Markets
Crypto Market Faces $100 Billion Loss as Bitcoin Price Struggles Below $64,000
Last week, the crypto market suffered a major loss of $100 billion, pushing Bitcoin below $64,000. Despite several recovery attempts, Bitcoin struggled to regain stability, peaking at $66.5K before dropping to $63.4K.
The coming week could be marked by continued pressure, with downward trends potentially halting any recovery. Meanwhile, positive market developments and regulatory news caused Ethereum to lose just 1.5% last week. This article will explore key events from the past week that significantly influenced the market.
Australia welcomes first Bitcoin Spot ETF
The Australian Securities Exchange (ASX), which represents 90% of the Australian stock market, has given the green light for its first Bitcoin spot exchange-traded fund (ETF), according to an article from VanEck, the issuer.
This fund primarily serves as a “feeder fund” and uses a passive management approach, as stated in the disclosure. It offers investors a way to invest in bitcoin by placing money in the VanEck Bitcoin Trust (“HODL”), a US ETF listed on the Cboe BZX exchange.
SEC Ends Ether Security Investigation Under Pressure
The U.S. Securities and Exchange Commission’s (SEC) argument that Ether is a security may not have been as strong as suggested. On June 19, 2024, the SEC unexpectedly concluded its investigation into whether Ether was a security.
Laura Brookover, an attorney for Consensys, said the SEC will no longer claim that Ether is a security.
Kraken Exploitation Researcher Demands Reward for $3 Million Theft
Kraken revealed that Certik exploited a bug to hold $3 million in digital assets. The bug, reported by an anonymous “security researcher” on June 9, led to two accounts mining these assets. The researcher demanded a reward for identifying and using the flaw.
The CertiK management team provided a Q&A summary to explain the situation, stating: “The cryptos were created from scratch and no real Kraken user assets were involved in our research. » Ultimately, CertiK returned the $3 million in digital assets to Kraken.
MicroStrategy buys an additional 11,931 BTC
MicroStrategy, a Nasdaq-listed software company and the largest holding company of Bitcoin, purchased an additional 11,931 BTC for $786 million, a recent press release states.
At the end of April, the company, led by executive chairman Michael Saylor, held 214,400 bitcoins. This new purchase brings its total to 226,331 tokens.
Ripple scores partial victory in court
On June 21, California courts awarded Ripple a significant procedural victory in a class action lawsuit regarding XRP. Ripple CEO Brad Garlinghouse clarified the decision, emphasizing that all class action claims had been rejected.
The ruling upheld XRP’s non-secure status and cleared Ripple of allegations of violating federal securities laws during its sales.
Binance fined $2.2 million for AML violations in India
India’s anti-money laundering unit announced on Thursday that Binance, the world’s largest cryptocurrency exchange, has been fined around $2.2 million (INR 18.82 crore ).
The fine was imposed for providing services to Indian clients without complying with the country’s anti-money laundering regulations.