Crypto Market Update: Trump Media Pulls SEC Applications for Spot Bitcoin, Ethereum ETFs

Bitcoin (BTC) was priced at US$77,336.69, an increase of 0.7 percent over the past 24 hours.

Bitcoin rebounded from a five-day decline after the Senate voted 50-47 to curb Trump’s Iran war powers, sending Treasury yields and oil lower and boosting crypto.

“The asset remains far from the bullish momentum that pushed it above US$82,000 last week, a move supported by solid inflows into spot Bitcoin ETFs and renewed institutional participation,” Simon-Peter Massabni, head of business development at XS.com, told INN in an email.

“Uncertainty surrounding the conflict with Iran continues to weigh on global sentiment after Donald Trump indicated that possible military actions had been temporarily postponed while diplomatic negotiations remain open.

“Rising crude prices are once again intensifying inflation concerns worldwide. If energy costs remain elevated, price pressures could persist longer, potentially forcing central banks such as the Federal Reserve to maintain a more restrictive monetary policy, which has historically limited the appeal of speculative assets like BTC.

“There is also an important technical component. Bitcoin has found psychological support near US$75,000, while the US$80,000 to US$82,000 range remains a major resistance area. A breakout above that range could reignite speculative buying and pave the way for new short-term highs.”

Ether (ETH) was priced at US$2,130.00, up by 0.7 percent over the last 24 hours. In correspondence with INN, Massabni said that Ethereum is facing short-term pressure from ETF outflows and regulatory uncertainty while being supported long-term by its infrastructure role for DeFi, stablecoins and tokenization. Flow stabilization and further regulatory clarity are needed to gain momentum.

Altcoin price update

• XRP (XRP) was priced at US$1.37, down by 0.3 percent in 24 hours.

• Solana (SOL) was trading at US$85.72, 1.6 percent higher over the past 24 hours.

Today's crypto news to know

Polymarket to offer private company prediction contracts

Polymarket has partnered with Nasdaq Private Market to offer private-company prediction contracts that would allow users to trade event outcomes tied to private-company milestones such as IPO timing, valuation thresholds or secondary-market activity.

This collaboration represents a significant expansion for prediction markets, moving beyond political and sports wagering into the realm of corporate finance and private equity valuation.

Nasdaq Private Market will supply the transaction and valuation data used to settle contracts.

Truth Social withdraws spot Bitcoin ETF applications

Donald Trump’s Truth Social has officially abandoned its push to launch cryptocurrency exchange-traded funds, pulling its applications for both a Bitcoin ETF and a combined Bitcoin-Ethereum product from SEC review.

The firm behind the platform, Trump Media & Technology Group, cited a deliberate shift in strategy for the sudden withdrawal.

Steve Neamtz, president of the fund's sponsor Yorkville America, stated that restructuring the offerings would give the company the flexibility to deliver "differentiated investment strategies" that wouldn't be possible under the current framework.

The decision to pull the ETFs marks a minor setback for the Trump family's sprawling crypto ventures, which already include NFT collections, a meme coin, and a DeFi platform.

Meanwhile, the president is aggressively pushing back against regulatory friction for digital assets on a broader scale. On May 19, Trump signed an executive order directing six federal financial regulators, including the SEC and CFTC, to streamline rules that hinder fintech firms and non-bank entities.

The directive explicitly frames overly burdensome regulations as unfair barriers that protect incumbent banks, giving agency heads 180 days to systematically review and reduce hurdles related to bank charters and deposit insurance.

Furthermore, the order demands that the Federal Reserve conduct a parallel 120-day review evaluating whether crypto companies should gain direct access to Reserve Bank payment services. If the Fed determines existing law allows for expanded access, it must publish transparent application procedures and deliver decisions within 90 days.

Minnesota outlaws prediction markets, sparks immediate federal lawsuit

The jurisdictional war over cryptocurrency prediction markets has officially reached a boiling point after Minnesota became the first state in the nation to enact a total ban on the platforms.

On Monday, Governor Tim Walz signed a landmark bill making it a felony to create, operate, manage, or advertise any prediction market within state lines. The aggressive move stems from a growing bipartisan consensus among state regulators that wagers on sports, politics, and pop culture constitute unlicensed, illegal gambling.

However, the federal government fiercely disagrees. Within hours of the bill’s signing, the Commodity Futures Trading Commission (CFTC) and the Department of Justice launched a massive federal lawsuit against Minnesota, seeking a preliminary and permanent injunction against the law.

The complaint accuses state leaders of a "flagrant and unprecedented incursion" into the CFTC's exclusive regulatory jurisdiction.

CFTC Chair Mike Selig also accused Governor Walz of prioritizing special interests over American farmers, who rely on traditional event contracts to hedge against agricultural risks.

Deloitte acquires Blocknative

Global professional services giant Deloitte is aggressively expanding its digital asset capabilities by acquiring the prominent blockchain infrastructure firm Blocknative.

Founded in 2018, Blocknative established itself as a critical player in the crypto ecosystem, specializing in real-time mempool monitoring, transaction orchestration, and highly accurate gas fee predictions through its decentralized oracle network.

With the acquisition now finalized, the Blocknative team is set to pivot its focus entirely toward driving Web3 innovation across Deloitte’s massive global client portfolio.

Consequently, Blocknative’s public-facing operations are officially shutting down, with its API and Gas Network services scheduled to fully wind down by June 19.

It currently remains unclear if the entirety of the Blocknative team will successfully transition over to Deloitte.