A wallet project was promoted by Magic Eden and Trump-themed meme coin creators, but it very quickly drew sharp backlash from Trump’s inner circle. Donald Trump Jr. publicly denied any connection and teased an official Trump-backed crypto wallet. The controversy happened amid the increasing political tension over Trump’s crypto involvement. During a House Financial Services Committee hearing, Representative Maxine Waters warned that Trump’s digital asset ventures could undermine investor protections and exploit proposed legislation like the CLARITY Act. At the same time, the president’s recent meme coin fundraiser dinner raised $148 million, which further blurred lines between politics and crypto. Meanwhile, Trump’s feud with Elon Musk caused wider market jitters, and triggered $278 million in outflows from US spot Bitcoin ETFs. The spat also flipped market sentiment from “Greed” to “Fear.” WLFI Issues Cease-and-Desist Over Trump Wallet World Liberty Financial (WLFI), a crypto platform backed by US President Donald Trump and his family, issued a cease-and-desist letter to Fight Fight Fight LLC, the creators of the TRUMP meme coin and operators of Gettrumpmemes.com. The legal action started after the announcement of a new Trump-branded crypto wallet, which WLFI claims was developed without the Trump Organization’s involvement. Magic Eden and the meme coin team recently promoted a waitlist for the wallet, which attracted immediate backlash from Trump’s inner circle. Donald Trump Jr., who serves as WLFI’s “Web3 ambassador,” publicly denied any affiliation with the wallet project and teased the official launch of a Trump-approved wallet in the near future. According to Bloomberg, the cease-and-desist notice is not yet publicly available, but sources familiar with the matter confirmed its existence. Despite the legal warning, the original promotional posts on X from Magic Eden and Gettrumpmemes are still live. However, the associated website, TrumpWallet.com, has gone offline. WLFI raised over $550 million through token sales as of March, and is already under scrutiny for its USD1 stablecoin. The token made headlines in May when an Abu Dhabi-based firm revealed plans to use USD1 to settle a $2 billion investment in Binance . The Trump family holds equity in WLFI and benefits financially through a company linked to the president that collects transaction fees. The political ramifications of Trump’s crypto ventures are intensifying. Some Democratic lawmakers accused the president of using his office to enrich himself through his digital asset businesses. These allegations could complicate efforts to pass key legislation in Congress, including bills that would regulate payment stablecoins and establish a market structure for digital assets. Lawmakers Clash Over Trump and Crypto Rules Lawmakers in the US House Financial Services Committee seem increasingly divided over how to regulate digital assets, and this could be due to the fact that President Donald Trump’s crypto affiliations are casting a shadow over bipartisan efforts. During a June 4 hearing , Representative Maxine Waters voiced her sharp concerns over Trump’s involvement in the crypto industry, and warned that the proposed Digital Asset Market Clarity (CLARITY) Act could be exploited by the president to further his financial interests. Waters pointed to Trump’s recent dinner with top meme coin holders, and warned that the bill could allow him to funnel Americans’ funds into his own digital wallet. The dinner itself attracted $148 million in contributions. By describing the CLARITY Act as rushed and dangerously permissive, Waters criticized its lack of protections for investors and absence of penalties for bad actors. The bill was introduced on May 29 with Republican support and three Democratic co-sponsors. Its main goal is to define clear jurisdiction between the SEC and CFTC, but it also ignited partisan debate over its implications. Waters and other Democrats called for a closer examination of Trump’s crypto ties, particularly those connected to his family-backed platform, World Liberty Financial. On the other hand, Committee Chair French Hill defended the bill’s intent by arguing that the current lack of federal oversight for digital assets is stifling innovation and creating confusion for investors. Still, none of the expert witnesses—including former CFTC Chair Rostin Behnam, former SEC Commissioner Elad Roisman, and Uniswap Labs' legal chief Katherine Minarik—touched on Trump’s involvement in their opening remarks. Former CFTC Chair Timothy Massad, however, directly addressed the issue by saying Trump’s crypto dealings cast a “taint” on the entire industry and pose national security concerns. He questioned whether the president’s actions were aligned with national interests or personal gain. Waters’ bill Waters already introduced a separate bill aiming to bar the president, vice president, and members of Congress from participating in crypto ventures. That legislation came on the same day as Trump’s meme coin dinner, during which the president spoke from a podium bearing the presidential seal—despite claims it was a personal event. Overall, as both the CLARITY Act and the GENIUS Act continue to move through Congress, Democrats are still very hesitant to support any bill that fails to address the growing concerns over Trump’s influence on the digital asset space. Trump-Musk Feud Triggers Bitcoin ETF Outflows Just how much influence Trump and his actions have on the crypto market is becoming more and more clear. Bitcoin exchange-traded funds (ETFs) in the United States experienced a sharp downturn as market sentiment soured after a very public fallout between President Donald Trump and Elon Musk. Bitcoin ETF flow (Source: Farside Investors ) After briefly recovering on June 3 and 4, US spot Bitcoin ETFs suffered outflows totaling $278 million on June 5. This is according to data from Farside Investors . The shift coincided with the Cryptocurrency Fear & Greed Index flipping from “Greed” to “Fear” on June 6, which proves that there is growing investor anxiety over the high-profile feud. The falling sentiment extended beyond the crypto market, with Tesla shares dropping 14% and Trump Media shares falling 8%. Crypto Fear and Greed Index (Source: Alternative ) Bitcoin ETFs were under some pressure after cumulative outflows of $1.2 billion from May 29 to June 2, despite the short-lived recovery earlier in the week. On June 5, no US Bitcoin ETF recorded inflows, with ARK Invest’s ARK 21Shares Bitcoin ETF leading the outflows at $102 million. Globally, Bitcoin exchange-traded products saw $8 million in outflows over the past week. In contrast, Ether ETFs continued to show resilience. On June 5, US spot Ether ETFs brought in $11.3 million in inflows, extending a 14-day streak. Although, this was still a sharp decline from the previous two days, which saw inflows of $56.9 million and $109.4 million, respectively. Ethereum ETF flows (Source: Farside Investors ) Ether ETPs have drawn investor interest thanks to improving Ethereum network fundamentals and strength in ETH futures markets. In fact, BlackRock even purchased $50 million worth of ETH on June 3.
Retail investors may soon be able to buy crypto ETNs, as the country’s top financial regulator weighs investor protections with innovation. UK regulators are taking steps to boost growth in the country’s crypto industry. On Friday, June 6, the UK’s Financial Conduct Authority proposed lifting a ban on crypto exchange-traded notes for retail customers. However, these notes will have to be issued by FCA-approved exchanges. You might also like: UK’s Farage push Trump-like crypto policy to make Britain a ‘crypto powerhouse’ David Geale, executive director of payments and digital finance at the FCA, explained that the agency wants to promote the UK crypto industry while also ensuring investor protections. “This consultation demonstrates our commitment to supporting the growth and competitiveness of the UK’s crypto industry. We want to rebalance our approach to risk, and lifting the ban would allow people to make the choice on whether such a high-risk investment is right for them, given they could lose all their money,” David Geale, FCA. To balance risks, the rules on financial promotion will still apply. This means that institutions will have to provide investors with information about the risks involved with these assets. The FCA also explained that its ban on crypto derivatives for retail investors will remain in place. UK’s FCA moves to clarify rules on crypto The latest lift on the ETN trading ban for retail traders is part of a broader push to balance investor protection with innovation. On May 2, the FCA proposed banning retail investors from buying crypto assets with debt. Due to the volatility of crypto assets, debt-financed buying could expose investors to significant financial risk, the regulator argued. Unlike crypto exchange-traded funds, which are backed by the underlying asset, ETNs are unsecured debt notes tied to a specific index. This means they are higher-risk assets than ETFs, as they also expose traders to counterparty risk related to the issuer’s solvency. Read more: UK rules out Bitcoin reserves: not ‘appropriate for our market’
We’re thrilled to announce that FLY is now available for trading on Kraken! Funding and trading FLY trading will be live as of 13:00 UTC today, June 6, 2025. To add an asset to your Kraken account, navigate to Funding, select the asset you’re after, and hit ‘Deposit’. Make sure to deposit your tokens into networks supported by Kraken. Deposits made using other networks will be lost. Trade on Kraken Here’s some more information about this asset: Fly ( FLY ) is the native token of Fly.trade, the leading cross-chain liquidity aggregator in the Sonic ecosystem. Through its flagship app Fly.trade, users access seamless swaps, optimized routing, and one-click staking across 19+ chains. FLY powers governance, rewards, and growth for a platform trusted by top DeFi partners and 260K+ users. Please note: Trading via Kraken App and Instant Buy will be available once the liquidity conditions are met (when a sufficient number of buyers and sellers have entered the market for their orders to be efficiently matched). Geographic restrictions may apply Get Started with Kraken Will Kraken make more assets available? Yes! But our policy is to never reveal any details until shortly before launch – including which assets we are considering. All of Kraken’s available tokens can be found here , and all future tokens will be announced on our Listings Roadmap and social media profiles . Our client engagement specialists cannot answer any questions about which assets we may be making available in the future. The post FLY is available for trading! appeared first on Kraken Blog .
Japanese investment firm Metaplanet has announced a significant capital raise of ¥770.9 billion ($5.4 billion) that aims to significantly expand its Bitcoin holdings and is a bold step in Japan’s growing institutional adoption of digital assets. Metaplanet Launches Historic ¥770.9 Billion Bitcoin-Focused Stock Market Rally, Targets 1% of Total BTC Supply by 2027 The capital will be raised through the issuance of 555 million shares through rolling strike warrants, a financial instrument rarely seen in the Japanese market. Notably, Metaplanet became the first company in Japan to issue such warrants at a higher premium than the current market price, signaling strong confidence in its long-term Bitcoin strategy. This ambitious increase is also in line with Metaplanet’s newly announced goals: to acquire 100,000 BTC by the end of 2026 and 210,000 BTC by the end of 2027. If these goals are met, the company will be able to control 1% of Bitcoin’s total final supply, capped at 21 million coins. The firm’s aggressive Bitcoin purchasing plan follows a growing global trend for public companies to add digital assets to their balance sheets as a hedge against inflation, currency devaluation and to diversify reserves. Metaplanet’s move also positions Japan more prominently on the global Bitcoin investment map amid growing institutional interest in digital assets in Asia. Further details regarding the warrant structure and acquisition roadmap are expected to be announced in the coming weeks. *This is not investment advice. Continue Reading: Japanese Investment Company Metaplanet Makes a New Move to Buy More Bitcoin! Here Are the Details
Yuga Labs has unveiled a transformative proposal to replace the ApeCoin DAO with a centralized entity named ApeCo, aiming to streamline governance and accelerate project development. This strategic shift reflects
2025 is shaping up as a pivotal year for crypto, with BlockDAG, Cardano, Aptos, and Litecoin emerging as top gainers due to their robust infrastructure and innovative developments. These projects
TL;DR Trump and Musk’s spat appears to have triggered a broad crypto market correction but fueled a sharp rally in one meme coin. Investors, however, should be wary, as tokens of this type are highly volatile and offer no real utility. The Winner Following the Conflict US President Donald Trump and Tesla CEO Elon Musk, who were quite close during the former’s presidential campaign and even after his return to the White House, clashed in recent days. The feud escalated into a public exchange of sharp insults and accusations, and it seems to have erupted over disagreements concerning Trump’s “One Big Beautiful Bill. “ The legislative proposal introduced by the president aims to implement significant changes across various sectors, including tax policy, healthcare, and national security. Musk, though, described it as a “disgusting abomination “ and claimed it would harm America’s financial stability. The conflict between the two men had a negative impact on the cryptocurrency market, with Bitcoin (BTC) briefly plunging below $101,000 while Ethereum (ETH) lost the support level of $2,500. As it usually happens, though, some crypto enthusiasts took advantage of the chaos and launched a meme coin called KILL BIG BEAUTIFUL BILL (KBBB) on the Solana-based platform pump .fun . The asset’s logo resembles a satirical image of Elon Musk dressed in a yellow tracksuit and holding a sword in his right hand. KBBB’s price defied the ongoing market trend, experiencing a staggering 370% rally over a 24-hour period , while its market capitalization surged above $45 million. KBBB Price, Source: CoinGecko On the contrary, meme coins related to the American president, including Official Trump (TRUMP), Super Trump (STRUMP), MAGA (TRUMP), and others, have headed south following the confrontation. Beware of Such Tokens While KBBB’s price surge is undoubtedly impressive, investors looking to engage with it (or with similar meme coins) should keep several key points in mind. These tokens typically have no real utility or use cases and are driven purely by hype. They’re notorious for their enhanced volatility, and it wouldn’t be surprising if KBBB’s valuation drops sharply following the next twist in the Trump-Musk saga or when speculators lose interest when a new one emerges. There’s a golden rule of investing: always conduct thorough research before diving in, and invest only what you’re prepared to lose. The post Trump-Musk Drama Triggers 400% Explosion in Little-Known Meme Coin appeared first on CryptoPotato .
The 2023 - 2025 crypto bull run will be remembered for Bitcoin’s outperformance. BTC continues to be at the top of every best-crypto-to-buy list, with many analysts anticipating it to peak between $150k and $200k. Among the altcoins, those showing the strongest correlation with Bitcoin, have largely outperformed others, further confirming BTC’s “king” status within the crypto market. Now, Bitcoin Hyper (HYPER) , a new BTC-themed meme coin - with cutting-edge Layer-2 utility - is creating significant speculative frenzy in its presale, having already raised over $500k in short order. Crypto influencers and prominent analysts are already taking note, with many viewing it as the next 100x crypto. Bitcoin Hyper’s Value Proposition – Why This New BTC Layer-2 Is Going Viral? Bitcoin has already established itself as an excellent store of value, as well as one of the top-performing investments in the global financial markets. However, it is still far from realizing one of Satoshi Nakamoto ’s core visions - a viable electronic cash system. Take, for instance, the historic moment when Donald Trump became the first US President to do a Bitcoin transaction in September last year. Trump used the Strike app to settle his tab at the PubKey bar in New York, which works on the Lightning Protocol, the top BTC Layer-2 scaling solution. And yet, the moment was awkward as a few-dollar transaction took 45 seconds to settle. JUST IN: 🇺🇸 Donald Trump tried paying with #Bitcoin at a New York bar, and the transaction still hasn't settled yet due to massive liquidity issues.It took over 45 seconds for them to awkwardly smile and pretend the transaction was settled. Bitcoin is not fast or cost-effective pic.twitter.com/8KDcqdH3uP — Versan | Black Swan Capitalist (@VersanAljarrah) September 18, 2024 Thankfully, the US President did not attempt to complete the transaction through Bitcoin’s mainnet. As per Blockchain.com , the average confirmation time for a BTC transaction was ~914 minutes on 18th September, or 15 hours and 14 minutes. Today, on 5th June, the Bitcoin mainnet appears to be working optimally and therefore, has an average confirmation time of 21 minutes. There is an evident demand for additional cutting-edge Layer-2 solutions, which explains why Bitcoin Hyper is seeing a warm reception in the first few days of its presale. As per the project’s whitepaper , “Bitcoin Hyper is designed to break through Bitcoin’s core limitations: slow transactions, high fees, and the lack of programmability.” It’s no surprise that the HYPER presale is attracting strong early demand. If the Bitcoin Hyper project delivers on its mission, it could emerge as the next billion-dollar crypto asset, much like other top-performing Layer-2 coins. Under The Hood: Bitcoin Hyper’s Cutting-Edge Technology Bitcoin Hyper aims to bring the performance and scalability of modern blockchains to the Bitcoin ecosystem, without compromising its decentralized nature or cryptographic security. In this regard, it is integrating the Solana Virtual Machine (SVM) to its Layer-2 scaling solution, the same core engine which has made Solana one of the most popular blockchains on the market. As per the whitepaper, “By integrating the Solana Virtual Machine, Bitcoin Hyper enables lightning-fast, low-latency execution of smart contracts and decentralized applications. This brings the performance and developer experience of Solana to the Bitcoin ecosystem—something previously impossible on native Bitcoin.” Meanwhile, like most stable and secure Layer-2s, it uses the Bitcoin mainnet for transaction settlement and security. The developer team is creating a Canonical Bridge - a non-custodial bridge that is tasked to manage Bitcoin Hyper’s interaction with the mainnet. Users lock their BTC via the bridge, receiving equivalent tokens on the Layer 2 network. These tokens can then be utilized across the Bitcoin Hyper ecosystem and are redeemable back into native BTC whenever desired. Meanwhile, the Bitcoin Relay Program, an SVM smart contract, verifies BTC block headers and transaction proofs. It aggregates and compresses transactions on Layer 2, using zero-knowledge (ZK) proofs to verify their validity. The Layer 2 state is regularly published to Bitcoin’s main chain, ensuring both security and alignment with Layer 1. Thanks to this hybrid approach, Bitcoin Hyper enables fast wrapped BTC payments, DeFi functionalities (swaps, lending, staking), NFT and gaming dApps, and supports Rust-based smart contracts via SDK and API. It also offers web and mobile access through an intuitive dashboard and wallet integrations. Is HYPER The Next 100x Crypto? There is a strong demand for BTC-correlated altcoins, as these tend to outperform others during a bull run. Considering that HYPER is new and has a small market cap, it could deliver outsized returns following its launch. Unsurprisingly, analysts and crypto influencers like Yellow Trader are beginning to take notice and are viewing it as one of the best new products on the market. Others are calling it the next 100x crypto as well. Besides the project’s Layer-2 scaling solution, HYPER has excellent fundamentals, which include community-centric tokenomics, transparent smart contract audits , and full issuer address and contact information. Check out the Bitcoin Hyper whitepaper for more information. Meanwhile, early HYPER buyers can also earn passive income through the project’s staking protocol, which is currently offering a reward rate of over 1300% per annum. However, the staking rewards are designed to decrease as more tokens are staked into the pool. In addition, the HYPE price itself will increase after the completion of each presale stage, both mechanisms designed to reward early buyers. Bitcoin Hyper is currently in its early presale stages and is likely available at a bargain. However, its strong demand means that the stages will sell out rather quickly, with sidelined investors leaving considerable money on the table. Interested buyers can visit the project’s presale and buy HYPE with just a few clicks using the OTC widget, either through a bank card or by swapping cryptos. Investors can also connect to the project’s X and Telegram accounts for more info. Visit Bitcoin Hyper Presale Disclaimer: This is a sponsored article and is for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice.
Circle stock price continued its uptrend in pre-market trading, cementing its position as one of the best-performing initial public offerings of the year. CRCL jumped 170% on its first trading day and climbed another 16% in the pre-market session. This surge pushed its market capitalization above $20 billion, roughly a third of USD Coin’s ( USDC ) market cap. The rally was fueled by strong retail and institutional demand for shares in the second-largest stablecoin issuer. Notably, BlackRock acquired a 10% stake in the company, while Ark Invest invested $150 million. Investors and analysts believe stablecoins will be the next big thing in finance. In a recent study, Citi estimated that the industry will be worth over $1.6 trillion by 2030, up from the current $250 billion. Circle will be a major player in the sector because of its scale today. Unlike Tether, Circle has ensured that it complies with some major laws. For example, it complies with Markets in Crypto-Assets, or MiCA, regulations, while Tether does not. Tether is likely not compliant with the United States’ GENIUS Act . Circle is also developing additional infrastructure. For example, it is working to disrupt Swift, the messaging solution that powers over $150 trillion a year. It is doing this through the Circle Payments Network, which links financial institutions and helps them process funds within seconds. You might also like: Red alert: XRP price bearish pattern points to a 50% crash Circle also aims to become a big player in the real-world asset tokenization industry through its USYC solution. USYC is a tokenized money market fund with over $378 million in assets. Investors also favor Circle for its asset-light and high-margin business model. Its strategy involves taking customer deposits and investing them in liquid assets like Treasuries. In its case, over 90% of its funds are in the Circle Reserve Fund, which BlackRock manages. Is Circle stock a good buy today? Circle is a strong company in a growing industry, and its stock will likely rise in the long term. However, it also faces some short-term risks. The biggest risk is that the Federal Reserve may start cutting interest rates this year, driving down its returns. Further, the stablecoin industry is becoming highly competitive. In addition to Tether, companies like Ripple and PayPal have launched their stablecoins. Big U.S. banks are considering launching their coins, while Santander is in an advanced stage of doing the same. The short-term risk is that Circle stock may dive in the next few days as the post-listing hype fades. For example, Webull stock recently jumped from $25 to $80 shortly after its IPO and has now crashed to $10. Webull stock surged after IPO and then crashed | Source: TradingView Similarly, CoreWeave stock initially soared from $35 to $64 and then dropped to $34 shortly after the IPO. It has since recovered to $135. Therefore, it is likely that Circle stock will pull back as the hype fades and then it can restart a more sustained and reasonable uptrend. You might also like: US banks plot joint stablecoin as regulation looms over crypto sector