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US Senate Hearing on Stablecoins; Ethereum’s Wormhole v2 Testnet Launch, 10 Jun, 2025

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Market Overview

Over the weekend (June 7–8), digital currency markets traded in a tight range as Bitcoin (BTC) oscillated between $62,000 and $64,500, ending virtually flat at $63,100 (–0.3%). Ethereum (ETH) saw slightly more volatility, dipping to $3,150 before rebounding to $3,220 (+1.1%). Total crypto market capitalization hovered around $2.9 trillion, with 24-hour trading volumes averaging $110 billion. Altcoins outperformed modestly: Solana (SOL) rose 3.7% on anticipation of its upcoming wormhole upgrade, while Polkadot (DOT) gained 2.2% amid growing parachain interest.

Crypto Market Sentiment

  • Fear & Greed Index: Moved up from 58 (“Greed”) to 64, reflecting renewed optimism around DeFi protocol launches and reduced sell-pressure after last week’s regulatory headlines.

  • Volatility: The CBOE Bitcoin Volatility Index (BVOL) eased from 72% to 65%, indicating a calmer market environment as traders awaited Monday’s US Senate hearing on stablecoin regulation.

  • On-Chain Activity: Active addresses on Ethereum climbed 7%, driven by increased engagement with DeFi DEX aggregators and a flurry of NFT minting activity on layer-2 networks.

Key Developments

  • US Senate Hearing on Stablecoins
    Lawmakers convened on Monday to debate comprehensive stablecoin oversight. While no binding legislation emerged, several bipartisan proposals were tabled to require issuers to hold 1:1 reserves and submit to regular audits. Market participants view today’s session as laying groundwork for more robust consumer protections later this year.

  • Ethereum’s Wormhole v2 Testnet Launch
    The Wormhole bridge team launched its v2 testnet to bolster cross-chain transfers with lower gas fees and enhanced security audits. Early feedback from developers has been positive, with bug-bounty programs already underway ahead of a mainnet rollout slated for late June.

  • Grayscale Lowers Ethereum Trust Fees
    Grayscale Investments announced it will cut the management fee on its Ethereum Trust (ETHE) from 1.8% to 1.5% annually, effective July 1, aiming to narrow the premium to ETH’s spot price and compete more effectively with emerging ETH ETFs.

  • South Korea Mulls Crypto Tax Deferral Program
    Seoul’s Ministry of Economy and Finance is reportedly drafting legislation to allow investors to defer capital gains taxes on crypto holdings held longer than two years, a move designed to curb short-term speculation and promote long-term participation.

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