A Strategic Move or a Sign of Trouble?

Robinhood Markets, the online brokerage firm, is laying off approximately 7% of its full-time workforce, marking the third wave of job cuts in just over a year.

Circle Internet Financial Ltd. Eyes Hong Kong's New Crypto Regulations

Circle Internet Financial Ltd., a US-based company, is keeping a keen eye on the regulatory changes in Hong Kong following the implementation of the territory's new cryptocurrency regulations, according to the firm's co-founder and CEO, Jeremy Allaire.

Real World Asset Launches Mortgage-Backed Stablecoin On XRP Ledger

Real World Asset Protocol has announced the creation of $HOME, the first mortgage-backed stablecoin on the XRP Ledger (XRPL).

> This announcement marks a significant step forward in the integration of traditional financial assets with blockchain technology.

> $HOME, built on the RWA protocol, will provide both institutions and individuals with instant access to the stability and cash flows offered by U.S. mortgages.

> The mortgage market, which totals $13 trillion, has traditionally been dominated by banks, governments, and large institutions.

> However, $HOME aims to democratize this market by making it accessible to a wider audience.

The loans made to homeowners are collateralized, meaning they are backed by a promise to repay the borrowed amount or the lender can sell the house to cover the loan. More here.

Prime Trust's Financial Woes: A Blip in the Crypto Market's Recovery Journey

In the wake of recent financial troubles faced by Prime Trust, a Nevada-based trust company, experts in the crypto industry have weighed in on whether these issues indicate broader problems for the crypto market.

> Anthony Georgiades, co-founder of Pastel Network and a General Partner at Innovating Capital believes that the crypto industry is transitioning from a "Crypto Winter" to a "Crypto Spring."

> He noted that the liquidations of 2022 have mostly played out and the industry is now in a recovery phase. Georgiades also highlighted the recent filing for a Bitcoin ETF by BlackRock as a potential moment of validation for the industry. Full report here.[/title][body]

[content][title]FTX Founder Sam Bankman-Fried's Legal Battle Escalates as Judge Denies Dismissal of Charges[/title][body]

Sam Bankman-Fried, the founder of FTX, has been unsuccessful in his attempt to dismiss criminal charges against him. This comes after a federal judge overseeing his trial rejected his pretrial motions.

> Bankman-Fried, who is facing charges of wire fraud, bank fraud, operating an unlicensed money transmitter, bribery, and campaign finance violations, had filed to dismiss most of these charges last month. However, Judge Lewis Kaplan of the U.S. District Court for the Southern District of New York has now denied all of his motions.

> In a detailed 41-page memorandum, Judge Kaplan outlined his reasons for rejecting the remaining pretrial motions to dismiss. He addressed issues related to the venue and the validity of property rights claims in the fraud charges brought by the prosecutors. More here.

Fidelity's Bitcoin ETF Filing: A Major Move in Cryptocurrency Investment

Fidelity, a leading asset management firm, is reportedly on the verge of filing for a bitcoin exchange-traded fund (ETF), joining a growing number of issuers eager to introduce such a product.

> An insider with knowledge of Fidelity's plans indicated that the filing could be made as early as Tuesday, following in the footsteps of asset management behemoth BlackRock.

> BlackRock's filing on June 15 has sparked a wave of similar filings from other asset managers, including Invesco, WisdomTree, and Bitwise, all of whom are keen to launch their own Bitcoin funds. This marks Fidelity's second attempt to launch such a product.

> The firm had previously filed for a bitcoin spot exchange-traded fund named the Wise Origin Bitcoin Trust in 2021, but this was rejected by the U.S. Securities and Exchange Commission in early 2022.

> News of Fidelity's impending filing for a bitcoin ETF triggered a brief spike in the price of bitcoin.

> The cryptocurrency's value rose from $30,600 to $31,000 within minutes of the news breaking, although it quickly fell back to $30,680.

Unraveling the $1.3 Billion Crypto Hedge Fund Debacle Involving Su Zhu and Kyle Davies

Liquidators from Three Arrows Capital are intensifying their efforts to recoup approximately $1.3 billion from the company’s co-founders, Su Zhu and Kyle Davies.

> This figure represents the losses allegedly incurred by the duo in the lead-up to the firm's downfall, as per an anonymous source with insights into the liquidators’ demands.

> During a recent meeting with the hedge fund's creditors, which took place on a Tuesday, the liquidators talked about the accusations leveled against Zhu and Davies.

> The source stated that the co-founders are accused of steering Three Arrows into adopting considerable leverage from May to June 2022, following substantial losses that were primarily attributed to ill-advised investments in Luna tokens, among other assets. Full report here.

Global Cryptocurrency Market Cap Holds at $1.18 Trillion, Bitcoin Sees Slight Uptick

> The worldwide market capitalization of cryptocurrencies is currently valued at approximately $1.18 trillion, experiencing a marginal decrease of 0.16% in the past 24 hours.

> Bitcoin, the pioneering cryptocurrency, has seen its price fluctuate in the range of $29,930 to $30,666 over the previous day. As of 09:30 AM (UTC) on the present day, Bitcoin's price is at $30,378, marking a slight uptick of 0.18%.

> A mixed bag is observed among other leading cryptocurrencies based on market capitalization. Among those standing out in terms of performance are ACA, BCH, and COMP, which have registered impressive gains of 25%, 14%, and 12% respectively.