News
Trump Meme Coins Pop, Germany Sells Bitcoin
Among the biggest news stories of the past week: The cryptocurrency market rebounded after a gunman opened fire at a political rally, injuring former President Donald Trump; regulators dropped an investigation into Paxos; Germany emptied its Bitcoin (BTC) stash; and spot BTC exchange-traded funds (ETFs) have seen a resumption of net inflows.
Trump Meme Coins Boast Double-Digit Growth
- MAGA Coin (TRUMP) market cap has increased by over 14.7% in 24 hours. At the time of writing, it is up over 30% and is trading at $8.32 per unit.
- Other meme coins inspired by former President Donald Trump increased after the presumptive GOP nominee was shot and wounded during a rally in Pennsylvania on Saturday, July 13.
SEC Drops BUSD Investigation
- The United States Securities and Exchange Commission (SEC) has recently Closed the investigation into Paxos, launched by the agency more than a year ago.
- On July 9, Paxos confirmed that the securities regulator had indicated that it had no plans to take any enforcement action against its issuance of BUSD in partnership with the world’s largest exchange, Binance.
German government sells Bitcoin
- The German government emptied his Bitcoin investments after weeks of continuous selling.
- Three weeks ago, the German Federal Criminal Police Office (BKA) began unloading 50,000 BTC confiscated from Movie2k.to in 2013, further increasing the selling pressure on Bitcoin. With multiple sell-offs almost every day, this sell-off campaign ended last week.
Spot BTC ETFs See Renewed Interest
- Spot Bitcoin ETFs have also seen renewed interest after a period of persistent daily net outflows. On July 12, these products saw $310 million in net inflows, the highest in over a month.
- Overall, they saw an incredible $1.04 billion in net capital inflows over the past week, marking five consecutive days of positive intraday flows.
BitMEX Pleads Guilty to BSA Violations
- Last week, leading crypto derivatives platform BitMEX begged guilty of violations of the Bank Secrecy Act, according to a July 10 U.S. Department of Justice memo.
- The guilty plea came after U.S. authorities charged the exchange and its executives with violating AML provisions in 2020. While its executives had previously pleaded guilty and paid fines of $10 million each, the exchange’s guilty plea comes four years into the case.
US House fails to override Biden’s veto of SAB121
- Furthermore, the United States House of Representatives was unable to override the Biden administration’s veto of a bill to repeal SAB 121, a move that could have limited the SEC’s oversight of cryptocurrency custody.