In the present day in crypto, US President Donald Trump mentioned his digital asset plans at Coinbase’s State of Crypto Summit, the outgoing chair of the Monetary Stability Board (FSB) sounded the alarm on the systemic dangers posed by crypto’s deepening integration with conventional finance, or TradFi. In the meantime, Bitcoin bullishness has returned on social media after a number of current retests near its all-time excessive.
President Trump outlines crypto plans at Coinbase summit
President Trump addressed Coinbase’s State of Crypto Summit on Thursday, delivering prerecorded remarks about his ongoing digital asset priorities.
“My administration is working with Congress to cross the GENIUS Act supporting the creation of dollar-backed stablecoins, and we additionally can be working to create clear and easy market frameworks that may enable America to dominate the way forward for crypto and Bitcoin,” Trump mentioned in his second deal with to a crypto summit since his inauguration.
The remarks got here because the Senate prepares to vote on the GENIUS Act — a serious stablecoin invoice — following its development in a key vote earlier this week.
Lawmakers within the Home of Representatives are additionally contemplating the CLARITY Act, a broad effort to ascertain a complete regulatory framework for digital belongings.
FSB warns crypto nearing “tipping level” as ties to TradFi deepen
The FSB is sounding the alarm on rising dangers from the crypto sector, warning that interlinkages with conventional finance are nearing a crucial threshold.
Talking in Madrid on Thursday, outgoing FSB Chair Klaas Knot mentioned that whereas crypto doesn’t but pose a systemic threat to conventional finance, that standing could not final for much longer. “We could also be approaching a tipping level right here,” he mentioned.
Knot famous that entry obstacles for retail buyers have “dropped considerably,” significantly with the introduction of crypto exchange-traded funds. Crypto ETFs enable buyers to realize publicity to digital belongings with out managing personal keys, utilizing crypto wallets or navigating exchanges.
Knot added that one other space of concern is the stablecoin market. He famous that issuers now maintain giant quantities of US Treasurys, which will increase interlinkages between crypto and conventional finance. “That’s a phase that we clearly should monitor carefully,” he added.
Bitcoin bulls are roaring again as BTC flirts with $112,000
Bitcoin’s a number of breakouts previous $110,000 this week have pushed bullish market sentiment to a seven-month excessive, which was final seen throughout US President Donald Trump’s election win.
As of June 11, there are 2.12 constructive Bitcoin feedback for each damaging touch upon social media, crypto analytics platform Santiment mentioned in a June 11 X submit.
That is the best ratio since Nov. 6, the day after Trump gained the presidential election, when Bitcoin surpassed $70,000 for the primary time.
Retail curiosity in Bitcoin has been lagging this cycle, with Bitcoin’s worth positive aspects attributed to institutional and nation-state adoption. A constructive shift in retail sentiment may very well be an extra boon for Bitcoin.
Santiment information for June 11 tallied 504.54 constructive sentiment Bitcoin feedback, whereas 237.71 feedback had been damaging, amounting to a ratio of two.12. Santiment tracks Bitcoin market sentiment on X, Reddit, Telegram, 4Chan, Bitcoin Discuss and Farcaster.
