Crypto Weekly Roundup: BTC ETFs Shatter Records, FBI Reports Increase In Fraud, & More



Last week was a significant milestone for the industry as it saw Bitcoin create a new all-time high by blasting past the $70K mark. Since then, the premier has corrected the surge and settled at $69,755 at the time of reporting. Let’s find out more. 

Bitcoin

Spot Bitcoin ETFs registered their busiest day since approval, crossing a staggering $10 billion in trading volume as Bitcoin’s run to a new all-time high turned into a correction. 

Chinese state media agencies have warned citizens about the risk of cryptocurrency investing despite China’s explicit ban on crypto trading. 

MicroStrategy plans to raise $600 million through senior convertible notes to bolster its cryptocurrency holdings, reaffirming its commitment to Bitcoin amid its surge in value.

Ethereum

The SEC, under Chair Gary Gensler, remains ambiguous on whether Ethereum should be classified as a security or commodity amid increasing attention on Ethereum ETFs.

SEC’s repeated delays in deciding on spot Ether ETF proposals from major players like BlackRock and Fidelity have increased anticipation amidst market adjustments.

Technology

BRICs, the five-nation group consisting of Brazil, Russia, India, China, and South Africa, has announced plans to create a blockchain-based crypto payments system. 

Business

Pantera Capital aims to acquire $250 million worth of SOL tokens from the bankrupt FTX estate through the establishment of the Pantera Solana Fund. 

Bankrupt crypto lender BlockFi has reached an “in principle” agreement with the estates of FTX and Alameda Research, which could see the firm receive nearly $874 billion pending judicial approval. 

ShapeShift, the once-prominent crypto exchange, has settled charges brought forth by the SEC regarding selling unregistered securities.

The Optimism Foundation has announced the sale of 19.5M OP tokens worth $89 million at current prices to an unknown buyer in a private sale. 

Security

The Federal Bureau of Investigation’s (FBI) Internet Crime Complaint Center’s (IC3) cybercrime report has revealed a significant increase in crypto-related fraud over the past year. 

The Fantom Foundation has been awarded a default judgment ruling in its legal action against Multichain for breach of contract and fraudulent misrepresentations following a major exploit in 2023. 

Regulations

The SEC has delayed its decision on approving options trading on spot Bitcoin ETF, which could open the door for more institutional capital to invest in Bitcoin. 

The Spanish government’s data protection agency (AEPD) ordered Worldcoin to halt its eyeball recognition project over privacy concerns. 

The Appellate Court of Montenegro has overturned the extradition ruling against Terraform Labs co-founder Do Kwon, returning the case to the first-instance court for retrial and decision-making.

The United States government has agreed to halt its mandatory assessment and data collection of energy consumption by the Bitcoin mining industry. 

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.



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