Musk & Cardano: A Crypto Power Duo?

Cardano founder Charles Hoskinson recently hinted at a possible collaboration with Elon Musk.

Author

Danielle du Toit
June 14, 2024

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Here's what we've got for you today:

  • Could Elon Musk Be Cardano’s Next Big Partner?

  • Ether Notches Second-Biggest Hodler Buying Day in History

  • Biden Announces His SEC, FDIC, and Treasury Leadership Picks

  • U.S. Judge Signs Off on $4.5B Terraform-Do Kwon Settlement With SEC

Cardano founder Charles Hoskinson’s recent hint at a possible collaboration with Elon Musk has ignited excitement in the crypto community.

  • A partnership with Musk could have a huge positive impact on Cardano’s visibility in the tech world, according to crypto analyst Cheeky Crypto.

  • There are also speculations that Elon Musk holds 20% of the DOGE supply, which could impact both Dogecoin and Cardano, especially considering Musk’s very influential presence in the crypto market.

  • Cardano is now a trending topic on social media platforms like X and Reddit, which could increase ADA's appeal as an investment option.

Demand for ETH from long-term holders rocketed on Jun. 12 as the price of the altcoin fell.

  • 298,000 ETH, worth about $1.34 billion, was bought by accumulation addresses on Jun. 12, according to CryptoQuant's head of research, Julio Moreno.

  • This was only 6% lower than the record set on Sept. 11 of 2023, when 317,000 ETH was bought as its price fell below $1,600.

  • The latest increase in demand happened as ETH’s price dropped by 8+% over the past seven days.

President Joe Biden announced some major changes to the leadership at key financial regulatory bodies.

  • Biden wants Christy Goldsmith Romero of the Commodity Futures Trading Commission (CFTC) to replace Martin Gruenberg as Chair of the Federal Deposit Insurance Corporation (FDIC).

  • CFTC Commissioner Kristin Johnson has been nominated to become the next Assistant Secretary for Financial Institutions at the Treasury Department.

  • Caroline Crenshaw is expected to remain a commissioner at the Securities and Exchange Commission (SEC).

A U.S. District Court judge agreed to a settlement between the SEC, Terraform Labs and its former CEO, Do Kwon.

  • District Court Judge Jed Rakoff approved a settlement that requires Terraform Labs and Kwon to pay $4.5 billion in disgorgement and civil penalties, along with a permanent ban on buying and selling "crypto asset securities."

  • The SEC initially suggested a $5.3 billion settlement, but lawyers for Terraform Labs argued for a fine of no more than $1 million.

  • The settlement comes just two months after a New York jury found Terraform Labs and Kwon civilly liable for fraud stemming from the $40 billion collapse of the Terra ecosystem in May of 2022.

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