Crypto Market Faces $100B Loss as Bitcoin Price Struggles Below $64K

Final week, the crypto market confronted a steep $100 billion loss, pushing Bitcoin under $64,000. Regardless of a number of restoration makes an attempt, Bitcoin struggled to regain stability, peaking at $66.5K earlier than dropping to $63.4K.

The upcoming week may even see continued strain, with bearish tendencies probably halting any restoration. In the meantime, optimistic market developments and regulatory information made Ethereum dropping only one.5% final week. This text will discover the important thing occasions from the previous week that considerably influenced the market.

Australia Welcomes First Spot Bitcoin ETF

The Australian Securities Alternate (ASX), which makes up 90% of Australia’s inventory market, has given the inexperienced gentle for its first spot-bitcoin exchange-traded fund (ETF), in keeping with a put up from VanEck, the issuer.

This fund primarily serves as a ‘feeder fund’ and makes use of a passive administration method, as acknowledged within the disclosure. It provides buyers a method to put money into bitcoin by placing cash into the VanEck Bitcoin Belief (‘HODL’), a U.S. ETF listed on the Cboe BZX Alternate.

SEC Ends Ether Safety Investigation Amid Strain

The U.S. Securities and Alternate Fee’s (SEC) argument that Ether is a safety may not have been as stable as prompt. On June 19, 2024, the SEC unexpectedly concluded its investigation into whether or not Ether is a safety.

Laura Brookover, a lawyer for Consensys, acknowledged that the SEC will not declare that Ether is a safety.

Kraken Bug Exploited Researcher Calls for Reward for $3 Million Theft

Kraken revealed that Certik exploited a bug to carry onto $3 million in digital property. The bug, reported by an nameless “safety researcher” on June 9, led to 2 accounts extracting these property. The researcher demanded a reward for figuring out and utilizing the flaw.

CertiK’s govt staff offered a Q&A abstract to elucidate the state of affairs, stating, “Cryptos have been created from nothing, and no actual Kraken consumer’s property have been concerned in our analysis.” In the end, CertiK returned the $3 million in digital property to Kraken.

MicroStrategy Buys Further 11,931 BTC

MicroStrategy, a Nasdaq-listed software program firm and the most important company Bitcoin holder, purchased a further 11,931 BTC for $786 million, a current press launch acknowledged.

As of April’s finish, the corporate, led by Government Chairman Michael Saylor, held 214,400 bitcoins. This new buy will increase its whole to 226,331 tokens.

Ripple Wins Partial Victory in Court docket

On June 21, the California courts handed Ripple a major procedural victory in a category motion lawsuit regarding XRP. Ripple CEO Brad Garlinghouse clarified the ruling, highlighting that each one class motion claims have been dismissed.

The ruling confirmed XRP’s non-security standing and cleared Ripple of allegations of violating federal securities legal guidelines with its gross sales.

Binance Fined $2.2M for AML Violations in India

India’s anti-money laundering unit introduced on Thursday that Binance, the world’s largest cryptocurrency change, has been fined round $2.2 million (18.82 crore INR).

The advantageous was imposed for offering companies to Indian purchasers with out complying with the nation’s anti-money laundering laws.