Key Highlights
- Bitcoin dips to $66K despite favorable US CPI data showing flat inflation in May.
- Donald Trump pledges support for Bitcoin mining, positioning it as a grid-stabilizing force.
- Spot ETH ETFs confirmed by SEC Chair Gary Gensler, with trading expected this summer.
- Meme tokens slump following GameStop’s 12% stock decline and new share sales.
- HSBC China pioneers e-CNY services for corporate clients, marking a CBDC milestone.
- ZKsync announces 3.675B ZK token airdrop for early adopters and contributors.
Market Reaction to Inflation Data
US Consumer Price Index (CPI) remained unchanged in May, with a 3.3% annual increase—below the projected 3.4%. Core CPI (excluding food/energy) rose just 0.2%, signaling subdued inflationary pressures.
Initially, Bitcoin surged 4% to $69,400** on the news, but gains were short-lived as traders adjusted expectations to **a single 2024 Fed rate cut** (likely in September). Spot BTC ETFs saw **$200M in outflows pre-CPI announcement, reflecting cautious optimism.
Political Crypto Moves Ahead of US Election
Trump’s Mining Endorsement
At a Mar-a-Lago gathering with mining firms (CleanSpark, Riot Platforms), Trump vowed to champion Bitcoin mining, citing its potential to balance energy grids. His campaign now accepts crypto donations, backed by a $12M Silicon Valley fundraiser hosted by tech elites.
Biden’s Outreach
The Biden campaign is consulting crypto experts on digital asset policies, signaling a strategic pivot to capture voter interest.
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Regulatory Developments: ETH ETFs Coming Soon
SEC Chair Gary Gensler confirmed spot ether ETFs will launch this summer, following May’s 19b-4 form approvals. Pending S-1 filings are the final hurdle. These ETFs—like their Bitcoin counterparts—will provide indirect ETH exposure without direct custody.
Meme Token Volatility Tied to GameStop
GameStop’s stock fell 12% after announcing plans to sell 75M shares, erasing recent highs driven by trader Roaring Kitty’s $580M position reveal. Meme tokens mirrored the drop:
- GME (Solana): -25%
- DOGE/SHIB: -4% to -10%
- Cat-themed tokens: Avg. -10%
Q1 sales plummeted 29% YoY to $882M, underscoring the company’s challenges.
Global CBDC Progress: HSBC Adopts e-CNY
HSBC Bank (China) became the first foreign bank to offer digital yuan (e-CNY) services for corporations, enabling seamless transactions and asset management. Pilot programs now cover 5 major cities, with Hong Kong expanding cross-border e-CNY wallets.
ZKsync Airdrop Details
The ZKsync Association will distribute 3.675B ZK tokens (17.5% of total supply) starting next week:
- 89% to active users (695K wallets)
- 11% to contributors (devs, researchers)
Claims open until January 2025, with ecosystem initiatives receiving 49.1% of future allocations.
FAQ: Crypto and Retirement Accounts
Q: Can crypto be part of a 401(k) or IRA?
A: Yes! FinTech firms and traditional institutions now offer crypto-integrated retirement plans, allowing exposure via ETFs or direct holdings.
Q: What are the risks?
A: Volatility and regulatory uncertainty require careful planning—consult a financial advisor.
Q: How do I start?
A: Research platforms supporting crypto IRAs or employer-sponsored crypto 401(k)s.
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Data as of June 13, 2024. This content is for informational purposes only and not financial advice.