Altcoin Shift

Good Morning,

Here's a quick preview of today’s content: A Solana memecoin launchpad burns its entire reserves, you can now tip using crypto on X, Japan looking to add stablecoins, a crypto influencer is seeing big jail time, South Korea pumps the breaks on crypto, and so much more.

Happy Wednesday - Let’s dive in.

Oh before we dive in, I (Gannon co founder of Crypto Sum), with two other incredible builders, launched a crypto arcade game platform. It’s simple: play arcade games against other users to get a the tournament jackpot.

Yesterday, (day 1 of launch), close to $30,000 USD was paid out to players over the course of 8 tournaments.

Check it out here.

Market Snapshot

  • Bitcoin fell -2% in the past day to trade at $115,500. Earlier in the day, the cryptocurrency fell as low as $115,046

    • It is down -7.5% from its all-time high record of around $124,350 on Wednesday. Ether is also down 3.33% to trade at $4,329.

    • "Bitcoin’s recent dip reflects cautious investor sentiment amid hotter-than-expected U.S. inflation," said Vincent Liu, CIO at Kronos Research. "Higher inflation reduces hopes for Fed rate cuts, strengthens the dollar, and fuels risk-off behavior."

  • Analysts say the next big price mover will also be a U.S. macroeconomic event, pointing to the upcoming Jackson Hole meeting and the jobless claims data.

  • Bettors on Kalshi are predicting if Bank of America will launch a stablecoin this year

  • Trade your predictions on a range of events, only on Kalshi

  • Sign up with code LIT and get a $20 bonus when you trade $100

Headline Roundup
The major headlines driving crypto markets

  • Bitcoin, Ethereum, and other major cryptocurrencies fell over the weekend and into Monday as investors reacted to Trump-Putin talks in Alaska (TD)

  • Claude can now rage-quit your AI conversation (DC)

  • Google search interest for “altcoin” hits its highest level since 2021 (CT)

  • Solana memecoin launchpad burns 100% of its revenues (BW)

  • SoFi co-founder Mike Cagney’s blockchain-based lender Figure Technology Solutions publicly filed its S-1 registration statement with the SEC for its IPO (TB)

  • Cardano and XRP whale activity hits multi-month high despite recent pullback (DC)

  • US spot Ethereum ETFs now hold over 5% of ETH supply (TB)

  • 57% of Kalshi bettors predict Gemini will emerge as top AI text model in 2025 (CT)

  • Yuga Labs CEO on crypto market: ‘This cycle is different’ (BW)

  • Ark Invest buys $14M worth of Robinhood shares following $9M purchase last Friday (TB)

  • True Global Ventures 4 Plus (TGV) has secured a Capital Markets Services license from the Monetary Authority of Singapore (FC)

  • TD Cowen maintains Strategy's $680 price target (TB)

  • WisdomTree RWA fund surges over 700% since may to $931M (TD)

  • Launchpad war flips again as Pump takes top spot amid LetsBonk collapse (TB)

Venture Capital

  • KindlyMD late Friday closed on a $200M convertible note offering, with proceeds intended to buy more Bitcoin

M&A Announcements

  • Metaplanet said it purchased an additional 775 Bitcoin for roughly $90–93M (TD)

  • MicroStrategy buys 430 Bitcoin for $51M (TD)

Launches

  • 'Jakpot Games', a classic arcade style game platform, gains traction on launch day as users pay against each other to win crypto 'jakpots' hourly, some being sent thousands of USD (X)

  • Bitcoin tipping is now live on X, powered by BitBit and Spark (BM)

  • Defi lending platform Swarm has partnered with the Hedera Foundation to launch tokenized stocks on Hedera (TD)

Regulation

  • Japan to approve its first yen-denominated stablecoin as early as this fall (TB)

  • The SEC has delayed decisions on several crypto ETFs, including one proposed by Donald Trump's media company to track Bitcoin and Ethereum (DC)

  • South Korea orders exchanges to halt crypto lending services until new guidelines established (TB)

  • Thailand rolls out pilot program for tourists to convert crypto into baht for spending (TB)

Cybersecurity

  • Crypto influencer Charles O. Parks III, aka “CP3O,” has been sentenced to just over a year in prison for a $3.5 million cryptojacking scheme (DC)

Extra Reads

Chart of the Day

Looks like the Pumpfun vs. Bonk launchpad wars are over

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