Bitcoin
Crypto market faces $100 billion loss as Bitcoin price struggles below $64,000
Last week, the crypto market faced a steep loss of $100 billion, pushing Bitcoin below $64,000. Despite multiple recovery attempts, Bitcoin struggled to regain stability, reaching a peak of $66,500 before falling to $63,400.
Next week could see continued pressure, with downtrends possibly halting any recovery. Meanwhile, positive market developments and regulatory news caused Ethereum to lose just 1.5% last week. This article will explore the key events of the past week that significantly influenced the market.
Australia Welcomes First Bitcoin Spot ETF
The Australian Securities Exchange (ASX), which represents 90% of Australia’s stock market, has given the green light to its first spot bitcoin exchange-traded fund (ETF), according to a post from VanEck, the issuer.
This fund primarily serves as a “feeder fund” and uses a passive management approach, as indicated in the disclosure. It offers investors a way to invest in bitcoin by putting money into the VanEck Bitcoin Trust (‘HODL’), a US ETF listed on the Cboe BZX Exchange.
SEC ends Ether security investigation amid pressure
The US Securities and Exchange Commission’s (SEC) argument that Ether is a security may not have been as solid as suggested. On June 19, 2024, the SEC unexpectedly concluded its investigation into whether Ether is a security.
Laura Brookover, a lawyer at Consensys, stated that the SEC will no longer claim that Ether is a security.
Researcher exploited by Kraken bug demands $3 million reward for 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, caused two accounts to extract these assets. The researcher demanded a reward for identifying and using the flaw.
The CertiK executive team provided a Q&A summary to explain the situation, stating: “Cryptocurrencies were created out of thin air and no real Kraken user assets were involved in our research.” Ultimately, CertiK returned the $3 million in digital assets to Kraken.
MicroStrategy Purchases Additional 11,931 BTC
MicroStrategy, a Nasdaq-listed software company and the largest corporate holder of Bitcoin, purchased an additional 11,931 BTC for $786 million, a recent press release stated.
At the end of April, the company, led by executive chairman Michael Saylor, held 214,400 bitcoins. This new purchase increases your total to 226,331 tokens.
Ripple wins partial court victory
On June 21, California courts granted Ripple a significant procedural victory in a class action lawsuit relating to XRP. Ripple CEO Brad Garlinghouse clarified the decision, highlighting that all class action lawsuits have been dismissed.
The ruling confirmed XRP’s non-security status and cleared Ripple of allegations it violated federal securities laws with 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 (18.82 crore INR).
The fine was imposed for providing services to Indian clients without complying with the country’s anti-money laundering regulations.