The first cryptocurrency has rebounded above $64,000, SpaceX raised a record $75 billion in its IPO, and U.S. authorities imposed restrictions on two AI models from Anthropic, among other events from the past week.

Bitcoin Continues to Rise Amid Hopes for U.S.-Iran Ceasefire

At the beginning of the week, the price of digital gold climbed back to around $64,000. However, the market faced pressure again due to conflicting statements from the parties involved in the Persian Gulf conflict— the U.S. and Iran.

Hourly chart of BTC/USD on Binance. Data: TradingView.

By the weekend, persistent claims from President Donald Trump about the proximity of a deal pushed oil prices down and acted as a catalyst for Bitcoin's rise above $64,000.

Over the week, the first cryptocurrency gained more than 4%.

Source: CoinMarketCap.

Leading altcoins supported the positive momentum of the flagship, with Solana and the token Hyperliquid even outperforming it, rising by 5.26% and 5.47%, respectively. The exception was TRON, which fell by 3.4%.

Spot Bitcoin ETFs continued to experience outflows for the fifth consecutive week, but the amount decreased to $315.8 million from the previous $1.72 billion.

Source: SoSoValue.

On Friday, products attracted $85.8 million, which was a positive signal for the market.

Ethereum funds also continued to lose capital for the fifth week in a row, with an outflow of $14.9 million last week. This figure was significantly lower than previous outflows, which ranged from $168.2 million to $255 million.

Source: SoSoValue.

The cryptocurrency fear and greed index rose slightly from 12 to 18 points. The metric remains in a zone indicating extreme investor fears.

Source: Alternative.me.

The total market capitalization recovered to $2.2 trillion. Bitcoin's dominance increased from 58% to nearly 59%, while Ethereum's share remained around 9.2%.

SpaceX Conducts Largest IPO in History

Elon Musk's company SpaceX priced its shares at $135 in what is now the largest initial public offering (IPO) in history. Trading began on the Nasdaq exchange on June 12.

The company sold 555.5 million shares, raising $75 billion, more than double the amount raised by Saudi Aramco in 2019.

After the first trading session, the share price rose to approximately $161, giving SpaceX a market capitalization of $2.1 trillion.

Source: CompaniesMarketCap.

In the first quarter, the company's revenue increased by 15% to $4.69 billion, while the net loss was $4.28 billion. The primary source of income is the Starlink satellite internet service, and the company also includes the AI division xAI.

SpaceX's market debut could signal the start of a wave of IPOs in the AI sector. Following Anthropic, OpenAI confidentially filed for a listing with the U.S. Securities and Exchange Commission on June 8.

What to Discuss with Friends?

  • On-chain data indicated the capitulation of Bitcoin miners.
  • Google declined to participate in the U.S. quantum program.
  • The Humanity Protocol token plummeted after a $31 million hack.
  • A tax crypto law project in Russia passed its first reading.

Anthropic Disables Fable 5 and Mythos 5 Models

On June 12, Anthropic halted access to the Fable 5 and Mythos 5 models, which were introduced just three days earlier. This was due to a directive from the U.S. government under export control.

The company stated that the document formally prohibits access to any foreign nationals, including foreign employees of Anthropic. As a result, the service was completely disabled.

Anthropic linked the government's decision to the circumvention techniques of Fable 5. The company claimed it reviewed the demonstration and found only a few previously known minor vulnerabilities. According to them, these gaps are relatively simple, and other publicly available models can also identify them without circumventing restrictions.

CEO Dario Amodei published an essay titled "Policy in the Age of Exponential AI Development" on June 10. He discussed the risks associated with the rapid advancement of technology and urged authorities to tighten regulations on artificial intelligence, moving from a disclosure regime to mandatory safety checks for the most powerful models.

According to WSJ, Reuters, and The Information, the U.S. government initiated measures against Anthropic's latest products following a report from Amazon CEO Andy Jassy. He informed Treasury Secretary Scott Bessen and other officials that the company's researchers used Claude Fable 5 to obtain information suitable for cyberattacks.

Former advisor to President Donald Trump on AI and cryptocurrencies, David Sachs, confirmed that a "trusted partner" reported a discovered jailbreak. Allegedly, the administration asked Amodei to either close the vulnerability or withdraw the model— which he refused to do.

Following the incident, the tokens of decentralized AI projects Venice and Morpheus surged in price, with VVV and MOR rising by 14% and 21%, respectively, within a day.

MetaMask Announces Wallet for the Era of AI Agents

The MetaMask team has opened early access to Agent Wallet— a non-custodial wallet capable of executing operations on behalf of the user.

This solution automates interactions with decentralized applications, combining smart account technology with AI agents.

Initially, the wallet supports swaps, perpetual contracts, prediction markets, LP positions, and other DeFi scenarios in EVM networks and Hyperliquid.

Users retain control over their keys and can export their seed phrase at any time. Before starting, they set limits and rules for the agent. MetaMask announced key protection based on a trusted execution environment.

For transactions in Ethereum, Linea, Arbitrum, Avalanche, Optimism, Base, Polygon, BSC, and Sei, features include simulation, threat scanning via Blockaid, and MEV protection in Smart Transactions.

Also on ForkLog:

  • Kalshi tightened its fight against insider trading and added employer verification.
  • Jeff Bezos's AI startup raised $12 billion for industrial AI.
  • Bitcoin mining difficulty dropped by 10%.
  • OpenAI is turning ChatGPT into an AI super app.

Developers of Zcash Approve Ironwood Upgrade

The Zcash team has approved consensus changes for the Ironwood upgrade. This upgrade will launch a new secure pool and limit the supply of ZEC following a recent vulnerability in Orchard.

A separate label will be introduced for the old liquidity pool: after the upgrade is activated, new users will be prohibited from interacting with it, but they will retain the ability to publish logs.

Wallets will stop accepting incoming transfers in Orchard and will direct assets to Orchard addresses already in Ironwood.

The upgrade activation is scheduled for July. Ironwood will be the next step following the emergency fix of a critical bug in Orchard, discovered in late May, which theoretically allowed for unlimited fake issuance of ZEC.

After the vulnerability was fixed, the token's price surged by more than 41%.

What Else to Read?

We explored the business model of Strategy, why critics label it a financial pyramid while supporters see it as an example of effective risk management, and what lies behind the recent sale of part of its cryptocurrency reserve.

We examined the systemic crisis at the Ethereum Foundation, which simultaneously affected the tokenomics, governance, and personnel of the organization. We also sought to answer the question of how the conflict between institutional visions of the second-largest cryptocurrency and Vitalik Buterin's uncompromising stance relates to the sales of ETH by early ICO investors.

We gathered the most notable security events of the week in our traditional digest.