Morning crypto market digest: Tether winds down aUSDT, CME Group sues CFTC, and Ark Invest reshuffles its portfolio
The cryptocurrency market is once again showing mixed dynamics. While Bitcoin and Ethereum remain in a sideways trend, key industry players are making strategic decisions that could significantly impact the sector's future. Tether is shutting down its gold-backed stablecoin, CME Group is preparing a lawsuit against the regulator, and Cathie Wood's Ark Invest is reallocating capital in favor of Coinbase. Let's break down the details.
Market Dynamics: Bitcoin and Ethereum in Waiting Mode
As of the morning of June 18, Bitcoin (BTC) is trading in a narrow range around $63,943, showing minimal volatility. Over the past 24 hours, the asset has fluctuated between $63,779 and $66,354. Ethereum (ETH) is also showing no significant movement, holding at $1,735. Such consolidation often precedes a significant move, and the market is currently in an accumulation phase.
Among the top 10 by market cap, Tron (+0.94%) shows the best daily performance, while Hyperliquid (+26.88%) leads for the week. Meanwhile, Tron and BNB are showing minimal losses over 24 hours (-0.34%). Among the top 100 assets, Ethena stands out with a 7.78% daily gain, while Audiera continues to suffer significant losses.
Top News: Tether, CME Group, and Ark Invest
Tether is winding down the Alloy platform and the aUSDT stablecoin. The issuer of the largest stablecoin has decided to shut down the project, launched just two years ago. aUSDT allowed users to deposit tokenized gold XAUT as collateral and issue a dollar-pegged stablecoin without needing to sell gold assets. The company cites a reassessment of priorities and a focus on products with higher demand, primarily XAUT itself. The closure process will be phased: new positions are already unavailable, and users can redeem aUSDT and withdraw gold until September 17. This is not Tether's first product closure; the company previously discontinued CNHT and EURT. XAUT remains a popular stablecoin with a market cap of $3 billion.
CME Group plans to sue the CFTC. Terrence Duffy, CEO of the world's largest futures exchange, announced plans to file a lawsuit against the Commodity Futures Trading Commission (CFTC) over its approval of perpetual futures. Duffy believes these contracts should be classified as swaps under the Dodd-Frank Act and calls them a "disaster" due to high leverage and inexperienced market participants. He compares the current situation to the environment before the 2008 crisis. A month ago, the CFTC approved such contracts for Kalshi and took a neutral stance on a similar proposal from Coinbase.
Cathie Wood's Ark Invest is rebalancing its portfolio. The investment firm bought $18.4 million worth of Coinbase shares while simultaneously selling nearly $29 million worth of Robinhood shares. The Coinbase purchase was made through three ETFs, even as the exchange's stock closed down 2.57%, extending its monthly decline to nearly 13%. Robinhood, on the other hand, surged 8.78%. After the sale, Robinhood remains the fourth-largest position in the flagship ARKK fund, while Coinbase now ranks eighth.
My expert commentary: The closure of aUSDT signals that Tether is concentrating on its most liquid products, a sensible strategy amid increasing regulatory pressure. The CME lawsuit against the CFTC could set a precedent that defines the future of derivatives regulation in the U.S. And Ark Invest's capital shift from Robinhood to Coinbase indicates Cathie Wood's belief in the long-term potential of institutional cryptocurrency trading, despite the current correction.