Treasury Submits GENIUS Act: $BTC Integration, Dollar Modernization
The U.S. Treasury has officially submitted its GENIUS Act report to Congress, outlining a strategic plan for $BTC integration into national reserves and dollar modernization via stablecoins. The report outlines a framework where $BTC functions as a native reserve asset, drawing parallels to traditional store-of-value commodities like gold.
The GENIUS Act report elaborates on strategies for enhancing the dollar's utility in the digital age. It proposes the use of stablecoins to facilitate on-chain economies and streamline payment mechanisms, positioning them as a core component for future financial transactions. The report also addresses $BTC's proposed function as a foundational settlement layer for these evolving financial systems.
Following the announcement, platform data showed $BTC sentiment at 74.2% bullish, within its typical baseline range of 65-75%. The long-to-short ratio for $BTC stood at 76% long.
MicroStrategy's Rapid Hourly $BTC Accumulation Reported
MicroStrategy, under the leadership of Michael Saylor, is reportedly acquiring $BTC hourly at a rate equivalent to three times the global daily mining supply.
Judge Dismisses SEC Case Against Justin Sun, Tron Foundations
A U.S. judge has formally concluded and dismissed all Securities and Exchange Commission's (SEC) claims against Justin Sun, the Tron Foundation, and the BitTorrent Foundation. Justin Sun confirmed the court's decision.
$TRX, the native token of the Tron network, reached $0.286792, with a 24-hour volume-weighted average price (VWAP) recorded at $0.285386. Trading activity for $TRX saw a 24-hour volume of $1,529,386.68 across 3102 individual trades, and its Relative Strength Index (RSI) stood at 69.
$BTTC, the native token of BitTorrent, appeared as a top gainer on Binance Spot with increases of 3.13%. However, it also saw declines of 3.03% in other observed intervals.
$MICHI Token Plummets 67% Amid Migration Concerns and CTO Sell-off
The $MICHI token plummeted over 67% in the past 24 hours after its Chief Technology Officer (CTO) sold all holdings just 11 minutes post-launch. The sale involved the $MICHI token (contract address AywAYdNJnSLSXwKWYxDciPjqGRnwp4iZdQptuuQTpump). At the time of the sell-off, $MICHI recorded a market capitalization of $3.8 million and was held by 206 unique addresses. The top 10 holders collectively accounted for 3.61% of the supply, with 9.9% observed in CEX map clusters. In the five minutes leading up to the CTO's detected exit, the token registered 203 transactions with a total volume of $28,900.
The plummet was exacerbated by concerns surrounding the project's token migration process and supply distribution, reflected in sentiment scores for $MICHI at -77, -66, and -28 across various discussions. During a two-week migration period, 32% of the token's supply was migrated, with an additional 10% migrating through late claims in the hour prior to the CTO's exit, bringing the total migrated supply to 42%. 80.7% of the new token supply remains undistributed and awaiting allocation.