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Here’s what happened in crypto today
Need to know what happened in crypto today? Here is the latest news on daily trends and events impacting Bitcoin price, blockchain, DeFi, NFTs, Web3 and crypto regulation.
Despite a blanket ban on crypto trading, China remains open to the benefits of blockchain technology, based on a recently penned letter by President Xi Jinping. One of the most prominent GameStop short sellers has announced that they are no longer short, citing the “market’s irrationality.” Meanwhile, Donald Trump wants Bitcoin “made in the USA" after courting mining industry executives.
Chinese president praises blockchain executive
On June 12, Chinese President Xi Jinping penned an open letter praising the work of blockchain executive Andrew Chi-Chih Yao.
Yao, who serves as the chief scientist of the Conflux network and a professor at Tsinghua University, was praised for his “patriotism.” The Chinese president encouraged Yao to continue "exploring independent training models for innovative talents, promoting interdisciplinary and cutting-edge innovation [...] and making new contributions to achieving high-level scientific and technological self-reliance."
Interestingly, Conflux is a layer-1 blockchain that relies on a hybrid proof-of-work and proof-of-stake consensus operated by the Conflux Foundation. The project claims to be the “only regulatory-compliant public blockchain in China.”
Beyond experimentation in blockchain technology, China has adopted a hostile attitude toward digital assets, with crypto trading being banned in the country. Despite the ban, Conflux operates its own token, which has a market capitalization of nearly $1 billion.
Citron no longer short on GME, cites “market’s irrationality”
Citron Research, one of the most prominent GameStop short sellers, is no longer short on GameStop (GME) stock.
The popular short seller closed its GME short position concerning “the market’s irrationality” and “cult-like” shareholder behavior, Citron Research announced in a June 12 X post:
“Citron is no longer short $GME. It’s not because we believe in a turnaround for the company fundamentals will ever happen, but with $5 billion in the bank, they have enough runway to appease their cult-like shareholders.”
The announcement comes shortly after GME stock price rose above the $30 mark, following a 22.8% intraday rally on Tuesday. GME is currently trading at $30.49, up 3.3% in pre-market trading, according to Google Finance data .
GME/USD, one-day chart. Source: Google Finance
Trump wants Bitcoin “made in the USA,” hosts mining industry execs
Donald Trump reiterated his support for Bitcoin ( BTC) miners after meeting with executives from United States crypto mining firms , posting to his Truth Social platform on June 11 that he wanted “all the remaining Bitcoin to be MADE IN THE USA!!! [sic].”
He claimed it would help the country be “energy dominant” Bitcoin was the country’s “last line of defense” against a central bank digital currency, despite Fed Chair Jerome Powell saying in March that the U.S. was “nowhere near recommending or let alone adopting a central bank digital currency in any form.”
Trump earlier hosted Bitcoin miners at his Florida Mar-a-Lago residence, including Riot Platforms CEO Jason Les and the firm’s public policy head Brian Morgenstern, CleanSpark executive chairman Matthew Schultz and TeraWulf board member Amanda Fabiano, according to posts on X.
CleanSpark’s Schultz told Bloomberg that Trump promised to support the sector should he be elected as president in November.
It comes after Trump’s first parole officer meeting on June 10 after he was found guilty on 34 felony counts for falsifying business records on May 30, which The Hill reported sources said was “uneventful” and lasted less than 30 minutes.
Need to know what happened in crypto today? Here is the latest news on daily trends and events impacting Bitcoin price, blockchain, DeFi, NFTs, Web3 and crypto regulation.
Despite a blanket ban on crypto trading, China remains open to the benefits of blockchain technology, based on a recently penned letter by President Xi Jinping. One of the most prominent GameStop short sellers has announced that they are no longer short, citing the “market’s irrationality.” Meanwhile, Donald Trump wants Bitcoin “made in the USA" after courting mining industry executives.
Chinese president praises blockchain executive
On June 12, Chinese President Xi Jinping penned an open letter praising the work of blockchain executive Andrew Chi-Chih Yao.
Yao, who serves as the chief scientist of the Conflux network and a professor at Tsinghua University, was praised for his “patriotism.” The Chinese president encouraged Yao to continue "exploring independent training models for innovative talents, promoting interdisciplinary and cutting-edge innovation [...] and making new contributions to achieving high-level scientific and technological self-reliance."
Interestingly, Conflux is a layer-1 blockchain that relies on a hybrid proof-of-work and proof-of-stake consensus operated by the Conflux Foundation. The project claims to be the “only regulatory-compliant public blockchain in China.”
Beyond experimentation in blockchain technology, China has adopted a hostile attitude toward digital assets, with crypto trading being banned in the country. Despite the ban, Conflux operates its own token, which has a market capitalization of nearly $1 billion.
Citron no longer short on GME, cites “market’s irrationality”
Citron Research, one of the most prominent GameStop short sellers, is no longer short on GameStop (GME) stock.
The popular short seller closed its GME short position concerning “the market’s irrationality” and “cult-like” shareholder behavior, Citron Research announced in a June 12 X post:
“Citron is no longer short $GME. It’s not because we believe in a turnaround for the company fundamentals will ever happen, but with $5 billion in the bank, they have enough runway to appease their cult-like shareholders.”
The announcement comes shortly after GME stock price rose above the $30 mark, following a 22.8% intraday rally on Tuesday. GME is currently trading at $30.49, up 3.3% in pre-market trading, according to Google Finance data .
GME/USD, one-day chart. Source: Google Finance
Trump wants Bitcoin “made in the USA,” hosts mining industry execs
Donald Trump reiterated his support for Bitcoin ( BTC) miners after meeting with executives from United States crypto mining firms , posting to his Truth Social platform on June 11 that he wanted “all the remaining Bitcoin to be MADE IN THE USA!!! [sic].”
He claimed it would help the country be “energy dominant” Bitcoin was the country’s “last line of defense” against a central bank digital currency, despite Fed Chair Jerome Powell saying in March that the U.S. was “nowhere near recommending or let alone adopting a central bank digital currency in any form.”
Trump earlier hosted Bitcoin miners at his Florida Mar-a-Lago residence, including Riot Platforms CEO Jason Les and the firm’s public policy head Brian Morgenstern, CleanSpark executive chairman Matthew Schultz and TeraWulf board member Amanda Fabiano, according to posts on X.
CleanSpark’s Schultz told Bloomberg that Trump promised to support the sector should he be elected as president in November.
It comes after Trump’s first parole officer meeting on June 10 after he was found guilty on 34 felony counts for falsifying business records on May 30, which The Hill reported sources said was “uneventful” and lasted less than 30 minutes.
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