Crypto Trends in June 2023

Let’s check out the most important news and trends on the crypto market in June.

The SEC Cracks Down on Non-regulated Cryptocurrency Services

June has been quite turbulent for non-regulated cryptocurrency exchanges. The US Securities and Exchange Commission (SEC) has cracked down on Binance, with a focus on its US subsidiary, Binance.US.

The SEC charged Binance with operating an unlicensed exchange services, broker-dealers, and clearing agencies. The platform was also charged for providing trading services to US customers involving unregistered securities. Additionally, the SEC states that Binance was misusing the funds of its clients. As a result, Binance failed to obtain an operating license in the Netherlands, and faces a court investigation in France.

These charges are yet to reach a legal epilogue since the case is in its early stages, but they have caused considerable turbulence in the crypto market and showed what can happen with trading platforms that provide non-regulated services. 

Major Investment Companies Are Filing Bitcoin ETFs - What Does This Mean for the Crypto Market?

A string of major investment firms are planning to join the crypto market by introducing Bitcoin exchange-traded funds (ETFs). BlackRock, Fidelity, Ark Invest, and multiple additional investment giants have filed BTC ETF requests with the US SEC.

For years, the SEC has refused to approve a BTC ETF service, but it seems that the tides are changing, and these applications might get regulatory approval. In layman’s terms, this means that investment funds with hundreds of billions of EUR worth of assets will be joining the crypto market and offering their clients' exposure to Bitcoin through ETF services.

The news of these ETF applications had a strong impact on the crypto market during the last few weeks and boosted the price of Bitcoin over 30,000 USD. 

Central Bank Digital Currencies Are Gaining Popularity

The idea behind central bank digital currencies (CBDCs) is to create government-backed cryptocurrencies which mimic the price of the official fiat currency of a particular country. 

The idea is becoming increasing popular, and a recent study conducted in June shows that 130 countries are exploring the possibilities of introducing a CBDC. The US, India, Brazil, and the European Union are just some of the major jurisdictions exploring that.

The European Central Bank already announced plans to introduce a pilot CBDC program ahead of a possible launch of the digital Euro in 2028.