national unrest after the previous administration declared martial law, which pushed the country into a constitutional crisis. Crypto Market Responds Positively Lee’s campaign focused heavily on digital finance and blockchain innovation. Upon confirmation of his win,…
Author: Blockto Team
Coinbase has filed a motion to move a securities lawsuit brought by Oregon Attorney General Dan Rayfield to federal court, calling the case a duplicate of the SEC’s 2023 action and an unconstitutional overreach by a state authority into federal territory. Coinbase: “This Is a Federal Matter” In a June 2 motion filed in Portland federal court, Coinbase argued that Oregon’s lawsuit — which accuses the crypto exchange of selling unregistered securities — raises “fundamentally federal issues,” such as the definition of an “investment contract,” and therefore belongs under federal jurisdiction. The company emphasized that such matters are governed by…
BTC Profit-Taking Surges Post Golden Cross, Signals Cautious Sentiment Amid Record Highs Bitcoin (BTC) has seen a sharp increase in profit-taking activity following a golden cross on May 22, according to on-chain data from Glassnode. The bullish technical signal – where the 50-day simple moving average (SMA) crosses above the 200-day SMA – historically indicates strong upward momentum. Yet, instead of sparking a sustained rally, it has prompted many investors to lock in profits. Intense Profit Realization Hits $500M/Hour Data from Glassnode shows that entity-adjusted realized profits exceeded $500 million per hour three times in the past 24 hours —…
Avalanche (AVAX) posted a notable 3.8% gain on Tuesday, rising from $20.52 to $21.31, as traders pushed the token past key resistance levels on strong volume. The rally signaled bullish sentiment returning to altcoins, even as macroeconomic uncertainty continues to weigh on broader crypto markets. Breakout Backed by High Volume AVAX’s breakout was supported by exceptionally high trading volume, with a spike of 1.33 million units, confirming the move’s strength. The token broke through resistance at $20.90, a key technical level that had capped previous rallies, and briefly established new support around $21.15–$21.30. The price action reflected a clean uptrend,…
Key Gaps Remain Despite Shared Goals, Says House Financial Services Chairman As momentum builds in Washington for regulating stablecoins, Rep. French Hill, chairman of the House Financial Services Committee, warned that differences between House and Senate versions must still be resolved before a final law can emerge. Speaking at an Atlantic Council event, Hill acknowledged that the Senate’s GENIUS Act and the House’s own stablecoin bill are “substantially similar” but highlighted a few critical divergences: 1. Foreign Oversight Requirements Hill emphasized the House bill has stricter rules on reciprocity—meaning foreign issuers of stablecoins like Tether (USDT) must either be registered…
LTC Climbs 2.1%, Testing Resistance as Global Uncertainty Shapes Market Sentiment Litecoin (LTC) rose 2.1% in the last 24 hours, briefly surpassing the critical $90 resistance level, as global markets react to evolving macroeconomic signals. The surge marked a notable move for the altcoin, which has been consolidating in a tight range amid low volatility across major cryptocurrencies. Breaks Psychological $90 Level LTC touched a session high of $90.46, breaking past the psychologically important $90 barrier before retreating slightly to end the session around $89.32. The breakout came during early trading hours and was fueled by higher lows on the…
As the U.S. House of Representatives prepares to debate the Digital Asset Market Clarity Act, Democratic lawmakers are raising alarms over what they describe as being shut out from essential technical input by the U.S. Securities and Exchange Commission (SEC). The bill, which aims to establish a comprehensive regulatory framework for crypto markets, is scheduled for hearings on Wednesday in both the House Financial Services Committee and the House Agriculture Committee. However, Democratic staffers claim the SEC denied them access to critical analysis of the bill’s potential impacts—an analysis they say has already been provided to Republican members. Technical Input…
Mixed Signals as Cosmos Token Experiences Volatility Cosmos (ATOM) witnessed significant price action in the past 24 hours, surging over 5% amid broader market volatility before signaling potential reversal through a classic head-and-shoulders pattern. The short-term bullish sentiment came under pressure as key support at $4.44 failed to hold, suggesting a possible continuation of bearish momentum in upcoming sessions. ATOM surged from $4.307 to $4.532, marking a 5.22% gain before entering a potential reversal zone. Support Break Signals Bearish Reversal Risk The technical setup points to shifting trader sentiment. After a breakout above resistance at $4.42, ATOM established strong short-term…
Trump-Linked Media Firm Enters Crypto ETF Arena In a move that highlights the expanding intersection between politics, media, and cryptocurrency, Truth Social, the social media platform owned by Trump Media & Technology Group, is making its foray into digital assets through the launch of a spot Bitcoin exchange-traded fund (ETF). NYSE Arca, a subsidiary of the New York Stock Exchange, submitted a 19b-4 filing with the U.S. Securities and Exchange Commission (SEC)** on Tuesday. The filing proposes a new ETF titled the Truth Social Bitcoin ETF, which would directly track the price of Bitcoin rather than derivatives or futures contracts.…
Regulatory Relief Sparks Optimism BNB, the native token of Binance, showed renewed strength after the U.S. Securities and Exchange Commission (SEC) dismissed its lawsuit against Binance, clearing a major legal hurdle for the exchange. This development brought back previously restricted U.S. dollar deposit channels, including ACH bank transfers, enabling smoother fiat onramps for U.S. users. The SEC’s decision has been interpreted as a significant step toward regulatory stability for Binance and its ecosystem. Price Action and Performance Following the announcement, BNB surged from $650.28 to $673.70, representing a 3.6% intraday increase, before pulling back to around $665. Despite the correction,…