Blockchain
Crypto Market Faces $100 Billion Loss as Bitcoin Price Struggles Below $64,000
Last week, the cryptocurrency market suffered a steep loss of $100 billion, pushing Bitcoin below $64,000. Despite multiple recovery attempts, Bitcoin struggled to regain stability, reaching a peak of $66.5k before falling to $63.4k.
Next week could see continued pressure, with bearish 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 the key events of the past week that significantly affected the market.
Australia welcomes the first Bitcoin Spot ETF
The Australian Securities Exchange (ASX), which makes up 90% of the Australian stock market, has given the green light to its first bitcoin spot Exchange Traded Fund (ETF), according to a post by VanEck, the issuer.
This fund primarily acts 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 investing in the VanEck Bitcoin Trust (“HODL”), a U.S. ETF listed on the Cboe BZX Exchange.
SEC Ends Ether Security Investigation Amid 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 is a security.
Laura Brookover, an attorney for Consensys, said the SEC will no longer assert that Ether is a security.
Researcher exploited by Kraken bug demands $3 million reward for theft
Kraken revealed that Certik exploited a bug to retain $3 million in digital assets. The bug, reported by an anonymous “security researcher” on June 9, led to two accounts mining these resources. The researcher asked for a reward for identifying and using the flaw.
CertiK’s executive team provided a Q&A summary to explain the situation, stating: “Cryptocurrencies were created from nothing 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 states.
At the end of April, the company, led by Executive Chairman Michael Saylor, held 214,400 bitcoins. This new purchase increases his total to 226,331 tokens.
Ripple wins partial victory in court
On June 21, California courts awarded Ripple a significant procedural victory in a class action lawsuit involving XRP. Ripple CEO Brad Garlinghouse clarified the ruling, underlining that all class action claims have been denied.
The ruling confirmed XRP’s non-security status and cleared Ripple of charges that it violated federal securities laws with its sales.
Binance fined $2.2 million for anti-money laundering 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 customers without complying with the country’s anti-money laundering regulations.