Crypto Weekly Roundup: Increased investment from exchange-traded funds (ETFs) drives Bitcoin’s price up to $58,000, indicating a return of faith from institutions; in the Ripple vs. SEC case, regulators imposed a fine of $125 million, much lower than the $2 billion they had originally sought. The decentralized exchange ZKX, meanwhile, closed down without warning, which infuriated investors. Now, let’s delve into this further.
Bitcoin
To further its pro-Bitcoin stance, the Japanese investment firm Metaplanet has borrowed 1 billion yen ($6.8 million) from a shareholder.
By June 30, 2024, Capula Investment Management had $464 million worth of spot Bitcoin ETF shares, according to a filing with the SEC.
A resurgence of faith among institutional investors has led to a meteoric rise in Bitcoin’s price, which has soared to $60,000 thanks to a dramatic uptick in investment dollars flowing into exchange-traded funds (ETFs).
DeFi
Upon losing his SNX shares in the liquidation that followed market volatility and high-risk moves, former CFO SynthaMan received $86,000 in Illuvium tokens from Synthetix founder Kain Warwick.
The decentralized exchange “ZKX Shut Down” cited economic infeasibility as the reason for its sudden shutdown, which caused investors to react negatively due to the lack of transparency and communication.
Altcoins
Recent negative trends and general market conditions are causing Cardano’s price to fall by 12% potentially. The technical analysis paints a worrying picture, despite the excitement about the imminent Chang hard fork upgrade and the advantages it is supposed to bring to the network.
Investors are seeing an unprecedented rise in interest as the first stage of the MoonTaurus (MNTR) presale approaches completion, paving the way for significant gains as Phase 2 approaches.
Also Read:Â Ethereum Price Forecast 2040
Over $300,000 has been raised since the start of Husky Inu’s $HINU presale. The newest meme coin on the Solana blockchain.
Technology
Parathreads offers a scalable solution for new projects and applications with changeable activity. Which greatly reduces the barrier to entry for projects. This makes Polkadot’s ecosystem more accessible and efficient.
Business
Working with Distractive, Polkadot has relaunched its website with an improved interface. Easier navigation, and plans for upgrades to cater to Web3 users old and new.
Support for the Polkadot ecosystem has come a long way thanks to the Web3 Foundation’s Decentralized Futures (DF) program. The program’s evaluation period ended on July 31, 2024, “SEC v Ripple Wraps Up” and funds were distributed to individuals and groups from various fields.
Regulation
The Ripple vs. SEC case has finally ended after four years of litigation. Federal judge Annalise Torres fined the crypto business $125 million, a significant reduction from the regulatory agency’s demanded $2 billion. Read More: Btccovert
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