🐳 Daily Edition: JPMorgan Files Crypto Trademark in Stablecoin Bid

While the crypto market drifted up over the weekend, rumors later in the day indicating a possibility of the US entering the Israel-Iran conflict in a more meaningful way have undone most of that progress. Interestingly, after years of fudding the crypto space, JPMorgan now appears to have filed a trademark for a stablecoin, JPMD. Seeing a titan of the financial industry who historically has been very anti-crypto flip so meaningfully is a sign of the times: we’re finally on the way to mass adoption. This doesn’t mean the world is going to rush to buy your coins of course, but having use-cases of crypto actually being used is paramount to the longevity of our space. Gambling on the latest coin is always fun, but that doesn’t warrant the multi-trillion dollar industry we all hope continues to rise.

In addition to this bullish news, we had yet another crash of a crypto token on Sunday, in which Polyhedra dumped over 85% in a matter of hours. Backed by reputable names like Polychain, the ZKJ token went from a $2 billion FDV to under $500 million as massive amounts of the token supply were dumped on exchanges. The team has announced buybacks and issued a postmortem since the incident, seemingly alleging the involvement of a few malicious parties, however I must say I feel like I’ve heard this one before. This now marks the third high-profile crash this year to my knowledge, all of which have had legitimate VC backing. If we plan to move this space forward, we have to get rid of bad actors like these.

Many of the biggest accounts in memecoins have had their accounts suspended on X this week, is someone gaming the report system or has X just had enough of the shilling?

The Beluga intern has been hard at work gathering all the most important crypto news stories so you have them in one place!

The Majors

• Spot Bitcoin ETFs now make up 25% of global BTC trading volume

• $1 Billion more Bitcoin for Strategy? Of course, it’s Monday

Alt Coins and Stocks

• Polyhedra co-founder says more buybacks coming after ZKJ token crashed due to ‘attack’

Regulatory

• JPMorgan files trademark for Digital Asset Platform as Wall Street’s crypto embrace continues

Random

• What happens to USDC reserves if Circle goes bankrupt?

• Kraken survey finds 48% of respondents fear themselves as their biggest crypto security risk

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