The Weekly Spin. Sixth Edition. IT HAS been a rough week for the crypto industry, seeing two of the biggest liquidation events since the collapse of FTX occur within 6 days of each other – and Friday marking an extreme “red day” for altcoins, with double-digit losses across the board and some tokens seeing retracement back to pre-2021 bull run levels. The US SEC continues to rage on a “CYA” (cover-your-ass) campaign with regulation by enforcement, issuing over 13 charges to the two biggest players in the industry, Binance and Coinbase. Many top tier tokens were labelled securities and became subject to large liquidations and delistings; including SOL, MATIC, ADA and ATOM to name just a few.

However, it is interesting to note that Bitcoin itself has continued to close higher than its 20-SMA and 21-EMA “bull market support band,” and has risen in dominance to well higher than 48%, the previously held maximum level by TA experts. The top two (BTC and ETH) swayed only 2-5% during the altcoin bloodbath, and it was not considered a black swan event – some would even agree that it was a healthy market correction, given the interplay of macroeconomic variables and regulatory shifts around the world. 

Coinweb continues to plug away with our Alpha Tester applications and immenent wallet release. Optimism successfully implemented the “Bedrock” upgrade, and ETH Devs cement anticipated changes to be released for its “Dencun” upgrade. Metamask’s Institutional arm integrates with Fireblocks, Kraken launches its NFT marketplace with ETH, Solana and Polygon support… here is our round-up of curated news and opinions (surely biased) from the world of Blockchain, keeping you informed into the market news with the most trending, in-the-know, and controversial topics. In the name of transparent, dissemination of information to keep you curious, inspired, and clinically sane…

Ongoings at Coinweb

**Coinweb is accepting Alpha Wallet Tester registrations on Zealy! **Join our community of Questooors on the Zealy (formerly Crew3) platform to earn XP and special privileges – including an opportunity to participate in our Alpha Wallet Tester Program! https://zealy.io/c/coinweb/questboard

**A Thread on the Coinweb “Token Shield” and How It Works **https://twitter.com/CoinwebOfficial/status/1667167179287011330?s=20

**The Coinweb Monthly Spin, our round-up of Coinweb-related events, updates, and news from the Web3 industry – June Edition **https://coinweb.beehiiv.com/

**“Interoperability vs. Security” at The Soho House  feat. Animoca Brands, Valhalla Ventures, and Alkia, June 1st **“Coinweb does it again,” another wildly successful night with the international tech community in Bangkok, packed to a full house and the most attendees we’ve ever hosted… https://coinweb.io/events/interoperability-vs-security/

Venture Alpha Podcast by Contango: Episode 7 https://open.spotify.com/episode/3QW9iSHaVsMRIGlRo5msyS?si=jBV58G5kQUOhVDrbFyLg0A&nd=1

**Coinweb’s Maksym Surzhynskyi speaks at the Lublin Central Europe Forum, on behalf of the National Academy of Sciences of Ukraine **https://www.youtube.com/watch?v=tkHIxCXKx0M

**Implementing Gas Fee Abstraction on Coinweb **https://medium.com/@Coinweb.io/implementing-gas-fee-abstraction-on-coinweb-c6843ec6613b

**Coinweb Completes Integration of 4 New Blockchains Delivering Along its Roadmap for Cross-Chain Interoperability **https://finance.yahoo.com/news/coinweb-completes-integration-4-blockchains-154031366.html?guccounter=1

**Coinweb Prioritises Community Trust with Transparent Reserve Allocation **https://medium.com/@Coinweb.io/coinweb-prioritises-community-trust-with-transparent-reserve-allocation-ce14063b6fa9

**CWEB Token Usage and Utility **https://medium.com/@Coinweb.io/cweb-token-usage-913307f8f441

On the Radar

Web3 Gaming Week, Jun 12-17 (Singapore) GM Summit by DCentral, Jun 12-13 (Los Angeles) FOMC Meeting and Core CPI Inflation Data Report, Jun 13-14 (Washington DC) BUIDL Asia 2023, Jun 16-17 (Ho Chi Minh City)

**ETH Barcelona, Jul 5-7 (Barcelona) **AIBC Asia, Jul 19-22 (Manila)

TOKEN2049, Sep 13-14 (Singapore)

**Blockchain Events curated by CryptoNomad **https://docs.google.com/spreadsheets/d/1KtyFTb_W282bQ1xoVA5rlTwTDz3QfhswWIVpXhpbQIc/edit

On the Block(chain)

Bitcoin Remains Resilient Near $26.5K, Despite Ongoing Binance, Coinbase Fallout https://www.coindesk.com/markets/2023/06/09/first-mover-asia-bitcoin-remains-resilient-near-265k-despite-ongoing-binance-coinbase-fallout/

Brian Armstrong: Win or lose, our clash with regulators is good for crypto https://www.cnn.com/2023/06/08/investing/coinbase-ceo-sec-sues-crypto

Solana Foundation: SOL is 'Not a Security' https://www.coindesk.com/policy/2023/06/08/solana-foundation-sol-is-not-a-security/

Ethereum Developers Cement Final Lineup of Changes in ‘Dencun’ Upgrade https://www.coindesk.com/tech/2023/06/08/ethereum-developers-cement-final-lineup-of-changes-in-dencun-upgrade/

Bitcoin, Ethereum, Tether dominance rises as cybersecurity & fan tokens defy markets https://cryptoslate.com/bitcoin-ethereum-tether-dominance-rises-as-cybersecurity-fan-tokens-defy-markets/

Crypto.com to halt US institutional exchange offering; retail users unaffected https://cryptoslate.com/crypto-com-to-halt-us-institutional-exchange-offering-retail-users-unaffected/

**

Competitive Landscape**

ConsenSys’ MetaMask Institutional Integrates With Custody Tech Provider Fireblocks https://www.coindesk.com/tech/2023/06/08/consensys-metamask-institutional-integrates-with-crypto-custody-firm-fireblocks/

All About Optimism Bedrock Hard Fork: Reducing Deposit Times and Layer-1 Fees https://blockchainmagazine.net/all-about-optimism-bedrock-hard-fork-reducing-deposit-times-and-layer-1-fees/

Optimism Says Ether Now Treated as Native Cryptocurrency Alongside OP Token https://www.coindesk.com/tech/2023/06/08/optimism-says-ether-now-treated-as-native-cryptocurrency-alongside-op-token/

Kraken NFT Marketplace Launches With Support for Ethereum, Solana and Polygon Collections https://www.coindesk.com/web3/2023/06/08/kraken-nft-marketplace-launches-with-support-for-ethereum-solana-and-polygon-collections/

Aave-Developed Lens Protocol Raises $15M to Expand 'Social Layer' of Web3 https://www.coindesk.com/business/2023/06/08/aave-developed-lens-protocol-raises-15m-to-expand-social-layer-of-web3/

The Full List of Cryptos Named Securities in SEC Lawsuits Against Binance and Coinbase https://beincrypto.com/full-list-cryptos-securities-sec-lawsuit-binance-coinbase/

US. Coordinated Regulation Failures

Binance.US Suspends Use of Fiat as Legal Troubles Mount https://www.coindesk.com/markets/2023/06/09/binanceus-suspends-use-of-fiat-as-legal-troubles-mount/

SEC’s Gensler Rebuffs Crypto Complaints, Says Gave Ample Warning Heat Was Coming https://www.coindesk.com/policy/2023/06/08/secs-gensler-rebuffs-crypto-complaints-says-gave-ample-warning-heat-was-coming/

New Stablecoin Bill Drafted by House Republicans as Compromise With Democrats https://www.coindesk.com/policy/2023/06/09/new-stablecoin-bill-drafted-by-house-republicans-as-compromise-with-democrats/

Polygon US Crypto Hearing | What’s at Stake https://youtu.be/RaubQim0k9k

FTX Bankruptcy Judge Says U.S. Courts Should Have Full Control Over $7.3B in Disputed Assets https://www.coindesk.com/policy/2023/06/08/ftx-bankruptcy-judge-says-us-courts-should-have-full-control-over-73b-in-disputed-assets/

Ooki DAO to pay $643K fine after CFTC’s court victory https://cryptoslate.com/cftc-fines-ooki-dao-643k-after-court-victory/

Robinhood pulls the plug on MATIC, SOL, ADA amid SEC crackdown https://cryptoslate.com/robinhood-pulls-the-plug-on-matic-sol-ada-amid-sec-crackdown/

World

EU’s Landmark Crypto Law MiCA Published in Official Journal https://www.coindesk.com/policy/2023/06/09/eus-landmark-crypto-law-mica-published-in-official-journal/

UBS, Swiss Government Finalize $10 Billion Loss Guarantee Deal https://www.bloomberg.com/news/articles/2023-06-09/ubs-swiss-government-finalize-10-billion-loss-guarantee-deal

Russia’s biggest bank, Sberbank, to allow trading of digital assets in June https://crypto.news/russias-biggest-bank-sberbank-to-allow-trading-of-digital-assets-in-june/

Vitalik Buterin’s Shiba Inu Donations to Power New Round of India Covid Relief Funds https://www.coindesk.com/markets/2023/06/09/vitalik-buterins-shiba-inu-donations-to-power-new-round-of-india-covid-relief-funds/

Thought Leadership

When AI and Blockchain Merge, Expect the Mundane at First https://www.coindesk.com/consensus-magazine/2023/06/08/when-ai-and-blockchain-merge-expect-the-mundane-at-first/

Cut the Jargon, Keep Your Promises: How Crypto Can Fix Its Image Problem https://www.coindesk.com/consensus-magazine/2023/06/08/cut-the-jargon-keep-your-promises-how-crypto-can-fix-its-image-problem/

Op-ed: Why the SEC should never touch crypto again (Part 2) https://cryptoslate.com/op-ed-why-the-sec-should-never-touch-crypto-again-part-2/

Buterin says Ethereum needs 3 critical transitions to ensure its survival https://cryptoslate.com/buterin-says-ethereum-needs-3-critical-transitions-to-ensure-its-survival/

The Weekly Spin. Sixth Edition. IT HAS been a rough week for the crypto industry, seeing two of the biggest liquidation events since the collapse of FTX occur within 6 days of each other – and Friday marking an extreme “red day” for altcoins, with double-digit losses across the board and some tokens seeing retracement back to pre-2021 bull run levels. The US SEC continues to rage on a “CYA” (cover-your-ass) campaign with regulation by enforcement, issuing over 13 charges to the two biggest players in the industry, Binance and Coinbase. Many top tier tokens were labelled securities and became subject to large liquidations and delistings; including SOL, MATIC, ADA and ATOM to name just a few.

However, it is interesting to note that Bitcoin itself has continued to close higher than its 20-SMA and 21-EMA “bull market support band,” and has risen in dominance to well higher than 48%, the previously held maximum level by TA experts. The top two (BTC and ETH) swayed only 2-5% during the altcoin bloodbath, and it was not considered a black swan event – some would even agree that it was a healthy market correction, given the interplay of macroeconomic variables and regulatory shifts around the world. 

Coinweb continues to plug away with our Alpha Tester applications and immenent wallet release. Optimism successfully implemented the “Bedrock” upgrade, and ETH Devs cement anticipated changes to be released for its “Dencun” upgrade. Metamask’s Institutional arm integrates with Fireblocks, Kraken launches its NFT marketplace with ETH, Solana and Polygon support… here is our round-up of curated news and opinions (surely biased) from the world of Blockchain, keeping you informed into the market news with the most trending, in-the-know, and controversial topics. In the name of transparent, dissemination of information to keep you curious, inspired, and clinically sane…

Ongoings at Coinweb

**Coinweb is accepting Alpha Wallet Tester registrations on Zealy! **Join our community of Questooors on the Zealy (formerly Crew3) platform to earn XP and special privileges – including an opportunity to participate in our Alpha Wallet Tester Program! https://zealy.io/c/coinweb/questboard

**A Thread on the Coinweb “Token Shield” and How It Works **https://twitter.com/CoinwebOfficial/status/1667167179287011330?s=20

**The Coinweb Monthly Spin, our round-up of Coinweb-related events, updates, and news from the Web3 industry – June Edition **https://coinweb.beehiiv.com/

**“Interoperability vs. Security” at The Soho House  feat. Animoca Brands, Valhalla Ventures, and Alkia, June 1st **“Coinweb does it again,” another wildly successful night with the international tech community in Bangkok, packed to a full house and the most attendees we’ve ever hosted… https://coinweb.io/events/interoperability-vs-security/

Venture Alpha Podcast by Contango: Episode 7 https://open.spotify.com/episode/3QW9iSHaVsMRIGlRo5msyS?si=jBV58G5kQUOhVDrbFyLg0A&nd=1

**Coinweb’s Maksym Surzhynskyi speaks at the Lublin Central Europe Forum, on behalf of the National Academy of Sciences of Ukraine **https://www.youtube.com/watch?v=tkHIxCXKx0M

**Implementing Gas Fee Abstraction on Coinweb **https://medium.com/@Coinweb.io/implementing-gas-fee-abstraction-on-coinweb-c6843ec6613b

**Coinweb Completes Integration of 4 New Blockchains Delivering Along its Roadmap for Cross-Chain Interoperability **https://finance.yahoo.com/news/coinweb-completes-integration-4-blockchains-154031366.html?guccounter=1

**Coinweb Prioritises Community Trust with Transparent Reserve Allocation **https://medium.com/@Coinweb.io/coinweb-prioritises-community-trust-with-transparent-reserve-allocation-ce14063b6fa9

**CWEB Token Usage and Utility **https://medium.com/@Coinweb.io/cweb-token-usage-913307f8f441

On the Radar

Web3 Gaming Week, Jun 12-17 (Singapore) GM Summit by DCentral, Jun 12-13 (Los Angeles) FOMC Meeting and Core CPI Inflation Data Report, Jun 13-14 (Washington DC) BUIDL Asia 2023, Jun 16-17 (Ho Chi Minh City)

**ETH Barcelona, Jul 5-7 (Barcelona) **AIBC Asia, Jul 19-22 (Manila)

TOKEN2049, Sep 13-14 (Singapore)

**Blockchain Events curated by CryptoNomad **https://docs.google.com/spreadsheets/d/1KtyFTb_W282bQ1xoVA5rlTwTDz3QfhswWIVpXhpbQIc/edit

On the Block(chain)

Bitcoin Remains Resilient Near $26.5K, Despite Ongoing Binance, Coinbase Fallout https://www.coindesk.com/markets/2023/06/09/first-mover-asia-bitcoin-remains-resilient-near-265k-despite-ongoing-binance-coinbase-fallout/

Brian Armstrong: Win or lose, our clash with regulators is good for crypto https://www.cnn.com/2023/06/08/investing/coinbase-ceo-sec-sues-crypto

Solana Foundation: SOL is 'Not a Security' https://www.coindesk.com/policy/2023/06/08/solana-foundation-sol-is-not-a-security/

Ethereum Developers Cement Final Lineup of Changes in ‘Dencun’ Upgrade https://www.coindesk.com/tech/2023/06/08/ethereum-developers-cement-final-lineup-of-changes-in-dencun-upgrade/

Bitcoin, Ethereum, Tether dominance rises as cybersecurity & fan tokens defy markets https://cryptoslate.com/bitcoin-ethereum-tether-dominance-rises-as-cybersecurity-fan-tokens-defy-markets/

Crypto.com to halt US institutional exchange offering; retail users unaffected https://cryptoslate.com/crypto-com-to-halt-us-institutional-exchange-offering-retail-users-unaffected/

**

Competitive Landscape**

ConsenSys’ MetaMask Institutional Integrates With Custody Tech Provider Fireblocks https://www.coindesk.com/tech/2023/06/08/consensys-metamask-institutional-integrates-with-crypto-custody-firm-fireblocks/

All About Optimism Bedrock Hard Fork: Reducing Deposit Times and Layer-1 Fees https://blockchainmagazine.net/all-about-optimism-bedrock-hard-fork-reducing-deposit-times-and-layer-1-fees/

Optimism Says Ether Now Treated as Native Cryptocurrency Alongside OP Token https://www.coindesk.com/tech/2023/06/08/optimism-says-ether-now-treated-as-native-cryptocurrency-alongside-op-token/

Kraken NFT Marketplace Launches With Support for Ethereum, Solana and Polygon Collections https://www.coindesk.com/web3/2023/06/08/kraken-nft-marketplace-launches-with-support-for-ethereum-solana-and-polygon-collections/

Aave-Developed Lens Protocol Raises $15M to Expand 'Social Layer' of Web3 https://www.coindesk.com/business/2023/06/08/aave-developed-lens-protocol-raises-15m-to-expand-social-layer-of-web3/

The Full List of Cryptos Named Securities in SEC Lawsuits Against Binance and Coinbase https://beincrypto.com/full-list-cryptos-securities-sec-lawsuit-binance-coinbase/

US. Coordinated Regulation Failures

Binance.US Suspends Use of Fiat as Legal Troubles Mount https://www.coindesk.com/markets/2023/06/09/binanceus-suspends-use-of-fiat-as-legal-troubles-mount/

SEC’s Gensler Rebuffs Crypto Complaints, Says Gave Ample Warning Heat Was Coming https://www.coindesk.com/policy/2023/06/08/secs-gensler-rebuffs-crypto-complaints-says-gave-ample-warning-heat-was-coming/

New Stablecoin Bill Drafted by House Republicans as Compromise With Democrats https://www.coindesk.com/policy/2023/06/09/new-stablecoin-bill-drafted-by-house-republicans-as-compromise-with-democrats/

Polygon US Crypto Hearing | What’s at Stake https://youtu.be/RaubQim0k9k

FTX Bankruptcy Judge Says U.S. Courts Should Have Full Control Over $7.3B in Disputed Assets https://www.coindesk.com/policy/2023/06/08/ftx-bankruptcy-judge-says-us-courts-should-have-full-control-over-73b-in-disputed-assets/

Ooki DAO to pay $643K fine after CFTC’s court victory https://cryptoslate.com/cftc-fines-ooki-dao-643k-after-court-victory/

Robinhood pulls the plug on MATIC, SOL, ADA amid SEC crackdown https://cryptoslate.com/robinhood-pulls-the-plug-on-matic-sol-ada-amid-sec-crackdown/

World

EU’s Landmark Crypto Law MiCA Published in Official Journal https://www.coindesk.com/policy/2023/06/09/eus-landmark-crypto-law-mica-published-in-official-journal/

UBS, Swiss Government Finalize $10 Billion Loss Guarantee Deal https://www.bloomberg.com/news/articles/2023-06-09/ubs-swiss-government-finalize-10-billion-loss-guarantee-deal

Russia’s biggest bank, Sberbank, to allow trading of digital assets in June https://crypto.news/russias-biggest-bank-sberbank-to-allow-trading-of-digital-assets-in-june/

Vitalik Buterin’s Shiba Inu Donations to Power New Round of India Covid Relief Funds https://www.coindesk.com/markets/2023/06/09/vitalik-buterins-shiba-inu-donations-to-power-new-round-of-india-covid-relief-funds/

Thought Leadership

When AI and Blockchain Merge, Expect the Mundane at First https://www.coindesk.com/consensus-magazine/2023/06/08/when-ai-and-blockchain-merge-expect-the-mundane-at-first/

Cut the Jargon, Keep Your Promises: How Crypto Can Fix Its Image Problem https://www.coindesk.com/consensus-magazine/2023/06/08/cut-the-jargon-keep-your-promises-how-crypto-can-fix-its-image-problem/

Op-ed: Why the SEC should never touch crypto again (Part 2) https://cryptoslate.com/op-ed-why-the-sec-should-never-touch-crypto-again-part-2/

Buterin says Ethereum needs 3 critical transitions to ensure its survival https://cryptoslate.com/buterin-says-ethereum-needs-3-critical-transitions-to-ensure-its-survival/