Here’s what happened in crypto today
Today in crypto, US President Donald Trump discussed his digital asset plans at Coinbase’s State of Crypto Summit, the outgoing chair of the Financial Stability Board (FSB) sounded the alarm on the systemic risks posed by crypto’s deepening integration with traditional finance, or TradFi. Meanwhile, Bitcoin bullishness has returned on social media after several recent retests close to its all-time high.President Trump outlines crypto plans at Coinbase summitPresident Trump addressed Coinbase’s State of Crypto Summit on Thursday, delivering prerecorded remarks about his ongoing digital asset priorities. “My administration is working with Congress to pass the GENIUS Act supporting the creation of dollar-backed stablecoins, and we also will be working to create clear and simple market frameworks that will allow America to dominate the future of crypto and Bitcoin,” Trump said in his second address to a crypto summit since his inauguration. The remarks came as the Senate prepares to vote on the GENIUS Act — a major stablecoin bill — following its advancement in a key vote earlier this week.Lawmakers in the House of Representatives are also considering the CLARITY Act, a broad effort to establish a comprehensive regulatory framework for digital assets.FSB warns crypto nearing “tipping point” as ties to TradFi deepenThe FSB is sounding the alarm on growing risks from the crypto sector, warning that interlinkages with traditional finance are nearing a critical threshold.Speaking in Madrid on Thursday, outgoing FSB Chair Klaas Knot said that while crypto does not yet pose a systemic risk to traditional finance, that status may not last much longer. “We may be approaching a tipping point here,” he said.Knot noted that entry barriers for retail investors have “dropped significantly,” particularly with the introduction of crypto exchange-traded funds. Crypto ETFs allow investors to gain exposure to digital assets without managing private keys, using crypto wallets or navigating exchanges.Knot added that another area of concern is the stablecoin market. He noted that issuers now hold large amounts of US Treasurys, which increases interlinkages between crypto and traditional finance. “That’s a segment that we clearly must monitor closely,” he added.Bitcoin bulls are roaring back as BTC flirts with $112,000Bitcoin’s several breakouts past $110,000 this week have pushed bullish market sentiment to a seven-month high, which was last seen during US President Donald Trump’s election win.As of June 11, there are 2.12 positive Bitcoin comments for every negative comment on social media, crypto analytics platform Santiment said in a June 11 X post. This is the highest ratio since Nov. 6, the day after Trump won the presidential election, when Bitcoin surpassed $70,000 for the first time.Retail interest in Bitcoin has been lagging this cycle, with Bitcoin’s price gains attributed to institutional and nation-state adoption. A positive shift in retail sentiment could be an additional boon for Bitcoin. Santiment data for June 11 tallied 504.54 positive sentiment Bitcoin comments, while 237.71 comments were negative, amounting to a ratio of 2.12. Santiment tracks Bitcoin market sentiment on X, Reddit, Telegram, 4Chan, Bitcoin Talk and Farcaster.