Top Crypto News This Week: Bitcoin Price Dips and Market Loses $100 Billion
Last week, the crypto market experienced a significant loss of $100 billion, with Bitcoin struggling below the $64,000 mark. Despite several attempts to recover, Bitcoin only peaked at $66.5K before dropping to $63.4K. Analysts expect this downward trend may continue, putting a hold on any potential recovery.
On a positive note, Ethereum managed to limit its loss to just 1.5%, thanks to favorable market developments and regulatory news. Let's break down the key events that shaped the market this week.
Australia Welcomes First Spot Bitcoin ETF
In a groundbreaking move, the Australian Securities Exchange (ASX) approved its first spot-bitcoin exchange-traded fund (ETF). This ETF will give investors a new way to invest in bitcoin by channeling funds into the VanEck Bitcoin Trust (HODL), a U.S. ETF listed on the Cboe BZX Exchange. The launch of this ETF supports passive management, making it easier for Australians to gain exposure to Bitcoin.
SEC Ends Ether Security Investigation
A major development came when the U.S. Securities and Exchange Commission (SEC) concluded its investigation into whether Ether is a security. Previously, the SEC had argued that Ether might be considered a security. However, on June 19, 2024, the SEC decided to drop this claim. Laura Brookover, a Consensys lawyer, announced that the SEC would no longer classify Ether as a security.
Kraken Bug Exploited, Researcher Demands Reward for $3 Million Theft
A bug in the Kraken platform was exploited by a security researcher, resulting in the theft of $3 million in digital assets. The flaw, found on June 9, allowed the extraction of these assets. The researcher demanded a reward for finding and exploiting the bug. CertiK, the security team involved, explained that no real Kraken user's assets were compromised, and they eventually returned the $3 million to Kraken.
MicroStrategy Buys Additional 11,931 BTC
MicroStrategy, the largest corporate holder of Bitcoin, acquired an additional 11,931 BTC for $786 million. Led by Executive Chairman Michael Saylor, the company now holds a total of 226,331 bitcoins, reinforcing its strong belief in the cryptocurrency’s potential.
Ripple Wins Partial Victory in Court
On June 21, Ripple achieved a significant procedural victory in a class action lawsuit over XRP. A ruling by the California courts dismissed all class action claims, affirming that XRP is not a security. This victory removes the allegations against Ripple for violating federal securities laws with its sales, as highlighted by CEO Brad Garlinghouse.
Binance Fined $2.2M for AML Violations in India
India's anti-money laundering unit announced that Binance, the world’s largest cryptocurrency exchange, has been fined approximately $2.2 million (18.82 crore INR). The fine was imposed because Binance failed to comply with India’s anti-money laundering regulations while providing services to Indian clients.
Stay tuned for more updates as the crypto market continues to evolve.
