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Ripple has announced the official launch of its stablecoin, RLUSD, in Japan in partnership with SBI Holdings and its subsidiary, SBI VC Trade. RLUSD has been approved by Japan's Financial Services Agency (JFSA) and is classified as an electronic payment instrument for foreign-issued stablecoins under the country's Payment Services Act. Jack McDonald, SVP of Stablecoins at Ripple, said Japan has led the way in digital asset adoption due to its regulatory clarity and financial innovation. He added that RLUSD will serve to connect Japanese and global liquidity in payments, asset tokenization, and collateral management.

According to CoinNess monitoring, Magic Internet Money (MIM), the algorithmic stablecoin issued by the DeFi protocol Abracadabra (SPELL), has depegged, with its price falling to $0.49. This represents a drop of approximately 51% from its intended $1 peg.

Joe Burnett, a vice president at the Nasdaq-listed Strive (ASST), argued on X that MicroStrategy's (MSTR) Bitcoin treasury strategy is structurally different from the case of Terra's collapse. He explained that just before its failure, Terra had approximately $18.7 billion in UST in circulation, which was immediately redeemable, but was backed by only about $3.1 billion in BTC reserves. In contrast, Burnett stated that MicroStrategy currently holds about $51.5 billion in BTC against approximately $10.5 billion in liabilities, which are not structured for immediate redemption. He concluded that because the two cases are structurally completely different, a simple comparison is inappropriate.

M has fallen by 82.23% in the past five minutes on the COINNESS market. Currently, M is trading at $0.46.

M has fallen by 66.58% in the past five minutes on the COINNESS market. Currently, M is trading at $0.87.

An address believed to belong to Andean Medjedovic, the hacker who stole $48.8 million from KyberSwap, has deposited an additional 2,000 ETH into Tornado Cash, according to PeckShield. Over the past two years, the hacker has laundered a total of 16,100 ETH, worth $40 million. Tornado Cash is a crypto mixing protocol often used by hackers to launder stolen funds.

Sonic (S), an EVM-compatible Layer 1 blockchain, announced on X that it has decided not to proceed with its planned additional S token issuance for this year. The project explained that its tokenomics were designed to issue 47.625 million new S tokens annually, worth approximately $950,000 at current prices, to foster ecosystem growth. The first such issuance occurred on June 18 of last year. However, Sonic stated it is now actively working to prevent the token supply from expanding in an inflationary manner and is still reviewing how to fund validator rewards for network security. The decision was made in response to requests from its community and stakeholders. According to CoinMarketCap, S is trading at $0.02096, down 12.01% over the past 24 hours.

Approximately 69% of tokens issued on the Solana-based memecoin platform Pump.fun (PUMP) stopped trading on their launch day, CryptoPotato reported, citing data from CoinGecko. The analysis, which surveyed 18.67 million tokens launched on Pump.fun, found that about 12.8 million recorded their last trade on the day of their release. Only 850,000 tokens, representing just 4.55% of the total, remained active for 90 days. The outlet added that the broader memecoin market is in a slump, with Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe (PEPE) all having dropped more than 20% over the past month.

The following is an analysis of the Spot Cumulative Volume Delta (CVD) chart for the BTC/USDT spot pair as of 12:00 a.m. UTC on June 25. The chart's top section displays a Volume Heatmap, while the bottom shows the CVD. - The Volume Heatmap tracks the volume of trades at specific price levels. The background color brightens when the price remains in a certain range for an extended period or experiences significant movement. These brighter areas may act as potential support or resistance levels. - The CVD indicator represents buy and sell orders categorized by trade size. As buy orders increase, the corresponding colored line rises. For example, the yellow line tracks orders between $100 and $1,000, while the brown line represents large-scale orders from $1 million to $10 million.

The Crypto Fear & Greed Index, an estimate from data provider CoinMarketCap, has fallen two points from yesterday to 18, shifting from the "Fear" stage to "Extreme Fear." The index gauges market sentiment on a scale where 0 signifies extreme fear and 100 indicates extreme optimism. CoinMarketCap calculates the index based on factors such as the price movements of the top 10 cryptocurrencies by market capitalization, market volatility, derivatives data including the put/call ratio, the Stablecoin Supply Ratio (SSR), and its own search data.

The prediction market Polymarket gives South Korea a 59% chance of winning its upcoming World Cup Group A match against South Africa, scheduled for 1:00 a.m. UTC on June 25. The odds of a South African victory are estimated at 17%, with a 26% chance of a draw. The total trading volume on this prediction has reached $4.7 million. South Korea currently sits in second place in the group with one win and one loss for three points. A win or a draw in this final group stage match would secure its second-place position, setting up a match against a team from Group B. However, a loss would drop the team to third place, resulting in a tougher matchup against the winner of either Group E (Germany) or Group G.

A shareholder vote on the proposed merger between Adam Back's Bitcoin treasury company, Bitcoin Standard Treasury (BSTR), and Cantor Equity Partners I has been postponed to July 2, The Block reported. Upon completion of the merger, BSTR is scheduled to be listed on Nasdaq and will launch as a Bitcoin treasury company holding 30,021 BTC.

The U.S. House Financial Services Committee held a hearing on allowing cryptocurrency and fintech companies direct access to the Federal Reserve's payment system, The Block reported. The discussion centered on the potential introduction of a so-called 'Skinny Master Account,' which would grant limited, direct access to certain financial institutions, including crypto-native banks. Republican Congressman Dan Meuser stated that access to the Fed's payment system is a critical issue, emphasizing the need for careful consideration regarding who should be granted direct access to this key infrastructure.

Bitcoin (BTC) mining profitability is steadily deteriorating, intensifying margin pressure on mining companies, according to an analysis by The Block. The outlet noted that daily revenue for BTC miners, based on a seven-day moving average, is currently around $30 million, a significant drop from over $50 million recorded last summer. Revenue from transaction fees is less than $250,000, making its contribution to mining profits negligible. While BTC is trading at $61,000, JPMorgan estimates the cost of production to be approximately $78,000. Bitcoin's price has remained below its mining cost for five consecutive months, setting a new record for the current cycle. An estimated 20% of all mining operations are currently running at a loss. To cover operational expenses, publicly traded mining firms sold more than 32,000 BTC, valued at roughly $2 billion at current prices, in the first quarter alone. With the next halving approximately two years away, any recovery in mining revenue is likely to depend heavily on a rise in BTC's price rather than on transaction fees, The Block concluded.

On-chain yield infrastructure startup Ground has raised $3.6 million in a pre-seed funding round, The Block reported. The round was co-led by Bain Capital Crypto and ParaFi, with participation from Nascent, Robot Ventures, Chapter One, and Consonant Ventures. The specific use of the funds was not disclosed.

Coinbase has officially chosen Luxembourg as its European hub under the EU's Markets in Crypto-Assets (MiCA) regulation, Cointelegraph reported. From this base, the company plans to offer cryptocurrency services to clients throughout the EU.

Amid Bitcoin's recent dip below and recovery from the $60,000 level, Jan3 CEO Samson Mow stated that the cryptocurrency's fundamental value has not changed at all. On X, he described Bitcoin as a neutral, permissionless, bearer asset and the best hope for the future. Mow emphasized that with the continued issuance of fiat currency, hyperbitcoinization—a phenomenon where Bitcoin becomes the mainstream currency as traditional markets weaken—is inevitable.

According to CoinNess market monitoring, BTC has risen above $61,000. BTC is trading at $61,009.48 on the Binance USDT market.

The three major U.S. stock indices closed mixed today. - S&P 500: -0.09% - Nasdaq: -0.43% - Dow Jones: +0.36%

Prediction market platform Kalshi has filed a lawsuit against officials in the state of Illinois regarding new regulations. According to Cointelegraph, Kalshi alleges that Illinois Governor JB Pritzker, Attorney General Kwame Raoul, and officials from the state's gaming commission have illegally infringed upon the authority of the U.S. Commodity Futures Trading Commission (CFTC). The company argues that a recently enacted state law, Senate Bill 3019, conflicts with federal law. The bill requires sports prediction platforms to obtain a state license and introduces a 0.2% Privilege Tax on cryptocurrency transactions. Kalshi emphasized that it would suffer irreparable harm if the law takes effect as scheduled on July 1.

Dave Portnoy, founder of the online sports betting site Barstool Sports, challenged cryptocurrency proponents on his X account. He called on those who believe Bitcoin and crypto will reach $1 million and represent the future to explain why skeptics, who argue that Bitcoin is a scam destined to become worthless, are wrong. He added that for now, it seems to him that Bitcoin's value will fall to zero.

Decentralized prediction market platform Kalshi is in talks to raise funds at a valuation of $40 billion, Unfolded reported, citing the Financial Times (FT).

CryptoQuant reports that approximately 7,600 BTC has flowed into Binance as panic selling intensifies. This indicates a concentration of potential selling pressure, amounting to about $479 million, on Binance alone, the firm noted.

Major exchanges have seen $105 million worth of futures liquidated in the past hour. In the past 24 hours, $870 million worth of futures have been liquidated.

M has fallen by 4.00% in the past five minutes on the COINNESS market. Currently, M is trading at $2.66.