Plus: Coinbase tries to stop freezing your account

GM. We threw the market into a juicer set to “unhinged” and now we’re drinking whatever came out. Cheers!

🚀 Circle's IPO.

🍋 News drops: hiding your recovery phrase all over the world, quantum computers coming for your Bitcoin (..or not) + more

🍍 Market flavor today

Crypto Market Cap: $3.35T 1.35% (24H)
Name		Price	24H	7D
	Bitcoin BTC	$107,286.53	1.93%	3.36%
	Ethereum ETH	$2,525.21	1.14%	0.03%
	XRP XRP	$2.25	-0.79%	4.63%
	BNB BNB	$652.64	0.90%	-0.07%
	Solana SOL	$154.29	3.10%	1.35%

Markets were all over the place last week - mostly thanks to the Elon Musk vs. Donald Trump beef.

(If you somehow skipped that chapter, here's the full rundown.)

This drama made things choppy for risk assets, but it also showed (once again) how crypto's sitting right at the crossroads of politics, finance, and online culture.

Especially when Trump and Musk are involved.

Brian Quinlivan from Santiment pointed out that these two have had more influence on crypto than anyone else over the past three years.

👉 Trump helped pump the last bull run with his pro-crypto stance.

👉 Musk’s public comments have consistently triggered major price swings.

So yeah - when they go at it, the market reacts.

That said, crypto didn’t totally fall apart:

• Bitcoin stayed above $100K;

• Ethereum held above $2.4K;

• Solana remained above $140.

But don’t relax just yet. This week could get bumpy again - a bunch of important macro reports are coming out that smart money likes to react to:

🗓️ Wednesday, June 11: CPI - are prices rising on stuff like groceries and rent?

🗓️ Thursday, June 12: PPI - are producers charging more before things even hit stores?

🗓️ Also Thursday: Jobless claims – how many people filed for unemployment?

🗓️ Friday, June 13: Consumer sentiment - how are people feeling about the economy?

🗓️ Also Friday: not a macro report, but it is Friday the 13th... so... anything could happen, I guess?..

Anyways, this batch of data should give a better idea of how new tariffs are hitting the economy. April showed the first signs of inflation picking back up - now we’ll see if that was just noise or the start of a bigger trend.

And crypto could swing either way depending on how hot or cool that data looks.

🥝 Memecoin harvest

These memecoins didn't just wake up - they ascended 🌅

Data as of 07:00 AM EST.

Check out these memecoins and plenty more here.

🚀 CRCL

Back in April, we talked about how Circle - the issuer of the USDC stablecoin - was getting ready to go public.

(If you missed that, catch up here.)

Well… it’s official now.

The CRCL stock started trading on the New York Stock Exchange.

And just like that, Circle became the first stablecoin issuer ever to go public in the US.

Pretty historic.

And yeah, the launch was massive.

The IPO was oversubscribed, meaning more people wanted the stock than there were shares available.

The stock's offer price was $31... and it went as high as $123. That's nearly a 4x jump on day one.

Some of that hype might've come down to good timing.

The Trump administration has been openly supportive of stablecoins, and new proposals like the GENIUS Act aim to give them clear legal status.

That kind of regulatory clarity makes Circle’s business model look a lot more legit - especially to traditional investors who’ve been hesitant about crypto.

Overall, this whole thing sounds super exciting. Big numbers, good setup, yada yada.

But don’t get carried away.

Former Goldman Sachs banker Dom Kwok explained that IPOs are often set up to “pop” on day one to attract attention, but it doesn’t mean the stock is actually worth that much yet.

He emphasized the importance of the lockup period - the first 90 to 180 days after an IPO, when insiders and early investors aren’t allowed to sell their shares.

For Circle, that period is 180 days.

Once it ends, those investors can sell - and they usually do. That often creates downward pressure on the stock.

In fact, Dom brought up Facebook’s IPO in 2012. When its lockup ended, the stock fell to nearly half of the IPO price.

Whatever happens, the bigger picture is clear: Wall Street seems more open to crypto-related companies.

And Circle might be just the beginning 👀

The day after CRCL launched, Gemini announced it filed for its own IPO.

Coincidence? I think not...

🍋 News drops

🔐 Crypto owners are facing more threats lately, so the “Bitcoin Family” decided to change how they secure their assets. They split their recovery phrase into four parts, engraved them onto fireproof metal plates, and hid those plates across four continents.

🧊 Coinbase says it’s finally making progress on one of its most annoying problems: randomly freezing people’s accounts. CEO Brian Armstrong says they’ve cut those cases down by 82%.

🤔 Michael Saylor doesn’t think quantum computers are coming for Bitcoin anytime soon. He says people mostly bring it up to sell their own quantum-themed crypto projects.

🐳 Cetus Protocol, a decentralized trading platform on the Sui network, is back up after a security issue forced it offline in May. Now they’re opening up their code for anyone to inspect and handing out rewards to people who help spot bugs.

🤨 Argentina’s Anti-Corruption Office says President Milei didn’t break any rules when he posted about the LIBRA memecoin. According to them, he was just sharing a personal opinion on X.

🍌 Juicy memes