26th June 2026
tl;dr
Krugman is always wrong. Binance withdraws from the EU. Crypto-PACs chalk up more wins.
Market Snap
Market Wrap
There's an ugly overnight move with a sustained breach of $60k to the downside and a low at $58.3k, last seen in September 2024.
Over the last two days spot BTC ETFs suffered outflows of over $1.1bn. Futures prices imply an 80% chance of a US rate hike before the end of the year (which I believe is wrong). MSTR is at a loss on its stash of BTC. Miners’ distribution of BTC keeps growing.
That’s a convincing backdrop for ongoing price weakness.
Curious Cryptos’ Commentary – AI will fail
https://open.substack.com/pub/ruben/p/why-ai-will-fail?r=5erjhn&utm_campaign=post&utm_medium=email
My favourite quote is from ultra crypto-sceptic Paul Krugman, who refuses to learn:
“By 2005 or so, it will become clear that the Internet’s impact on the economy has been no greater than the fax machine.”
That’s economists for you: talk nonsense and bag a $1mm Nobel prize.
Curious Cryptos’ Commentary – Binance
Binance has withdrawn its application for registration under MiCA, the EU’s world-beating crypto legislation. It had applied to the Greek Hellenic Capital Market Commission, with a deadline of 30th June 2026 to become compliant. However, it seems that with no forthcoming decision, Binance is shuttering its EU operations. French clients received this news:
“Binance is no longer in a position to accept new clients and from July 1, 2026, will no longer provide crypto asset services in France. Your assets remain safe and secure, and will remain accessible at all times.”
A similar email has been sent to clients in all other EU countries.
A spokesperson tried to provide some clarity, but failed spectacularly:
"We have taken the prudent decision to move forward in a way that gives users more clarity and allows us to continue pursuing a compliant, long-term path in Europe."
If anyone understands what that statement means, you know where to find us.
Curious Cryptos’ Commentary – Now New York and Utah
We have already learnt that crypto-supporting candidates in the primaries for Maryland and Alabama have won some stunning victories at the ballot box following substantial financial support from PACs such as Fairshake and its affiliates. The good news does not end there.
In a remarkable turn of events, a crypto-supporting Democrat candidate for New York’s 15th Congressional District won with over 70% of the vote. Remarkable, simply because finding crypto supporters amongst the political elite in New York is a mammoth task, and not one that was guaranteed to succeed.
In Utah, Blake Moore (not to be confused with Barry Moore who won in Alabama), is the candidate for the state’s 2nd District, having taken nearly 60% of the primary vote.
The writing is so clearly on the wall for those who wish to stand in the way of liberty, freedom, and privacy.