GM. Welcome back to BitPinas Key Points: easily digestible news in concise formats for easy reading. Let’s check the latest crypto news stories in the last 24 hours.

Market Analysis and Updates 📈

Crypto Price Update

Here are the crypto highlights of the day:

• Bitcoin (BTC): $66,700, down 2.1% over the last 24 hours.
• Ethereum (ETH): $3,471, down 2.2% over the last 24 hours.
• Solana (SOL): $147, down 4.6% vs the previous day.

Here’s a statement from Certified Technical Analyst Joseph Lejarde:

• Inflation Rate: U.S. Consumer Price Index (CPI) slowed to 3.3% in May 2024.
• Crude Oil Prices: The decline was attributed to U.S. crude oil prices dropping to $77.43 per barrel, stabilizing between $77 and $80.
• Bitcoin Surge: Bitcoin surged to $70,000 following the CPI news, signaling potential interest rate cuts by the Federal Reserve.
• FOMC Projections: The recent FOMC meeting projected a 25 basis points rate cut this year, boosting market optimism.

Trending Coins Update

• inSure DeFi: $0.0071, up 37.9% vs the previous day.
• Byte: $0.00003, up 35% over the last 24 hours.
• Beercoin: $0.0003, down 11% vs the previous day.

For the daily price update, check out our post on Facebook.

Feature News: DICT’s Government Blockchain — eGOVchain — Sparks Debate on Decentralization

The Department of Information and Communications Technology (DICT) introduced eGOVchain, a government blockchain, receiving mixed reactions from Filipino web3 leaders and crypto enthusiasts. (Read the previous BitPinas report here.)

The aftermath: DICT Undersecretary clarified and provided more information about the initiative.

Opinions about the government blockchain:

• GCrypto Head Luis Buenaventura: “You can’t have a “government decentralized” ledger because those words are conflicting. I think it’s fine, and I think as long as they allow external watchdog groups to audit it, then it’s at least more transparent than the current system of photocopiers and filing cabinets.”
• ETH63’s Paolo Dioquino: “Decentralization and a centralized government can’t be together.”
• Trader Kevin Mateo: “Not against with it. If only the government will allow us to mint our NFT IDs within the centralized blockchain, would be better.
• Check out more opinions in our article.

The clarification: USEC Almirol clarified that eGOVchain aims to secure and make government transactions transparent with at least three nodes, starting with one government-owned node and others managed by private sector entities.

Key quote:

“We’ll invite several experts for consultative discussions soon. I hope you are free to help and throw some suggestions and recommendations.”

What’s next: The consultative discussions could provide more information on what the DICT intends to plan about the government blockchain initiative.

Check out the article to learn more.

Feature News: Terraform Labs to Pay SEC $4.5 Billion

Terraform Labs (TFL) and former CEO Do Kwon have agreed to a $4.5 billion settlement with the U.S. SEC, involving substantial monetary penalties and the cessation of TFL’s operations, Coindesk reported.

What’s the significance? This settlement addresses the SEC’s claims of unlawful gains and aims to prevent future unregistered sales of securities.

The numbers:

• TFL to pay $4.5 billion in total penalties, including $3.58 billion in disgorgement.
• Do Kwon to pay a total of $204.3 million in penalties.

What’s next: The settlement awaits approval from U.S. District Court Judge Jed Rakoff. Following approval, TFL will dissolve, and the community will assume control of the blockchain.

Local Crypto News 🇵🇭

• BSP wants quick refunds of failed InstaPay and PESONet transfers.
  • A lot of users on the BitPinas Facebook page also argued to eliminate fees quickly for small transactions.
  • We noted that the BSP tried to push for it in the past and a bill was filed to push it in Congress.

• PDAX: USDC on Solana now available on the platform.

• PDAX: PEPE token now available.

• Coins.ph lists $PIRATE (Pirate Nation)

Educational Corner 🎓

With USDC (on Solana) and PEPE now available on PDAX, check out the following guides:

Regulation Watch 📜

Stay informed about the latest regulatory updates and what they mean for you:

• The Thai SEC revoked Zipmex’s licenses for non-compliance, requiring the crypto exchange to return client assets or secure them and report back to the SEC.
• Taiwan has launched its Virtual Asset Service Provider Association with 24 registered crypto firms to develop self-regulatory rules under government guidance.

Community Spotlight 🔦

Meet Michael Angelo Biag:  Co-owner and CMO of CryptoBilis Philippine of Cryptobilis PH, a crypto commerce in Southeast Asia that offers a comprehensive range of top-tier hardware wallets, and vibrant community events.

• Checkout CryptoBilis recent event: Bitcoin Pizza Day.
• Check out the video above of our interview with Michael where we talked about crypto wallets.

More Web3 and AI News 💡

Discover the latest in web3 and AI innovation.

• Blockchange, MasterCard’s FinSec Innovation Lab, and others co-led a $5 million fundraise for Kima, a startup linking traditional financial services with decentralized finance.
• Irys raised $3.5 million led by Lemniscap, bringing its total to $8.9 million, to enhance storage, combat misinformation, and scale infrastructure.
• MetaMask introduced “pooled staking,” which enables users to stake Ethereum more affordably compared to traditional validator nodes, although it lacks features like liquid staking tokens

Web3 Gaming Section 🎮

The future of web3 is gaming, and here are the latest news.

• Pixelverse has secured $5.5 million from web3 venture capital firms to expand its gaming platform.
• Moonbeam Network has launched a $13 million funding initiative, including a $10 million innovation fund, to bolster its Web3 gaming and real-world asset tokenization effort.

Event Announcements 📅

Don’t Miss Out: Upcoming events, webinars, and meetups in the crypto space!

Noteworthy 🌟

Key updates and announcements from around the crypto and blockchain world:

• Paxos has cut 20% of its workforce, around 65 employees, as it focuses on expanding its stablecoins and tokenization efforts.
• Polygon has initiated a Community Grants Program.

Stay Connected:

We’d love to hear from you! Reply with your thoughts or questions.

This article is published on BitPinas:DICT Clarifies eGovchain, Terraform Labs to Pay US SEC $4.5B | Key Points | June 14, 2024

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• Source: https://bitpinas.com/feature/key-points-june-14-2024/