Top Crypto News This Week Crypto Market Experiences 100 Billion Loss While Bitcoin Price Battles to Stay Below 64000
Last week, the cryptocurrency market experienced a significant loss of $100 billion, causing Bitcoin to drop below $64,000. Despite several attempts at recovery, Bitcoin struggled to regain stability, reaching a peak of $66.5K before falling to $63.4K.
The upcoming week may continue to see pressure on the market, with bearish trends potentially preventing any significant recovery. However, Ethereum managed to only lose 1.5% last week due to positive market developments and regulatory news. In this article, we will explore the key events from the past week that had a significant impact on the market.
Australia’s stock market, the Australian Securities Exchange (ASX), has approved its first spot-bitcoin exchange-traded fund (ETF), according to VanEck, the issuer. This ETF, known as a ‘feeder fund,’ utilizes a passive management approach and allows investors to invest in bitcoin by putting their money into the VanEck Bitcoin Trust (‘HODL’), a U.S. ETF listed on the Cboe BZX Exchange.
The U.S. Securities and Exchange Commission (SEC) recently concluded its investigation into whether Ether is a security. Previously, the SEC argued that Ether might be classified as a security. However, on June 19, 2024, the SEC unexpectedly ended its investigation, and Laura Brookover, a lawyer for Consensys, stated that the SEC will no longer claim that Ether is a security.
Kraken, a prominent cryptocurrency exchange, revealed that Certik exploited a bug and held onto $3 million in digital assets. The bug was reported by an anonymous “security researcher” on June 9, and it allowed two accounts to extract these assets. The researcher demanded a reward for identifying and exploiting the flaw. CertiK’s executive team clarified the situation, stating that no real Kraken user’s assets were involved in their research, and eventually returned the $3 million in digital assets to Kraken.
MicroStrategy, a software company listed on Nasdaq and the largest corporate holder of Bitcoin, purchased an additional 11,931 BTC for $786 million. This recent purchase brings their total Bitcoin holdings to 226,331 tokens, adding to the 214,400 Bitcoins they already held as of the end of April.
In a significant procedural victory, Ripple, a cryptocurrency company, won a court ruling in a class action lawsuit regarding XRP. The California courts dismissed all class action claims against Ripple, confirming XRP’s non-security status and clearing Ripple of allegations of violating federal securities laws with its sales.
Binance, the world’s largest cryptocurrency exchange, has been fined approximately $2.2 million by India’s anti-money laundering unit for violating the country’s anti-money laundering regulations. The exchange provided services to Indian clients without complying with these regulations.
Tags: Bitcoin, Price Analysis