Crypto Market Update (June 10): Bitcoin Dips to $61K, Trump Family Amasses $2.3 Billion From Crypto, and Japan Launches ‘Crypto Vouchers’
In today’s roundup of cryptocurrency news on June 10, several significant developments have captured market attention. Bitcoin experienced a sharp price correction, prominent revelations emerged about the Trump family’s cryptocurrency earnings, and Japan’s SBI Shinsei Bank unveiled an innovative ‘crypto voucher’ program. Additionally, notable price movements were observed among several altcoins. Here is the detailed overview of these events.
Bitcoin Price Retreats Amid Low Liquidation Levels
After several days of upward momentum, Bitcoin (BTC) broke its positive streak with an overnight drop of nearly 3%, falling to around $61,000 before modestly recovering to approximately $61,500. Unlike previous volatility episodes, this decline did not trigger a major liquidation cascade; only about $400 million in positions were liquidated, the majority stemming from long trades valued at over $300 million.
Other large-cap cryptocurrencies also faced downward pressure. XRP and HYPE led the declines with losses of 5% and 11%, respectively, over the past 24 hours. Market liquidity appears subdued as daily trading volume dropped significantly from over $200 billion two days ago to $85 billion today, indicating traders are adopting a cautious stance.
Investor sentiment continues to tilt bearish, reflected in Bitcoin ETF outflows totaling $160 million across Monday and Tuesday, following previous positive inflows. Despite this, the cumulative net inflow into Bitcoin ETFs remains robust at 680,870 BTC (approximately $54.21 billion), with total net assets held by these instruments at $102.51 billion.
Meanwhile, the Crypto Fear & Greed Index plunged to 9 out of 100, signaling ‘Extreme Fear’ levels historically considered a potential buying opportunity. However, persistent geopolitical conflicts and global inflationary pressures might dampen typical market rebounds linked to such sentiment indicators.
Trump Family Allegedly Profits Over $2.3 Billion From Crypto Ventures
An investigative report by Reuters has brought to light that the family of former U.S. President Donald Trump has reportedly earned approximately $2.3 billion through various cryptocurrency projects affiliated with its name. This windfall was apparently realized with minimal financial risks or capital injections by the Trump family itself.
Reuters’ investigation, which analyzed corporate registrations, blockchain transaction data, and disclosures from companies like World Liberty Financial, the TRUMP memecoin, ALT5 Sigma, and American Bitcoin, found that many ownership stakes were acquired without direct cash contributions. The total startup costs for these ventures were estimated below $1 million.
The most lucrative source of revenue was linked to the sales of World Liberty Financial tokens, grossing over $1.4 billion. Additionally, the TRUMP memecoin reportedly contributed around $616 million to the family’s crypto earnings. Notably, Reuters’ analysis suggests the collective investors in these projects experienced net losses approximating the same magnitude.
Japan’s SBI Shinsei Bank Rolls Out ‘Crypto Vouchers’ Reward Program
In a novel approach to integrating cryptocurrencies with traditional banking, Japan’s SBI Shinsei Bank announced a program offering ‘crypto vouchers’ to depositors based on their interest earnings. Under this initiative, customers can receive vouchers equivalent to 20% of the accrued interest on their deposits, redeemable for Bitcoin, Ethereum, or XRP.
As detailed by Nikkei, these crypto vouchers supplement the customary yen interest payments and encourage cryptocurrency exposure without requiring direct purchases. To redeem these vouchers, account holders must open a crypto trading account on SBI VC Trade, the group’s digital asset platform.
This program aims to merge conventional savings products with digital asset exposure and is scheduled to commence a three-month pilot campaign starting Wednesday. It will apply to both ordinary and fixed-term deposits with maturity periods ranging from three months up to five years.
Altcoins See Volatile Swings Amid Security Drama and Trading Surges
Humanity Protocol (H) experienced volatile performance, rebounding 34% today after plummeting nearly 90% due to a recent $32 million exploit. Stargate Finance (STG) also surged 55%, accompanied by a trading volume spike to $74 million. Binance Smart Chain projects such as Audiera (BEAT) gained 50%, with daily volumes reaching $77.8 million.
Conversely, some BSC tokens like Lab (LAB) retraced after recent gains, dropping 15% and trading below $10. Trading volumes for LAB also declined significantly from $45 million to $25 million. SIREN, another BSC asset, fell 40% following a two-week rally.
Conclusion
Today’s cryptocurrency landscape is marked by Bitcoin’s price correction, revealing a mature market with restrained liquidation effects, and remarkable insights into the Trump family’s substantial crypto-related profits amid investor losses. Meanwhile, Japan’s SBI Shinsei Bank is pioneering crypto adoption with its voucher reward system, blending traditional finance with digital assets. Altcoin volatility continues to present both risk and opportunity as the market seeks stability.
As always, participants are advised to carefully monitor developments and remain cautious given the complex interplay of geopolitical, economic, and technological factors influencing the cryptocurrency sector.
— Sources: Reuters, Nikkei, CoinGecko, TradingView, 99Bitcoins