Here’s what happened in crypto today
Today in crypto, Tyler Winklevoss claims JPMorgan paused Gemini's onboarding after he criticized the bank’s data access fees, Ether’s surging social dominance suggests a potential price correction is on the table. Meanwhile, Roman Storm’s trial is set to enter closing statements next week. Tyler Winklevoss claims JPMorgan blocked Gemini over public criticismGemini co-founder Tyler Winklevoss has accused JPMorgan Chase of halting the crypto exchange’s onboarding process in response to his public criticism of the bank’s new data access policy.In a Friday post on X, Winklevoss claimed JPMorgan retaliated after he called out the banking giant’s new move as anti-competitive behavior that could harm fintech and crypto firms.“My tweet from last week struck a nerve. This week, JPMorgan told us that because of it they were pausing their re-onboarding of Gemini as a customer after they off-boarded us during Operation ChokePoint 2.0,” the Gemini boss wrote.The dispute stems from a recent Bloomberg report that revealed JPMorgan’s decision to charge financial technology firms for access to customer bank data — a move Winklevoss argued would “bankrupt fintechs” that facilitate crypto purchases.Ether’s ‘extreme euphoria’ social chatter could be a red flag for priceEther’s recent price rally may be due for a cooldown, as a surge in social media mentions — reaching levels of “extreme euphoria” — points to the potential for a near term correction, according to sentiment platform Santiment.However, other indicators suggest Ether’s (ETH) rally may still have room to run, which has gained more than 50% over the past 30 days.“Social metrics are flashing warning signs. Since early May, Ethereum's price ratio against Bitcoin has surged by an incredible 70%,” Santiment said in a report on Friday.“This has led to extreme euphoria and a massive spike in social dominance, which is often a red flag,” Santiment added.The sentiment provider explained that when social dominance of a cryptocurrency spikes to “unusually high levels,” it signals the asset may be overvalued. “It suggests the asset is over-hyped and the trade is becoming crowded, increasing the risk of a price correction,” the sentiment platform explained.Roman Storm’s team expected to close case next week, developer may still testifyDefense attorneys representing Tornado Cash co-founder and developer Roman Storm will reportedly rest their case sometime next week, sending the matter to the jury.According to reporting from Inner City Press on Friday, Judge Katherine Failla said she expected to hear closing statements from prosecutors and Storm’s legal team on Tuesday or Wednesday. The timeline gives the Tornado Cash co-founder roughly five days to present his defense in court.Whether Storm intends to take the stand in his own defense was unclear as of Friday. Before his trial started, the Tornado Cash co-founder gave an interview in which he said he “may or may not” testify. Friday’s court proceedings ended in the morning with testimony from an FBI special agent, who previously said Storm had control over some of the funds used with Tornado Cash. This marked the 10th day of Storm’s trial, in which he faces charges of money laundering, conspiracy to operate an unlicensed money transmitter and conspiracy to violate US sanctions.Defense attorneys began presenting their case on Thursday, starting with testimony from Ethereum core developer Preston Van Loon. They reportedly said that as many as five witnesses could take the stand before they rested next week.