Let's discuss the latest news in crypto for the first week of September 6, 2024

India re-evaluates foreign crypto exchanges registrations

India’s Financial Intelligence Unit (FIU) is reportedly looking to allow offshore crypto exchanges to register again after the previous ban for noncompliance with the country’s AML laws.

The FIU — responsible for Anti-Money Laundering (AML) compliance in India — is reportedly evaluating requests from four overseas crypto exchanges. 

Following FIU registration approvals for Binance and KuCoin, “We have received requests from four more offshore crypto exchanges to operate in India, and we assume that at least two of them will be permitted to resume operations by the end of FY25,” local news media reported, quoting a source it did not identify.

Why does it matter?

The crypto regulatory environment in India appears to be a favorable one which has encouraged more offshore exchanges to apply after implementing compliance with the regulations. 

Ripple co-founder signs letter endorsing Harris for president

According to a CNBC Sept 6 report, Chris Larsen, co-founder and executive chairman at Ripple, the firm behind the XRP cryptocurrency, is among 88 signers of a letter endorsing Vice President Kamala Harris for president.

The report points to a letter signed by 88 corporate leaders in the United States and mentioned other prominent signees, including Aaron Levie, co-founder and CEO of the enterprise cloud company Box, and Yelp CEO Stoppelman, among others.

The report comes shortly after former Ripple board member Gene Sperling left the White House to join Kamala Harris’ 2024 presidential campaign in early August, 2024.

Why does it matter? 

It may signal that some leaders in the crypto industry believe they’ll receive favorable regulatory environments with the Harris administration, or it may just be personal preference of the CEOs of these companies. 

‘Unlucky’ MEV bot takes out huge $12M loan just to make $20 in profit

MEV bot took out a $11.9 million loan to sandwich attack a user but ended up with crumbs. 

According to Arkham data, the MEV bot made a total of 14 transactions during the time period of its sandwich attack — lending, borrowing and returning around $700,000 in USDC and WETH loans across decentralized finance protocols Aave and Uniswap.

Etherscan transaction data confirmed the bot made only $20 in profit after paying gas fees. The transaction only took 12 seconds.

Why does it matter? 

Traders should be cautious when making transactions on dex platforms to avoid being a victim of a sandwich attack.

Qatar releases a new regulatory framework for digital assets

The Qatar Financial Centre (QFC), a business center based in Doha, Qatar, has released a comprehensive framework for regulating and creating digital assets. 

The rules include tokenization procedures and the legal recognition of property rights in tokens and underlying assets, custody arrangements, transfer and exchange. Additionally, the framework also provides for the legal recognition of smart contracts. 

The QFC allows up to 100% foreign ownership and 100% repatriation of profits, charging a 10% corporate tax on locally sourced profits.

Why does it matter? 

The regulatory environment in the middle-east appears to be a positive development for the crypto natives in this region. This shows the good commitment from the regulators in this region to create a favorable environment for adoption.

Binance CEO says CZ is banned from managing or operating the exchange

According to a Sept. 5 Axios report, Binance CEO Richard Teng said CZ has received a lifetime ban from managing or operating the exchange. This is outside the three years, as previously reported by many news outlets.

The crypto exchange reportedly said the former CEO was barred from a management position at Binance, there is no known clear or explicit requirement by either Zhao’s or Binance’s plea agreements made by prosecutors.

Why does it matter?

While many traders anticipate the return of CZ from prison, and many argue for his reinstallment as the CEO, the other members of the board may prefer a less controversial figure to be at the helm as the company seeks to navigate increasingly complicated legal and regulatory environments. 

Conclusion: 

There is a need to be careful and avoid being a victim of sandwich attacks resulting from dex trades. Also, the taxation of crypto and the regulatory laws in the middle-east appears to be favorable for the crypto traders and natives in this region. Nevertheless, the election which comes in November has some support from crypto firms, signaling a good relationship with the government. 

Let's discuss on the latest news in crypto for the last week of August, 2024

Bitcoin holdings of publicly listed firms increased to $20B in one year

A recent survey data from Bitbo showed that 42 publicly listed companies hold 335,249 Bitcoin worth roughly $20B.

Data from investment manager Nickel Digital Asset Management, suggests that in the last one year, publicly traded firms held BTC worth $7.2B, which is a 177.7% increase in the value of BTC held by public firms. 

The buying spree started with the business intelligence firm MicroStrategy. In August 2020, MicroStrategy bought over 21,000 BTC making Bitcoin its primary treasury reserve asset.

Why does it matter? Public firms are grabbing their share of the Bitcoin supply before the scarcity increases which signals a positive approach from public firms in positioning BTC as a store of value.

‘PolitiFi’ tokens increased 667% this year, surpassing all memecoins.

Politically-themed memecoins only make up a small fraction of the total memecoin sector. But political Finance, or “PolitiFi”, tokens, including the likes of MAGA (TRUMP) and ConstitutionDAO (PEOPLE), have been the biggest gainers this year.

Data from coingecko suggests that the market capitalization of this memecoin sector increased by 667% in 2024. 

Currently, the market capitalization of these memecoins is $592.4M as of Aug. 27, which is seven times larger than the previous year. This surge is better than the most popular ones—dogecoin and shiba inu which have only done 73% within the same time period.

Why does it matter? Memecoin trading is expanding into a wider sector of the crypto trading industry. For traders, many of these are viewed as short-term and day trading assets, but that’s an important category as part of a comprehensive strategy that seeks to take advantage of as many trading opportunities as possible.

Bitcoin exchanges record the 3rd-biggest net daily outflow of 2024

According to CryptoQuant, the Bitcoin net outflows from exchanges got to another high on Aug. 27, recording the  third-largest net exchange outflow of 2024.

The current total net outflow is 45,000 BTC, which is currently behind July 5 and July 16, which sealed net outflows of around 52,000 BTC and 68,500 BTC, respectively.

There is also a corresponding increase in the number of BTC held by public firms which probably suggests an increased Bitcoin buying spree.

Why does it matter? Bitcoin bulls may have temporarily run out of steam, but behind the scenes, there is already interest in “buying the dip.”

CBOE submits updated proposal to list Bitcoin and Ethereum options in US

The CBOE — Chicago Board Options Exchange in the United States has submitted an amended application to the regulators to list options on Bitcoin exchange-traded funds (ETFs), according to two Aug. 28 filings for Bitcoin and Ether options, respectively. 

The updated application shows the exchange's intentions to list options linked to ETH and BTC ETFs issued by asset managers, including Fidelity, 21Shares, Invesco, VanEck, Grayscale, Bitwise, BlackRock’s iShares, and Valkyrie. 

Why does it matter? Bitcoin trading exposure to large traditional investors has stretched beyond spot trading and it's a good development for adoption. 

Nasdaq seeks SEC approval to roll out Bitcoin Index Options.

The American Nasdaq stock exchange is reportedly requesting the approval of United States regulators to launch options on a Bitcoin index. 

The proposed Bitcoin Index Options would be based on the CME CF (Chicago Mercantile Exchange Crypto Facilities) Bitcoin Real-Time Index developed by CF Benchmarks. The index tracks Bitcoin futures and options contracts on CME Group’s exchange platform. 

CF Benchmarks is a UK-based cryptocurrency index provider that provides Benchmark Indices for various digital assets. 

Why does it matter? There is an increasing interest to list Bitcoin options indexes. This is a very big deal because the adoption of crypto funds and crypto trading for large traditional exchanges means crypto is here to stay. 

Conclusion: 

There is an increasing interest in the launch of Bitcoin and Ethereum options trading but most especially Bitcoin. Also, there is a rush to buy the Bitcoin dip which is evident with the increasing number of public institutions holding Bitcoin. 

Let's discuss on the latest crypto news updates this week of August 23, 2024

Changpeng Zhao transferred to custody of field office ahead of Sept release

Records show that the authorities have moved the former Binance CEO Changpeng “CZ” Zhao to an administrative facility in the Greater Los Angeles area. 

Zhao still has 38 days before his expected release from custody. It’s unclear why he was moved ahead of his release date, scheduled for Sept. 29. 

In April, Zhao was sentenced to four months in prison after pleading guilty to failing to maintain an effective Anti-Money Laundering program as the person in-charge of the Binance exchange.

Why does it matter? Some traders and researchers believe that the release of Changpeng Zhao will positively affect the market but still, we have yet to see how it will positively influence the cryptocurrency market. 

Tether plans to launch dirham stablecoin with UAE partners

Tether is planning to release a new stablecoin adding to its catalog of stablecoins. 

The largest operator of stablecoin USDT, has partnered with the UAE’s Phoenix Group and Green Acorn Investments to launch a dirham-backed stablecoin, which aims to improve international trade and remittances.

According to the Press Release, the new stablecoin will “streamline international trade and remittances” while reducing transaction fees and offering a hedge against currency fluctuations.

Why does it matter? The UAE is currently a crypto-favorable region which has so far accommodated adoption. This welcome development helps to increase cryptocurrency and blockchain technology support in countries who do business with the UAE. 

Hong Kong targets crypto exchanges at fault in a new licensing push

Hong Kong Securities and Futures Commission’s (SFC) requirements find some exchanges not managing cybercrime risks appropriately. 

The regulator has expressed dissatisfaction with the ongoing inspections of cryptocurrency exchanges that are waiting to be fully licensed in the region. 

The regulator also noted that some of these exchanges are excessively dependent on a handful of executives to supervise the custody of client assets, a Bloomberg report said, citing sources it did not identify. 

Why does it matter? Hong Kong is currently strict with cryptocurrency regulations and given the history of exchanges suffering from security vulnerabilities, keeping the exchanges compliant should result in better security for users. 

BlackRock’s iShares Ethereum Trust approaches $1B in net inflows

According to a Morningstar researcher as reported by Cointelegraph, BlackRock’s Ethereum exchange-traded fund (ETF) has reached approximately $1B in net inflows. 

The iShares Ethereum Trust (ETHA) has recorded an inflow of $992M in net inflows, putting the fund on track to surpass the $1B mark. ETHA will be the first Ether exchange-traded fund to crest the $1B mark.

Why does it matter? Just after the Bitcoin ETF, here comes the Ethereum ETF gaining wide adoption. The two top cryptocurrencies with combined valuation of over $1T are arguably becoming a much more attractive traditional investment choice.

Mercado Libre launches USD-pegged Meli Dollar stablecoin in Brazil

The new stablecoin will serve Mercado Libre customers. It will be a new option for managing finances in Brazil’s volatile economy.

Mercado Libre is a known organization in the Latin American e-commerce space. The newly dollar-pegged stablecoin in Brazil was issued through Mercado Libre's financial arm, Mercado Pago. 

The new stablecoin is called the Meli Dollar and will be available through the Mercado's Pago app.

Why does it matter? The adoption of cryptocurrency and especially blockchain technology is growing and can be seen with the numerous launch of stablecoins, the largest market for asset tokenization. 

Conclusion: 

There is an increase in the adoption rate of stablecoins in the world which equally shows an increased interest in the cryptocurrency market and blockchain technology. Also, there is a favorable regulatory environment for crypto institutions and traders.

Let's discuss what has happened in the crypto industry in the second week of August 2024.

Marathon Digital buys $249M Bitcoin, total reserve at 25K BTC

Marathon Digital made another Bitcoin buy of 4,144 Bitcoins after the company CEO said its company was adopting a “hodl strategy” for the cryptocurrency in July.

Marathon Digital is a Bitcoin miner who has been buying and holding Bitcoin. The latest Bitcoin buy was worth $249M after raising $300M from a senior note offering.

The Bitcoin miner announced on August 4 that it had sold the senior note offering and used part of the $300M proceeds to buy around 4,144 Bitcoin at an average price of roughly $59,500. This new buy brings its strategic Bitcoin reserve to over 25,000 Bitcoins. 

Why does it matter? It highlights fundamental strength in Bitcoin as the base cryptocurrency, as large holders and institutional buyers seized the opportunity to buy the dip and accelerate their accumulation strategies. 

Dubai court recognizes crypto as a valid salary payment

In a recent court ruling at the United Arab Emirates’ Dubai Court of First Instance, the judiciary recognized salary payments in crypto as a valid payment type under employment contracts. 

According to a recent publication from CoinTelegraph, Irina Heaver, a partner at UAE law firm NeosLegal, explained that “the ruling in case number 1739 of 2024 shows a shift from the court’s earlier stance in 2023 where a similar claim was denied because the crypto involved lacked precise valuation.”

Heaver reportedly thinks that the recent ruling is a “progressive approach” to integrating digital currencies into the country’s legal and economic framework.  

Why does it matter? The increasing regulatory friendly approach to cryptocurrency as a payment method encourages adoption and economic freedom for the individuals adopters.

Bitcoin ETF adoption by institutions grows 27% in Q2

Bitcoin ETF (Exchange-Traded Funds) adoption has increased among institutions. The recent ETF adoption could bolster Bitcoin price to new all-time highs.

The institutional adoption of the United States-based spot Bitcoin ETFs grew by over 27% during the second quarter of 2024.

Vetle Lunde, a senior analyst at K33 Research reports that over 262 new firms have invested in spot Bitcoin ETFs.

Why does it matter? There is increasing interest from institutions looking to hold Bitcoin and this is a good development for growth and adoption. 

Binance is back in India as a registered crypto exchange. 

Binance makes an official return to India after registering with India’s Financial Intelligence Unit—FIU-IND.

The Binance mobile app has reappeared on India’s Google Play Store and Apple App Store after the seven-month ban due to noncompliance with local regulations. 

On Aug. 15, Binance’s website and Android and iOS apps became available for crypto investors in India.

According to reports, Binance has reportedly confirmed that it had registered as a reporting entity with India’s Financial Intelligence Unit (FIU-IND) — a legal requirement of compliance for all crypto exchanges operating in India against money laundering.

What does it matter? There is a positive regulatory environment for growth and adoption for investors engaging in trading digital assets in India. 

Iran is giving upwards of $20 to anyone who reports illegal crypto miners.

Iran is reportedly giving out upward of $20 to anyone who alerts authorities to illegal crypto mining operations as the country’s power grid is reportedly strained and some are exploiting subsidized electricity. 

According to Iran International, an Iran-focused news outlet, the CEO of the country’s state-run electricity company Tavanir claims that the temperatures have increased to 113 degrees fahrenheit which has been made worse by crypto miners.

Why does it matter? It's an unwelcoming development for the crypto mining community in Iran. This new outcry will make the crypto mining regulatory operations in Iran an unfavorably deep water to swim through.

Conclusion: 

What we’re seeing is that across the world, governments are now making favorable regulations for the crypto industry. Institutions now that were previously not high on crypto have either bought some Bitcoin or have become neutral with their stances on crypto as a disruptor of the financial market.  

BlackRock's BUIDL fund has paid $7M in dividends since launch

BlackRock's United States Dollar Institutional Digital Liquidity Fund (BUIDL), has reportedly paid out $7M in dividends since its launch in March, 2024.

Let's discuss on what has been going-on in crypto during the week for the last week of July, 2024

Most of the Mt. Gox Bitcoin has been sent to Creditors.

On June 24, the Arkham Intelligence data recorded two transfers of 5,106 Bitcoin which were sent out at 6:16 am UTC. One outward transfer of 2,237 BTC worth $147M was sent to Bitstamp and another 2,869 BTC was sent to an unknown address.

The unknown address, beginning with “1MzhW,” promptly shifted the funds to another wallet, beginning with “12azL,” followed by one last move to addresses linked to Bitstamp.

According to CryptoQuant data, over 66% of the BTC owed to creditors of Mt. Gox has been distributed. Arkham Intelligence Mt.Gox Bitcoin outflow data suggests that only $10M worth of Bitcoin is remaining. 

Why does it matter? The long awaited sell pressure on Bitcoin price due to the various news from different entities might die down sooner.

Cardano ready for Chang hard fork after latest validator node release

Cardano intends to transition to decentralized governance with the Chang hard fork, a Voltaire era of governance for Cardano chain validators.

The latest version of the validator node, Node 9.1.0, is an upgrade of Node 9.0 released on July 8. This latest upgrade will enable the transition to the Chang hard fork. 11% of the necessary 70% of validators have upgraded to the latest version so far.

Voltaire is the final era planned for the network and is marked by the transition of governance to the community. 

Why does it matter? Crypto traders should be cautious and make the right steps and decisions with trading Cardano at this point as the new upgrade may have unpredictable influences on the price movement. 

World’s largest Bitcoin miner Marathon buys $100M BTC for its reserve.

The world’s largest Bitcoin miner has been buying Bitcoin (BTC) as a strategic treasury reserve asset. The firm is bullish on the price of BTC in the long-term, as it sold none of the Bitcoin it mined in June.

“Today Marathon is proud to announce that to strengthen our strategy of holding #Bitcoin as our strategic treasury reserve asset, we have over the past month purchased $100 million in BTC, and will now go full HODL”, — Fred Thiel, CEO and chairman of Marathon Digital.

Why does it matter? The interest of companies in making Bitcoin a part of their treasury reserve indicates a positive interest towards Bitcoin as a store of value.  

Thailand distributing digital money to 45 million citizens to boost economy

Thailand’s finance minister, Pichai Chunhavajira, has confirmed that a plan to pay a social benefit in digital money will happen in August.

Around 45 million Thais will be eligible to receive 10,000 baht (about $280) in digital money on Aug. 1. The Digital Wallet plan was a campaign promise by the Pheu Thai party, prior to winning last year’s general election. 

According to AP, the plan will distribute cash in digital form to Thais aged 16 or older with incomes under $23,000 and savings under $13,700 with KYC (Know-Your-Customer) verification excluding prisoners, persons, and businesses with records of economic abuse.

Why does it matter? It’s one of the first examples of a government using the trackability of digital currencies to try and prevent theft and fraud of benefits awards that have historically been prone to waste and abuse. 

Conclusion: 

There is currently an increased buying interest in Bitcoin from companies who are looking to keep Bitcoin as a part of their treasury reserve. Thailand's experiment with distributing social benefits via digital currency is worth keeping an eye on. It may herald a future where such benefits systems can be streamlined using blockchain technology and principles.

Dear 3Commas Users,

Between July 20th to July 21st, we saw an influx of approximately 75,000 new user registrations, which initial data shows is likely to be bot activity. These bots appear to be attempting to identify registered email addresses for potential future scam and phishing operations. These emails are likely to have been collected from one or more crypto exchanges or services that may no longer be functional business entities.

To counter this, on July 21st we implemented an additional CAPTCHA from Cloudflare to stop the automated registrations. Also, as part of our existing new user verification process, a confirmation message is sent to the registered email address which only people with access to the mailbox can confirm before the new 3Commas account is fully created. However, we advise all users to stay vigilant and take the following precautions:

If you did not create an account and received a message to confirm your account, please do not confirm the email, report it to our support team immediately at support@3commas.io using the email address the message was sent to.

Monitor Your Accounts: If you notice any unauthorized or suspicious activity, such as a new 3Commas account being created with one of your emails, please report it to our support team immediately. Malicious actors cannot create a new account with an email used on an existing account. 

Check Secondary Email Accounts: If you utilize more than one email account for crypto activities, please ensure that you check all of them to confirm they haven’t been compromised. 

Secure Your Email: Be cautious of unexpected emails or phone calls.The 3Commas Support Team will never contact you by phone or send you unsolicited links or file attachments  Avoid clicking on links from unknown or suspicious sources.

Update Your Security: Ensure that your passwords are strong and unique. Make sure you have enabled two-factor authentication for added security on every platform that offers it.

1. Log-in to 3Commas and head to the User Settings page
2. Change your password
3. Enable 2FA (multi-factor authentication), if you have not already done so
4. Additionally, you may find it useful to check your email address with a service like haveibeenpwned.com (or other similar services) to see if your email address is listed as part of a known security event

We urge all users to read our 3Commas Security help article, which contains lots of useful information and tips to enhance the security of their account.

We are working on obtaining more information and formulating additional responses for this issue. Thank you for understanding. 

For further updates and support, please stay tuned to our official communication channels.

Let's discuss on the latest news in crypto for the third week of July, 2024

BlackRock sets a competitive spot Ethereum ETF fee of 0.25% amid rush of S-1 filings

BlackRock’s iShares Ethereum Trust will open at a competitive temporary fee of 0.12% for the first 12 months or until it gains $2.5B in net assets, when it will revert to the 0.25% fee.

BlackRock explains that there is an annualized fee rate equal to 0.25% of the fund’s net asset value and is payable at least every three months in US dollars, in-kind or a combination of both.

Franklin Templeton’s Franklin Ethereum Exchange-traded Fund (EZET) has emerged as the top provider with the cheapest fees, pegged at 0.19%.

Why does it matter? The war of fees gives consumers additional factors to consider when choosing which ETF they want to invest in. More choice is usually a positive. 

Polygon Labs’s confirms September for the MATIC-POL migration

Polygon labs has confirmed the migration of the MATIC token to the POL token will take place  on September 4, 2024. The POL token was initiated to power Polygon's vast ecosystem on their zero knowledge-based layer 2 network. 

During the early phase, the POL tokens will replace MATIC as the native gas and staking token for Polygon PoS. MATIC holders on Polygon PoS will be automatically upgraded to POL.

However, MATIC holders on Ethereum, Polygon zkEVM, or centralized exchanges will need to either bridge, update smart contracts or use a migration contract. 

Why does it matter? Traders should take the necessary steps to ensure their tokens are in the place they want them to be to take advantage of this move and also to avoid losing funds due to failed token migration. 

BlockFi will start distributions in July through Coinbase

The bankrupt crypto lender BlockFi has announced that it will start its first provisional crypto distributions through Coinbase this month.

Eligible customers will be notified through the email registered with their BlockFi account. However, there is a restriction for non-US customers. These non-US customers, due to regulatory requirements, cannot receive funds at this time.

There is around $10B owed to over 100,000 creditors, including a substantial $1B owed to its three largest creditors. Also, a significant $220M is owed to the now-bankrupt crypto hedge fund Three Arrows Capital.

Why does it matter? The victims of the BlockFi bankruptcy can now anticipate possible future payouts

Greek government to introduce crypto taxes starting in 2025

Currently, there is no tax attached to crypto profits as they are not recognized by the Greek government. 

According to local reports, a special committee will present its findings on cryptocurrencies and digital assets to the Ministry of National Economy and Finance in September.

Then it's expected that by January 2025, a solution will be introduced to include crypto and digital assets into taxation. The report explains that crypto and digital assets will be taxed as capital gains from the sale of securities at a 15% rate. 

Why does it matter? Greek crypto traders can now prepare ahead of time with the necessary crypto tax calculation softwares in order to stay compliant with regulations. 

FTX and CFTC agree to $12.7B settlement, pending court approval

The defunct bankrupt crypto exchange, FTX, and the United States commodities regulator CFTC (Commodity Futures Trading Commission), have agreed to a $12.7B settlement, resolving a 19-month long lawsuit. 

The settlement agreement comprises $8.7B in restitution and $4B in disgorgement. The whole settlement will be paid out to creditors as the regulator didn’t seek a civil monetary penalty. 

A hearing on the settlement is set for August 6th in the Bankruptcy Court at the Delaware district. Currently, creditors have until August 16th to vote on how they would prefer to be paid. Then on October 27, the US Bankruptcy Court Judge John Dorsey will make a final decision.

Why does it matter? The victims of the FTX bankruptcy can now anticipate possible future payouts.

Conclusion: 

There is currently a competitive approach on fees for the spot Ethereum ETF listing to drive higher inflows after launch. Also, bankrupt crypto firms are making plans to refund customers which could result in a drop in prices if a lot of crypto enters the market at the same time. It will largely depend on how the recipients use their newly returned funds. 

Let's discuss on the latest crypto news updates this first week of July, 2024

What caused the Bitcoin price to drop to $54K? Charts point at potential Mt. Gox repayments

Mt.Gox have started repaying creditors their Bitcoin and Bitcoin cash tokens through selected crypto exchanges according to recent reports. 

This is according to a recent Bitcoin transfer volume chart for tokens last moved in the past seven to 10 years shared by Charles Edwards, the founder of digital asset hedge fund Capriole Investments.

Edwards shared in a July 2 X post:

“The entire history of this chart has disappeared because an enormous sum of Bitcoin moved on-chain, 10X more than the previous highs. $9B. But by who? Mt. Gox. It looks like those distributions really are coming.” 

Mt.Gox will be repaying 127,000 creditors a total of $9.4 billion in Bitcoin which majorly will be absorbed by institutional investors when creditors keep selling.

Why does it matter? The Bitcoins are likely to be sold into the open market and will drive the Bitcoin price down.

A German MP advises the government to stop selling Bitcoin

A member of the German parliament, and Bitcoin enthusiast, Joana Cotar said the large Bitcoin sell-off isn’t “sensible” but counterproductive. Joan urges the government to use Bitcoin as a strategic reserve currency. 

https://x.com/JoanaCotar/status/1808888782738911614?s=19

The German government has sold 7,583 Bitcoin worth $434.9 million at current prices. The German government started selling on June 19, according to cryptocurrency intelligence platform Arkham Intelligence.

Why does it matter? The German government might have to hold Bitcoin in the future if they eventually follow the advice of the parliament members.

Over $200m in BTC long positions liquidated in the last 24hrs 

Over $201 million in long Bitcoin positions has been liquidated in the past 24 hours. The Bitcoin price touched $53,499 on Coinbase, the lowest point since February.

Moreover, the cryptocurrency liquidations have surged to $664.5 million in two months. This is the highest surge in over 24 hours for the past two months, according to data from CoinGlass.

The Crypto Fear and Greed Index has a score of 29 out of 100 on July 5, showing that the crypto market is experiencing “Fear.” This is the lowest since January. 

Why does it matter? The crypto market is going on a downtrend currently and many traders will be more careful with their trading positions.

Bitget is working to obtain a license in India to continue offering its crypto trading services.

Bitget is looking to obtain a regulatory trading license in India. Currently, Bitget is  operating in the Indian market but is facing some regulatory issues with signing up new users to the platform. 

Bitget India had assured users on July 3, through X, of its commitment to operating and working with regulators to obtain the Virtual Asset Service Provider (VASP) license from India's Financial Intelligence Unit (FIU).

The need for a regulatory license in India for Bitget comes a few weeks after India’s FIU approved VASP applications of other major global exchanges, such as Binance and KuCoin in May 2024.

Why does it matter? When Bitget gets its new license in India, its Indian users can continue to trade without fear of regulatory violations. 

Robinhood Crypto is now open to Hawaii and selected US regions.

Following recent regulatory changes to the money transmitter licensing from Hawaii’s Department of Commerce and Consumer Affairs (DCCA), the crypto service provider has expanded its crypto services to Hawaii, Puerto Rico and the U.S. Virgin Islands.

According to recent Bloomberg news, Robinhood is looking to offer crypto futures trading to customers in the U.S. and Europe using its Bitstamp regulatory licenses after the agreement to buy the crypto firm for $200m. 

Why does it matter? Crypto traders from these regions will be able to benefit from Robinhood's commission-free trading model when they become users.

Conclusion 

The market has taken a downturn since the beginning of the week evident with the increased drop in valuation of the crypto market. There is also an increasing interest from regulators requiring virtual assets providers to obtain a license to be able to offer crypto services in their region.

Let's discuss on the latest crypto news updates this week of June 28, 2024

Mt. Gox to finally start the repayments of 141,686 BTC to creditors

The Mt. Gox distribution is probably the last big unlock of BTC we will see enter the market. There is already a looming fear of uncertainty, but for context Blackrock has acquired 303K BTC since their ETF went live earlier this year - that's the equivalent of +2x Mt. Gox (141,686 BTC). 

Also, Fidelity has also acquired 174k BTC, 1.23x the size of Gox. Fidelity & Blackrock together is like 2.1 Michael Saylors entering the market in less than 165 days. 

Remember, it took Saylor (Microstrategy) 1207 days to get to where he is. The largest beneficiaries of the Mt. Gox sellers are the ETF issuers, Bitcoin DeFi and the new Bitcoin primitives.

Why does it matter?  Large releases of Bitcoins into the open market can cause the price to dive due to oversupply.

VanEck Files for Solana ETF in the US

VanEck, a prominent New York-based investment firm, has filed a proposal with the SEC to launch a spot Solana ETF (ExchangeTraded Funds). The filing, submitted on Thursday, June 27, 2024, marks the first attempt to create a Solana ETF in the United States.

This comes just a few days after 3iQ filed for Solana ETP (Exchange Traded Product) in Canada. VanEck explains that the reason behind the application is because Solana is the direct competitor of Ethereum with features that make it a digital commodity.

Why does it matter? If Solana ETF gets approved, it will likely have a positive effect on the solana token market and its ecosystem. 

Bitcoin activity drops to the lowest levels since 2010

Bitcoin wallets are making fewer transactions these days. 

This is evident with the numerous launch of celebrity memecoins which attract speculators away from more established cryptocurrencies.

In June, the weekly active wallet ratio dropped to a low of 1.22% while peaking at 1.32%. Meanwhile, the week of May 27 recorded 614,770 active wallets, the lowest figure since December 2018.

A declining active address ratio indicates a lack of buying and selling activity among holders, suggesting a phase of market consolidation. 

Why does it matter? This might be as a result of investors preparing to avoid being affected by the recent whale movements including the Mt.Gox news sell pressure.

Bolivia lifts ban on Bitcoin, authorizes crypto transactions through banks

The central bank of Bolivia, Banco Central de Bolivia, has lifted its ban on Bitcoin and crypto payments, allowing financial entities to conduct transactions with digital assets in a bid to modernize its payment system.

The new development marks the end of a ban on crypto use in the country since 2014. 

Nevertheless, companies are not required to accept them as payment and should not be treated as a legal tender. The Bolivian government does not recognize them and crypto transactions are to be done only through approved channels.

Why does it matter? The crypto market now has a more favorable environment for adoption in Latin America.

Major Crypto Projects to Unlock $755M in July

In July, crypto assets adding up to around $755 million from AltLayer, Arbitrum, Optimism and other projects will be released as their vesting period concludes.

Vesting data tracker Token Unlocks highlighted the large amount of crypto assets that will be released. This includes AltLayer (ALT), Xai (XAI), Aptos APT, Arbitrum (ARB), Optimism (OP), Sui (SUI), Immutable (IMX) and Starknet (STRK).

Why does it matter? If enough of the eligible investors decide to cash out their newly unlocked tokens, it will likely have a downward pressure on the prices of those tokens.