Weekly Recap | Fomo Raises $75M, Fed Chair to Testify, Echobit Launches Brand Ambassador Program
2026.06.29
Review of Last Week (June 22 – June 28)
Last week, the crypto market experienced another round of volatility. Bitcoin (BTC) fell below $64,000 before consolidating in the $59,000–$60,000 range. The downturn was largely driven by record monthly outflows from U.S. spot Bitcoin ETFs, growing concerns over institutional selling linked to the MicroStrategy (MSTR) model, and the implementation of Europe's MiCA regulatory framework.
This week, market sentiment remains cautious. Following BTC's drop below the $60,000 level, the market has entered a consolidation phase with expectations of range-bound recovery. Investors are closely watching capital flows for signs of a trend reversal.
In this report, we recap the key developments from the past week and highlight the major events to watch in the week ahead.
Market Pulse
- Goldfinch, the decentralized credit protocol backed by a16z, announced its gradual shutdown.
- The Ethereum Foundation reduced its workforce by 20% and reorganized into five functional divisions.
- Chainlink partnered with 47 banks across South Korea and Europe to advance stablecoin cross-border settlement.
- SBI Group announced the acquisition of Japanese crypto exchange Bitbank for approximately $289 million.
- Sonic Labs suspended its annual token issuance and is working toward ending S token inflation.
- Kalshi is reportedly seeking a new funding round at a $40 billion valuation.
- Fidelity reported that the number of public companies holding at least 1,000 BTC increased from 22 to 49 over the past year.
- Samsung announced a KRW 2,655 trillion investment plan.
Funding & M&A
A total of 17 funding rounds were announced last week, raising more than $180 million, with infrastructure and DeFi remaining the primary investment sectors.
- Crypto trading app Fomo raised $75 million in a Series B round led by Index Ventures.
- On-chain trading platform TurboFlow secured $6 million in seed funding.
- Blockchain analytics firm Allium completed a $40 million Series B round.
- a16z CSX-backed Cambrian raised $6 million in seed financing.
- AI-native blockchain development framework Canopy secured $8.5 million in seed funding.
- Sports prediction platform Onyx Odds completed a $20 million funding round.
Policy & Compliance
- U.S. President Donald Trump signed two executive orders aimed at accelerating advanced quantum computing research.
- Hong Kong's Securities and Futures Commission added Aurum / Aurum Foundation to its list of suspicious virtual asset trading platforms.
- Federal Reserve Chair Kevin Warsh is scheduled to testify before Congress for the first time on July 14.
- The Bank of Korea warned that risks from the crypto market could spill over into the traditional financial system.
- Thailand's central bank announced that commercial banks will be allowed to issue Thai Baht-backed stablecoins later this year.
Echobit Highlights
- Echobit officially launched its Global Brand Ambassador Program, recruiting community leaders worldwide.
- Echobit's June Trading Campaign continues to enhance user engagement.
- The World Cup Prediction Carnival remains in full swing with interactive football-themed events.
- The VIP Activity Zone continues to offer exclusive benefits for qualified users.
- The Futures Carnival continues to boost trading participation.
- The Find The Word Challenge has been launched to increase community engagement.
- The 48-Hours Penalty Shootout event continues during the World Cup season.
- Thursday Frenzy remains an active weekly community event.
- Echobit partnered with Bee Network to launch a World Cup Mega Giveaway.
- Trade & Get Rewards Vol. 6 officially went live.
- The World Cup 2026 Match Day Guess campaign is now available.
- Echobit continues expanding its 2026 World Cup Carnival and Global Carnival campaigns in partnership with Galxe.
Next Week Preview (June 29 – July 5)
- Four major central bank governors, including the Federal Reserve Chair, will speak at the ECB Forum on July 1.
- The EU MiCA transition period ends on July 1, requiring unlicensed crypto platforms to exit the European market.
- Hyperliquid frontend Dreamcash will shut down its CASH market in phases starting June 30.
- Sui will unlock approximately 13.72 million tokens, valued at around $9.4 million.
- Securitize plans to pursue a NYSE listing, targeting approximately $400 million in fundraising.
- Robinhood is expected to unveil new cross-border asset and tokenization products.
- Tennessee's ban on cryptocurrency ATMs will take effect on July 1.
- Russia's Ministry of Energy plans to implement a comprehensive crypto mining ban in Moscow and several regions starting July 1.
Echobit will continue tracking the latest developments across the global crypto industry, bringing you timely updates on market trends, regulatory changes, and investment opportunities to help you stay ahead in every market cycle.