Bitcoin
Trump meme coins explode, Germany sells Bitcoin
Among the top stories from the past week: The cryptocurrency market reacted after a gunman opened fire at a political rally, wounding former President Donald Trump; regulators dropped an investigation into Paxos; Germany emptied its Bitcoin (BTC) stock; and spot BTC exchange-traded funds (ETFs) saw a recovery in net inflows.
Trump meme coins see double-digit growth
- The market value of MAGA (TRUMP) coin has surged by over 14.7% in 24 hours. At the time of writing, it is up by over 30% and is trading at $8.32 per unit.
- Other meme coins inspired by former President Donald Trump emerged after the presumptive Republican nominee was shot at a rally in Pennsylvania on Saturday, July 13.
SEC Drops BUSD Investigation
- The US Securities and Exchange Commission (SEC) recently closed its investigation into Paxos, an investigation the agency began more than a year ago.
- Paxos confirmed on July 9 that the securities regulator has disclosed that it has no plans to take any enforcement action against its BUSD issuance in collaboration with the world’s largest exchange, Binance.
German government sells Bitcoin
- The German government emptied their Bitcoin holdings after weeks of sustained selling.
- Three weeks ago, Germany’s Federal Criminal Police Office (BKA) began unloading 50,000 BTC it confiscated from Movie2k.to in 2013, increasing selling pressure on Bitcoin. With multiple sales almost every day, this liquidation campaign ended last week.
Spot BTC ETFs See Renewed Interest
- Bitcoin Spot ETFs have also seen renewed interest following a period of persistent daily net outflows. On July 12, these products mountain range US$310 million in net inflows, the highest amount in over a month.
- Overall, they commanded an impressive $1.04 billion in net capital inflows last week, recording five consecutive days of positive intraday flows.
BitMEX Pleads Guilty to BSA Violations
- Last week, leading cryptocurrency derivatives platform BitMEX begged guilty of violations of the Bank Secrecy Act, according to a July 10 release from the U.S. Department of Justice.
- The plea came after U.S. authorities accused the exchange and its executives of flouting anti-money laundering provisions in 2020. While its executives previously pleaded guilty and paid fines of $10 million each, the exchange’s plea came four years after the case began.
US House fails to override Biden’s veto of SAB121
- Additionally, the US House of Representatives was impossible to override a Biden administration veto on a bill seeking to repeal SAB 121, a measure that could have limited the SEC’s oversight of cryptocurrency custody.