Several important developments unfolded today in the cryptocurrency world, affecting exchanges, digital assets, and legal cases.
JPMorgan Pauses Gemini Onboarding After Public Criticism
Tyler Winklevoss, co-founder of crypto exchange Gemini, accused JPMorgan Chase of stopping the bank’s onboarding of Gemini as a client. The move came after Winklevoss publicly criticized JPMorgan’s new fees for financial data access, which he said could harm fintech and crypto firms. In a post on social media, Winklevoss said JPMorgan told Gemini that the onboarding process was paused as retaliation for his comments.
The dispute follows a Bloomberg report revealing JPMorgan’s plan to charge fintech companies for access to customer banking data. Winklevoss warned this could “bankrupt fintechs” that help facilitate cryptocurrency purchases.
Ether’s Social Media Buzz Signals Possible Price Pullback
Ethereum’s price rally has attracted heightened social media attention, reaching what analysts call “extreme euphoria.” According to the sentiment analysis firm Santiment, this level of social chatter often signals a potential price correction.
Ethereum’s price has increased by over 50% in the last month, and its value relative to Bitcoin has surged by 70% since early May. Santiment explained that when social media dominance spikes to unusually high levels, it often means the asset is overhyped, and the market may be due for a correction. However, other technical indicators suggest Ethereum’s price could still rise further.
Tornado Cash Co-founder Roman Storm’s Trial Nears Closing
Roman Storm, co-founder of the cryptocurrency mixer Tornado Cash, is expected to finish presenting his defense next week. Closing statements in the high-profile trial are scheduled for Tuesday or Wednesday, according to Judge Katherine Failla.
Storm faces charges including money laundering, conspiracy to operate an unlicensed money transmitter, and conspiracy to violate US sanctions. The trial has included testimony from an FBI agent and Ethereum developer Preston Van Loon. It remains unclear if Storm will testify in his own defense.
