U.S. Senator: If Powell Is Fired by Trump, It Will Trigger a Market Collapse

June 11 — Mike McGlone, Senior Commodity Strategist at Bloomberg, is flagging a potential shift in Bitcoin’s dynamic with traditional risk assets. During the last bull cycle, the leading crypto notably outperformed equities, but McGlone says its role could flip today: where it once “led risk assets higher,” it may now “lead them lower.” Comparing Bitcoin to the S&P 500 on a 10x-amplified scale, he projects 2026 could see Bitcoin act as a negative-beta asset. Since 2009, the S&P 500 has only posted annual total declines in 2018 and 2022 — both periods that lined up with Bitcoin’s bear markets and coincided with U.S. midterm election cycles. Today’s market is unique, McGlone argues, because it’s facing overlapping structural pressures: inflation is back as a political flashpoint, stock volatility has stayed muted for a long stretch, but risk metrics for major commodities like gold and oil keep climbing. This mix of “low-volatility equities + high-risk commodities” is historically rare.

Digital Asset, the developer behind Canton, announced on June 11 that it has completed a $355 million new funding round. Led by a16z crypto, the round counts among its backers a subsidiary of the Abu Dhabi Investment Authority, Apollo Fund, BNP Paribas, Castle Island Ventures, Citi Ventures, Coinbase Ventures, Polychain, S&P Global, SBI Group, SoFi, Tradeweb, and dozens of other traditional financial institutions and crypto-native firms — highlighting a clear dual participation of Wall Street and crypto-backed capital. The company confirmed that it is now profitable following the funding round. CEO Yuval Rooz stated that the raise has strengthened Digital Asset’s balance sheet, boosting its financial resilience while giving the firm greater flexibility to pursue mergers and acquisitions, take part in new projects, and support partners as they build on-chain financial ecosystems.

Hungary will remove criminal penalties for cryptocurrency transactions starting June 11, rolling back strict regulations implemented under former Prime Minister Viktor Orban. The change shifts the country’s approach to crypto trading from one focused on criminalizing violations to a more flexible, compliance-based system. Last year, Hungary significantly tightened its cryptocurrency rules, requiring anyone conducting exchanges between crypto and fiat currency, or trades between different cryptocurrencies, to complete an officially approved verification process. Non-compliance previously carried criminal penalties, including imprisonment.

Whale Alert reported on June 11 that the USDC Treasury has minted approximately 250 million USDC on the Solana network.

On June 11, self-proclaimed "White-Haired Stock God" Serenity posted that X-FAB Silicon Foundries SE is building out alternative silicon photonics foundry capabilities—something some market participants view as a potential long-term rival to Tower Semiconductor and GlobalFoundries, and a possible addition to Europe’s CPO (Co-packaged Optics) and photonics chip supply chain lineup. X-FAB has already secured some European industry backing and has ties to NVIDIA’s technology assessment system. Its development direction is framed as part of Europe’s broader push to gain independence in packaging and silicon photonics supply chains. Regarding the timeline, the project is still in early R&D: development work is expected to continue through around October 2026, followed by a gradual production ramp-up in 2027. Larger-scale commercial production may only get underway around 2028, with the project’s R&D origins tracing back to roughly 2023. Right now, the market still broadly categorizes X-F

June 11: Shares of German laser technology firm LPKF Laser & Electronics SE (ticker: LPK) surged 16% during intraday trading, per market data. Earlier, social media user Serenity – who refers to himself as the "White Hair Stock God" – posted that LPK is an undisclosed supplier to SpaceX. While specific contract details remain unconfirmed, Serenity holds a personal trading position in LPK.