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

Last week, the crypto market faced a steep $100 billion loss, pushing Bitcoin below $64,000. Despite multiple recovery attempts, Bitcoin struggled to regain stability, peaking at $66.5K before dropping to $63.4K.

The upcoming week may see continued pressure, with bearish trends possibly halting any recovery. Meanwhile, positive market developments and regulatory news made Ethereum losing only 1.5% last week. This article will explore the key events from the past week that significantly influenced the market.

Australia Welcomes First Spot Bitcoin ETF

The Australian Securities Exchange (ASX), which makes up 90% of Australia’s stock market, has given the green light for its first spot-bitcoin exchange-traded fund (ETF), according to a post from VanEck, the issuer.

This fund mainly serves as a ‘feeder fund’ and uses a passive management approach, as stated in the disclosure. It offers investors a way to invest in bitcoin by putting money into 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 might not have been as solid as suggested. On June 19, 2024, the SEC unexpectedly concluded its investigation into whether Ether is a security.

Laura Brookover, a lawyer for Consensys, stated that the SEC will no longer claim that Ether is a security.

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Kraken Bug Exploited Researcher Demands Reward for $3 Million Theft

Kraken revealed that Certik exploited a bug to hold onto $3 million in digital assets. The bug, reported by an anonymous “security researcher” on June 9, led to two accounts extracting these assets. The researcher demanded a reward for identifying and using the flaw.

CertiK’s executive team provided a Q&A summary to explain the situation, stating, “Cryptos were created from nothing, and no real Kraken user’s assets were involved in our research.” Ultimately, CertiK returned the $3 million in digital assets to Kraken.

MicroStrategy Buys Additional 11,931 BTC

MicroStrategy, a Nasdaq-listed software company and the largest corporate Bitcoin holder, bought an additional 11,931 BTC for $786 million, a recent press release stated.

As of April’s end, the company, led by Executive Chairman Michael Saylor, held 214,400 bitcoins. This new purchase increases its total to 226,331 tokens.

Ripple Wins Partial Victory in Court

On June 21, the California courts handed Ripple a significant procedural victory in a class action lawsuit concerning XRP. Ripple CEO Brad Garlinghouse clarified the ruling, highlighting that all class action claims were dismissed.

The ruling confirmed XRP’s non-security status and cleared Ripple of allegations of violating federal securities laws with its sales.

Binance Fined $2.2M for AML 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 (18.82 crore INR).

The fine was imposed for providing services to Indian clients without complying with the country’s anti-money laundering regulations. 

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