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8 Jun 2026, 09:41

Peter Schiff Blasts Jamie Dimon’s Push for Bank-Style Rules on Stablecoins

Economist Peter Schiff publicly broke with JPMorgan CEO Jamie Dimon on June 7, arguing that stablecoin issuers should not be held to the same capital and compliance standards as banks. The comment surprised many, given that Schiff is well-known for being a huge crypto basher. Schiff Draws a Line Between Banks and Stablecoin Issuers In a post on X, Schiff stated that Dimon wanted crypto companies offering interest-bearing products to be held to the same capital and compliance requirements as traditional banks, a point he thoroughly disagreed with. “That’s nonsense,” he wrote. “Banks are FDIC insured and make risky loans under a fractional reserve system. Stablecoin issuers don’t.” And when a follower pointed out that the position seemed at odds with his history of criticizing crypto’s lack of investor protection, Schiff clarified his reasoning, saying: “Stablecoins have a use case and issuers are not banks, especially if the tokens are 100% backed by dollars and invested exclusively in Treasuries.” Journalist Eleanor Terrett also noted the rarity of the moment, posting on X that it was the first time somebody outside of crypto had argued that stablecoins shouldn’t be put under the same regulations as banks. Dimon’s comments came during a public interview in late May, where he attacked the CLARITY Act, which had been advanced 15-9 by the Senate Banking Committee earlier that month. His objections centered on stablecoin yield provisions, which he said would let crypto companies effectively pay interest on deposits without the protections that banks are subject to and without adequate anti-money laundering (AML) requirements. He also didn’t have kind words for Coinbase CEO Brian Armstrong, who has been lobbying hard for the bill, saying “he’s full of shit.” On his part, Armstrong said that he was “a little perplexed” after Dimon’s comments but insisted that he still had “a lot of respect” for the JPMorgan chief executive. Senator Cynthia Lummis, another strong supporter of the bill, said Dimon had either not read the bill or just wanted to “mislead people.” She pointed out that, contrary to what Dimon was claiming, the CLARITY Act had actually extended provisions of the Bank Secrecy Act to digital assets. A Fight That Has Been Building for Months Dimon’s outburst was the public face of a lobbying campaign that’s been running for months, with the American Bankers Association sending over 8,000 letters to Senate offices in the days leading to the committee vote, pushing for changes to the bill’s language on stablecoin yields. The AML question has also been a real sticking point, with the Bank Policy Institute sharing data showing that last year, illicit crypto flows jumped 162% to hit $154 billion. That figure, it claimed, was partly driven by a nearly 700% increase in value received by sanctioned entities, with stablecoins, mostly Tether’s USDT, accounting for 84% of all illicit transaction volume. Schiff, for his part, hasn’t had a change of heart regarding crypto. As recently as this past weekend, he posted a poll on X asking followers how low BTC would have to fall before they admitted that he’d been right all along about the asset. Additionally, he recently claimed that the flagship cryptocurrency could go as low as $20,000 if it breaks below $50,000. For now, the asset is trading back above $63,000 after a massive price slide that saw it plummet to a 19-month low near $59,000. The post Peter Schiff Blasts Jamie Dimon’s Push for Bank-Style Rules on Stablecoins appeared first on CryptoPotato .

8 Jun 2026, 09:27

Bitwise CEO has a message for Crypto investors chasing AI stocks

Hunter Horsley, the CEO of Bitwise Asset Management, encouraged crypto investors on June 8 to focus less on volatile prices and more on the fundamentals of the projects involved. This advice is worth noting since Bitcoin is currently trading at around $62,800, while the overall market is way behind AI stocks. This statement follows from the tough situation of crypto allocators. As the Nasdaq-100 rises by 43%, with lots of money being invested in the robotics industry and SpaceX, the appeal of momentum-trading crypto has disappeared. However, according to Hunter Horsley, the change is no reason to stop trading cryptocurrencies. But it does demand a different investing posture. Bitwise sees a new era for Crypto investing On his post on X, Horsley advised investors to take a step back and not concentrate on the news of the week or the month’s price movements. Instead, he urged people to focus on two things – real progress in the project and year-on-year performance of the assets. Horsley explained what he meant by “real progress,” namely, on-chain adoption stats, technological products with good product/market fit, integration with corporations and institutions, and the competency of the teams behind the projects. Two days prior , Horsley made a more straightforward point regarding the frustrations of the crypto market. The author acknowledged that crypto investors are green-eyed with envy towards the profits brought by AI and space technology, but the reality is that the breakthroughs in technology took much longer to accomplish. For example, SpaceX was founded in 2002 and faced numerous failures, while OpenAI was established back in 2015, seven years before ChatGPT became widely known. Horsley pointed out that there is a gap between crypto natives and institutional capital coming into the market. As Horsley noted, crypto investors “are not used to an environment in which an hour is fast. A day is fast. A week is a meaningful period of time, and nobody can recall what was going on 4 weeks ago,” quoting an interview with Milk Road on June 5. The institutional capital works to a different timeline and will likely be better suited for the times ahead. That view is consistent with the comments from Matt Hougan, chief investment officer at Bitwise, writing in a market memo on June 2 that crypto was going through “a painful transformation – from momentum trade to contrarian investment.” Hougan believed that investors’ focus shifted to artificial intelligence stocks, robotics firms, and private companies like SpaceX, leaving crypto to rely on long-term fundamentals rather than momentum-based storytelling. The memo is one of the most prominent admissions from Bitwise yet that the next stage of crypto requires something else beyond speculators’ inflows. Why some Crypto assets are outperforming According to Hougan, there was evidence that the market had started recognizing value based on fundamentals, not the macro story. Examples of cryptocurrencies that increased in price by 72%, 50%, 44%, and 17% included Hyperliquid, Zcash , Stellar, and BNB, respectively; none of these assets moved because of the market’s strength. “When crypto stops being a momentum trade, fundamentals start to matter,” Hougan wrote. In addition to the SEC Rule, Hougan pointed ou t the Digital Asset Market Clarity Act, more commonly referred to as the CLARITY Act, as another highly significant but unresolved variable for institutional cryptocurrency adoption. The proposed legislation aims to provide greater clarity on the issue of jurisdiction between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). It will establish a regulatory structure for digital commodity trading platforms, brokers, and dealers. Proponents believe that the legislation may help alleviate the uncertainty issues preventing the entry of large allocators into the cryptocurrency market, despite criticism from opponents. Both Horsley and Hougan have placed the same bet, but from opposite perspectives, as both believe that the next wave of growth in the crypto market will come from people evaluating their projects as they would evaluate any company, rather than how they speculate on memecoins. Whether the bet pays off will depend on whether the institutional money follows through and whether there is regulatory clarity in Congress. Don’t just read crypto news. Understand it. Subscribe to our newsletter. It's free .

8 Jun 2026, 09:25

GBP/USD Forecast: Bearish Pressure Mounts as 1.3240 Support Comes Into Focus

BitcoinWorld GBP/USD Forecast: Bearish Pressure Mounts as 1.3240 Support Comes Into Focus The British pound is facing renewed selling pressure against the US dollar, with technical analysts pointing to a likely test of the 1.3240 support level in the coming sessions. The currency pair has been trending lower since failing to hold above the 1.3400 handle, and momentum indicators are now aligning with a bearish outlook. Technical Breakdown: Key Levels to Watch The 1.3240 level represents a significant support zone, corresponding to a prior swing low and the lower boundary of a short-term descending channel. A break below this level would open the door for a move toward the 1.3150 region, which marks the 50-day moving average. On the upside, resistance is now clustered around 1.3320 and 1.3400, with the latter serving as a critical pivot point for any potential reversal. Fundamental Drivers Weighing on Sterling The pound’s weakness is being driven by a combination of factors. The US dollar has regained strength on the back of hawkish Federal Reserve commentary and resilient US economic data, which has pushed Treasury yields higher. Meanwhile, the Bank of England’s cautious stance on rate cuts has failed to provide sustained support for the pound, as markets continue to price in a more accommodative path compared to the Fed. Market Implications for Traders For short-term traders, the 1.3240 level offers a clear line in the sand. A decisive break below this level on a daily closing basis would confirm the bearish bias and could trigger further selling. Conversely, a bounce from support could present a short-term buying opportunity, though upside may be limited without a catalyst to shift the broader sentiment. Conclusion The GBP/USD pair remains under pressure, with technical and fundamental factors aligning to favor further downside toward 1.3240. Traders should monitor this level closely, as a breakdown could accelerate losses. A sustained move below 1.3150 would signal a more significant trend shift. FAQs Q1: What is the next key support level for GBP/USD? The next major support is at 1.3240, followed by 1.3150 if that level breaks. Q2: Why is the British pound weakening against the US dollar? The pound is under pressure due to a stronger US dollar, driven by hawkish Fed expectations and resilient US economic data, while the Bank of England’s outlook appears more dovish by comparison. Q3: What could reverse the current bearish trend in GBP/USD? A reversal would likely require a weaker-than-expected US economic report, a dovish shift from the Fed, or a stronger UK economic data surprise that changes the relative monetary policy outlook. This post GBP/USD Forecast: Bearish Pressure Mounts as 1.3240 Support Comes Into Focus first appeared on BitcoinWorld .

8 Jun 2026, 09:19

XRP Eyes $1.37 Upside as Bollinger Squeeze Meets July 4th Senate Deadline

XRP begins June with a bullish technical setup toward $1.37 ahead of a July 4 Senate vote.

8 Jun 2026, 09:15

250 Million USDC Minted: Stablecoin Supply Expansion Signals Market Activity

BitcoinWorld 250 Million USDC Minted: Stablecoin Supply Expansion Signals Market Activity Blockchain tracking service Whale Alert reported the minting of 250 million USDC at the USDC Treasury, marking a significant addition to the circulating supply of the second-largest stablecoin by market capitalization. The transaction, recorded on the Ethereum blockchain, has drawn attention from market analysts monitoring stablecoin flows as a proxy for institutional demand and trading activity. What the Minting Means for the Market Stablecoin minting events, particularly large ones, often precede periods of increased trading volume or capital deployment into cryptocurrency markets. The 250 million USDC injection adds to the existing supply of over 25 billion USDC, according to CoinGecko data. While the specific purpose of this minting has not been disclosed by Circle, the issuer of USDC, historical patterns suggest it could be linked to exchange reserves, DeFi protocol demand, or institutional over-the-counter settlement needs. Whale Alert’s detection systems flagged the transaction at block height 19,874,213 on the Ethereum network. The minting occurred in a single transaction, indicating a single large request rather than aggregated smaller mints. This type of activity is typically associated with market makers or large trading firms preparing for anticipated volatility. Context and Implications for Stablecoin Dynamics The minting comes at a time when the broader stablecoin market has seen fluctuating supply levels. USDC’s market cap has stabilized after a period of decline following the 2023 banking sector turbulence that temporarily affected its peg. Competitor USDT, issued by Tether, maintains a significantly larger market cap of approximately $110 billion. Analysts view large stablecoin mintings as a bullish signal when they coincide with rising exchange inflows, as they suggest capital ready to be deployed into risk assets. However, the timing of this minting does not correspond to any immediately identifiable catalyst, such as a major exchange listing or protocol launch. This has led to speculation that the funds may be earmarked for upcoming decentralized finance (DeFi) incentives or corporate treasury operations. Regulatory and Transparency Considerations Circle has maintained a policy of transparency regarding its reserve composition, publishing monthly attestations from accounting firm Deloitte. The company holds reserves in cash and short-term U.S. Treasury obligations. This minting event does not alter the fundamental reserve backing of USDC, but it does increase the total liabilities Circle must maintain reserves against. Regulatory scrutiny of stablecoins remains high globally, with the European Union’s Markets in Crypto-Assets (MiCA) regulation set to impose stricter reserve and transparency requirements on issuers operating within its jurisdiction. Circle has already secured an e-money license in France, positioning USDC for compliance with MiCA standards. Conclusion The minting of 250 million USDC is a notable but not unprecedented event in the stablecoin ecosystem. While it does not immediately signal a specific market move, it adds to the growing liquidity available within the cryptocurrency space. Investors and traders should monitor subsequent on-chain movements of these funds for clues about their intended use. The event underscores the continued demand for regulated stablecoins as a bridge between traditional finance and digital assets. FAQs Q1: What is USDC and who issues it? USDC is a stablecoin pegged 1:1 to the U.S. dollar, issued by Circle Internet Financial. It is backed by reserves held in cash and short-term U.S. government securities, with monthly attestations from Deloitte. Q2: Why does the USDC Treasury mint new tokens? The USDC Treasury mints new tokens in response to demand from authorized distributors, typically in exchange for fiat currency deposits. This allows institutional clients to obtain USDC for trading, payments, or DeFi activities. Q3: Does minting USDC affect its price? No, USDC is designed to maintain a stable value of $1. Minting increases the circulating supply but does not affect the peg as long as the issuer holds equivalent reserves. The price impact is neutral under normal market conditions. This post 250 Million USDC Minted: Stablecoin Supply Expansion Signals Market Activity first appeared on BitcoinWorld .

8 Jun 2026, 08:25

EUR/GBP Stalls Below 0.8655 Resistance as German Data Disappoints

BitcoinWorld EUR/GBP Stalls Below 0.8655 Resistance as German Data Disappoints The euro remained under pressure against the British pound on Tuesday, hovering just below the key resistance level of 0.8655, as fresh data from Germany underscored the ongoing weakness in Europe’s largest economy. The single currency struggled to gain traction despite a broadly softer US dollar, with traders focusing on the deteriorating industrial outlook in the eurozone. German Industrial Data Weighs on Euro Sentiment Official figures released earlier today showed a sharper-than-expected contraction in German industrial production for the third quarter, adding to concerns that the manufacturing recession in the eurozone is deepening. The data reinforced expectations that the European Central Bank may need to maintain a dovish policy stance for longer, which in turn capped the euro’s upside against the pound. The 0.8655 level has acted as a robust ceiling for the EUR/GBP pair over the past two weeks, with sellers emerging each time the pair approached this threshold. Analysts note that a sustained break above this level would require a significant shift in economic data or policy expectations from either the ECB or the Bank of England. Technical Outlook: Key Levels to Watch From a technical perspective, the pair remains range-bound between support at 0.8600 and resistance at 0.8655. The 50-day moving average is currently converging with the resistance zone, adding to its significance. A failure to break higher could see the euro retreat toward the lower end of the range, especially if upcoming eurozone PMI data confirms the manufacturing downturn. On the other hand, the British pound has found some support from expectations that the Bank of England will proceed cautiously with rate cuts, given persistent services inflation in the UK. This relative divergence in monetary policy expectations has provided a floor for sterling. What This Means for Traders For forex traders, the current setup suggests a period of consolidation unless a clear catalyst emerges. The lack of major UK economic releases this week means that the focus will remain on eurozone data, particularly the German ZEW economic sentiment index and the broader eurozone industrial production numbers due later in the week. A downside surprise in these figures could push EUR/GBP below the 0.8600 support level. Conclusion The EUR/GBP pair is at a technical crossroads, with the 0.8655 resistance level proving to be a formidable barrier. Weak German data continues to undermine the euro’s appeal, while the pound holds steady on cautious BOE expectations. A break above or below the current range will likely depend on the next batch of economic data from the eurozone. Traders should monitor the German ZEW index and eurozone industrial production for directional cues. FAQs Q1: Why is the 0.8655 level important for EUR/GBP? The 0.8655 level has acted as a strong resistance zone, where the pair has repeatedly failed to break higher over the past two weeks. It also coincides with the 50-day moving average, making it a technically significant level for traders. Q2: How does German economic data affect EUR/GBP? As the largest economy in the eurozone, German data heavily influences overall eurozone sentiment. Weak industrial production or manufacturing data tends to weigh on the euro, as it reduces the likelihood of the ECB tightening policy and can increase expectations of further easing. Q3: What could trigger a breakout for EUR/GBP? A sustained breakout above 0.8655 would likely require stronger-than-expected eurozone data or a more hawkish shift from the ECB. Conversely, a break below 0.8600 could be triggered by further weak German data or a more optimistic outlook for the UK economy. This post EUR/GBP Stalls Below 0.8655 Resistance as German Data Disappoints first appeared on BitcoinWorld .