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Tether has announced the discontinuation of USDT minting on Eos and Algorand blockchains. But don't panic, Tether will continue redemptions for 12 months. The change takes effect from June 24. Tether claims, the move is supposed to balance its ecosystem. "We carefully evaluate the network's security architecture," Tether stated. Tether emphasized a commitment to user experience. "This transition will be executed meticulously and with minimal disruption," the firm assured. Eos and Algorand are among 17 blockchains supporting Tether transactions. Others include Ethereum, Tron, and Solana. Tron blockchain is the most efficient and popular for USDT stablecoin. In the end of June Tron-based USDT surpassed Visa in terms of daily transactions for the first time in history. The data speaks for itself. As of June 22, Eos-based Tether circulation stood at $75.5 million. This represents 0.06% of total USDT supply. Algorand-based USDT circulation was lower at $17 million. This accounts for 0.01% of total USDT supply. This is not Tether's first blockchain abandonment. The company has been selective in its network choices. But it is not all about cutting. Just recently Tether has expanded to new networks. It launched USDT on TON in April 2024. TON-based USDT has reached $500 million in circulation. This represents 0.44% of total USDT supply.

For the first time ever an Ethereum Hackaton was held in Kyiv, Ukraine. The ETHKyiv event took place on June 21-22 and welcomed more than 200 developers from all around the globe. Including such titans of the Ethereum and Web3 world as Louis Bellet (Yellow Network CEO), Mike Silagadze (ether.fi CEO) and Hanzel Anchia (Metamask Solidity Engineer). ETHKyiv was supported by Yellow Network to provide $350,000 for blockchain startup development. Hackathon had an extensive two days schedule filled with individual speeches and workshops, some held offline by those speakers who made it to Kyiv. Others were hosted online. Among the most interesting speeches were: Trust Unchained: How Yellow Network Redefines Trading by Louis Bellet (Yellow Network), Full Stack Decentralization by Stefan George (Gnosis), Incentives in Blockchain Protocols by Aikaterini Stouka (Nethermind Research), Ethereum culture expanding in the Infinite Garden by Tomo SaitoOffline (Ethereum Foundation), DeFi For Normal People by Mike Silagadze (ether.fi). Workshops included: Uniswap V4 Hooks by Manu Jasan (Atrium Academy), Yellow Network by LouisBellet (Yellow Network), Cyber by Pranjal Bhardwaj (CyberConnect). During ETHKyiv, over $100k were distributed as prizes. Prizes announcement came at the last day of ETHKyiv. Here is the full list of the winners: General track: 🥇BunnBattle - 15000💰 + 5000💰in Incrypted Media Support 🥈KYD - 7000💰 + 3000💰 in Incrypted Media Support 🥉Smart Posluhy - 3000💰 + 2000💰 in Incrypted Media Support Intmax bounty winner - YeezyWallet - 8000💰 The graph builders dao bounty winners: Best New Subgraph: 🥇 KYD (1900 💰 in GRT tokens) 🥈 Hempstarter (1000 💰 in GRT tokens) Best use of Subgraph/Substream: 🥇KYD (1800 💰 in GRT tokens) Best new Substream: No winners Scroll bounties: 🥇 KYD - 1000 💰 🥈 BunnBattle - 1000 💰 🥉 Smart Posluhy - 500 💰 Cicle bounty: No winners, but team donates money to KYD (1400 💰) Yellow Network bounties: 🥇 Fundcraft - 2000💰 and 8000💰 worth of $YELLOW 🥈 YellowConnect - 2000💰 and 8000💰 worth of $YELLOW 🥉 Hempstarter - 1000💰 and 4000💰 worth of $YELLOW Peanut Bounties winners: 🥇 Solving and Rewarding Sandwiches 2250 💰 🥈 Butterdex 1750 💰 🥉 Oracle-less Lottery 1500 💰 4. LuckyETH 1000 💰 5. Toucan Raffle 500 💰

Mechanism Capital's Andrew Kang predicts a potential drop in Ether's value if spot Ether exchange-traded funds (ETFs) are approved. Kang suggests Ether could fall to $2,400. That would be a 30% decrease from its current price of $3,410. Kang cites several factors for his bearish outlook. He notes limited institutional interest in Ethereum compared to Bitcoin. He also points out a lack of incentives to convert spot Ether to ETF form. "How much upside would an ETH ETF Provide? I would argue not much," Kang stated on social media. "After the ETF launch my expectation is $2,400 to $3,000." This forecast contrasts with Ether's recent performance. The asset reached over $4,000 in March, coinciding with Bitcoin's new all-time high. Kang anticipates spot Ether ETFs will attract only 15% of the flows seen by spot Bitcoin ETFs. He estimates $840 million in "true" inflows over six months, based on Bitcoin ETF data. "I believe that the expectations of crypto natives are overinflated and disconnected from the true preferences of tradfi allocators," Kang remarked. He suggests the ETF's impact is already priced in. Not all analysts share Kang's pessimism. Patrick Scott expects similar movement to Bitcoin ETFs, while Van Eck projects Ether could reach $22,000 by 2030. Kang argues Ethereum's pitch as a decentralized financial settlement layer or Web3 app store is a "hard sell" given current data. He compares Ethereum to an overpriced tech stock, citing its high price-to-sales ratio and negative earnings after inflation. The removal of staking from proposed spot Ether ETFs may deter investors, Kang adds. He acknowledges institutional interest in real-world asset tokenization on Ethereum but questions its impact on Ether's price. Kang predicts the ETH/BTC price ratio could fall from 0.054 to 0.035 over the next year. However, he suggests a Bitcoin rally to $100,000 could push Ether to a new all-time high.

Ether, Ethereum's native cryptocurrency, has seen a surge in long-term holder accumulation. This coincides with a 2% price drop over 24 hours. Or is it a coincidence at all? CryptoQuant's head of research, Julio Moreno, reported on X that Ethereum demand has increased significantly. Buying by permanent holders reached the second-highest level on record. On June 12, accumulation addresses acquired about 298,000 Ether tokens. This equates to roughly $1.34 billion at the time of reporting. The acquisition volume was only 6% lower than the previous record. On September 11, 2023, long-term holders purchased 317,000 Ether as the price fell below $1,600. Ether's price has declined 8.49% over the past week. It briefly fell below $3,800 on June 8. The cryptocurrency has remained above $3,400 during this period, according to CoinMarketCap. Ether is currently trading at $3,500. The $3,500 level has been a persistent resistance for Ether bulls. This is evident from past price action. SEC Chair Gary Gensler hinted at possible approval of spot Ether ETFs by September. He informed lawmakers of this during a Senate Banking Committee hearing. The SEC granted preliminary regulatory approval for spot Ether ETFs on May 23. They approved 19b-4 filings from eight applicants. Trading can only begin once S-1 registration statements are also approved. Industry experts suggest this approval confirms Ether's non-security status. Bloomberg ETF analyst James Seyffart stated that this implies SEC recognition of Ether as a non-security. He suggested this could extend to other tokens. Digital asset lawyer Justin Browder concurred. He said S-1 approval would definitively settle the debate on ETH's non-security status. Adam Cochran of Cinneamhain Ventures extended this argument to other project tokens. Several ETF issuers removed staking from their final amendments. The SEC approved 19b-4 applications from various firms on May 23. These include VanEck, BlackRock, Fidelity, Grayscale, Franklin Templeton, ARK 21Shares, Invesco Galaxy, and Bitwise.

Bitcoin, Ethereum, and Tether are becoming real hits in the narcotics business. Mexican drug lords prefer popular crypto tokens to fiat money to make payments in fentanyl trade, U.S. Treasury warns. The U.S. Treasury's Financial Crimes Enforcement Network (FinCEN) has issued an alert concerning the growing use of cryptocurrencies by Mexican cartels. Infamous drug traffickers are buying fentanyl ingredients with popular digital assets. The cartels are sourcing materials from Chinese suppliers. They are actively using Bitcoin, Ethereum, Monero, and Tether for those purchases. Which shouldn't come as a surprise, as these tokens are the most popular in the crypto world. Payments often land in hosted wallets at crypto firms. Some transactions involve secondary money transmitters. This trend isn't new to U.S. authorities. Recent sanctions and criminal cases have highlighted the issue. In October, the Justice Department charged eight China-linked companies. These firms faced allegations of illegal drug activities. The charges included production, distribution, and sales of precursor chemicals. Fentanyl overdoses are now the leading cause of death for Americans aged 18-45. The drug's potency is alarming. It's 100 times stronger than morphine. China is a major source of fentanyl precursors. Later these chemicals travel through multiple countries. Their final destination in most cases is the United States.