Cryptocurrency
Korean Crypto Market Hit 2-Year High in Q1, KRW Beat the USD in This Metric: Kaiko

The Korean crypto markets have recently experienced a surge in trade volume, reaching heights not seen in over two years.
According to a report from Kaiko, the first quarter of 2024 marked an important milestone as the South Korean Won (KRW) surpassed the U.S. Dollar (USD) in terms of cumulative trade volume.
Competition and Shifting Dynamics
This surge in trading activity comes amid fierce competition among Korean exchanges and shifting market dynamics. Upbit, a major player in the South Korean crypto scene, has historically held a dominant position since early 2021, with an average market share of 82% over the past three years.
However, the landscape has become increasingly competitive, particularly during the recent bull run. Rivals such as Bithumb and Korbit have intensified their efforts to gain market share, with Bithumb’s introduction of a zero-fee policy in October 2023 proving particularly impactful.
Despite facing a 60% drop in annual revenue in 2023, Bithumb saw its market share triple in the months following the implementation of the zero-fee strategy. Korbit has maintained a relatively low market share, averaging less than 1% throughout 2024.
The tactics used by Bithumb and others have contributed to a surge in trade volume, resulting in KRW surpassing USD in cumulative trade volume in early March.
However, this achievement was not sustained, as KRW volumes experienced a decline in early April. Despite this, Kaiko believes the recent approval of spot BTC and ETH ETFs in Hong Kong presents a potential catalyst for renewed market sentiment across the Asia-Pacific region.
Regulatory Scrutiny and Market Shifts
Meanwhile, Uniswap Labs disclosed on April 10th that it had received a Wells notice from the U.S. Securities and Exchange Commission (SEC). The announcement caused the UNI token price to drop over 16%, and trading volumes spiked 3,000%.
In the U.S., Coinbase expanded its market share, contrasting with Binance.US’s decline due to legal issues after an SEC lawsuit last June. Binance.US now commands just 0.28% of the market share, a significant drop from its position of over 30% last year.
Kaiko also reports that last week, the 90-day correlation between BTC and the Dollar Index (DXY) fell to a negative 0.24, marking its lowest point in more than a year.
The U.S. Dollar has strengthened due to unexpected inflation spikes and rising tensions in the Middle East. However, unlike traditional safe-haven assets, BTC didn’t attract investor interest during this period and instead experienced a decline alongside other risky assets.
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Cryptocurrency
Anthony Pompliano’s ProCap Financial to Go Public with $750M War Chest for Bitcoin Holdings

ProCap Financial has joined the growing list of firms seeking to become publicly traded bitcoin treasuries, announcing plans to go public through a merger with Columbus Circle Capital Corp. I, a special purpose acquisition company (SPAC).
The firm was founded by investor and crypto entrepreneur Anthony Pompliano, who confirmed raising over $750 million in funding, including $235 million through convertible debt.
The remaining capital was secured through equity financing. Unlike several other companies still navigating regulatory hurdles, ProCap says it is ready to begin purchasing bitcoin immediately.
The company intends to eventually hold up to $1 billion worth of bitcoin on its balance sheet. At the same time, it is building a suite of financial services that includes lending, trading, and capital markets.
Several companies are pursuing bitcoin-focused strategies aimed at stock market investors, such as Trump Media’s $2.5 billion reserve plan. This trend mirrors the model adopted by Michael Saylor’s Strategy, which used public company status to build a bitcoin treasury. However, ProCap says its approach involves creating a broader business model by offering bitcoin-denominated financial services in addition to holding the asset.
According to Pompliano, the goal is to construct a full-service financial platform that mirrors traditional Wall Street institutions but is built entirely on bitcoin rather than fiat currency. The company’s backers will have immediate exposure to bitcoin.
In a statement to CNBC, Pompliano explained,
“Many companies don’t care about the cost of capital. We do. We are traditional capital allocators – we care about building a sustainable business that generates cash flow.”
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Cryptocurrency
GSR Foundation Backs Mercy Corps Ventures via Lido Impact Staking, Advancing a New Model for Philanthropic Capital Deployment

[PRESS RELEASE – London, United Kingdom, June 23rd, 2025]
The GSR Foundation has announced its latest initiative as an Institutional Impact Staker by supporting Mercy Corps Ventures through the Lido Impact Staking mechanism. This partnership marks a significant step forward in the evolution of philanthropic finance, enabling capital preservation while unlocking sustained funding for high-impact development work.
Lido Impact Staking allows institutional capital to remain in ETH, while the staking rewards generated by that ETH are directed towards funding vetted organisations tackling systemic challenges in emerging markets. By choosing to support Mercy Corps Ventures in this way, the GSR Foundation demonstrates continued confidence in this novel, transparent mechanism for philanthropic giving – one that aligns long-term value creation with verifiable impact.
Impact Through Staking
Mercy Corps Ventures, the impact investing arm of global development agency Mercy Corps, is exploring yield-based mechanisms to support its mission of building venture solutions that increase the resilience of underserved communities.
With its Crypto for Good Fund, MCV has partnered with over 30 protocols and startups to reach over 3,000,000 users and provide innovative financial solutions for underserved communities. These solutions have resulted in $10M+ in on-chain transaction volume, generating significant time and cost savings for low-income populations across Africa, Asia and Latin America. The staking returns will support the growth of the Crypto For Good Fund.
This collaboration between GSR Foundation and Mercy Corps Ventures reflects the growing momentum behind yield-based giving, particularly in the Ethereum ecosystem. It highlights how financial innovation can power the work of global development actors, while ensuring that donated capital remains productive and intact.
As more institutions begin to explore staking as a means to fund real-world outcomes, the partnership between GSR Foundation and Mercy Corps Ventures serves as a model for future philanthropy, where the capital is efficient, transparent, and puts impact-first.
About Mercy Corps Ventures
Mercy Corps Ventures is the impact investment arm of Mercy Corps, an international development agency (501c3) operating in 40+ countries around the world. MCV has made 50+ equity investments, including crypto startups such as Goldfinch (Warbler Labs) and Open Forest Protocol, and has launched 20+ real-world crypto use cases through the Crypto For Good Fund.
About Lido Impact Staking
Lido Impact Staking (LIS) emerged alongside Ethereum’s transition to Proof of Stake, spearheaded by Launchnodes – a company established in April 2020 to empower individuals and institutions to operate their own Ethereum validator nodes while retaining full custody of their assets. As a pioneer in non-custodial staking infrastructure, Launchnodes has played a crucial role in making decentralized staking more accessible and secure.
In 2023, the Lido Ecosystem Grants Organization (LEGO) awarded Launchnodes strategic funding to develop a dedicated middleware layer that would enable staking rewards to be redirected toward high-impact social causes. Built atop Lido’s battle-tested staking framework, this innovation marked the beginning of what is now known as Lido Impact Staking.
Today, LIS collaborates with global NGOs, philanthropic foundations, development institutions, and mission-aligned investors to redefine how impact is funded. By channeling ETH staking rewards into the support of digital public goods and humanitarian projects, LIS offers a crypto-native, regenerative approach to philanthropy, unlocking continuous, on-chain funding for a better world.
Users can start supporting Mercy Corps Ventures by impact staking
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Cryptocurrency
4 Things That Could Rattle Bitcoin and Crypto Markets This Week

Crypto markets took a big dip in late trading on Sunday, with Bitcoin falling below $100,000 for the first time since early May, but it appears to be recovering already.
Markets have been highly volatile over the past week amid geopolitical tensions and the US air strike on Iranian nuclear facilities over the weekend.
Those tensions escalated with Iran threatening to close the Straits of Hormuz, a key shipping channel, which would impact global oil prices.
Russia has also reportedly stated that countries are ready to supply Iran with nuclear weapons.
This market has all your answers:
Over the last 72 hours, the US bombed Iranian nuclear sites, Russia said countries are ready to supply Iran with nukes, and Iran’s parliament voted to close the Strait of Hormuz.
Yet, stock market futures are down a mere -0.5% at the open and…
— The Kobeissi Letter (@KobeissiLetter) June 22, 2025
Economic Events June 23 to 27
Key inflation data is due this week, kicking off with June’s S&P Global Manufacturing PMI and Services PMI preliminary readings on Monday,
These purchasing managers’ indexes are leading economic indicators used by analysts to gain insights into changing economic conditions and rates of change.
Tuesday will see home sales data and consumer confidence reports released, while Federal Reserve Chair Jerome Powell will be speaking before Congress to give lawmakers an update on the central bank’s views on inflation and the economy.
Thursday will see more GDP data released for Q1, which will paint a broader picture of the state of the economy and what to expect going forward.
Friday’s Personal Consumption Expenditures (PCE) for May is the big report of the week as it tracks changes in inflation based on consumer spending. The Fed considers the annualized Core PCE Price Index its preferred gauge for inflation in the US.
Key Events This Week:
1. Markets React to US Strikes on Iran – Monday
2. May Existing Home Sales data – Tuesday
3. June CB Consumer Confidence data – Tuesday
4. Fed Chair Powell Speaks – Tuesday & Wednesday
5. US Q1 2025 GDP data – Thursday
6. May PCE Inflation data- Friday…
— The Kobeissi Letter (@KobeissiLetter) June 22, 2025
A very busy economic calendar combined with increased tensions in the Middle East is likely to create a very volatile week ahead for crypto markets.
Crypto Market Outlook
Digital assets continued to weaken over the weekend following US military action in the Middle East and more rhetoric from Iran and Russia as the situation escalates.
Markets lost 4% in a fall to $3.15 trillion but managed to recover slightly during early trading in Asia on Monday morning.
Losses were led by Bitcoin, which fell to $98,500 briefly in its first sub-six-figure dip since May 8. However, BTC had reclaimed the $101,000 level at the time of writing.
Ethereum dumped more than 7% in a fall to $2,135, its lowest level since it broke above $2,000 in early May. Nevertheless, it also made a minor recovery to trade around $2,240 on Monday morning.
Altcoins were all in the red aside from Hyperliquid as markets continue to weaken again.
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